Thursday, February 7, 2013

Bed-Stuy Beauty In Contract: 160 Hancock Street

When you want a straight-up castle in Bed-Stuy, you can drop $2.1M with Corcoran (errr, make that $2.2M on 254 Gates Avenue) or you can roll with a lesser-known broker for a more underground deal asking $1.1M for the gorgeous 160 Hancock Street.  On Platinum Member radar early on, this gem is on one of the top-notch blocks in all of Bed-Stuy.  102 Gates wasn't the first of its kind - hundreds piled into 261 Hancock Street with Corcoran too, and offers soared hundreds of thousands above asking price.  All just a few months after Platinum Members picked up a place off-market in even better shape at 153 Hancock Street.  Even the barely-marketed value plays are going for more than come-lately's think Bed-Stuy's worth to them.  But savvy buyers know the next-best looks and recognize a real don when they see one.

Half the people who tell us "Nostrand is too far" haven't even walked down this beautiful block.  And all the people who catch the A express at Nostrand will tell you how they whiz by all the folks waiting at the three C train local stops in Clinton Hill and Fort Greene, reaching downtown Manhattan in flash.  The buyer's market is gone and it takes digging a little deeper than to get something for a quarter millie less than Corcoran would get for it if they had it.  People wonder, "Where have all the perfectly-renovated 3-Families under $1M with rents that pay for themselves gone?"  We've been screaming it for a while, that it's supply and demand.  Brokers shock themselves with rental listings in Crown Heights for $1,800/month that fetch $2,300/month.  It's across the board.  You can go further east and get ahead of the curve, or make other compromises on size, price, and condition.  But Brooklyn doesn't owe anybody anything.  When this boom's got ya down, just channel your inner JFK and, "Ask not what this market can do for you, but what you can do in this market."

Pro's:  curb appeal, block, original details, delivered vacant, next-best buy in the neighb'

Con's:  SRO, went in a flash, tricky to finance, work to be done

Ideally:  a decisive pick-up on some great product in a top-notch location

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