Monday, February 4, 2013

Closings of Note: Closed in Crown Heights

The luxury of sleeping on Crown Heights is a rapidly diminishing one for anyone who loves great housing stock, train access, diverse (& yet upcoming) amenities, and doesn't have well over $1.5M to spend.  Why?  Well, when around the block from Biggie's block hundreds line up just to try and cop a spot that's $1.3M in Clinton Hill (and will ostensibly soar well above that price) just for a fixer-upper... the writing's (been) on the wall.  Yesterday, they lined up outside in the cold again for something way deeper in Crown Heights at a similar pricepoint.  Back in the spring of 2012 when a few dozen people seemed like a crowded open house, Corcoran brought you 10 St. Charles Place.  Local brokers told us the seller wanted $850K not long ago, but they couldn't bring it.  Corcoran listed at $920K and offers quickly reached $999K.  Listing agent Caterina Peters tells us that tenant issues made that deal fall apart, but 2 months after those were resolved, they re-listed for $999K at the end of the summer, and just closed for $1.06M.  This looks like a big leap on paper, and will inevitably cause some Chicken Little's to panic, but let's keep in mind that even $210K above the seller's original ask is another $1,000/month financed at prevailing rates - which isn't a deal-breaker for the even the modestly deep pockets who still want a townhome for what amounts to condo prices just a few blocks west.  We know every potential buyer likes to think they're a unique snowflake to whom the rules don't apply and that Brooklyn is their own private Discount Shoe Warehouse that owes them some great steal, but in this seller's market, "it's a thousand you's, it's only one of me."

By the time 10 St. Charles was back out, even at a higher asking price, buyers who'd seen this movie before at another one of Caterina's listings around the corner at 355 Eastern Parkway decided to adjust accordingly and take down a great property.

In addition to 660 St. Marks Avenue, Caterina also just moved another Crown Heights beauty at 1361 Union Street.

This lovely limestone in Crown Heights south was another condo alternative value play with killer original details inside...

They listed at $875K at the end of the summer and closed for $900K last week.  And, just a block away from 10 St. Charles, Platinum Members took down 583 Lincoln Place, one of the next-best plays in the neighborhood that didn't have Corcoran crowds at it, as it was moved basically off-market.

Next door to this property, the owner of the beloved Crown Heights destination Franklin Park moved 26 St. Francis for $810K cash.  Which is deceptively cheap until you factor in that the sale took about a year due to tenant issues, so this contract price was decided long before many were hip to the area, and wasn't marketed on your's.

And if you dig even deeper, and you've got the cash, a limestone like 698 St. Marks Avenue can be swooped up for $515K, like it was on New Year's Eve.  964 St. Johns Place sold for $509K.  Even the odd, boxy, yellow 734 Nostrand Avenue one in from the corner sold for $900K on New Year's Eve.

Even dinky 3 story vinyl siding at 831 Dean Street got $800K.  The barely-marketed 827 Dean Street got $899K.  The 8-Fam at 158 Rogers Avenue got $1.85M.  Not even a year after people were too trigger shy to make a move on the 2-Family castle at 1142 Dean Street for under $1M, 1140 Dean Street (chopped into 8 units) closes around its auction for $1.035M.  Platinum Members had the early lead before this sale, now anybody who wants it has gotta pay the piper to the folks quick enough to move on it the first time around...

A little further east, another limestone gem at 1382 Dean Street sold for the amazing price of $600K!  With a handful of big brokers asking over $1M for Crown Heights now - prices already reached last year - where do you think this neighb's headed next?

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