Saturday, February 9, 2013

Closings of Note: Value's Heading East

Besides Brooklyn Heights & Park Slope, the BoCoCa area continues its campaign priced as a West Village alternative with the likes of 247 Dean Street.  We might be a little surprised to see this $3.75M listing raised to $3.95M then sell for $3.9M at the end of 2012, except, show us a place this nice in Manhattan for a penny less.  "Sky's the limit" pricing is in full effect for high-end product all through these Brooklyn neighb's.  Even with Boerum Hill being declared Brooklyn's most expensive neighborhood, that median sales price of $950K ain't gettin' you no townhome there, folks.

In Brooklyn Heights, 5 Columbia Place finally managed to get over $3M after listing for a while.

In this market, even a for sale by owner can get $200K above asking price.  In primetime Park Slope, 278 Garfield Place listed for $2.3M back in March 2012 and closed two days after Christmas for $2.5M.  While it's no 178 Garfield Place, it is a meaty 20' x 50' brownstone on 4 stories, maintained with great originals details, closer to the park.  Early last year it was no surprise to see these nice Park Slope places trade well above $2M, especially a handsome brownstone, when the nearby pink place at 233 Garfield Place was already swooped up around this price just a few weeks earlier.  Can't imagine what a broker would list this for in this market.

What's $2.5M by the park really seem like to you when a decked-out place like 56 Montgomery Place easily cruises to its asking price of $4.65M?

560 3rd Street is a stone beauty in Park Slope that easily got over $3.3M

With its gush-worthy interior, nothing was stopping the 17' wide 226 6th Avenue from getting full asking price of $2.65M in a month.

Or, for just over $2M, you can steer a Park Slope 8-Family like 700 Sackett Street with great rental potential.  This place closed for $2.15M and quickly got rentals up & running above $2,500, even with the most basic interiors and pictures that capture the renovation jobsite more than a finished apartment.  But this still smells like an 8-cap to us, which is a solid move in the Slope.

Ahhh, but Park Slope isn't the only place where an 8-Fam can fetch over $2M.  Instead of being in a kinda drab 25' x 50' off of 4th Avenue, you can get a more elegant piece in Bed-Stuy with rentals in the same price range that's a hefty 40' x 60' at 360 Franklin Avenue.  Platinum Members are scoping out the next best 6-8 Fam's pre-market in Park Slope and Clinton Hill between $1.5M and $2M.

If you want a stylish renovation in an old brownstone and you can't drop $2M+, hop on over to Bed-Stuy where another sign of the times closes quickly at 233 Madison Street.  They listed for $1.29M, had a contract within 2 months, and closed for $1.245M last month.  If you're still sleeping on Bed-Stuy, you're missing one of the next-best looks in town under $1.5M.  Meanwhile, further east, a 3-story brownstone at 741 Jefferson closes for a great value at $624K!

You want more Bed-Stuy value?  On Platinum Member radar early on, this gem at 201 Hancock Street had original details for days and manageable upgrades to be done yet.  Sold for a great price of $999K on New Year's Eve.

We can't see the sense in hating on Crown Heights, Bed-Stuy, and Lefferts Garden gems below $1.5M, when you see what fetches $1.5M in this market.  170 Clermont Avenue is a narrow, generic new construction that's been asking between $1.15M and $1.3M since post-crash 2009 with various brokers.  In today's market, Corcoran gets 'em $1.52M at the end of 2012.  We're willing to bet that 300 of the 375 people in line at 102 Gates Avenue for $1.3M can casually cast off 170 Clermont Avenue as too far away from a train, no curb appeal, no original details, lame block as Fort Greene goes... but take a close look, people.  This is what gets over $1.5M in outer Fort Greene.

Speaking of stale Fort Greene listings finding their prices in this market, 176 Adelphi Street seemed high back in the pre-rebound days asking $1.475M, but even this 14' wide spot manages to fetch $1.575M

Like, seriously, would you rather be in vinyl-siding in Windsor Terrace at 413A Prospect Avenue - which just closed last month for $970K, at only 13' wide - or be in a nice meaty brownstone in Bed-Stuy for the same price or less?

Even a small 15' wide 3-story with a nifty look inside can fetch $1.735 at 296 Hoyt Street as a for sale by owner in Carroll Gardens one block from the projects.  Even 339 Hoyt Street got $1.475M.

An even better value was snatched up in Park Slope at 37 Prospect Place for $1.495M, after listing for $1.8M.  And a Boerum Hill/Park Slope tweener play at 56 St. Marks Place looks like a great value to us too, selling at $1.69M at the end of last year.

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