Barely out for a few weeks, and with lines of folks waiting in the cold for the open house, Cororan's moving a Crown Heights beauty at value pricing compared to every other neighborhood in town. 834 Lincoln Place came out for $1.25M and is in contract already. Nevermind that literally 1.5 miles west, the cousin to this townhome at 314 Park Place goes for more than double this price - some people will still tell you this location is "an island", "unsafe", etc. rather than seeing the value in it. People tell us all the time silliness such as, 'only the poor live in Bed-Stuy', while we wonder, 'so how come you can't even afford to live in Bed-Stuy??' But they don't hear us though.
If you're ahead of the curve, want 4-stories around the corner from the 3 train, and off a vibrant commercial corridor, and you don't wanna pay significantly over $1.5M, there's really almost nowhere else for you to go but a house just like this.
Is the renovation not exactly your taste? Well, where were you when we were closing 583 Lincoln Place for $1.1M off-market, a perfect canvas off of Franklin to make all yours? There's a nice fixer-upper coming over here soon, but they still want over a million and are bound to get it in this market. We weren't kidding when we told you many months ago that Crown Heights is rapidly becoming the worst-kept secret in Brooklyn.
Pro's: curb appeal, renovation, great Crown Heights location, great value compared to anything else in Brooklyn
Con's: gone already, no secret, no discount, many will want more rental income than end-user
Ideally: if any of this comes as a shock to you, where have you been the past 6-16 months?
We're told this just closed for $1.375M cash. Can't really call it "a bubble" when the deals are getting done in cash, can ya?
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