Friday, February 15, 2013

Slightly Under the Radar in Clinton Hill: 148 Gates Avenue

If you wanna dodge the masses of 300+ people packing the open house at 102 Gates Avenue with Corcoran, you gotta dig a little deeper than  When commercial brokers get their hands on residential multi-families, they don't need the conventional townhouse venues to sell their product.  Cpex moved 108 Gates Avenue with an asking price of $1.55M before Brownstoner even covered it.  148 Gates Avenue is in contract above its asking price of $1.3M shortly after.  From where we're sitting, these look like quick, decisive moves in a great location at way-reasonable pricepoints.  And with half the bidding war activity of a Corcoran listing to boot!  102 Gates got lots of attention and lots of reactions...

Whether they spoil you with shiny interior pics or not, you gotta recognize value when you see it and move decisively when gems like these pop up.  Whether easy or hard to find listings, we've been up & down Gates at these pricepoints as a great value compared to other neighb's.  If you think about what a leap the market's made since last year all over Brooklyn, especially across $1.5M boundaries, to think places in prime Clinton Hill on Gates can still be had near the price of 101 Gates Avenue from last year - there's so much value in that.  There's still one available off market for $1.2M, even!  That's a price that even fixer-uppers in Bed-Stuy command more than now!

Pro's:  curb appeal, next-best buys in the area, slightly under the radar, nice brownstone stock in a great neighb' at a value

Con's:  already gone, didn't last long, work to be done, not as touchy-feely as a Corcoran listing

Ideally:  even the "secret" stuff only lasts a few weeks, so you gotta keep yours ears open to pounce on these

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