Tuesday, March 12, 2013

Closed Yesterday: 22 Arlington Place

Millionaire buyers -  richer than we'll ever be - begged us for comps to justify the price of this killer 2-Family in Bed-Stuy at 22 Arlington Place that was clearly the next shoe to drop.  So we humored them.  We told them about a recent sale on Monroe for $1.1M that this same listing broker couldn't fetch, but Corcoran could.  We walked them over to 153 Hancock Street that was already in contract for over $900K off-market.  Then we walked them into the open house for 201 Hancock Street, which would later have a contract at $1.1M fall through and sell for $999K cash.  Yes, we told everyone that comps are a lagging indicator, and if you wait to see them, you'll be too late.  The same folks whiffed at 1142 Dean just a few months earlier, and now the pay-to-play pricepoints in Crown Heights are up as much as as 50% or more.

If anyone, you'd think it'd be the poor who would be neurotic about overpaying for things, but it's actually the rich who can't stomach thinking they overpaid for anything by a penny - even if they stand to make millions more pennies on the deal.  People who make more in one month than most people make in a year needed hand-holding and reassurance that there was at least $200K in upside in this deal.  (Afterall, the price had just dropped from $950K to $750K!)  So we warmed up some milk, tucked them in, read them a bedtime story while they clutched their golden fleece binky, and we assured them the deal was sound.

However, by morning they had crapped the bed, claimed there was something wrong with the neighborhood, or the house, or both.  We figured, "No prob', we'll gladly put $200K in someone else's pocket."  Little did we know, that number would be $300K by closing.  Now 22 Arlington Place, which closed yesterday for $715K cash, is rumored to have people offering them $1M to take the restoration over as-is.  Pre-renovation off-market offers of $1M, people!  For the house it was pulling teeth to get over $700K offers to stick on at the end of the summer.  Savvy buyers saw a good opportunity and seized the deal at a great price.  After pulling off a solid renovation on Greene, we can't wait to see what they do with Arlington now.  Another underground Platinum Member success story that you won't find on your StreetEasy, or your Zillow, or your Trulia, or your New York Times.  While some people were calling this "the ghetto", we think the Geto Boys put it best.

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