Thursday, March 28, 2013

Closings of Note: The Hits Keep Coming

If you've been looking for that finished gem under $1.5M in Clinton Hill with 20% down, trust us, you're not the only one.  Even though those days have dried up for about 2 years now, some people insist they're different.  Then they stand in the line with 375 people at 102 Gates Avenue and maybe realize they're one of many... 

Corcoran teased ya by listing for under $1.3M, then did their "best & final" dance, and a Manhattan broker brags to us they've got the winning client.  Just closed for $1.555M, and it needs a ton of work.  Spare us the shock & awe routine.  What'd you think was going to happen here?  Besides, this has been going on for a while now.  And please note, to a Manhattan-type buyer fleeing $3M-$5M fixer-uppers, the difference between $1.3M and $1.555M is like two stray dogs fighting over a chicken bone.  Is this why it's hard to find something under $1.5M in Clinton Hill?  Yes.  Is this a bubble?  No.  375 would-be buyers, minus 1 actual buyer, equals 374 people that still want a house just like this.  Ooops, too bad the equally-compelling gem at 148 Gates Avenue (and 108 Gates for that matter) are basically locked-up now too.  A few fixer-uppers are still out there nearby, but you've gotta know where to look.  Or, get over yourself and a head a few trains stops east to where you can actually afford one of these.

While some are still sleeping on Clinton Hill and others think they're pioneering, buyers with some seriously deep pockets are already hip to the game.  396 Grand Avenue sold for its asking price of $2.925M to a buyer on Park Avenue.  Novices will call this an outlier.  Pro's have seen this writing on the wall for a while now.

Still don't believe the trend is up?  Then check out how our "first foray into Bed-Stuy proper" from just a year & 1/2 ago at 533 Greene Avenue sold a year ago under $700K, then again this year for $887K to a buyer who whiffed on 22 Arlington Place.

Did we say "trending up"?  Kinda like 10 Hancock Street which just sold for $945K last month and wants to flip for almost $1.4M now.

People always tell us all these neighborhoods where they wanna spend $700K-$800K, but rarely are they the neighborhoods where those are realistic prices.  If you actually wanna make a move, you need to move on to where the gettin's good.  317 Decatur Street listed above $900K, but just sold for a much-nicer $777K.

It took a little while, but 461 Prospect Avenue finally sold for $1.12M out in Windsor Terrace.  A great value by all accounts.

Or maybe you're ready to come with $999K cash for an SRO, like 69 Greene Avenue.  But please don't use this as a comp when you're looking for that mortgageable sub-$1.5M gem.

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