Monday, March 25, 2013

Platinum Take-Down in Clinton Hill: 48 Downing Street

When the bat-signal goes out to Platinum Members on an under-marketed opportunity in Clinton Hill, it doesn't last long.  48 Downing Street wasn't on your StreetEasy or your New York Times, and had no interior pics to be found, which is exactly why it wasn't packed with 375 people at an open house like the property around the corner at 102 Gates.  Luckily, there's more to life than Corcoran.  We've seen under-marketed, off-market, and pre-market deals fall in the forest before.  Were you there with us to catch them?  It's not just in Crown Heights or in Bed-Stuy, even Park Slope trees fall in the forest!  Novices blame it on ignorant or lazy brokers; and certainly that accounts for some of it, but that's a gross oversimplification.  Even the top broker in all of Brooklyn leaves money on the table for clients when not marketing a property properly, as we'll see again tomorrow.  Afterall, how are you supposed to buy something you don't even know is for sale?  This is what happens in an inefficient market, folks.  Multi-millionaires wandering the streets of the most populous borough in the richest, most populous city in the country - as lost & blind as Mister Magoo.


When we heard that 48 Downing was available for $1.65M, needed $200K in work, and the deal could be financed, it was a no-brainer.  Accordingly, it was swooped up in barely 2 weeks and is now in contract.  But the under-marketed opportunities in Clinton Hill and the rest of Brooklyn don't stop there.  Frustrated that you can't find these opportunities served up on a platter for ya, or that you often hear about them from us after they're already gone?  Don't blame us, we're not the ones being paid tens of thousands per transaction to bring top dollar to these sellers.  It's a broker's world; we're just living in it.

Pro's:  prime Clinton Hill 2-Family canvas, not bid up by the masses, can be financed

Con's:  gone already, needs work, not easy to find, no interior pics

Ideally:  until someone cracks the code of this inefficient market, there will always be opportunities like these flying under the radar and trading at a discount

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