Wednesday, May 1, 2013

Closings of Note: Can't Sleep on Clinton Hill

Not on your Trulia, your StreetEasy, your New York Times, or your Zillow... 461 Washington Avenue is a King Kong corner piece in Clinton Hill.  A 25' x 75' 6-Family that's all free market?  One block from the C train?  Yes, while 375 people were lining up for 102 Gates Avenue across the street, this mamoth piece was flying under the radar of most.  Platinum Members were sniffing this deal since the end of last summer, but someone talked this owner into closing for $1.8M, a recorded price many hundreds of thousands lower than multiple offers that were on the table.  Still trying to wrap our heads around this one.

Just to show ya what on-market product can do in Clinton Hill on this same street, 556 Washington Avenue listed for $2.25M, had a contract in 2 weeks, and closed for $2.6M to buyers from Williamsburg.  Note, 5-stories, but only 16.67' wide, people!  And hundreds of thousands over asking price in 2 weeks.  Platinum Members are scoping out 2 off-market 5-story houses just like this over here as we speak, one that wants $2.5M or higher, and one that's under $2M (so far).  And those are both 20' wide, not 16'.

It won't win any beauty contests, but 43 Garfield Place in Park Slope is about the cheapest townhouse & condo alternative you're going to find in the area.  A Corcoran broker picked it up for $999K.

Brooklyn Heights is no joke either, with a banner sale at 40 Willow Place double-dipping for $7.65M.  Even 34 Hicks Street goes for $2.475M, and now you can rent a 1.5BR upper duplex for $5K.

132 Kane Street over in Cobble Hill gets $3.1M - shocking to some who haven't been paying attention, but a nice price for a "rare assemblage" to others.

You know, 5%-caps - they're not just for Manhattan anymore.  These brokers barely list their stuff, and we get on their heads about it on the regular, but they swear to us that marketing their properties all over town "isn't in the best interest of our sellers."  How on Earth someone can buy something they never knew was for sale in the first place is beyond us, and would actually seem to shortchange a seller, but they're the ones making tens of thousands a transaction on this stuff, not us, so who are we to say?  Regardless, whether you knew it was ever available or not, this monster 40' x 60' 8-Family piece at 378 Lewis Avenue in Bed-Stuy closes for $1.8M.

1185 Lincoln Place may seem deep in Crown Heights to you newbies, but this is again one of the best looks at an actual townhouse for a condo price.  This 20' x 55' barrel-front 2-Family on a 120' lot sold for $565K last month.  Did the sellers pick it up last year in foreclosure for $332K?  They sure did, but what's that got to do with how sweet a sub-$600K look this is this year?  If you're not hitting the streets doing foreclosure deals in cash yourself, don't be mad when someone else who is flips you their spoils.

1 comment:

  1. 461 Washington Avenue - WTF? Who was the person that talked the owner into $1.8M? I want to meet him/her. Or maybe that property has some major problems.