Tuesday, May 14, 2013

Closings of Note: Short Supply in the West, Value in the East

Where do buyers in prime Prospect Heights go when they want value?  East!  475 Sterling Place, #3A was a great look at a condo on the Crown Heights end of Prospect Heights.  It listed for $715K and closed for $775K, and buyers are spiffing it up even further.  It's a migration pattern we've seen before.

And when you want a renovated house for the price of a condo, you go even further east.  409 Madison Street sold for $780K, after failing to fetch even $750K two years ago.  Whether you like the interior, exterior, or neither - this is a great look at value for four stories in Bed-Stuy.

Around the corner, the Corcoran treatment brought $1.05M across Marcus Garvey Avenue for 3 renovated stories at 442 Hancock Street.  Buyers from Clinton Hill made it happen further east.

Even 3-stories deep in Bed-Stuy with the right renovation commands over $750K now.  399 Bainbridge Street listed for $799K and closed for $775K.  This is the Ralph Avenue train stop, people.

294 St James Place, just off Atlantic Avenue in Clinton Hill, sells for $1.189M.  Once chopped into 8 apartments, this 5-story 4-Family is 17' wide and won't wow you with style, but is a turnkey interior making great rental income at a great price here.  Compare to 286 St. James Place now asking $1.6M.

Seems like just yesterday that dozens were pouncing on the shell at 596 3rd Street last winter in Park Slope for over asking price of $1.8M cash.  Well, a finished product in that same row of 'argyle sock' houses like 592 3rd Street now commands $2.8M.  Good luck digesting the price per squarefoot on that.  Over $1,000/sqft for a single family on a park block.  That's the market these days.

Barely 17' wide for over $2.5M?  Welcome to today's prices in Fort Greene right off the park where 11A South Elliott Place lists for $2.75M and goes $25K over asking price.  This isn't the 1980's-90's Fort Greene anymore by a longshot.

A great value in Crown Heights in the fall, 568 Park Place tried to play us when they had an accepted offer that wasn't actually in contract yet.  But we barged our way in there for Platinum Members and were able to make it happen above asking price of $689K up to $715K.  Still a deal all day in this market.

594 St. Marks Avenue for $860K, with most of it financed, is a great buy in Crown Heights.  It joins the likes of 567 St. Marks Avenue at a similar price on the same block.  More reason why we like the limestone at 660 St. Marks Avenue anywhere under $1M.

Trading at $999K in March, then $1.8M in less than 2 months?  69 Greene Avenue demonstrates the power of sourcing and unlocking SRO genies in coveted areas.  There's an even better example of this coming up in Prospect Heights.

Over on the Prospect Heights side, across from Park Slope, 267 Flatbush Avenue on the corner trades at a stunning $6.2M.  An incredible turnaround for the group that bought it not long ago for less than half.  Some people just have to have this location, though.  Another example of why we were so bullish on the Montrose Morris gem across the street at an asking price around $12M.  And we weren't the only ones thinking the same thing.

Three 3-Family buildings in a row just off the G-train deep in Bed-Stuy?  $1.8M got it done on 686 Willoughby Avenue.

743 Dean Street is a tiny little blip of a property, but the location got them $904K.  Yowza!  Is this tear-down time?

15' wide next to the autoshop yard didn't stop the 4-Family at 680 Washington Avenue on the Prospect Heights & Crown Heights edge from fetching $1.2M.  And the $2,000/month 1BR rentals are already up...

No comments:

Post a Comment