Tuesday, May 7, 2013

Closings of Note: We're Bullish for a Reason

Over 6 months before it was listed, we paraded a handful of would-be buyers through the top gem in Prospect Heights for its pricepoint, but they didn't even wanna pay $1.3M for it.  Then Elliman got their hands on 181 Park Place, on the cusp of Park Slope and Prospect Heights, not even a block from the train.  They listed for $2M & got it.  The closing price of $1.815M reportedly included $200K buyouts for the tenants, and months of carrying charges at the expense of the buyer.  But you got another 21' x 45' 5-story brownstone on a 131' lot in a location this prime in mind instead??  When we're bullish on a place, y'all, we ain't kidding.  This sale is well over a year in the making and STILL well worth the wait.  Nowadays you can feel free to surf on-market, and even off-market deals in this neighb' that are well over $2.5M, and even over $3M.

Speaking of "over $3M", do big prices in Park Slope even surprise anyone anymore?  They shouldn't.  Guess who got $3.75M last month - almost full ask on their $3.99M listing?  174 Garfield Place imitated Jenna's pricing and succeeded.  And guess where the buyers are coming from?  An apartment in the West Village, y'all!!  Try buying a fixer-upper for this price on West 16th Street in Manhattan, let alone a decked-out house.  We told ya over & over that Brooklyn is a bigger story than you bargained for if you think it's supposed to magically stay your personal Discount Shoe Warehouse of housing forever.

Coming from the West Villlage in Manhattan over to the dregs of Brooklyn?  It was good enough for a $3.75M sale, and it's also good enough for a $969K condo at 191 Luquer Street, #2A.  Call it "generic" and "too far south" if you must, but buyers from West 19th Street in Manhattan are calling it home.

They begged us for the comps in Bed-Stuy to justify the rising prices.  Ah, but we told 'em over & over that comps are a lagging indicator.  Were you there in the crowded open house line one Sunday last fall just before Sandy to see 406 Putnam Avenue, filled with stunning details, listed for $789K?  Were you there with us later that week across the street to see an off-market house at an even lower price?  406 Putnam Avenue just closed a few weeks ago.  Not for $789K, or $800K, but for $999K - to buyers from Clinton Hill.  If you were waiting for that sale to register to get the green light on Bed-Stuy, then you're over 6 months late, hundreds of thousands of dollar shorts, and you'll be rudely awakened to prices well over $1M & counting.  But this is still one of the primary valleys of the best value and best housing stock in town.

Since you can't actually get a multi-family in prime Prospect Heights for anything under a million anymore, some opt for condos.  618 Dean Street, #12C - a 1,400 sqft condo in a walk-up building - just sold for $910K to buyers from the Upper West Side in Manhattan.

But what does a real townhome look like for under a million these days.  Head on over to norrrrth Clinton Hill/Bed-Stuy border where 189 Classon Avenue just sold for $899K.  Far from the train??  13' wide?  3-stories?  Less than 2,000 sqft?  Welcome to Brooklyn!  This is still a well-situated piece for a value to the right buyer.

And the sellers of 189 Classon are no dummies.  They've seen this movie before.  So they took their gain and moved it over to 182 Seeley Street.  It closed for its asking price of $899K.  While some jokers are sleeping on the fringes of the top neighb's, savvy folks are makin' moves!  Even less than 13' wide, we're sure they'll know just what to do with it.

What else actually costs under a million with some size?  Crown Heights brownstones still do.  1076 Dean Street was on Platinum Member radar with a big "BUY" written all over it.  With an asking price of $999K, but chopped into many units, we knew this gem would trade at a discount.  Indeed, the winning price was $825K, but please keep this off your 1-4-Fam townhouse comps list.

Under $1M in Crown Heights?  Yeah, hop on over to 969 Lincoln Place, which closed for its asking price of $879K.  And don't go calling it "too far east", unless you're ready to spend significantly more.

Or maybe you'd rather chase a tiny piece of Gowanus at 112 14th Street, listed for $949K.  Just closed for $959K.  But when you run up the hill to 275 14th Street, the price jumps to $1.45M

Or maybe you'd rather have a funky little part-frame looking house in "center Slope" between 4th and 5th Avenues.  253 8th Street closed for $1.36M, a modest $10K over asking price.

Or you can "bring your architect" to prime Park Slope and get a fixer-upper for $160K over asking price.  744 Union Street closed for $1.76M.

Flying under the radar of many, 48 Downing Street in Clinton Hill closed for $1.59M.  Just wait until you see what the next off-market pick-ups over here look like.

When you want a prize corner piece in Clinton Hill, it's going to collect a premium.  The gem at 81 Willoughby Avenue listed for $2.35M and sold for $2.75M.

619 Washington Avenue won't wow you, but as an under-marketed piece, we saw value.  It closed for $750K, another total bargain for the Prospect Heights border.  Platinum Members passed on an accepted offer at an even lower price!

We tried to tolja' about the open house at 521 Crown Street.  With an asking price of $825K, this nifty little piece just closed for $760K.

5 floors in Bed-Stuy that need a total gut with a cash only closing?  Come on down to 124 Bainbridge Street for $879K.  "Utica is too far" rolls off the tongue easily, but you'd be surprised how nice the houses are and how much is happening over here.  The next 4-Family coming up on this street wants $1.6M, we're told.  Don't be too surprised if they get it.

Not feeling these prices?  Then flee to Bushwick where 426 Jefferson Street (not Bed-Stuy's Jefferson Avenue) is a vinyl-siding piece that listed for $689K and sold for $715K to a buyer from Clinton Hill.  Call Bushwick too far, if you must, but you ain't finding a townhouse for the price of a condo in Clinton Hill anymore these days.

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