Wednesday, May 15, 2013

Up 83% in Prospect Heights: 108 Underhill Avenue

Seems like just yesterday we were in 108 Underhill Avenue with Platinum Members in the market doldrums of 2010 when low-ballers could afford to be picky on the next-best values in neighborhoods as prime as Prospect Heights.  The small, quaint, stylish, slightly-gnarly 108 Underhill was a turnkey look at a great locale and had dropped all the way from $1.5M in 2008, to under $1.2M in 2010.  In those days, even offering $1M put you in the conversation, instead of the rear-view mirror.  It closed for $1.145M in December 2010.  This weekend, brace yourself for a "how you like me now?" open house with a list price of $2.099M.  That's an 83% jump in just a few years.  It's still got the zen garden, the trapezoid shape, the colorful interior...

As much as we love Prospect Heights, this is not where we would spend this kind of money, but they'll certainly see a premium for the same product in this market.  Sure makes 474 Dean Street look like a steal anywhere under $1.6M.  For anywhere close to the same price, 408 Park Place was a way better look.  But anything's worth a shot in this market.  If Ideal can raise the price on 289 Lincoln Road by 25% in barely 2 months, why not try 83% in a just over 2 years?

Pro's:  location, lovably quirky, totally turnkey

Con's:  small size, won't wow you, price feels lofty - but who knows?

Ideally:  there's a townhouse up the hill you should be chasing if this pricing is even remotely interesting

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