Tuesday, July 30, 2013

Closings of Note: Say "Hello" to the $4M's

Did somebody say $3M townhomes popping up in Brooklyn?  Try $4M!  We saw multiple waves of $3M's recently, and now 160 Clinton Street closes for the asking price of $4.25M last month.  The 25' wide Brooklyn Heights house barely lasted 2 months on the market in the winter.

Brooklyn Heights isn't the only neighborhood going over the $4M mark.  165 Dean Street in nearby Boerum Hill cruises to its $4.2M asking price in 2 months too.  Another 25-footer that looks like a relative steal for these buyers coming from 5th Ave in Manhattan.  And these houses aren't alone.  161 Columbia Heights, 548 1st Street, and 197 Clinton Street are among other townhomes pushing $4M in the past 3 months in your favorite neighbs.  No, sorry, we can't find you a turnkey 3-Family for $1.5M in those neighb's anymore.  (Yes, we still get those e-mails!)  Likewise, the subway ain't a dollar fifty anymore either...

Given these sales, how does the park block on Carroll Street in Park Slope with top notch woodwork look when it lists for $4.2M and trades much lower?  861 Carroll Street "settles for" $3.625M last month.  Reminds us of Bed-Stuy's shockingly-pricey 7 Arlington at times, but for twice the price.  Likewise, let's keep in mind that in the West Village, you're getting a gut-rehab with squatters for these $4M pricepoints that are blowing folks away in Brooklyn for the top-notch product. 

535 3rd Street was a big-boy with some lovely woodwork of its own.  Even a fixer-upper in Park Slope fetches $2.95M last month after asking $3.3M.

Speaking of nice wood interior and a modern renovation, even nice pieces in Clinton Hill can fetch over $2M with ease now.  274 Lafayette Avenue gets its asking price of $2.4M with just a month on the market.  Could the neighbor - now asking $1.8M - be next?

Heck, even a "bring your architect" SRO in Boerum Hill can fetch $1.7M now, like 292 State Street, not even on the market for 2 months.

Not feeling the BoCoCa pricepoints?  Try a condo in Boerum Hill.  When you're over $1,000/sqft, and you've got 2,000 sqft.... well, you do the math.  46 Bergen Street, #5 sells for asking price of $2.15M last month.

Just before Sandy, Platinum Members were scoping 403 Putnam for some $700K, then it closed for that price in April.  Meanwhile, Corcoran was listing above that price and closing for a million for 406 Putnam across the street.  Now 403 Putnam lands $1.04M on the most recent flip last month.

Maybe you missed it back when it was a "canvas" for $650K.  Now 219 Gates Avenue cleans up nice and closes for $1.5M last month.  4-stories even on the Bed-Stuy/Clinton Hill border commands this much.  A few more off-market plays left to be made on better stretches of Gates than this!

Over in south Slope, if you couldn't get $1.8M earlier last year for 349 13th Street, listing at $1.6M did the trick.  This 25' wide house was a "bring your architect" situation.

Over in Bed-Stuy, on a nice block, 202 MacDonough Street closes for $940K.  You won't find that sales listing on your StreetEasy, but the rentals are already up.

Over $1,000/sqft in Brooklyn - again??  You're looking at it.  Can't disregard when condos like another one at 1 Hanson Place, #11K sell for asking price of $1.39M.

Remember the good ol' days (last year) when a house deep in Crown Heights like 1332 Bergen Street could ask in the $600K's and go for less?  Now this year, the smaller 1406 Dean Street goes for $810K in May, and the duplex already wants $3,500/month!

Remember the good ol' days (last year) when bids could start in the high $700K's for a house on the 100-block of Hancock?  Boy, now you really gotta go far out to get that same price.  17' wide and 3 stories, 778 Hancock Street closed for $900K last month!  But they're not alone.  Buyers from Fort Greene are moving east too.  618 Willoughby Avenue went for $925K.  585 Macdonough for $999K.  448 Decatur went for $930K at 17' wide.  That's why we lean towards Crown Heights sometimes where a sleeper like 1072 Carroll Street for $925K is a way better relative value than some of these.

Luckily, this shows deals are still left to be made around the million dollar mark, all just 3 miles away from where houses go for $4M.  (Those are some million dollar miles!)  It's just getting harder & harder, plus you've gotta go deeper & deeper in, and - as always - these plays simply may never hit your StreetEasy or your NYTimes.  Over a decade ago, Jay-Z counted, "One million, two million, three million, four.  In just 5 years, you're looking at the forty million boy."  Ha, now he's worth over ten times that.  Who knows what the trajectory is after $4M in Brooklyn?  We just hope it isn't...

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