Thursday, August 15, 2013

Closings of Note: Next-Wave Prices Abound

Wow, if Prospect Heights spent an extended stretch as "the poor man's Park Slope", it sure doesn't look that way now.  160 St. Marks Avenue, stunning as ever on the inside, on a great block - no doubt, is a 3-story brownstone that closes for $2.7M.  Even Park Slope's immaculate 4-story 777 Carroll Street barely got this much.  We can't imagine what 4-stories is worth over here now in prime Prospect Heights when marketed properly.  Oh yeah, we can.  Even a fixer-upper like 105 St. Marks Avenue got $3.1M!

Wow, was it just last year that people were sleeping on the Clinton Hill corner monster at 71 Irving Place well below $1M, and begging for the condo comps to justify it?  Nowadays, 71 Irving is coming along in its reno, and is proudly asking $2.5M in some circles.  And if you need condo comps, try 82 Irving Place, #1A closing just $5K under its asking price of $799K.

Clinton Hill securing $695/sqft for 2BR's with features like a glass balcony and 285 sqft private yard.

That Clinton Hill price per square foot even keeps up with some units in Prospect Heights' Newswalk building.  535 Dean Street #202 is a funky 2BR/2BR that trades for $936K in June.

In primetime Carroll Gardens, under-marketed properties can still sell for a relative value.  222 Carroll Street on a top-notch block between Court Street and Clinton lists for $2.3M and goes for $1.9M.  Just 16' wide, it makes you wonder why it was pulling teeth to get $1.65-$1.75MM offers on the 20' wide 116 1st Place.

One man's "Gowanus" is another man's BoCoca.  Did you miss 295 Bond Street when it fell from $1.5M to $1.3M during the market doldrums of 2010?  Well guess what happened when it listed for $1.8M this year?  It had a contract in under month and sold for $1.9M.

Did someone say over asking price in BoCoCa?  A prime brownstone like 321 Clinton Street wasn't always asking $4M, but by the time it did, it landed $4.25M.  'Cause what's a quarter-millie to a BoCoCa Boss??  Still beats any house in the West Village that's smaller and needs another million in work to make this nice.

You can still flee south to beautiful housing stock in Lefferts Gardens that still trades at a relative value.  But it's certainly not a secret anymore either.  A well-listed 3-story at 160 Maple Street asks $1.585M, has a contract in a week, and closes for $1.67M last month.  And who's going over asking price in Lefferts on this one?  None other than buyers from the West Village.  Platinum Members recently passed on an off-market 4-story over here for $1.7M that brokers refused to work on for fear that they'd earn "only" $17K on.  (Tough job, if you can get it.)  That house is still available, and still off the market, and a comp like this justifies that house all day.

But end users aren't the only ones going further out in Brooklyn.  In Crown Heights North, check 677 Lincoln Place, in what some would assume is (and still call) grimey, but with great rentals.  This 7,300 sqft 8-Family wanted $1.3M in 2010, people, and trades for $3M last month!  No wonder we're eager to scope an upcoming Prospect Heights 8-Family before it hits the market.

And over in Crown Heights South, 1219 Union Street was a monster 20-Family with tons of vacancies grossing over $300K/year.  With an asking price of $2.985M, it didn't last long barely on the market and easily fetched $3.3M last month.  No wonder the next-best 20-Family in town has offers $500K higher than this off-market!

These are the kinds of buy & hold transactions that make 308 Lincoln Road look like a steal.  This 6-Family in Lefferts reminded us of the 10-cap at 300 Lincoln Road from last year.  308 Lincoln listed for $1.2M and closed for $1M!

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