Friday, August 23, 2013

Crown Heights' Most Affordable Condo: 1062 Bergen Street, #2A

At the open house for Crown Heights' more affordable condo, 1062 Bergen Street, #2A, listing agent Lou Belisario asked, "When's the last time you saw a listing with a '2' in front of it?"  And he wasn't talking $2M!  This tiny 2BR condo hit the market asking $285K, and we're told multiple cash offers are in to take it down quickly.  Small as it may be, you won't find a better value at this pricepoint, especially not steps away from the Connecticut Muffin on Nostrand.

At a not-so-whopping 583 square feet, the price certainly reflected that.  Throw in a few more years of tax abatement and low monthly fees, we figure this apartment easily goes over this asking price if the deal could be financed.  However, it's hard to turn down full asking price all-cash (even though handfuls of sellers are starting to!).  With a townhouse about to hit the market well over $2M even further east than this (we can't wait to hear the peanut gallery weigh in on that one!), getting a neat little space in the two-hundred thousands is a no-brainer in our book.  Maybe chase one upstairs for $350K if you missed this one?

Pro's:  price, nice condition, curb appeal of building, just off Nostrand, low fees & tax abatement

Con's:  super small, cash offers taking it down in a flash

Ideally:  a tiny, totally turnkey place like this doesn't come along everyday.  Luckily, however, a few more may be on the way...

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