Thursday, August 8, 2013

Price Drop & Open House in Bed-Stuy: 177 MacDonough Street

It was only a year ago that a 4-story corner townhome in Bed-Stuy with killer original details closing for $1.2M like 271 Jefferson Avenue was a banner sale for the area.  Who knew that in a few months we'd see similar homes on these blocks fetch $1.7M, not once, but twice?  No wonder some sellers are now dipping on deals in the $1.1M-$1.3M range and re-listing for $1.5M and higher.  But the price on 117 MacDonough Street is going in the other direction, recently dropping from $1.449M to $1.299M.  Sure, it was hard to get even $300K less than this 3 years ago - but in this market?

A 4-story 2-Family with a renovation that a broker familiar with the house told us is "mint", anything under $1.3M sounds interesting.  Not quite as nice as the one-time Bed-Stuy record holder 333 Macdonough perhaps, in better shape than 332 Macdonough, and it's also further west.

We've seen houses this nice with off-market $1.6M cash offers on this block, and fixer-uppers that can fetch off-market bids over a million.  Can 177 Macdonough Street hang?  Well, with an open house this Sunday, it's easy to see for yourself.

Pro's: renovated 2-Family on a great block in Bed-Stuy, asking price coming down in an up-market

Con's:  not quite 18' wide, even price reductions in this market still don't make things "cheap", attic-y top floor?

Ideally:  unless you've got a condo in mind in Manhattan (or a "better" part of Brooklyn, for that matter) that beats this, the open house is worth a look-see

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