Saturday, September 14, 2013

Closings of Note: It's a Seller's Market, We're Just Living In It

Is it any surprise that a huge castle in Crown Heights like 1372 Dean Street sells for $20K over its asking price of $1.3M last month?  To hear the Times tell it, "As recently as December, a town house in Crown Heights selling for $1 million or more was unheard-of, according to Gregory Todd, the Corcoran Group broker for 1372 Dean Street. 'Now 11 have sold — all in the last eight months,' he said."

Gotta appreciate that nice houses still trade under $1.5M, while Park Slope routinely posts double that.  381 3rd Street closed for $2.9M last month, just under the asking price of $2.9M

Over in Fort Greene, but north of Myrtle, 137 Adelphi Street wanted almost $2M back in 2011, when that price was even more unrealistic than it still is today.  They dropped to $1.2M last year and sold for $1.1M last month.

Meanwhile a great house more in Fort Greene proper at 365 Cumberland Street goes for way over asking price of $1.25M, closing for $1.43M last month to a buyer from Manhattan.  Still one of the best buys that was left under $1.5M.  Though a far cry from what these same houses went for 2-3 years ago.

411 State Street was on & off the market for years, asking $1.75M back in the doldrums of 2009-2010.  An 8-Family on a quiet block in Boerum Hill with at least half the units free market sounds like a buy & hold dream.  Then a broker told us they'd be sellers at ~12x rent roll.  How does closing for $2.6M last month sound?

Whether you call it Bed-Stuy or Bushwick, we call 680 Monroe Street closing for $3.2M last month a 7-cap with upside.  This 20,000 sqft 24-Family averages just over $1,000/month per apartment, and is making the next-best properties in this category in Lefferts and Crown Heights look like bargains.

184 Degraw Street was like a little slice of Queens set on the BQE side of Cobble Hill.  Didn't stop 'em from listing for $2.49M and closing for $2.4M last month, with only 9 days on the market.

The $900K Bed-Stuy 3-story has officially poked east of Howard Avenue people.  675 Macdonough Street closed last month for $50K below asking price.

The $900+/sqft condo pricing continues to penetrate Prospect Heights.  660 Bergen Street #1D closes for $1.095M last month.

479 Classon Avenue on the Bed-Stuy & Clinton Hill border closes for $999K last month.  Even the acquisition prices on the fixer upper cash deals continue to go up.

347 Hoyt Street is a corner mixed-use property in Carroll Gardens that listed for $2.6M and sold for $2.3M in July.  That 4.6% cap wasn't calling everyone's name, but the upside is intact.

And so many more to cover tomorrow...

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