Wednesday, September 4, 2013

In Contract in Prime Clinton Hill: 388 Washington Avenue

When we saw 388 Washington Avenue hit the scene asking $3.5M, we were underwhelmed by the lofty asking price.  Granted, it's listed at 24' wide, which is debatable.  It's listed at 45' deep, which doesn't seem to do it justice.  Whether it's an 8, 9, or 10-Family was also contested, but it's indisputably delivered vacant.  It needs a ton of work, but what 100 year old house doesn't?  Then we heard the deal was going down for $2.65M.  Then that fell apart and we were told it was up for grabs at $2M.  Then the contract went out and was executed at a reported $2.4M cash.  What we love about this place is the location, and the mostly-unattached side allowing windows on the side...

Next to this adorable little library...

Just a block & 1/2 from the C train at Clinton-Washington, with historic gems like these on the same block...

Whether kept as 8+ units or converted to a 1-4 Family, we saw this house as the 2nd coming of nearby 461 Washington Avenue.  And, for a moment, it was available for a price lower than the high offers on 461.

Pro's:  size, location, curb appeal, unattached side

Con's:  gone already, needs a ton of work, the $2M+ fixer-upper isn't for everyone

Ideally:  in an inefficient market, value finds a way

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