Monday, October 7, 2013

Bed-Stuy Neighbors: 419 Halsey Street

If you were digging 417A Halsey Street - which Corcoran recently listed for $899K and reportedly marched the bidding war into contract around $1M - then you may want to sniff the less-renovated neighbor 3 bricks away at 419 Halsey Street.  Local broker Marjorie Thompson had the owners give us a tour today...

This solid little 2-Family has lots of the original details and quaintness that made multiple people jump for the house next door.  The price, however, will be lower and there are updates that most people will want to make to kitchens and baths.

The building has been vacant for a few years and will be delivered that way.  The conversion to gas heat has already been done.  The backyard can easily be spruced up.

The owners told that us that the listing for $579K that appears here & there was from someone who wasn't actually in a position to the deliver the building.  Their expectation is now $800K.  Only time will tell.  It wouldn't be the first time something off the NYTimes radar fetched a few hundred thousand less than a neighbor 3 bricks away.  Just last year Platinum Members were closing 1379 Pacific Street for under $700K, while the renovated neighbor next-door was flaunting offers over $900K.  Both are now worth well over a million, so it pays to pivot off a neighbor with high exposure.

Pro's:  great little 2-Family in Bed-Stuy, not on everyone's radar, not in a million dollar bidding war

Con's:  needs updating, won't be had for that teaser price of $579K, no shiny pics yet

Ideally:  another 2-Family with a yard at condo prices is up for grabs

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