Thursday, October 31, 2013

Closings of Note: Over a Year in the Making

It's important to keep in mind that the real estate sales comps of today include deals that have been in the making for over a year and trade at prices locked in months ago.  The enormous 20' x 90' bow-front limestone SRO delivered vacant in Crown Heights at 1329 Pacific Street had 8-Family buy & hold written all over it.  In fact, they already submitted plans to convert it to an 8-Family.  Platinum Members had the early lead on it last year.  It went into contract in January and finally closes for $1.5M this month.  The buyer made a pretty bullish bet that's bound to pay off.

In Clinton Hill, this humble corner piece at 165 Gates Avenue - "In need of TLC" - lists for $1.795M over a year ago.  Finally closes for $1.9M this month.  Since the time that price was negotiated, nicer 4-story buildings have closed over here between $2.4M and $3.1M.  Even distressed sales, estate sales, shells, off-market, pre-market... anything over here under $2M gets attention these days.

Afterall, nice condos in Clinton Hill can command $1,000/sqft.  320 Washington Avenue, #2A closes this month a touch above asking price at $1.2M.

Just a few blocks east in Clinton Hill, 420 Lafayette Avenue sold to buyers from Fort Greene for $1.3M.  The house came out asking $1.1M.  Not exactly the block everyone wants their townhouse on, but still a great interior at a price that makes a good compromise in this market.

Top notch townhouse product can still be had for under $1.5M, but a lot of it's over in Bed-Stuy.  326A Decatur Street closes for $1.4M.

If you're not bullish on Crown Heights by now, we don't know what it's gonna take.  1271 Bergen Street is pretty stunning inside with the wood details.  They closed for $1.3M this month, and the house a few doors down is in contract for $1.5M.

Also in Bed-Stuy, 187 Macdonough Street closes this month for its asking price of $1.35M.  A Corcoran listing with nice details on a coveted block, still under $500/sqft.

Even off-market you can easily move a 4-story in Prospect Heights over $2M.  These days, almost regardless of condition.  157 Prospect Place closed for $2.3M this month.  The 131' lot really makes it top notch.

When you're in Carroll Gardens, over $1,000/sqft for a condo isn't hard to find anymore.  284 Sackett Street, #1 closes for $2.138M last month, or more than most people think the entire building might be worth.

With condo sales like that in Carroll Gardens, it's no wonder that 194 Carroll Street (even at 14' wide!) can list for $2.8M and close for $2.875M last month.

Or for slightly less, skip a few doors down to 222 Carroll Street where this 17' wide house closes for $2.5M this month.

Whether you call it South Slope or Windsor Terrace, 422 16th Street listed for $1.6M and sold for $1.73M to a buyer from the Upper West Side.

Speaking of selling for over asking price to a buyer from the Upper West Side, 86 Vanderbilt Avenue between the dreaded Myrtle and Park, lists for $1.35M and closes for $1.475M last month.  Not bad for a "bring your contractor" special that's 15' wide.

Even the tiny piece at 86 16th Street between 3rd and 4th Avenues sells for $1.2M.  Buyers from Brooklyn Heights took down 385 11th Street for just over $1.2M too.

Whether you call it "Park Slope" as the listing broker did, or "Greenwood", 136 20th Street was a nifty renovation on a small vinyl siding house with a nice yard.  Basically got full asking price at $890K

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