Thursday, October 10, 2013

Crown Heights Won't Stop: 1261 Dean Street

Wow, and you thought the on-market sale of the generic 3-Family at 1062 Dean Street in Crown Heights for $1.7M was surprising at more than $300K over asking price!  Well, guess who just sold for that same price off-market even further east last month??  None other than 1261 Dean Street.  That's right, 1261 Dean Street closed for $1.7M without touching your StreetEasy, or your Zillow, or your Trulia, or your NYTimes, or your Brownstoner.  On Platinum Member radar since May of 2012 when the bank first came knocking with a lien, we first got into the place back in March/April of 2013 when the owner was considering listing the property along with his neighboring "SRO" at 1263 Dean Street...

The owner wanted $2M for 1261 Dean Street and $1.2M for the "SRO".  Pre-market cash offers above $2.5M for the package quickly came in.  And there were reports of offers even higher than that - and those reports weren't kidding.  Even the "SRO" sold for $1.15M last month, perhaps even with tenants.  If you missed these, don't worry!  Now there are cash offers for other 4 and 5 story gems in this same spot, on and off market, with tenants, in the same price range.  And we don't see why those places won't go for those prices or higher.

1261 Dean Street went for more for good reason.  The owner had done a few things to it.  Certainly not everyone's taste, but in great shape and totally turnkey.  The yard's double-wide too because there's no partition between it and 1263.  The buyers of next door 1259 Dean Street for $1.05M at the end of 2012 must be dancing in the streets to see these numbers going on.  And the seller of 1234 Dean Street now has comps to justify a $2M+ purchase price on his gem.  Tomorrow we'll show you another undermarketed play on this same block that we think has potential, but certainly isn't for everyone.

Pro's:  curb appeal, great block, totally turnkey, off-market gem with original details

Con's:  gone already, wasn't cheap, on-market pricing, not everyone's taste

Ideally:  maybe get those sub-$1.5M fixer-uppers while you still can??

1 comment:

  1. We are actually dancing on the ceiling to quote my friend Lionel.

    1257 Dean also was picked for a song on a strange foreclosure deal. I'm hearing less than 400k but that's just a rumor.