Friday, November 15, 2013

Just Closed in Clinton Hill: 108 Gates Avenue

Before 375 people lined up in the cold this January for an open house at Corcoran's intentionally-underpriced listing at 102 Gates Avenue, which closed for $1.55M, another equally compelling house was already wrapping up under everyone's noses.  Yes, just about a year in the making, 108 Gates Avenue just closed this week, also for $1.55M.  Much like 148 Gates Avenue, estate sales take time and court approval, and make it hard for us when the novices will come clamoring for another one of these (when they see the closing recorded publicly in a few weeks) without realizing that this is last year's price.  This same house sells for more than this in today's market, but they don't hear us though.

All & all not a bad price for a 20' x 45' brownstone 4-Family with a "5th Floor Vacant Loft".  For rental comps, you need look no further than 3 bricks away, next door at 110 Gates Avenue, where the duplex just rented for a record-breaking $6,100, and floor-thru's easily get about half that.  The yard at 108 Gates isn't too far off...

And feast your eyes on a variety of interior, from the totally-turnkey...

To the fixer-upper...

Yes, Brownstoner happily dropped it on ya on January 30th of this year and claimed there were "no interior photos to work with".  Somehow we had interior photos, and the listing broker Stephen Safina reminisced to us yesterday that he remembers working on this deal last Christmas and New Year's to lock it up, just to illustrate how long these things can take and how timely you gotta be to get in on one.  It feels like just yesterday that people we're trying to tell us comps can't justify 101 Gates Avenue over $1.2M, before it closed for $1.43M.  If you missed this gem at 108 Gates, don't despair!  There's more on and off-market activity coming to a Gates near you.  And not all of it requires waiting in line with hundred of folks in the cold, although it may also never appear on your!

Pro's:  location, price, not on everyone's radar, great 4-5 units for investor or end-user, decent rental income already in place on some units plus upside in renovating the others, killer rental and sales comps have come in since this place was locked up 

Con's:  gone already, took all cash, took almost a year to close, not easily duplicated

Ideally:  don't sleep on a gem in an up-market!  The next versions of this house on the same street effortlessly command $1.8M-$2M, even off-market.

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