Wednesday, January 22, 2014

Closings of Note: Crown Heights Continues to Come Up

It's hard to be bearish on Crown Heights, but there are some still up for the fool's errand.  We dubbed 845 Prospect Place "The Next-Best Buy in All of Crown Heights" this spring.  Care to contest?  Asking $899K, it closed for $955K in November.  Buyers with $1.2M+ cash would take this off their hands tomorrow, to which "investors" are scoffing, "That's not enough profit after closing costs and broker's fees."

In fact, look no further than the same block where 835 Prospect Place listed for $1.199M and closed for $1.15M

Why was that fixer-upper townhouse under $1M at 845 Prospect Place on the top of our list early last year?  Because check out what a condo in Crown Heights goes for now!  459 Eastern Parkway, #2 listed for $629K and closed last month for $680K.  That's one floor of a 3-story, people!  Off of Nostrand Avenue!

A nifty loft-style apartment in Clinton Hill's most lovable conversion, Cathedral Condos, right on Atlantic Avenue at 555 Washington Avenue, #4C was a small 1BR at barely 600 square feet.  It listed for $525K and closed last month for $575K.  Shows what a good deal Platinum Members got up the hill last month pre-market for a similar condo at $550K.

Around the corner, 798 Dean Street won't win any beauty contests, but it is a deal at the $625K it closed for last month.

If you're still hating on $1M - $1.5M+ fixer-upper & finished townhomes in Crown Heights, Bed-Stuy, or Lefferts that are still well under $500/sqft, maybe you're more of the $1,000/sqft condo type.  88 Wyckoff Street, #5H in Boerum Hill just sold for $1.05M.  Buyers from Wall Street took down another condo here for the same price at 305 Warren Street, #1.

When condos sell for a million in a neighborhood, you know the townhomes are no joke.  Take 295 Hoyt Street, in what was once thought of as no man's land, but is actually very easily Boerum Hill too.  It listed for $1.695M and closed for $1.725M last month.  That's a 17'-wide 3-story for ya, people!  Even tiny ol' 13 1st Street down Hoyt, darn-near Gowanus got over $1.5M with no marketing last month.

Over in Bed-Stuy, the flip game continues.  357 Monroe Street was picked up for $200K last March, then it was gutted and re-listed.  This 3-story all the way north by Gates Avenue closed for $998K just before New Year's.  The buyer came from lovely Fort Greene.

Also in Bed-Stuy, 104 Malcolm X Blvd was an even better bargain for a 3-story.  We covered it when the price was reduced from $875K to $860K, and it closed for that price last week all cash, according to the listing broker.  A cheaper purchase price at first glance, but it also took all cash to get it.

Did someone say deals under a million in Bed-Stuy?  A funky location, but a great little buy, 30 New York Avenue was too hard to manage access for Platinum Members who opted for a more proper Bed-Stuy play.  But with an asking price of $879K, it was worth a shot.  It closed for $735K, and now neighbors are fetching twice that.

It ain't your typical brownstone, but over in Lefferts Garden, 51 Lefferts Avenue lists for $899K and closes for $870K.  Again, buyers coming from Fort Greene heading southeast for those bargains.

It took a while, but finally 286 St. James Place closes for $1.45M last month.  The asking price of $1.6M and the bare-bones marketing approach isn't what your typical Clinton Hill end-user is after.  And neither is this 16'-wide 5-story 4-Family, but a deal was struck, and is bound to be worth a flip even at these prices.

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