Friday, January 17, 2014

Closings of Note: New Year's Babies Show Buyers Still Heading East

Closings from the end of 2013 are still coming in, and the migration pattern east is still intact.  Over in Prospect Heights, we told you when 400 Park Place went in contract above its barely-on-market asking price of $2.1M.  It closed for $2.2M last month on New Year's Eve.  Not bad for an estate sale with nothing but a sign in the window.  We've told before that the $2M+ fixer upper is alive & well in the coveted areas of Brooklyn.  You may not hold Prospect Heights in as high regard as its more popular neighbor Park Slope, but the 400 Park Place buyers came from none other than a glass condo in Park Slope.  Corcoran got another fixer-upper in contract just around the corner at 390 Sterling Place with an asking price of $2.3M.  When a tree falls in the forest and people actually hear about it, don't be surprised if it goes well over asking price.

When we heard about 82 Chauncey Street over in Bed-Stuy asking $1.15M, it sounded like a nifty little 2-Family right by the train with some cool curb appeal.  Then when we heard about the open house and a little price flexibility, we got even more excited.  You may not be ready for the Utica stop on the A train, even though it's express and Stuyvesant Heights housing stock is just as sweet as Park Slope's.  However, a buyer from Fort Greene pulled the trigger and closed for $950K on New Year's Eve.

Fort Greene buyers heading to Bed-Stuy?  That's right, they're at it again with a Corcoran listing at 702 Monroe Street, so far northeast into Bed-Stuy that it's darn-near Bushwick.  Tiny and nothing special, but certainly affordable.  Listed for $699K and closed for $689K.

Still don't wanna go too deep into Bed-Stuy?  Still think you're the last Coca-Cola in the desert?  Well even a 3-story in Stuyvesant Heights can fetch over a million.  After closing for under $500K in the summer, 183 Bainbridge Street relisted for $1.5M on the flip, and closes for $1.085M on New Year's Eve to a buyer from Prospect Heights.

Ok, maybe somebody from Prospect Heights is ready for deep Bed-Stuy, but nobody from a western Brooklyn area as beloved as Cobble Hill would deign to put themselves through that, right?  Guess again, 1079 Halsey Street with its gosh-awful exterior listed for $799K next to a lot with barbed-wire fence, all the way out in Bushwick.  Buyers from BROOKLYN HEIGHTS took it down for $810K last month.  It's cool, keep hating from the sidelines while all the data points roll in.

Why on Earth would someone go all the way out to Bushwick to drop $810K? - you might ask.  Well, see what $810K gets you in the more coveted parts of Brooklyn.  How about a 1BR in Hanson Place, #11A for about $1,000/sqft last month?  Or maybe you'd prefer another 2BR in Crown Heights at 475 Sterling Place, #2A for just over $850K?  Pick your poison, y'all.

In west Bed-Stuy, the demand was even higher last year.  208 Jefferson Avenue, just off of Nostrand, didn't last too long on the market with an asking price of $1.4M.  We were really into the house, but with updates to be made, handfuls of people said it "only works for me at $1.2M", which probably wasn't happening in this market.  This monster 20' x 55' barrel-front on 4-stories with great original details fetched $1.558M last month.  Granted, that's $158K over asking price, but still barely over $350/sqft.  The buyers?  Coming from lower Manhattan, where anything under $1,200/sqft is a steal.

It took over 2 years, but the terribly-marketed 486 Warren Street in Boerum Hill finally closed for $1.9M last month.  We kept our eye on this place since 2011 as the price trickled down.  Projects aside, this is about as affordable as you'll find in this area for this size and condition.

Case in point, check out little 24 Butler Street in Cobble Hill.  This tiny 20' x 30' 3-story goes for just under asking price of $2.2M, closing for $2.09M last month.  The buyers?  From Tribeca.

Park Slope is lovely, but the condos are over $1M now, and have been for a while.  So no wonder buyers from Park Slope headed over to pick up an entire house at 18 Chester Court, on the other side of the park, well over the asking price of $865K.  It closed last month for just over a million.  Don't forget, other buyers from Park Slope picked up the neighbor just down the block at 30 Chester Court for much lower not long ago.

Over in Crown Heights, the 8-Family building at 597 Park Place closes last month for $1.55M.  Get ready for revved-up Franklin Avenue rentals.

And the closings don't stop there...

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