Monday, January 27, 2014

Prospect Heights Commands Over $3M Again: 204 Park Place

Prospect Heights continues to prove that it's no "poor man's Park Slope" as the closing number for 204 Park Place comes in last week.  Asking $3.9M last spring, it closed this month for $3.6M.  Hmm, when's the last time you saw a huge 21' x 50' building on a 131' lot on this same block?  Maybe back when nobody wanted to pay even $1.4M for a 181 Park Place?  That place later closed for $2M and relisted for $3M.  Seems like that was just yesterday.  204 Park Place is used as a 5-Family and can rent for nearly $3,000/floor with pictures this dinky...

The rest of the pics for the $3.9M listing weren't much more impressive either...

Because when you're making tens of thousands in commission to list a building for almost $4M, why send a professional photographer in to do for a few hundred dollars what a Blackberry can do for almost free??  $3.6M is just 10% below asking price, but this is a big number to see close.  It's certainly not the record for the neighborhood, though.  206 Park Place next-door holds that title at $4.3M, as we told ya' over the summer.  Granted, that was 25' wide, but still!  Despite the doubters and commentators on Brownstoner not believing it and saying it "does not compute" - this is what's happening.  It almost makes the nearby 390 Sterling Avenue look like a bargain.  Along with 398 Sterling Place, 400 Park Place, and a few others even if they're well above $2.5M.

In Prospect Heights, Platinum Members are currently scoping out two off-market deals not too dissimilar from this.  One is a much larger, mostly-vacant 8-Family that's asking $3.4M off-market, as well as another 5-story townhouse just like this one (but in severe estate condtion) that's asking $2.5M.  What the Corcorans (and other big brokers) of the world wouldn't give to bring you those pieces with shiny pics for all the world to see!  But there's much more to real estate than, y'all!  Nobody keeps it BK to the Fullest quite like us.

Pro's:  5-stories, not a gut, curb appeal, great location, size, great rental income potential

Con's:  price, terribly marketed, painfully-generic renovation, chopped into 5 units

Ideally:  not sure where this number makes sense, either for end-users or investors, either as a buy & hold or a condo conversion, but this is what's happening.  Run, don't walk, to nearby off-market estate sales this large at much lower prices!

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