Thursday, February 27, 2014

Another Bed-Stuy Beauty Asking a Bunch: 196 Hancock Street





Another stunning townhouse hits the market on one of the best little blocks in Bed-Stuy.  196 Hancock Street is full of original details in great condition, asking $1.85M.  Certainly no finished product either, but the best houses don't have to be to get these prices anymore.  Sure, just a year ago, over 300 people lined up around the corner to see a Clinton Hill fixer-upper like 102 Gates Avenue listed under $1.3M.  But since then, fixer-uppers in Bed-Stuy and Crown Heights have sold on and off-market for well over $1.5M cash.  Including 7 Arlington Place and 1261 Dean Street, both of which have their work permits estimating renovation costs as much as $300K+, with work already underway.  And don't forget the Bed-Stuy SRO at 1 Arlington Place that listed for $1.795M and just closed for $1.923M.  It's shocking to see the numbers rising so quickly, but we're talking about sick houses on amazing blocks just over a mile east from Clinton Hill where finished houses are well above $3M when they wanna be.  All this in a city where 500+ condos sold for $1.5M or more last year.  196 Hancock Street was just purchased for well under $1.5M, but it won't have any trouble selling now for well over $1.5M without any significant work to it.  Walk down this block...






And step into this...
















The floors are in amazing condition, with a variety of patterns throughout...










The kitchens are functional, but bound to be updated...





In the time it took most people to adjust to $1.85M pricing for finished products in Crown Heights and Bed-Stuy, has that really become the new price for a fixer-upper in those neighborhoods?  Only time will tell...


Pro's:  grade A product, curb appeal, stacked with original details, totally live-able as-is, great block

Con's:  won't go cheaply, work to be done

Ideally:  way too rich for our blood, but certainly worth a look, if only just for fun


1 comment:

  1. Supposedly already has offers over asking..madness.

    ReplyDelete