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
Supposedly already has offers over asking..madness.
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