Saturday, February 8, 2014

Ballin' Out in Bed-Stuy: 50 Madison Street

Since 8-Family week on the blog is over, it's time to get back to what we do best.  You know, quaint townhouses in "fringe" neighborhoods with over 100 people at the first open house that go in contract quickly with an all-cash offer about a quarter-million over asking price.  Welcome to 50 Madison Street.  It's basically Clinton Hill over here, but it is just east of Classon, and Streeteasy's calling it Bed-Stuy, and it packs a little more punch if you think a 3-story is going for this much in Bed-Stuy... so we're stickin' with the Stuy on this one.  Although, it's not just a 3-story either.  There are 4 stories in this house, even if you can't see the top one from the outside.  Or, as the listing broker Nadine Adamson told us, "It's called a 'set-back'.  Ever heard of it?"


With an asking price of $1.299M, over 200 people descended on the house in the first week and a few dozen offers came in quickly...

Don't forget the backyard!

When we saw the house, we were digging the wide-plank floors...

And the huge glass windows in the rear where a rag-tag group of local cats like to converge...

With frame houses interspersed all around, and a condo construction project across the street, is this not the look of the block you were expecting to fetch over $1.5M cash these days?  Well, this is our Brooklyn, y'all!

There's also some killer architecture at the church on the end of the block...

The listing broker Nadine told us she sold 25 townhomes last year, so she certainly knows what she's doing with an exclusive like this.  And she's already got her eyes on a few other homes on the block she thinks might fetch even more in the right condition.

All in all, when 200 people see a property, is it any surprise to see it go for some $200K over asking price?  The trees that fall in the forest for less are ones that almost no one hears about.  Even with a "bidding war", it's still under $500/sqft.  Manhattan buyers would be hard-pressed to find one of these under $3M without going deep into Harlem.

Pro's:  totally live-able 2-Family with some great details and a few upgrades, pretty much Clinton Hill location for most intents & purposes, under $500/sqft

Con's:  not everyone's favorite curb appeal or exact preferred block, gone already, all cash won the day

Ideally:  unless you've been living under a rock, it's becoming clear you can't afford to be too picky near Clinton Hill anywhere in the $1.5M range

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