Wednesday, February 19, 2014

Closings of Note: Stop, Drop, and Roll

This Brooklyn real estate market is truly on fire.  It is time to stop, drop, and roll.  When SRO's in Bed-Stuy are selling for more than millionaires wanted to bid for the park block in Park Slope just under 2 years ago, you know it's getting serious.  Cue 1 Arlington Place, asking an at-the-time shocking $1.795M and closing this month for an even-more-shocking $1.923M.  Or, as it's known in Manhattan, the price of a dinky condo.  We're sure low-ball offers abounded, but SRO's delivered with a Certificate of Non-Harrassment can be financed, so they're not the end of the world.  For a killer corner property on one of Bed-Stuy's cutest blocks, and as shocking as this number may seem, it's really just pivoting off the cash deal that already happened at 7 Arlington Place earlier last year, where permits for renovation are already in place.  Fixer-uppers for almost $2M??  Where will Bed-Stuy prices go from here?  Wait 2 more weeks to find out.  Another owner on this block says they're ready to unleash their masterpiece, and we're getting inside today.

A $2M fixer-upper in Bed-Stuy may send more shockwaves through the market, but that landscape is even crazier in Park Slope.  423 7th Street's listing instructed buyers to "bring your contractor, architect, and a can of mace to fight off the crowds this is a much sought-after diamond in the rough."  Buyers nearby on the same street braved this treacherous territory and closed on it for $2.1M.  It used to be that houses sold for $2M only in Park Slope and people thought they needed mace to walk around Bed-Stuy... apparently, now it's the other way around!

Even the local flippers can't source 'em as cheap as they used to in the same "emerging neighborhoods" that no one wanted to touch 2 years ago.  Just after 845 Prospect Place goes for $955K, next door 843 Prospect Place closed last month for $740K and wants double that on the flip.  Walk down this block yourself, full of stunning architectural styles of all kinds, and tell us why this prime patch of Crown Heights still noticeably lags even Bed-Stuy prices.

A tiny 2-story in Crown Heights has no problem selling for its asking price of $1.75M.  807 Washington Avenue may not look like much, but you look out your window onto this...

So what was it supposed to sell for??

Buyers from Clinton Hill keep moving east, picking up a house in Bed-Stuy on another one of Brooklyn's prettiest rows.  476 Greene Avenue is less than 17' wide, east of Bedford, and far from any train into the city.  However, none of that stopped it from listing for $1.149M and closing for $1.25M last month.

With the market the way it is, a Clinton Hill brownstone like 395 Grand Avenue doesn't even have to hit the open market.  It can fetch $1.83M in its sleep last month.

When a 5-story in Clinton Hill with amazing original details sits clearly on the open market for $2.8M, it's bound to get more than an off-market deal.  181 Lafayette Avenue closed in December for $2.675M.  We know some owners who wanted $2.5M cash last year for an even larger 5-story over here, and we're curious how much they could get now.  Just where do the buyers for a piece like this come from?  In this case, it was Park Slope.

Speaking of Park Slope, say hello to the $2M+ condo market!  838 President Street has a duplex unit that sold to buyers from Park City, Utah for $2.25M.  Remember the good ol' days (2 years ago) when people didn't wanna buy entire townhomes this big for $2.25M, not just half of one?

That condo comp kind of makes nearby 210 Garfield Place look like a steal at $2.74M, even as a fixer-upper.

Buyers from Prospect Heights headed to Lefferts Garden to pick up the estate sale 53 Lefferts Avenue for just over asking price.  The "charming" little one family with a shared driveway closed for $876K this month.

And so many more closings to cover tomorrow...


  1. this is an addictive blog. great work. looking forward to hearing about the other property on arlington that you say will be coming on the market.

  2. Oh no.. did I miss the boat on the under- $800k multifamily?