"Deep" in Crown Heights, a 3 story home with great original details has some 20 buyer groups at the first open house and quickly goes in contract above its asking price of $999K. 1488 Pacific Street is "all the way out" between Kingston and Albany, not where the average home buyer these days tells you they want to be. But Crown Heights has become one of Brooklyn's worst-kept secrets over the years, so the $1.5M+ buyers have shown up to join the party. Cash buyers, 50% down buyers, 20-25% down buyers, and the FHA buyers. Getting something vacant that can be financed with original details this nice for anything near a million is becoming a value...
Sure, the "property will need new kitchens and baths", but those are actually pretty affordable to do nicely. And that's the fun stuff anyways. Some of these details can't be reproduced even if money is no object. All it took was 4 pictures for these guys at Corcoran to let you know what this house is all about...
Sourced for under $700K in 2013, this house - as it sits - is worth even more than the asking price of $999K on the flip. Kind of a better version of 1148 Sterling Place. All they really had to do was brush the dust off and announce this bad-boy on the open market. At this rate, this will be the only house you can afford in Crown Heights pretty soon...
Pro's: great original details, quintessential 3 story 2-Family, healthy 20' x 50' size, pricepoint is a relative value
Con's: further east than most currently have in mind, only 3 stories, needs work, gone already above asking price
Ideally: if this 3 story goes for well over a million this far east, imagine how much value is in the 4-stories homes in even more desirable parts of Crown Heights
closed for $1.19M last month
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