Wednesday, March 19, 2014

In Contract Over Asking Price in Bed-Stuy: 260 Decatur Street

Record sales for townhomes are being broken as we speak in Bed-Stuy, and the new records are 45% higher than the old records from a year and a half ago.  To see what the new records look like, step inside 260 Decatur Street, which we're told is in contract for more than its asking price of $1.85M...

If you've been paying attention to the pricing for the best gems in Bed-Stuy, first it was 242 Decatur Street for $1.7M last year blowing everyone's minds, then 593 Jefferson Avenue broke a record over $1.8M later that year, don't forget about 1 Arlington Place closing for over $1.9M this year, and bids coming in higher than that for 196 Hancock Street.  All this is starting to make the stunning corner house with garages at 272 Jefferson Avenue look like a steal at auction for under $1.6M cash.  No wonder a place like 260 Decatur can find a buyer for almost $2M these days...

Before you scoff at the lofty pricing, ask yourself where in brownstone Brooklyn do houses this big & this nice go for significantly less than this?  It ain't Lefferts, and it ain't Crown Heights.  And it certainly isn't Park Slope.

"Oh, but the schools!" is another rallying-cry of the Bed-Stuy doubters, as if people spending this kind of money don't care about their children's schools too.  Who knew when 261 Hancock Street closed a year ago for a high-at-the-time $1.2M that the dozens of people at the open house months before that were witnessing the end of an era.  Last year's $945K is this year's $1.945K.  Whether you like it or not, it's what's happening.  If you don't think the $2M's are coming in places further east than 82 or 84 Lexington Avenue, get ready.  We've been touring the finishing touches on another one that's hitting the market any day now.  Small children can tell you that 4 times 5 equals 20, but some of the most connected grown-ups in the real estate biz still don't realize that 4,000 square feet at $500 a foot means a lot more $2M properties are coming to Bed-Stuy & neighborhoods of its ilk.

Pro's:  curb appeal, block, original details, healthy 20' x 48' building, worth double in Park Slope,

Con's:  already in contract well over its already-high asking price, some people tell us it still needs work

Ideally:  when even the non-Corcoran brokers want almost this much for a total fixer-upper on this same block, you know it's getting serious in Bed-Stuy

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