Sunday, March 9, 2014

Listings: Bed-Stuy 2-Family at Condo Prices - 16 Kane Place

New to the Listings section of the blog, it's a 2-Family frame house in Bed-Stuy priced below many 2BR apartments in town.  16 Kane Place may not be what you had in mind when you think of brownstone Brookyn, but it's also totally turnkey and relatively way affordable at the asking price of $679K.  Not dripping with detail either, but move-in condition and some exposed brick for good measure...

Sure, it's out past Utica too, and it's on a tweener street, but the days of a fixer-upper 2-Family brownstone under $600K on a tweener street like 298 Herkimer are long gone.  If you're getting into a house priced with a 6 in front of it in Bed-Stuy these days, it usually has to be all cash, the house isn't turnkey, and it has a lot more hair on the deal than this.  Maybe you missed how many frame houses in outer reaches of brownstone Brooklyn went for well over $1M in last week's closings.  The misnomer article about investors buying the cheapest deals in Brooklyn under $500K would have you believe that they're being snatched out of the hands of homebuyers, when they so aren't.  Homes that sell for far below-market prices are usually in far below-market situations and conditions.  Buyers with tens and hundreds of millions in the bank can barely even find those properties anymore below $500K.  And have fun sleuthing Manhattan under $500K.  16 Kane Place is one look at the sub-$700K on-market kind of deal.

Pro's:  pricepoint, turnkey, finance-able, 2-Family, beets a condo, near express trains

Con's:  small frame house, tweener block, further out than most buyers have in mind, not the historic gem that most buyers have in mind

Ideally:  if you're thinking Bed-Stuy or Bushwick and you max out around $700K, the pickings are slim, but this is certainly a do-able look among them.

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