Monday, April 21, 2014

Fort Greene Under $2M: Another Platinum Member Take-Down

Don't try this on your StreetEasy, your NYTimes, or your, but Platinum Members are closing on a great estate sale house in Fort Greene any day now for under $2M.  In the land of the on-market $3M+ fixer-upper bidding war, it's nice to see that value can still be sniped for the right buyer.  Don't get it twisted, though, the deal still had to happen in cash and the house needs a lot of work, but value is all relative and this is value in Fort Greene today.  Besides 460 Carlton Avenue, you won't find a cheaper pricepoint in all of Fort Greene proper anymore.  This house is the 2nd coming of a deal like 123 Gates Avenue.  We knew about this estate sale months ago, but no Platinum Member wanted to go high enough.  When we got the call that the contract had fallen through, we put out the bat signal, and got in the next day.  The broker warned us it "needed a total gut", but we were actually pleasantly surprised...

Owner's duplex with two floor-thru's above?  That's the quintessential 3-Family.  Would-be buyers try to tell us that we don't cover Fort Greene anymore, which is kind of a misnomer.  It's just that the neighborhood is only one square mile and it's pretty much cooked.  We go where the value is, and a $3M+ bidding war ain't value.  And there are simply more properties that make a suitable condo alternative at more mere-mortal type prices in this market in other neighborhoods likes Crown Heights, Bed-Stuy, and Lefferts.  But don't front like we don't know our Fort Greene.  There just simply aren't that many of you who can afford an off-market estate sale for almost $2M cash that needs a complete gut.  But don't worry, when they fix it up and roll it out for $3M+ with shiny pictures, we'll be there too.


Another beautiful townhouse restoration project in Clinton Hill from the same buyer is going to ask $3.2M on-market when it's all finished, but pre-market cash shoppers may not even let it hit the market.  They say, "The game is to be sold, not told."  We think you can do a lil' of both.

Pro's:  4-story in prime Fort Greene for under $2M, in totally decent shape with a few details, bones are worth more than this given what else is going on, Platinum Members making moves

Con's:  took cash, took quick decisiveness, took a pro who know what they're looking at & what they're doing, no time for financing, needs work

Ideally:  don't try using this as a comp in the neighb' unless you could've duplicated this same transaction.  This deal soars over $2M as-is with an open house or two, but we'll bet anyone it fetches over $3M on the flip before it's all said & done.

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