Monday, April 14, 2014

Fort Greene's Most Affordable Listing: 460 Carlton Avenue

Is it just you or does it feel like you woke up one day and every new listing in Brooklyn, even the most unimpressive of selections in South Slope and mid-Bed-Stuy, wants $1.8M or more?  And even the prime Fort Greene $4M listings still might offer nothing more than one janky exterior photo?  No, there's no need to pinch yourself.  You are not dreaming.  It is the spring buying season of 2014 in Brooklyn and prices well over a million and a half have secured themselves firmly east of Classon, well into Bed-Stuy and Crown Heights, south of 16th Street in Park Slope, and well into Lefferts Garden.  Were you among the moneyed masses that packed into the stunning Fort Greene fixer-upper 252 Carlton Avenue with its list price just under $2.6M?  Maybe you were one of the more than a dozen offers over asking price, pushing the contract price up to $3.1M-$3.2M, we're told.

In a climate like this, even a generic new construction across the street from the projects at 460 Carlton Avenue shines above the rest as the most affordable listing in Fort Greene.  Built in 1996, this row of brick 3-Families have vinyl siding in the back, parking in the back, none of the charm of 100 year old houses, but also none of the problems of 100 year old houses.

Yes, it was precisely a year ago today that we showed you Fort Greene's most affordable listing at that time - another one of these in the development known as "Atlantic Commons" - 365 Cumberland Street which listed for $1.25M and closed for $1.43M 4 months later.  Just a year later, 460 Carlton's asking price of $1.65M doesn't sound that bad at all.  Especially considering what goes for well over $2.65M on the same street just 2 blocks away, and what sells for over $1.85M-$2M in Bed-Stuy today.  Heck, in the 12 months since we covered 365 Cumberland asking $1.25M, over a dozen CONDOS have traded in Fort Greene for that price or higher.  Is 460 Carlton Avenue generic on the inside AND in need of some work?  Of course it is...

Nothing special, to be sure, but at half off of what the 100 year old fixer-uppers can command in bidding wars, what were you expecting??

Were these same homes below or around a million just 3 years ago when folks were too chicken to go above $950K for one?  They sure were!!  Even after those closed, another one was getting beat up off-market too.  Maybe now folks will get the picture.  One owner on the corner over here is even rumored to want $3M!!  That's certainly a stretch, but can you blame 'em??  This is one of the most primely-located, not in need of a gut renovation 3-Families you'll ever see in Fort Greene.  The fact that it's asking only 15% more than what the last one sold for (and may even go cheaper than that) is just icing on the cake compared to the 2 & 3 baggers we've seen out in Bed-Stuy.

Can't forget the parking space!  Vinyl-siding on the rear facade with a nice wood deck to boot...

For the right buyer, this is a no brainer.  For the would-be buyers, this might just be another notch on their woulda/coulda/didn't belt.

Pro's:  Fort Greene's most affordable 3-Family, parking, rear deck, no 100 year old house problems, may have some price flexibility, rental income potential, delivered vacant, seller will credit some funds for the wood floor repairs

Con's:  pretty generic interior, water damage to some floors, not the most spectacular construction, no huge green backyard, asking over $700K more than people thought these were worth 3 years ago, across the streets from the projects

Ideally:  another year brings another great alternative to historic Fort Greene homes, situated in quaint little Atlantic Commons, still trading at an amazing relative discount to its neighbors

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