Wednesday, April 9, 2014

Marketing Boost for Bed-Stuy 2-Family: 435 Putnam Avenue

Usually when a big broker gets their hands on a property that's dwindling under-market, they boost the price along with the marketing.  But not at 435 Putnam Avenue.  Asking $1.2M for sometime (up from $899K), Brown Harris got their hands on it with a new price of $1.1M.  For a 19' x 45' in mid Bed-Stuy, this actually sounds like a bargain, even for a house that "is in need of a renovation."  No pics yet, but under $350/sqft and well under $1.5M for 4-stories, even if the top floor is attic-y, we're not pumping Bed-Stuy, but it's worth a look in this market.

The listing broker tells us it's "Delivered vacant.  Has a massive extension on lower 2 floors.  Bed-vine right across the street... and inside is surprisingly livable.  Not lots of details, but was used as 4-Family until recently."

If the similar 453 Putnam Avenue gets even close to its asking price of $1.85M - not saying it will - then 435 Putnam's a no-brainer.  Maybe you missed 528 Putnam already in contract.  Platinum Members sure didn't.  For a look at what a difference marketing can make, just see the case of 419 Halsey Street.

Pro's:  price went down, full-sized 4-story on a tree-lined block, rental income potential

Con's:  no pics, needs work, not the most convenient location, competition is bound to come out for it now

Ideally:  we'll need to take a closer look, but all signs point to 435 around this price so far

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