Wednesday, May 28, 2014

Big Piece of Park Slope: 567 10th Street

With $3M prices coming fast & furious in the best parts of Brooklyn, seeing a full-sized building with good details this close to the park asking $2.895M actually screams value.  567 10th Street was asking $3.1M, but has now dropped their price.  Almost 20' wide and an extra-deep 65', this 3-Family is a hefty piece of Park Slope at a not-that-hefty price.  Perfect for all those price-per-square-foot heads out there!

Some original details in good shape.  Some generic upgrades.  Probably a new kitchen is on deck for any new owners...

In locations this prime, ballers pretty routinely pay this price or more for something they plan on putting another $600K-$700K into.  So it's actually a better value to get something under $3M and do your own work than to pay up for original details or other people's work you're going to rip out or try & tip-toe around anyways.  This does offer a totally turnkey potential, and extra-deep size, whose trade-off is a small backyard.  But in Park Slope, who's counting?

"Can be delivered with tenants in place" offers a certain flexibility for some buyers too.  All in all, a price drop in Park Slope under $3M for something this big should not go unnoticed.  Even if the curb appeal is lacking to you because the facade says "mint chocolate chip", that didn't stop the pink house from going over $4M!

Pro's:  huge Park Slope 3-Family under $3M, totally live-able, can come with tenants, extra-deep, original details, nice back deck

Con's:  this is a lot of money even if it's a relative value, dated upgrades aren't everyone's taste, small yard is a trade-off, not what you wanna pay if you wanna do a ton of work - but it happens

Ideally:  this is definitely a best of breed for the certain buyers in this price range.

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