Monday, May 12, 2014

Closings of Note: $3M Still Clicking for Brooklyn's Finest

People with a million cash in the bank call and e-mail us every week with a wishlist of the best neighborhoods in Brooklyn where they'd like to spend their $1M and not a penny more.  Yet, where are these homes for $1M in the no-brainer neighborhoods of Brooklyn?  In fact, the $3M pricepoint is showing no resistance in the top neighborhoods for the right product, whether it's mixed-use, townhomes, or 8-Families.  Now, a million down on a $3M purchase price, that's happening.  But why would someone in a $3M neighborhood sell you a house for "just" $1M cash?  Even the savviest flip artists can't source them that cheap anymore.  A stylish, turnkey 2-Family in Park Slope like 337 1st Street has no problem fetching its asking price of $3.35M in a flash from buyers in the neighborhood.  Even a 16' wide not-as-stylish house in Park Slope on the market since then is having a bidding war above $3M now.  Platinum Members are spying a few pre-market houses in the area whose owners want well over $3M, and we can't blame 'em!

Fort Greene can't be slept on either, as the 22' wide stunner 308 Carlton Avenue lists for $3.3M and closes for $3.5M to a buyer coming with over 50% down.  That's right, not even a million dollar down payment gets you this house in this market.  No wonder 252 Carlton Avenue went so high over asking price.

Just like the townhomes in Prospect Heights and Park Slope, the 8-Families go for over $3M too.  14 Lincoln Place listed for $3.375M and closed for $3.5M last month.  Most groan about the stunted rent roll while others pick up some of the best price per square feet in town!  A handful of these are still available around this pricepoint.

A corner mixed-use piece like 367 7th Avenue in Park Slope started at $3.5M and closed for $3M last month.  Don't try playing price per square foot comps with this badboy!  Even mixed use in South Slope like 471 5th Avenue sold for $2.5M!

Barely below $3M, 199 Dean Street was a nice corner 4-Family house in Boerum Hill that closed for $2.9M in January.

For a finished product below $3M in Park Slope, you've gotta go south for a 3-story like 354 10th Street, which closed for $2.3M last month to a buyer from Delray Beach, FL.  16' wide and $300K over asking price?  That's our Brooklyn!  And don't even try to use 204 St. Johns Place's latest trade as a comp in Park Slope, y'all!

With what $3M+ gets you in Park Slope, 412 Dean Street was actually a nifty look by the time its original list price of $2.99M dropped as low as $2.5M.  The house closed for $2.35M last month to buyers from lower Manhattan.

If the $2.35M fixer-upper isn't your bag, maybe the $2.75M condo is more your speed.  that's what 1 Grand Army Plaza, #6G fetched last month.  Buyers from Cobble Hill logged another $1,000+/sqft condo sale in Brooklyn well over asking price.

Speaking of over $1,000/sqft, 133 Sterling Place, #1A in Park Slope goes for over $1.2M last month to buyers in the same building.

Even further out on Sterling Place by Crown Heights the condos can fetch almost $1.2M!!  The duplex at 475 Sterling Place, #1A - on Platinum Member radar before it came out - fetches full asking price of $1.195M last month.

Now, come with us on a magical journey to a far, far away land (1-3 miles east...) where dreams come true and a million dollars actually DOES get you a property...

To avoid spending well over a million for a condo, head to Bed-Stuy where a 3-story out by Ralph Avenue commands $999K last month with Corcoran at 730 Hancock Street.  Buyers from Forest Hills got it done with 30% down.

Small mixed-use pieces deep in Bed-Stuy even command almost a million now.  486 Halsey Street closes for $975K last month to a savvy local buyer who's obviously bullish on Bed-Stuy.

Even well above asking price, isn't Crown Heights still a relative deal in Brooklyn?  This 3-story at 1488 Pacific Street may have listed for a million, but was in contract well above asking price, and closed for $1.19M last month.  Too deep in Brooklyn for most buyers, but killer details that fetched a premium.

An even smaller 3-story off of Franklin commanded more in Crown Heights.  The quick flip at 673 Park Place got $1.275M last month.

With the price activity at 934 Pacific Street above $1.6M, 991 Pacific Street for $1.13M last month looks like comparative highway robbery.  How did the jokers bidding $1.3M on 934 not take a stab at 991 for $1.2M or even higher?  We're sure the Corcoran listing scares off those buyers who think they're savvy by avoiding well-marketed listings altogether.  All in all, still a very nice flip for the folks who got it late last year for $625K.

Grainy photos and deep in Bed-Stuy for a 3-story with a generic renovation?  Sounds like a million in this market.  937 Green Avenue listed for $999K and closed for $920K.  Amazing flip for the seller and amazing ~90% financing for the buyer.

A funky 4-story 3-Family listed over a million in mid-Bed-Stuy?  Sounds like a million to us.  434A Jefferson Avenue closed for $999K with 20% down last month.  Now a neighbor wants a high price for not too impressive product, and only the market will tell what happens...

Even the deepest discounts in the best neighborhoods are still compromises not all buyers would be willing to make.  428 Clinton Street in Cobble Hill traded this year for less than its House of the Day price from 2011!!  But still, 12.5' wide for $1.8M??

25' wide in Cobble Hill for $1.8M sounds like a dream come true, except 81 Warren Street is on the other side of the highway, where few dare pass.  Closed for $1.8M last month.

Undermarketed, 414 Degraw Street sold for a relative value at $1.9M in March, but still barely 17' wide.  The market's moved so fast that even the best deals are easy to scoff at for most buyers.

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