Thursday, May 8, 2014

Listings: Bed-Stuy 2-Family Under a Million - 38 New York Avenue

New to the Listings section of the blog, it's a 3-story 2-Family in west Bed-Stuy priced just under a million with an open house this weekend.  38 New York Avenue is a 20' wide house in modestly turnkey condition on not the fanciest tree-lined stretch of Bed-Stuy or anything - but it certainly presents a condo alternative for lots of buyers in this market.

Some mantles, some built-in's, some moldings... leave the kitchen as-is or not...

The grumblings from the Brownstoner House of the Day coverage last month aren't too far off.  The block is situated near the LIRR tracks running above ground, the house did go in contract (was available for all to see on Streeteasy, y'all!) last year and close for $620K this year, but all that's just sour grapes.  When 22 Arlington Place is soaring over $2M at 16' wide, is it too much for a 20' wide 3-story equally as close to the Nostrand A train to ask half that price?  Anybody else offering you an owner's duplex, a rental, and a backyard near an express train anywhere in Brooklyn under a millie?

Developers are scrambling to acquire smaller, worse properties all-cash off-market at prices almost this high.  Nit-picking retail listings is easy for the voyeurs & looky-loo's; offering up more attractive, actionable alternatives is another story.  Here's a great look, for better or worse, at what ~$1M gets you in our Brooklyn these days.  And with an open house on Saturday, makes checking it out for yourself (rather than just scoffing at the Google Map) an easy proposition. 

Pro's:  turnkey Bed-Stuy multi-family for a million, Bed-Stuy & Crown Heights proximity, condos still go for way more than this, duplex + yard & a rental at a value

Con's:  not the quaintest block, everyone else missed it at the end of last year, work yet to be done to make it top-notch

Ideally:  a great tweener play for the right buyer