Thursday, May 15, 2014

Listings: Open House Today in Untouched Lefferts Gem - 163 Maple Street

New to the Listings section of the blog, it's a trip back in time over in Lefferts.  To hear the listing broker tell it, the original wood details at 163 Maple Street are "untouched" and "mint".  Available for the first time in 70 years, if you wanna "feel like you've stepped back in time", come on down to Lefferts where there's an open house tonight and this weekend.  A quaint Single-Family on a cute block, the broker says it's one of the nicest houses for untouched details that he's ever been in...

The list price of $1.6M is higher than the quick flip at 289 Lincoln Road currently listed just under $1.5M, but it matches what another quick flip at 176 Lefferts Avenue sold for not long ago.  Big brokers had a bidding war all cash above asking price around the corner on Midwood Street a few months back too.  Three-story houses for as much as $1.5M and higher in the outer rim of brownstone Brooklyn?  Yeah, that's how it's going down these days.

Besides mint original details, they already stepped-up their kitchen game a bit at 163 Maple Street...

To hear the NY Times tell it, the separate kitchen is making "a comeback", but when the house was built in 1909, we say, "Don't call it a comeback, I been here for years."

With rental income potential of over $6,000/month, for the buyer who wants to rent a house for top dollar for a while before moving in or selling, this is a perfect play.  And we think we know a few of those active in the area.

If you're still pricing these at $1.2M, you haven't been paying attention, and might've missed the fact that over 160 apartments traded for more than $1.6M in Manhattan last year, and almost twice as many co-ops did too.  All it takes is one person to opt instead for a house in Brooklyn to keep prices here on par with those condos.

Pro's:  curb appeal, block, original details, quintessential Lefferts Single-Family, rental income potential, easy to check out at upcoming open houses

Con's:  not multi-family, upper range of pricing in the area, not ready for the end-user on day 1

Ideally:  top notch product can command top dollar, timing will determine this one