Wednesday, July 23, 2014

HomeCanvasr Listing Sold Before Hitting Open Market: 116 Bainbridge Street

Don't try a purchase like this on your StreetEasy, your New Times, your Trulia, Zillow, or Brownstoner.  Platinum Members were scoping this Stuyvesant Heights limestone gem at 116 Bainbridge Street months ago pre-renovation between $1.5M-$1.6M.  When no one stepped up high enough, the owner ostensibly wanted to finish their renovation and shoot for a higher price.  Available on post-renovation for a month now in the $1.795M range, we told Curbed it probably wouldn't make it to the open market - and it didn't.  The property is in contract around full asking price, all cash, and closing any day now.  Last month, the reno was turning out better than we'd expected...

Quintessential 3-Family with owner's duplex on the bottom and two rentals up top.  An extension on the parlor with the kitchen and still a nice yard.  All on one of the sickest blocks in Stuyvesant Heights, and for much less than a 260 Decatur Street.  You'll think you're in Park Slope when you walk down this block.  In a nice row of limestones...

You get that Magnus Dahlander without going over $5M.  Even in the winter, the view out the window is gold...

Over $1.7M cash in Bed-Stuy... are we even surprised anymore?  Also another demonstration that properties sell before they hit the market on a regular basis, even if the plan was to hit the market all along.  And if the nay-sayers still don't know by now, they'd better ASK somebody!

Pro's:  full-sized renovated historic limestone gem on great block, near the train, about as good as east Bed-Stuy gets, available without a packed open house, better reno than we were expecting

Con's:  not on everyone's radar, price bubbled up as reno came long, not the configuration everyone wanted, already gone all-cash full-ask

Ideally:  considering the pricing on a gut like 259 Decatur Street, this is a steal - as shocking as that sounds  

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