Wednesday, July 16, 2014

Listings: Clinton Hill Home Hits the Market - 394 Vanderbilt Avenue

New to the Listings section of the blog, it's a 4-story fixer-upper in prime Clinton Hill at 394 Vanderbilt Avenue.  When we toured the place yesterday, we instantly said, "It's a wrap."  Can't really hate on the price given what's going on all around town.  Full-sized house on a great little block with original details.  The house needs work to really make the most of it, but don't they all?  After spending the day at Ikea and Home Depot to fix-up a rental in Crown Heights with a bidding war, we were eager to sink our teeth into 394 Vanderbilt.  Above our pay-grade, but somebody's gonna deck this place out.

Nice lil' yard...

Solid arched-brick construction...

Original mantles throughout...

(Child-sized Benzo & sweet tattoo parlor not included)

Convert the oil to gas before the winter sets in, even modestly update the kitchens & baths, expose & refinish the original floors... and you're looking at house that people would pay over $3M for.  Platinum Members were in one those pre-market two weeks ago.  394 Vanderbilt Avenue is not priced for an investor and it doesn't yet look like what an end-user wants to post up in as-is, but someone's likely to take this down for a nice price and make the most of a great house for the next 25 years.  Heck, a Prospect Heights fixer-upper the broker tells us has rent controlled tenants just went up for more than this asking price of $2.5M.  Platinum Members closing on an even nicer vacant house in Park Slope proper for $2.6M gotta be loving the comparable activity all around.  And a more finished product available off-market only on around the corner for $2.4M-$2.6M is starting to look like a comparative steal too.  And if you don't think fixer-uppers are going for over $3M in Fort Greene & Clinton Hill, don't take our word for it, ask a guy who's sold two this year.

Pro's:  pretty prime location, full-sized 4-story, delivered vacant, easily optimized as a top-notch 2-Family, quintessential 2-Family in the making

Con's:  needs work, not staged all sparkly, some floors in mid-reno already, takes over $2M to play ball these days on these blocks

Ideally:  in the land of even fixer-uppers soaring over $3M cash, the live-able house for $2.5M is king