Thursday, July 24, 2014

Off-Market Bed-Stuy 3-Family: Malcolm X Boulevard

In its first month, our new site has sent incredible for sale by owner and sell-curious owner leads our way.  Last week we saw 8 homes in one day, all asking between $3.2M and $7M - and the $7M house has offers above asking price already in pre-market!  That's Brooklyn for ya these days.  So it's refreshing to see a Bed-Stuy 3-Family fixer-upper like this house on the 100-block of Malcolm X Boulevard, asking $895K.  For now, this home is available exclusively on  The house is delivered vacant, has been vacant for some time, and needs plenty of work.  But it has original mantles, tile, shutters, ceiling medallions, and wainscoting that buyers we saw it with were eager to restore.  The curb appeal is intact in our book, and arched-brick construction in the cellar is a good sign too.  With the investors priced out, we think an end-user takes on this project for the right price.

Afterall, 124 Malcolm X Boulevard got over asking price, closing for $999K in May of this year.  And another 3-story, 98A Malcolm X Boulevard got $1.079M 2 months earlier.  Could this be the next house to trade on this block?

Everyone says they want a fixer-upper in Bed-Stuy under a million, but most of those are swooped up by investors, all-cash in a flash, and renovating them isn't as easy as it looks.  But here's one just out of reach for the investors, so have at it!

Pro's:  curb appeal, original details, delivered vacant, not asking over a million, no big broker open houses on the scene, legal 3-Family

Con's:  needs a ton of work, further into Bed-Stuy than many are ready for, finished product flips going for 10-20% more

Ideally:  it'll take time, money, and know-how to optimize this house, but for all those who hate on generic flipper renovations, here's your chance to try one on for size yourself