Monday, August 4, 2014

Closings of Note: Pricing Leaps and Bounds

Can a single family house deep in Crown Heights command $1.85M??  You bet!  After trading for $999K at the end of last year and undergoing a bop-you-over-the-head shiny renovation, the 16' wide 1388 Union Street goes for $1.85M to a buyer from Prospect Heights.

Ok, so maybe $2M isn't quite the price yet in Crown Heights, but 1294 Dean Street did manage to get $1.8M last month.  Another stunner that could use some upgrades, trading at levels that seemed high just a few months for totally finished product like 1234 Dean Street on the next block.  Now a house in worse condition is listing soon a few blocks further for $1.7M. 

This 9,000 square foot Crown Heights 8-Family at 922 Prospect Place was asking $2.95M.  Billed as almost completely vacant (7 out of 8 units), it sold for $2.625M last month.  A nice boost from last year's $1.4M price it traded out around a foreclosure auction. 

No wonder we were bullish on Park Slope's off-market contract flip at 29 Lincoln Place for $2M or less, 27 Lincoln Place just closed for $4M last month after listing for $3.8M.

Gone are the days (2010) of this Clinton Hill condo conversion bordering Bed-Stuy trading for under $450K.  420 Classon Avenue, #C comes out asking $759K and closes for $805K, or $875/sqft.

They tried to fade us on 289 Lincoln Road at $750K pre-market last year.  Cleaned up & updated, it shoots over asking price of $1.45M last month.  We're seeing a pre-market fixer-upper around the corner in Lefferts this week.

If you missed the Bed-Stuy tweener 2-Family at 38 New York Avenue not long ago for under $700K, maybe you saw it a few months later for under a million.  It closed last month for $1.074M.

Almost $1,200/sqft for condos?  It's not just for Manhattan & Williamsburg anymore.  Park Slope's 694 Degraw Street, #3 gets $1.9M last month.  Triplex with a roof deck?  That's how you sell condos for the price of townhomes.  Price per square foot in the building is up 20% since last year.

Hate on it at $800K and watch it sell for over $2.6M two years later?  Yup, that's what happened to lots of would-be buyers on Clinton Hill's 71 Irving Place.

Some people couldn't get their heads around Fort Greene's 322 Carlton Avenue when it sold last year for $2.55M.  That's cool... it just sold again for $3.48M to a buyer from Chelsea in June.

Maybe you weren't respecting the 308 Waverly Avenue carriage house in Clinton Hill for under a million a few years ago.  That's cool... it just sold again for $2.15M.

And so many more to cover this week...

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