Wednesday, August 13, 2014

Closings of Note: Pricing Leaps and Bounds, Pt. II

If you got outbid on 20 South Oxford, trust us, you're not alone.  Listed for $2.65M in Fort Greene and sold for $3.3M last month?  That's just how Brooklyn rolls these days.

Less than 17' wide in Fort Greene?  That's a $3M house these days.  Check out 23 St. Felix Street, where a buyer from the city just dropped over a million down for this decked-out, narrow house.  Not long ago these weren't even worth a million, let alone three.

A Park Slope townhouse stunner goes way over its asking price of $3M.  Any surprises?  495 4th Street closes for $3.4M last month to buyers from lower Manhattan.  And it's no wonder - even 438 15th Street much further south went for $2.4M without open market exposure after trading barely over a million not long ago.

Remember the good ol' days when some people were still too hesitant to cross Flatbush from Park Slope into Prospect Heights even though they're basically the same neighborhood?  Well, the money sent those narrow provincial borderlines many avenues further.  And today anything Park Slope can do, Prospect Heights can often do better.  Including 207 Sterling Place for $3.43M last month.  Pretty big number for 17' wide.  A buyer from the East Village pulled it down.  Platinum Members are checking out three 20-footers over here pre-market right around that price.

The Australians are at it again, buying a fixer-upper townhouse with incredible details all cash in Crown Heights that no other investor could touch and no average end-user has the stomach for in these locations.  843 Prospect Place joins dozens of like-minded buildings they've bought in the past few months.  Nevermind that it just traded 6 months ago for under $800K, as first reported by us.  It closes for a cool $1.385M in June.

How come Crown Heights fixer-uppers are attractive well over $1.25M?  Well, the condos can fetch over that price now too.  475 Sterling Place, #5F listed for $1.2M and closed for $1.29M to a buyer from Manhattan.  Now available for rent at $4,750/month!

Or if you like your Prospect Heights/Crown Heights condos over $2.5M with over $2,000/month in maintenance, there's 1 Grand Army Plaza's #6J, which just closed for $2.849M to buyers from Carroll Gardens.  A nice boost from when this wasn't even a $2M condo just 2 years ago.

Are those big scary $2M+ Bed-Stuy record breakers by the Australians the one-off outliers, or part of a larger trend?  Well, it was cute when 359 Jefferson Avenue went for a mere $480K last year.  Now it lists with Corcoran for $1.75M and closes for $1.8M last month to buyers just a bit further west in Bed-Stuy.

Narrow and barely pushing 4 stories, 348 Putnam Avenue fetches $1.165M in Bed-Stuy.  This is why that million dollar fixer-upper is hard to find in Bed-Stuy these days.  Buyers from a Boerum Hill apartment got themselves a home for the price of a condo in their neighborhood.

Over in Clinton Hill, 64 Putnam Avenue goes over asking price of $2.2M, closing for $2.25M to a buyers from Park Slope.

For well under a million, you've gotta go deep.  Crown Heights new construction at 1394 Park Place closes for a manageable $659K.

Bed-Stuy's nifty little 3-story at 129 Chauncey Street came out for $999K last year.  It was pimped out to us for much lower in February or March and sold for $800K last month.

Fixer uppers deep in Bed-Stuy for a million?  Why are those attractive again?  Oh yeah, because even the quick flips in Bushwick are getting over a million.  Corcoran dropped the 3-story 1141 Hancock Street on ya and got $1.06M for it.  A nice boost from the $200K recorded sale price last year.

Platinum Members passed on 1294 Carroll Street for $1.1M-$1.2M when it was pimped to us in May of 2013.  By the time the market sped up and Halstead got their hands on it, the $1.2M asking price this year became a $1.15M closing price last month.  Great little deal for Crown Heights.  Platinum Members are spying one pre-market just like this.

A big Victorian mansion in Ditmas for $1.895M?  Buyers from Park Slope said, make it $1.975M.  454 Rugby Road closed last month.

More than half a million under asking price in Brooklyn Heights??  That must mean the bubble is popping, right?  Not if the glass is more than $7M full.  101 Willow Street closes for $7.275M last month.

The Australians strike in Crown Heights again?  Finally putting that big money to work on more than just 1-4 Family properties, they pick up 637-641 St. Marks Avenue for $5.5M as part of an off-market $25M package.  Probably would've been a nice strategy to start 2 years ago when they started picking up the smaller pieces, but the 3-5 year horizon on all these is so sick anyways.

All cash over asking price, well over $1.5M in Lefferts for a 3-story that's not even updated to the 9's?  That's 163 Maple Street for ya.  When the details are mint, the rest is easy.  We just got another one like this for $1.5M-$1.6M yesterday, currently only available on

Call it the Brownstoner bump... in the wake of the 1000 Dean Street conversion & opening, the nearby Franklin Avenue development site at 608-614 Franklin Avenue became even more of a no-duh next destination for deep pockets.  Asking $18M, sold for $17.5M.  Oh, Crown Heights.  How far we've come!

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