Saturday, September 20, 2014

Closings of Note: Franklin For a Million

The same week that multiple people ask us for a million dollar house near Franklin Avenue, a condo sells for a million on Franklin Avenue.  Prospective buyers keep asking for houses in a two-avenue radius at prices that were tricky to pull-off even 2 years ago - let alone in this market.  It's hard to count the ways that their search is a daunting (if not impossible) task.  Now that Starbucks has made its way to Franklin Avenue and Eastern Parkway, (a Crown Heights rise in gun violence notwithstanding) isn't it a little too late to call your shot on precisely which block you want to land?  Yes, solo espresso shots and gun shots can co-exist within blocks of each other in this town we call Brooklyn.  If condos are going for a million on Franklin, then homeowners ostensibly want more and they will get it.  Just wait until this owner lets us show you what's trading for not $2M, but $3M off of Franklin this month.  For million dollar condos near Franklin, peep game at 475 Sterling Place, #3I which just closed for $985K.  Guess where the buyers are from?  The previous neighborhood you thought was the only one worth living in Brooklyn: Park Slope.  But the numbers don't stop there.  Larger units in this same building have come within $10K of $1.3M this year too.  Speaking of $1.3M....

Even when you get the early lead on a meh-renovation in Bed-Stuy that's only 17' wide, that doesn't mean the sellers will be undersold.  315 Jefferson Avenue listed for $1.3M and closed for $1.35M last month to buyers from Fort Greene.  Yes, far from Franklin, narrow, underwhelming interior & exterior, and 35% over $1M.  That's one of the lowest going rates for turnkey, marketed 2-3 Family houses even well into Bed-Stuy.  You want a 20' wide house whose fourth story isn't an after-thought, with nicer details?  Look no further than across the street, and expect to pay more...

Brownstoner asked if $1.5M would fly for the gem across the street at 314 Jefferson Avenue.  Well, it closed last month for $1.675M.

And here's the million dollar condo ON Franklin.  No, it's not near Franklin Park, Chavela's, Mayflower, or Berg'n -  it's on the not-quite-as-coveted Bed-Stuy side.  396 Franklin Avenue, #1 lists for $900K and closes for $1.01M last month.  At least this bad-boy is a duplex with a garden.  Take a close look, because this is what a million dollars ACTUALLY looks like on Franklin these days.  It's not a full townhouse, it's not on the Crown Heights side, it asked less than a millie and sold for more.  And it still makes us scratch our heads why so-called "investors" are trying to fade a 20' 4-story on this same block for only a million, when 2 floors in B+ condition a few doors down easily sells for over a million.  Just because an opportunity "doesn't pencil" for an investor, doesn't mean that it isn't the best buy within 10-20 blocks.  The market is the market, for better or worse.  Brooklyn doesn't owe anybody anything.  These houses are and will continue to be worth what buyers who hear about them are willing to and capable of paying for them.

In another "emerging neighborhood" where condos in the building have touched $1.3M, another unit closes for $990K in the Shoe Factory lofts.  242 Greene Avenue, #3A closed last month

Deep in Bed-Stuy, a buyer from downtown Brooklyn pays $1.525M last month for 461 Willoughby Avenue.  Far from Franklin and well over $1.3M once again.

Just off of Franklin, south of Eastern Parkway, and over $1.3M, it's a Massada Homes special that most buyers would probably turn their nose up at for half this price and expect to find only in Queens.  But that's 1027 President Street for ya, closing for $1.375M last month.  It's looking real good for Platinum Members in contract pre-market for 10% less than this on a nice limestone in even better condition.

Speaking of limestones in great condition... far, far away from Franklin Avenue, at the end of Lefferts, sits 7 Parkside Court, which just closed for full asking price of $1.4M to buyers from Sackett Street.  There's been lots of activity recently on this interest little cul-de-sac of limestones, and there's still one available for less than this, last time we checked.

Just west of Franklin Avenue, this little castle at 490 Classon Avenue had a serviceable renovation inside and unique facade on the outside.  The house closed for $1.3M last month to a buyer from the East Village.

For a great pick-up on the edge of Park Slope, check out this little guy at 358 Douglass Street asking $1.6M+ and closing for $1.413M last month.  Probably needs a gut for most people's taste, but that is about the lowest price point you'll find on those blocks.  Buyers from the West Village made it happen.

For the lowest apartment price point in Park Slope, check out 190 Garfield Place, #1B.  Generic, but renovated.  Lofty, but part underground.  As nifty 600-700 sqft 1BR's go, this is nice.  No wonder it closes for full asking price of $600K last month.  No wonder the most affordable apartment in Prospect Heights is a no-brainer at this price or higher.

But when you really want a nice pricepoint on a small 2BR apartment about this size, come past Franklin in Crown Heights and bring all cash.  We told you last year that this was Crown Heights' most affordable condo!  1062 Bergen Street, #2A closed for $250K last month.

And tomorrow we'll take a look at what's happening in the $2M's and up around town...

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