Monday, September 22, 2014

Closings of Note: What $2M Gets in Brooklyn These Days

When we heard about this narrow little Carroll Gardens piece at 453 Henry Street barely on market for ~$2M, it wasn't like anyone was chomping at the bit for it.  15' wide, it closed for $2.1M in mid-July.  When they rolled it out two weeks later for $2.95M, it got even less interesting.  But that's the arbitrage Brooklyn heads can shoot for when they buy in the dark and in sell in the light.  Why do they think they'll get $3M for this tiny little house?  Well, BoCoCa has become the baby West Village these days, and condos go for over $2M, if you haven't been paying attention...

"Peer through your oversized windows onto an alluring treelined Brooklyn Street," as you take in the fact that you just spent $2.2M on a new-construction duplex condo.  307 Warren Street, #1 sold to buyers from Manhattan this summer.  $1,100/sqft might sound high, until you realize that generic condos in Williamsburg start at $1,200/sqft.

One of the last great townhouse buys in Fort Greene under $2M, Platinum Members closed on 291 Adelphi Street for $1.875M in June.  Don't blame us when the next time you see this house available, it's got a 3 in front of it.

Back to BoCoCa, where a condo can sell for even more than an estate sale 4-story townhouse in Fort Greene.  25 Bergen Street, #1C fetches $1.885M.

Still in BoCoCa, 233 Pacific Street #5B closes in June for $1.8M.  Remember when this was only $1.15M two years ago?  We sure do!  Even at this price, it still looks like a steal to buyers from the West Village who bought it.  What was that about BoCoCa becoming the baby West Village...?

Or for a townhouse at this price, you've gotta slide over to the edge of Clinton Hill ("but dangerously close to Bed-Stuy!" - they told us) for 389 Classon Avenue which closed for $1.825M in June.

"Closer to Gowanus than Park Slope," by some accounts still didn't stop the tiny 3-story at 297 6th Street from fetching $2.35M in July.

For a steal in prime Park Slope under $2M, look no further than 740 Union Street, which Platinum Members balked on the first time around, and just barely missed the 2nd time around when the estate decided to be "loyal" to the buyers who were messing around on their deal.  The house closed in May for $1.9M to buyers from mid-town Manhattan.  It joins 105 St. Johns Place as barely-marketed deals that went down in prime slope for $1.9M that season.

Speaking of barely marketed in Park Slope, 115 Lincoln Place flipped for $2.137M a few months ago.  When buyers were bidding $1.85M cash and we were telling them there were already offers higher, we weren't kidding.

Prospect Heights condos are pushing (and exceeding!) $2M now too?  225 Eastern Parkway, #2C fetches $1.795M, y'all.  Buyers from Hanson Place made it happen.

When condos off of Classon are going for almost $2M (and sometimes more), you know that's a deal for a brownstone on a better block in the same neighb!  Asking $2.5M, Platinum Members scooped up this 4-story 2-Family gem in prime Prospect Heights for $2M last month.  130 Underhill Avenue should have duplex rentals coming soon, but don't try finding a sale like this on your StreetEasy or NYTimes.  Not only is this a deal as far as Brooklyn goes, but it's a steal when you're a buyer coming from Manhattan.

Platinum Members picked up an even nicer off-market deal at 287 Park Place, but it ostensibly took even more money to do it.  Buyers from the West Village made it happen for $2.96M at the end of July.  The garden rental upcoming is set to be a stunner.  Compares nicely to our other deal at 101 Park Place on the Slope side.

For an even better bargain, slide over to Crown Heights (after all, it's only a few avenues away) where Platinum Members had an accepted offer on this limestone gem at 255 New York Avenue and passed on it.  The house closed for $1.5M in July.  So much for $1M homes on Franklin Avenue when the best houses (and even bombed-out fixer uppers) 3-5 avenues east can fetch $1.5M and higher.

On Platinum Member radar a few weeks before it was re-released, 160 Prospect Park West is a huge barrel-front gem with great original details that sold in July for $3.85M to buyers from Manhattan.  Extra-deep building right on Prospect Park?  No wonder it sold for almost twice $2M.

Before they closed on it, they tried to flip the contract to us on this narrow Clinton Hill piece at 331 Washington Avenue.  But it's hard to sell something that only a handful of people know about, you can barely get access to, you insist on all-cash, and you give buyers only a week or two to decide.  Heck, doesn't look like this thing is flying off the shelves either even with the Corcoran treatment.  It closed back in June for $1.9M and is asking $2.65M on the flip.  Buying in the dark and selling in the light is a good strategy, but nothing is guaranteed.

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