Tuesday, September 30, 2014

In Contract in Clinton Hill: 368 Grand Avenue

On Platinum Member radar a few months before it came out, the owners of 368 Grand Avenue asked us if the place was worth more or less than $2M before they put it on the market.  We said more, and had a few concrete on and off-market examples of why.  Sure, if you hated on this narrow not-even-a-full-15'-wide house back in 2012 for well under $1.5M, then there's no way you're hip to what's happening in Clinton Hill now.  But with all kinds of $3M product on these blocks, this narrow renovated 4-story was a nice alternative.  No wonder it's in contract already, over $2M, after barely a month on the market...

Heck, if 22 Arlington Place could go for over $2M in Bed-Stuy as a narrow 4-story, why can't this?  And don't forget the narrow pieces on Classon (a much busier, less desirable block) that fetched $2M and more.  Owner's triplex over garden rental.  Garden conveniently split up for both units to use their own share of it...

The renovation is very tasteful and the bathrooms look so good, we're wondering why they didn't even snap a pic!  But, in this market, you don't have to.  Qualified retail brokers can do these deals in their sleep.

Gripe about the width if you wanna.  One man's "that's too narrow for me" is another man's "most affordable renovated historic home in all of Clinton Hill".  Which man are you?  No, this isn't a quick and dirty flip, and no this "doesn't pencil" for an investor, but it was a great deal for the buyers coming and going.  Half you jokers don't know what you got 'til it's gone.

Pro's:  curb appeal, totally sweet renovation, makes the most of what it is, quintessential 2-Family, $2M pricepoint in the land of the $3M's, beats Arlington and Classon for most people

Con's:  super narrow, gone already, not everyone's taste inside or out, not the most requested block on Grand Avenue (but who can pick blocks in this market?), $2M is still a ton of money

Ideally:  Clinton Hill's most affordable look, and it's looking good

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