Wednesday, November 5, 2014

Price Drop in Prospect Heights on HomeCanvasr 2-Family: 658 Dean Street

This just in, not every property in NYC sells on the open market.  Brick Underground was the latest to cover the topic in their multi-part series about "Whisper Listings".  There are all kinds of reasons why this happens, but regardless of the reasons, we're all about hearing about any & all properties as soon as possible.  That's why we were patiently waiting weeks to get into this one in Prospect Heights.  Available first and only on, 658 Dean Street is a totally turnkey 2-Family just off of Vanderbilt Avenue that's just reduced its asking price from $2.3M to $2.2M, and we're told they'd even go for $2.15M.  The house underwent a total gut renovation in 2007 with new mechanicals, new skylights, and a new roof.  It's set up as an owner's duplex on top (with exclusive access to the backyard) plus a rental unit on the first floor.  Even the basement is finished, and was most recently used as a nifty little recording studio.  It's not everyone's style without original details, but quick and affordable paint and kitchen & bath upgrades would take this thing to the next level overnight...

A solid 20' x 50' house on a 110' lot.  We're even kinda diggin' the steal beams across the backyard, where you can cook out, or just enjoy the smells from nearby Chuko...

You even get some skyline views from the top floor front bedroom, and even better from the roof...

When just a few blocks away on Vanderbilt people are duking it out over houses from $2.3M-$3.5M, this is looking like one of the better plays around $2.2M in town.  This is like Atlantic Commons with more of a Prospect Heights feel.  A little rich for our blood, but has great potential for all kinds of end-users who want to put the finishing touches on a house and could care less about original details.  If you can find a better house for $2M or less, buy it!  Or, if you want one that needs a lot more work but costs less, go and figure out this weekend why neighbor 652 Dean Street can't move yet with Corcoran for $1.9M.  But 2 blocks from Brooklyn's billion dollar stadium doesn't come cheap these days.  Anything cheaper than that and you're talking condos in Prospect Heights.  And even those come with hefty $1,500+/month maintenance fees instead of $2,600+/month rentals.

Pro's:  totally turnkey, prime Prospect Heights, suits Vanderbilt Avenue lovers, close to every other Brooklyn neighborhood, the work left to be done is "the fun stuff", finished basement, nice yard

Con's:  generic style, no original details, Atlantic Yards extension across the street will be developed someday, really 3-stories not 4

Ideally:  another great look at something that no one else has but