Friday, December 12, 2014

Another Crown Heights Listing Over $2M: 1193 Bergen Street

It sent relative shockwaves through the market last year when a Crown Heights renovation 1234 Dean Street hit the market for $2.195M.  Weren't these the same houses that couldn't get $1.5M or even $1M not long ago?  That house later closed for $1.85M, and had offers even higher if it were a 2-Family.  The owners of this stone castle at 1193 Bergen Street around the corner were watching attentively.  They also saw 1294 Dean Street list for $2M and sell for $1.8M this year too.  Now, at the end of "the fall buying season", 1193 Bergen has been on the market for $2.3M.  With an open house tomorrow, it's easy to go see Crown Heights historic living in all its glory...

With the cool barrel-front on the facade, all kinds of detail inside, and some modern upgrades to kitchen and bath, this house has a right to command premier pricing for Crown Heights...

Much like 160 Bainbridge, this house is great and special, but not triple mint.  Will that stop it from surpassing $2M in this market?  It didn't stop 160 Bainbridge.  Is this house really worth a million more than 1134 Bergen Street after just one year?  Only time - and the market - will tell.  But if one of the next-best houses to yours just sold for $2.2M, you might be asking $2.3M too.  So were see where they're coming from on 1193 Bergen.

Even if this house sells for 20% off asking price, then we're right back to the ~$1.85M range, the asking price that was so shocking on 22 Arlington Place and 196 Hancock Street earlier this year, both of which closed over $2M.  The secret is way out on this corridor of Crown Heights.  "Nostrand is too far" doesn't roll off the tongue like it used to.  And a listing like this is a cool house at a price that's another sign of the times.

Pro's: unique castle-like curb appeal, full of original details, some modern upgrades, 3-Family with great rental income potential

Con's:  asking a lot, December is a tough time to get top dollar, interior's not everyone's taste, just over 17' wide, gnarly backyard

Ideally:  A- house asking an A+ price with little competition in its caliber.  It's crazy that after just a year, we can't even afford our own neighborhood.  Very interested to see what number makes it happen for this house.

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