Sunday, January 11, 2015

Another First: Off-Market Fixer-Upper Available in Clinton Hill

When you're looking for that four-story 22' wide fixer-upper brownstone in Clinton Hill less than a block from the C train, there are more places to look than just the large brokerage websites.  On before anywhere else, it's an off-market townhouse available for $2.25M with showings starting this week.

Without the fancy pictures and the big marketing campaign, there could be a really nice deal to strike here for the right buyer, as this is the the neighborhood's next-best answer to deals such as 394 Vanderbilt and 396 Vanderbilt - which closed for $1.8M & $2.2M cash respectively, just around the corner, just before Thanksgiving.  Both of those deals got multiple bids near asking price from end-users and condo converting investors alike.  This 3-Family house is configured as an owner's duplex on the bottom and and two floor thru rentals on top.  The pictures don't quite do it any favors, but there's original details and working kitchens and baths in place.

Some minor cosmetic work could have this really cooking, and the neighborhood justifies a total gut, as seen on the $3.5M house at 384 Vanderbilt Avenue.  This off-market Clinton Hill house is the same or even better at $2.25M than 306 Clermont Avenue - now refurbished for $2.6M for all to see - and you ain't even know it.

Pro's:  curb appeal, 22' brownstone with original a block from the train, not on everyone's radar, in line with market pricing, delivered vacant, available off-market, ripe for repositioning

Con's:  doesn't show well in pics, not a great block for the Google Mappers out there, work to be done

Ideally:  great bones in a great spot that may trade at a relative value for nuanced reasons

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