Friday, January 23, 2015

Listings: Open House for Bed-Stuy Reno Under a Million: 13A Dewey Place

New to the Listings section of the blog, it's a renovated house in Bed-Stuy that's only 15' wide, but asking well under a million.  And every house, regardless of condition, wants to be a million in Bed-Stuy now, no matter where it is.  Which is why even a 3-story shell like 109 Malcolm X Blvd was able to sell for $725K cash basically sight-unseen.  But 13A Dewey Place, asking $799K with an open house this weekend, is no shell.  Dewey Place is fresh off a serviceable gut reno that adds value to it on the retail market for buyers looking for some rental income and a duplex at condo alternative pricing.  Whenever you buy a renovated home for the price of a condo, you've gotta manage expectations...

Although they did go with a dishwasher on one of the kitchens, which is more than we can say for another deep Bed-Stuy 3-Family like 459 Lexington Avenue, which later sold for $950K after betting us they'd sell for $1.1M.  13A Dewey Place is only 15' wide and it is only some ~1,500/sqft, but well under a million is harder and harder to come by.  Nobody's running towards baseboard heaters and generic renos by choice, but these are the compromises we make to be in the one of the most coveted cities in the country.

The Ralph Avenue C train is more than halfway to Brownsville, or just one stop past Utica, depending on how you look at it.  But it's certainly not the end of the world, as we saw on nearby 992 Herkimer Street, which by the way later dropped to $790K and delisted.  Call it Ocean Hill, call it Bed-Stuy, but someone's going to call it home for the right price.

Pro's:  could be a great little starter home 2-Fam condo alternative at the right price, within budget for hundreds of Brooklyn buyers, totally renovated, open house

Con's:  narrow, generic, tweener block, far east, ppsf

Ideally:  $500/sqft townhomes aren't happening here so far, but there's a nice deal to be made at the right price


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