Friday, January 2, 2015

New Crown Heights Listing for the New Year: 1070 Bergen Street

It's a new year, but it's the same ol' real estate game in Brooklyn.  Ok, well the prices are kind of new to everyone still.  Houses people hated on for $1.2M this time last year easily fetch $1.5M or higher - or even worse!  On first since last week, and coming to more major websites near you soon, it's a barrel-front single family in Crown Heights at 1070 Bergen Street.  We're told the asking price for this 20' x 45' 4-story fixer-upper on a 120'+ lot will be $1.6M.

Lots of original details, but not totally ready for its close-up yet in these pics.  By the time the fancy pics are out, we're sure you'll get the picture.

Nevermind that it traded for $800K a few months ago and wanted as much as $1.8M on the flip.  One of the brokers who brought it to us fairly points out key differences between this house and true $1.8M+ sales in the neighborhood like 1234 Dean Street around the corner.

And $1.6M sounds like a much more reasonable expectation, although people will groan anyways.  A much worse house on Dean went for over $1.6M already.  Brokers tell us they have keys for 1070 Bergen Street and can show the property to BK to the Fullest readers before it even hits the market!  Works for us...

Pro's:  full sized fixer-upper with original details on a large lot, Crown Heights is "so hot right now", delivered vacant, walked off the $1.8M expectation, even the broker's talking real talk, available to show pre-market

Con's:  curb appeal & block aren't for everyone, work to be done, not the million dollar fixer-upper unicorn the novices had in mind, lots of violations and "PARTIAL VACATE ORDER SERVED" per DOB, rental income is tough on the single-fam

Ideally:  when 3-story fixer-uppers worse than this get $1.35M+, why not see this working in the $1.5M-$1.6M range for a few buyers.  And don't be shocked if it goes even higher.

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