Tuesday, February 3, 2015

Bed-Stuy Fixer-Upper Closing this Week: 96 Decatur Street

On Platinum Member radar for over a year, and on HomeCanvasr.com since last June, it's another fixer-upper in Bed-Stuy closing this week for over $1.5M.  96 Decatur Street is full of original details, in need of a ton of work, sourced for an insanely low price, and has been been all over the map the past year.  It was in contract over $1.6M at the end of the summer, then poised to renovate and hit the market for closer to $1.8M-$1.9M, and now closing for over $1.5M cash.  This is just another reason everything live-able wants $1.65M or higher.

Wood everywhere, mantles for days...

Healthy 20' x 50' on 4 stories with a bay window in the back...

Some buyers complained they could see/smell the McDonald's out the backyard.  One man's "I'm lovin' it!" is another man's "deal breaker".  If the "tons of details but basically a gut" condition of this house and its closing price remind you of 259 Decatur Street, that's because it basically is the same deal all over again.  Buyers and sellers are on "rinse & repeat" in these neighbs.

Pro's:  full sized house full of details on a nice block, at an even lower price than previous contract, unattached on one side, worth well over $2M when all fixed-up, around the corner from the subway

Con's:  plenty of work to be done, deal done off-market, all-cash, chipped paint facade is no biggie, McD's proximity

Ideally:  just another fixer-upper trading off-market at the new normal prices.  Or is this the sign that things are slowing down 'cause the contract price took a haircut from this summer?

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