Monday, February 23, 2015

Closings of Note: Playing Catch Up

It's been a hot minute since we did a "Closings of Note" piece, and there's so many closings that it's hard to even keep up.  Brokers still regularly ask us, "How do you see the market?  Has it cooled off?"  First of all, isn't that their job to know, not ours?  Second of all, when a listing fairly deep in Bed-Stuy asking almost $2M takes a $100K haircut before going into contract, isn't that still a pretty hot market?  Prices won't and can't (& "shouldn't"?) keep going up this fast forever.  But can we ever take a step back, (kiss myself) and say, "Damn!  That was a huge few legs up in the real estate market when Bed-Stuy fixer uppers are trading for what people used to think was a nice house in Park Slope prices" ??

As always, the haters gonna hate, lovers gonna love, and the we just let the gosh-dang market tell the real story.  As pictured above, as seen first on, the condo at 105 Lexington Avenue, #4G sold recently for $1.4M.  That's right - call it Bed-Stuy if you must, but you gotta call that one of the most expensive condos you've ever seen east of Classon.  And pretty darn nice too.  Great price for a barely on-market deal.

As we told ya when the contract was signed with an asking price of $2.85M, would-be Platinum Members picked up 398 Park Place for $2.55M just before Christmas.  Great deals can happen when they're direct!  One of the niftiest buys in all of Prospect Heights, especially with less than a million down, especially for a 4-story on a 131' lot.

Speaking of Prospect Heights, don't forget the corner beat at 638 Bergen Street, at the corner of Vanderbilt Avenue.  This former home of "Beast" is a fairly hefty mixed-use piece with decent apartments above in a way-prime location.

The buyer wanted us to tour it for them prior to them buying it.  They wanted our estimate for the rentals and condo sales on the apartments, and we were curious to see inside, so we obliged.  Then didn't believe the numbers we estimated.  Which is kinda funny 'cause then why are you buying it?  It closed for $2.9M in late December.

Or hop on over to Nostrand Avenue in Crown Heights were a fixer-upper with a sneaky 4th story closes for $1.42M at 798 Lincoln Place just before Christmas.  Right in line with the pricing on a few on and off-market deals on & around this block.  This same broker repped his block earlier last year on nicer place, but the 2nd-best product commands the next-best price on the next go-'round.

BK to the Fullest readers close the renovated-but-generic, Carroll Gardens-but-Gowanus-y 365 Hoyt Street for $2.525M on New Year's Eve.  This purchase doesn't come without compromises, but actually has comparative value for the right buyers when you see another sale that month like 109 2nd Place nearby for $2.75M.

And so many more to cover this week...

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