Monday, February 2, 2015

Renovated Bed-Stuy Double-Duplex Hitting the Market: 174 Macon Street

As seen on since last June, when it was available unrenovated pre-market for $1.2M-$1.3M, this 2-Family double-duplex at 174 Macon Street is finishing up its renovation and hitting the market for $1.65M.  Yes, months before it was tested momentarily on StreetEasy pre-reno, we had it on  Now that Bed-Stuy's best fixer-uppers are fetching $1.5M or higher here, and even off-market gems are getting that much like 54 Macon Street, the $1.65M asking price for 174 Macon - for even a generic modern renovation - is sounding like a relative value.  Across the street from the playground, we thought this house would've been swooped up already.

Bed-Stuy prices have been giving us "altitude sickness" for almost a year now.  But compared to what else is out there, this one's not shooting for the moon or anything.  The pics won't wow you, the reno isn't finishing up until this week or so, but it's a decent sneak peek...

And we're told it's available for showings already.  They ripped out old carpeting, kept the mantles, put down new floors, kitchens, baths, eletrical & plumbing.  We might've restored the parquet on some floors, but it's still underneath if you really wanna.  The work looks like pretty bare-bones stuff that novices could've done themselves, but may not have had the funds to after dropping the downpayment.  So the owners did build some value into the building.  This ain't no 101 Hancock Street, but it's also asking almost a million less.  By the time it's staged out the wazoo (if that ever happens), it could be a no-brainer.  But we see something happening sooner if the price is right.

Pro's:  renovated double-duplex, not too far into Bed-Stuy, delivered vacant, no big broker on the case yet, beats many $1.5M condos, maybe not the way you woulda done it - but lots of time & money you don't have to spend in updated

Con's:  may not be your style, pics aren't super deluxe or anything, reno not completely done until this week or so, not dripping with original details, feels kinda bland & chopped-up

Ideally:  if you're looking at fixer-uppers that command almost this much and you're not a nut for original details, this could be your renovated dream boat

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