Tuesday, February 10, 2015

The Thrill of the Chase: 112 Gates Avenue

It's official, your boy Vinnie Chase buys another house in Clinton Hill.  This time a huge juicy 5-story at 112 Gates Avenue that Platinum Members were bidding on when it was an estate sale asking $1.8M almost 2 years ago.  Platinum Members topped out around $2M, it went in contract not long after, and Adrian Grenier closes on it for $2.1M in December.  That's right, while you picky ballers are still too good for Clinton Hill, Vinnie Chase isn't!

The house is a 20' x 45' 5-story brownstone with an extension on 2 floors.  A legal 4-Family with lots of details & grand proportions, but in need of work...

Seriously detailed medallions...

Wood for days...

A 90' lot instead of standard 100' makes for a slightly shorter yard, but when the house is this nice, who's counting?

Now everyone will try to use this as a comp, but if it's really an off-market estate sale price that took over a year to close, that's not really a comp in this market now, is it?  Lagging indicators makes for lagging reads on the market.  A finished 4-story house a few doors down at 102 Gates Avenue got $3.5M.  So keep it in context.  With just about a millie down, what seemed like "overpaying" in 2013, turns out to be one of the more killer buys of 2015.  Funny how that works, huh?

Pro's:  5-story full sized house full of details, relative steal in retrospect, wasn't being bid up by the masses, smaller neighbors already selling for 70% more

Con's:  took about a millie down, took over a year to close, needs work, "short yard", a busy street by some accounts for those tippy-top picky buyers

Ideally:  a 2014 deal at 2013 prices making 2015 go nuts

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