Friday, March 20, 2015

Platinum Member Closing Yesterday in Park Slope: 111 Park Place

Platinum Members scooped another full-sized fixer-upper in prime Park Slope yesterday in an all cash transaction at $2.4M.  111 Park Place barely lasted a minute on the market at $2.3M before full-priced cash offers were coming in, and one buyer stepped up to seal the deal above asking price.  Forget tropes like "the spring buying season."  Yes, the savviest buyers operate like the famous Postal Service inscription, "Neither snow nor rain nor heat nor gloom of night stays these couriers from the swift completion of their appointed rounds."

And, while the US Postal Service barely treads water from the brink of bankruptcy, Platinum Members are making decisive profitable moves with a measured take on the market.  If 111 Park Place reminds you of another Platinum pick-up last year on the same block at 101 Park Place - which was a deal at $2.6M cash at the time - you're not the only one.  Except, when Cousin John took a look at 111 Park Place, he announced it was a better house with better details than 101 Park Place.  So a better house for less money in a market that hasn't stopped going up, straight from the mouth of the guy whose renovations have gone for $4M+ twice?  Sounds like a win/win to us.

With high ceilings, original mantles, cool zig-zag original wood, you don't even need to have much "vision" to see what this house will be next...

If you let snow on the ground deter you, or an accelerated sale process, you may miss out on Brooklyn's next-best buy.  Heck, over in Bed-Stuy the finish products are already going for over $2.4M, like 101 Hancock Street.  And the unrenovated house next door in Bed-Stuy already had sight-unseen offers of $2M before anyone even walked through the door.  And the Park Slope cach√© still surpasses Bed-Stuy's, even while Bed-Stuy prices catch up to what Park Slope's were just 2-3 years ago.

The Park Slope market is among those "sky's the limit" neighborhoods, as evidenced by a $7.5M house nearby on Garfield Place lasting less than a month on the market.  That's a price previously reserved for only the likes of Brooklyn Heights.  So when a serial renovator who's brought $6M houses to the market in Brooklyn Heights gets his hands on bones like these in prime Park Slope, we can't wait to see what happens next...

Pro's:  curb appeal, prime Park Slope, "better house" than an off-market $2.6M deal last year, full of original details in good shape, full sized 20' wide 4-story house delivered vacant

Con's:  went over asking price all cash in a flash, plenty of work to be done, couldn't wait until the "spring buying season"

Ideally:  another amazing deal for great bones that will have a 4 in front of it the next time you see it


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