Tuesday, April 21, 2015

Crown Heights Limestone Available only on HomeCanvasr.com: Union Street & Nostrand Avenue

Fans of last year's Platinum Member pick-up in Crown Heights at 1196 Union Street (seen above) may be happy to hear that another house just like it is now available on the same block asking $1.299M.  Available only HomeCanvasr.com, this new house on this quiet block at Union Street and Nostrand Avenue, just off Eastern Parkway, is a cute barrel-front limestone with an extra-deep south facing yard.

Easily used as a single-family or a 2-Family, there are 3 full sized bedrooms, 3 bathrooms, solid wood floor throughout, original details, and a working gas fireplace.

Well maintained with some recent upgrades, including the new bathroom with the jacuzzi tub & skylight.  There's a finished basement as well.  And don't forget the 127' lot, just like at 1196 Union:

The expectation is buyers will renovate some, including moving the kitchen upstairs to the downstairs.  Renovations to 1196 Union Street and other neighbors show the potential to make the most out of these cute limestones.  And a house this solid under $1.5M is starting to look like a relative bargain with what's asking $1.85M in Crown Heights in need of at least $200K in work according to many prospective buyers.  It's almost a condo alternative at this price, with or without rental income.

We think this block is a sleeper hit in Crown Heights.  Steps from the 3 train at Eastern Parkway and the 2/5 at President Street, this is about as desirable a space you can get close to Franklin Avenue under $1.5M.  Offers came in higher than this asking price of $1.299M last year on 1196 Union, so we think the neighbor's priced their house in line with the market, given what even fixer-upper 3-stories can trade for off of Nostrand, like 798 Lincoln Place for $1.42M late last year.  And without a big broker's commission on the scene, there's even more savings buyer and seller can pass on to themselves.

Pro's:  curb appeal, cute block, pricepoint, totally turnkey, huge yard, well-situated as Crown Heights activity pushes east, can be affordably updated, not on everyone's radar

Con's:  work to be done, not quite as stunning at 1196, ostensibly wants more than last year's prices

Ideally:  this is a slam dunk for dozens of buyers with even a modest renovation budget

1 comment:

  1. 1190 Union Street, in contract over asking price