Sunday, April 19, 2015

What a Difference Pics & Marketing Make: 1070 Bergen Street

As seen first on BK to the Fullest and months ago, 1070 Bergen Street has hit the open market proper with a lil' clean-up, shiny pics, and dedicated marketing campaign.  And a few touches make all the difference between a ratty-looking off-market listing and something retail buyers wanna sink their teeth into.  Finally the original details of this place are out for all to see in their truly glory...

The intended asking price around New Years was $1.6M, but you can see why they're happy to ask $1.85M given the state of the market and the improvement in marketing.  This is basically the same gig as 196 Hancock Street not far away in Bed-Stuy with almost an identical facade, that the identical broker listed last year for the identical price in identical condition and fetched $2.1M from the Aussies.  As with that house, conspicuous in their absence are pics of the kitchens and baths, which basically need guts along with the rest of the house while tip-toeing around the amazing original details, which can be a pain.  But if they can be done in place, this will be a liveable house not long from now with a semi-modest budget into it.  Although a proper & thorough renovation will run many hundreds of thousands, as any high-end contractor will be happy to tell you.  Even though it sold last June, plans for renovations in 196 Hancock Street weren't approved until just last month.  But when you've got hundreds of millions, sitting on a house for almost a year or more is no biggie.  No wonder Platinum Members were happy to offer $2M on an off-market finished product a block away in Bed-Stuy this week since turnkey for $2M is more attractive than waiting on permits for a year at $2.1M.

With an open house today at noon, it's easy to come see the pros & cons of 1070 Bergen Street for yourself...

And when compared to the open house a block away at a not quite as stunning, but more finished product like 1134 Bergen Street, you can see why we're expecting to fetch a little more over there.

Pro's:  curb appeal, cleaned up and showing way better in pictures, open house and easy access, upgrades might be easy to make

Con's:  not a purely townhouse block, work to be done, price feels rich for a house that's not nearly turnkey, not a play for rental income if best used as a single-fam

Ideally:  a great fixer upper with even better details than we'd bargained for even if there's work ahead

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