Wednesday, September 16, 2015

Another First Hits the Open Market: 431 Prospect Place

On since May, this neat little 2-Family in Prospect Heights ripe for an end-user hit the open market last month and has an open house this week.  431 Prospect Place was a member of the coveted #notonstreeteasy club until just a few weeks ago.  Given what else is going on in the market, this totally turnkey upper duplex and garden rental 3-story on an extra deep lot is worth a look at the asking price of $2.35M.  While the "My First Sony" nay-sayers will be quick to point out the 17' width, that didn't stop our last look at 17' wide from fetching $3.2M in south Slope in a bidding war that even TV personalities couldn't keep up with.

But what the "My First Sony" buyers don't always factor in is that interior staircases and 2 entrances on these "narrow" 2-Fam's mean a net width in the rooms the same as a 20'-wider.  Either way, that didn't stop Clinton Hill's less-than-15'-wider 368 Grand Avenue for closing over $2.3M last year.

And 16' width didn't stop even Bed-Stuy's 22 Arlington Place from fetching over $2.2M last year either.  Granted, these are both 4-stories, but we're just saying.  431 Prospect Place is asking almost $1,000/ft, but on a whole-dollar level, we certainly can't blame them.  Nice original detail throughout:

A recent renovation may not be everyone's taste, but certainly gets the job done and lets buyers hit the ground running...

The 127' lot and modest deck off the parlor don't hurt either...

The gripes are built-in, but the pluses are there.  Especially since people paid almost this much for total shells in a need of a gut around the corner even 2 years ago.  If you want more than a duplex condo and you wanna be west of Franklin and you don't need Corcoran to blind you with staging and retouching and tuck you in at night with 6% commission, this is a good end user play at the right price.  With an open house tomorrow, it's even easier to see for yourself.   Platinum Members toured one even juicier than this in Clinton Hill for $2.2M and a 4-Family in Clinton Hill for $2.35M both off market this month.  #notonstreeteasy can't stop, won't stop!

Pro's:  cute curb appeal, totally turnkey & mortgageable, nice Prospect Heights side end-user play, condo alternative with rental income for many buyers, extra deep lot, original details, west of Franklin

Con's:  next to a large apartment building, not the most recent or hip renovation, 17' wide, won't stun you with staging, 1990's renovation at 2015 pricing, feels a tad high on price perhaps

Ideally:  if you won't go to Crown Heights proper for $1.8M and you don't want a condo in more prime Prospect Heights for $1.8M+, and you can afford over $2M, you should give this a shot

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