Thursday, September 10, 2015

Stylish Reno in South Slope Flies Off the Shelf: 468 11th Street



Listed for $2.95M at the beginning of the summer, South Slope's 468 11th Street had a few well-attended open houses and multiple offers right away.  This stylish little 17' wide 3-story 2-Family had lots of orginals details and cute updates that made it totally digestible for the retail market...





Little touches like the working fireplace, the small extension with two exposures, the skylights, the bountiful penny tile, the zoned heat and A/C, and inventive use of spaces made it a special house.  Goes to show that style trumps hefty budget any day.






One of our faves was the buddha crown molding...




Ikea, penny tile, original details and a little style go along way for this clean and sleek look that gives that warm fuzzy feeling of lived in even better than staging.  We saw your boy MNBC's Chris Hayes at one of the open houses, and he later told us at the tiki bar that he was outbid on this house.




When a dude with his own national TV show is getting outbid on tiny 2-Fam's in South Slope, you know this market isn't for the weak of heart (or wallet).  Many thought the asking price of $2.95M was asking to be underbid in the $2.6M-$2.7M range, but a contract was out in a few weeks and just a month later it closed in July for $3.2M.  That's right.  What the big 4-stories on more coveted blocks used to close for not long ago, the modest but stylish renos that get it right are now commanding.  No wonder offers over ask came in for a similar (down to the extension) pre-styled 2-Family at 155 Nelson Street in Carroll Gardens.  We were in a wider 2-Family off-market in Clinton Hill styled almost this nice on the duplex asking "only" $2.2M on the same block where Platinum Members copped an off-market deal last year for even higher.  468 11th Street sold for just over $1.3M in 2011, but when you make a product that people gotta have they'll pay up for it.  As in, over $1,200/sqft for a townhouse.  We'd much rather have a 5-story like 242 Gates Avenue for $3M, but that one's long gone.  The developers of 468 11th Street knocked it out of the park without over doing it at all and ya gotta tip your hat.  And don't expect to find a steal lurking - even when for sale by owner - when the TV folks are getting boxed out of the paint in South Slope.


Pro's:  great unique renovation, no big broker's commission needed, style for days, nice backyard, extension, basically and owner's triplex with a studio on the garden, AC, working fireplace, width isn't a deal breaker with interior staircase when the hallway isn't eating things up

Con's:  flew way over asking price and many people's budget, kinda budgety reno feel at times, not brand spanking new, already starting to show a little wear 

Ideally:  ultimately, ya can't hate on this one, not one bit.  Proof's in the pudding

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