Fort Greene Gem in Contract Before Hitting the Market: 295 Cumberland Street

On Platinum Member radar since before Thanksgiving, and on StreetEasy one month later just for good measure, 295 Cumberland Street was in contract before it even hit "the internets".  This New Orleans-esque frame house with a porch on the parlor is some prime time Fort Greene late 1800's goodness, full of original details in great shape.  Certainly a fixer-upper, and certainly commanding over $2M in this market... but what isn't these days?

In a cute row of them...

Homes on the same block have sold for more than this $2.4M asking price, including 294 Cumberland across the street for $3.15M last year and 289 Cumberland for $2.675M last year.  Dozens of people who might've bid this house up never even got a chance to before a deal between buyers and seller was struck.

And the spin-off listing to this sale is the buyers are listing their co-op unit around the corner, in a brownstone, with private access to the backyard. 154 Lafayette Avenue, #1 is asking $1.295M and has an open house this afternoon...

And it wouldn't be the first apartment with a backyard we've seen trade over $1.2M over here.


Pro's:  historic frame house with original details, in line with market price, not bid up by the masses, prime time Fort Greene, in surprisingly good condition, unique look with porch & columns

Con's:  work to be done, facade needs help, not everyone's feeling the frame houses, gone already, only 35' deep, single-family status

Ideally:  if a deal's done during the holidays in the dead of winter before it even hits StreetEasy, does it make a sound??   (Yes!!)

Townhouse Arbitrage in Fort Greene: 306 Clermont Avenue

Don't let the scraggly, unkempt brownstone facade fool ya!  Fort Greene townhouse 306 Clermont Avenue is back on the market for $2.6M and ready to capture almost a million in arbitrage.  Feels like just yesterday Corcoran had this listing for $2.6M with a foreclosure looming overhead, and Platinum Members aching to 1031 into for some $2.1M, while the sellers we're playing hardball at $2.2M.  Well a funny thing happened on the way to the forum (or the foreclosure auction, in this case)... it sold for $1.7M last year, is vacant with shiny pics, and is ready for a great deal at least half a millie higher than it just traded for without any significant work into it.

Original molding, medallions, and embellishments for days...

The irony is Corcoran couldn't sell it for $2.6M before, and now they've out for $2.6M again.  The biggest difference now is that it's vacant, and the market's ticked up a bit - even though people will tell you it's slowed down.  And the biggest irony of all is that this house was for sale by owner for years with this here call for not only "No Investors" but also "No vestors"...

And that's exactly who bought it.  An investor from Manhattan with persistence, cash, and an angle on the market took it down for $400K less than a standing offer the seller had in his hands last year.  And it looks like he's ready to cash in his arbitrage.  Next week we'll show you a property on Platinum Member radar around the corner in Fort Greene that's locked-up before it even hit the market for an even lower price.


Pro's:  great Fort Greene block, vacant, original details, legal 3-Family, actually listing with showings and everything, in line with market actually

Con's:  plenty of work to be done, gnarly exterior needs repair, missed the arbitrage window the last time around, grief at the owner's cost basis will ensue, the $2M+ fixer-upper is alive & kicking in Fort Greene, 2nd time's a charm for Corcoran?

Ideally:  hats off to the seller for making it happen.  There's $500K in upside for them guaranteed, and the rest is academic really.

Fort Greene 1BR Rental: 153 Dekalb Avenue

In the heart of Fort Greene, it's a 1BR rental that's all renovated and priced competitively with even Crown Heights rentals these days.  In a brownstone across the street from Fort Greene Park, it doesn't get more prime location than this.

We saw a janky 2BR around the corner from here that was getting $3,600/month without even listing.  But this place cleans up much nicer than that.  Kitchen was done in the past 2 years...

Ok, so maybe the bath isn't as styling as the kitchen...

But did we mention it overlooks the park?

This is a nice slice of Fort Greene brownstone at a price many Williamsburg studios could only dream of.  For those want that brownstone feel, these blocks have it...

Pro's:  upgraded 1BR in prime Fort Greene at a relatively great price, nice layout, access to the park, trains & amenities

Con's:  bath isn't as snazzy as the kitchen, no great pic of the bedroom in the listing

Ideally:  we've seen bidding wars first hand in Crown Heights over this price, so top tenants will take this down

Falling Up the Stairs, Pt. II: 306 Clermont Avenue

One of Fort Greene's most affordable 3-Families is gone.  After many years of struggling to fetch $1.6M-$1.8M after the crash, and after months of a stint last year asking as high as $2.6M (then $2.4M, then entertaining offers as low as $2.1M-$2.2M as recently as a few weeks ago) with Corcoran - even though a foreclosure auction was looming and being postponed every few months - 306 Clermont Avenue has finally gone in foreclosure auction last week for $1.7M, set to close within a few weeks.  This is the neighbor and ironically twin situation to 308 Clermont Avenue, another saga we've covered over the years, which closed last spring for $1.7M too.  Just like 308, the 306 Clermont owner postponed and postponed the inevitable, and had plenty of chances to get out from under his debt and walk away with some profit and no foreclosure.  But when you're falling, it's not always easy to decide where you land.  Platinum Members were stalking this bad-boy all the way thru, ever since the owner was a FSBO looking for "no investors" and "no vestors"...

Then Corcoran had a few pre-market pocket showings last year before putting the listing out properly.  Then they put together a "meh" listing compared to their usual standards, where they went to lengths to assure buyers this property is "far from a lump of coal."  Any look inside is better than none, and the house is totally legit, especially for this price.  There was a rub, however, on the listing which demanded, "ALL CASH BUYER ONLY."  That's because they were postponing foreclosure and claimed to need well over a million in cash (at least) to get the bank off their heels before they could even begin to start counting proceeds for the owner and broker.

Just under 18' wide with an owner's duplex and 2 floor-thru's on top, a short yard, and few original details worth keeping.  This is about as nice as it gets under $2M in Fort Greene.  Those who hated on it can expect to spend well over $2M for anything significantly better, and even worse things can command $2M+ if anyone knows about them.  But when off-market properties fall in the Fort Greene forest, do they make a sound?

It's funny to see owners and brokers playing hardball with offers over $2M who are willing to bend over backwards to get the bank off the owner's tail, only to sell for $1.7M at auction.  You may think you're holding all the cards when you're dealing with a lot of cash and a seller who's only other option is foreclosure auction, but that presumes the seller isn't crazy enough to go down with the ship.  It takes years and years for a property to actually hit those courthouse steps, but eventually the music does stop.  Just goes to show, if you don't know what you're doing, whether it's the best of times or the worst of times in the market, you may end up missing out on your own equity.



Pro's:  prime Fort Greene 3-Family brownstone at last year's prices, original details, totally live-able if not fairly turnkey, steep discount to the Corcoran asking price

Con's:  gone already, sale process was a sh*t-show that played out over years, facade's crumbling, yard isn't great, needs work to optimize, foreclosure sale pretty much requires cash

Ideally:  buyers who tenaciously chased the deal came out on top.

Fort Greene Under $2M: Another Platinum Member Take-Down

Don't try this on your StreetEasy, your NYTimes, or your Brownstoner.com, but Platinum Members are closing on a great estate sale house in Fort Greene any day now for under $2M.  In the land of the on-market $3M+ fixer-upper bidding war, it's nice to see that value can still be sniped for the right buyer.  Don't get it twisted, though, the deal still had to happen in cash and the house needs a lot of work, but value is all relative and this is value in Fort Greene today.  Besides 460 Carlton Avenue, you won't find a cheaper pricepoint in all of Fort Greene proper anymore.  This house is the 2nd coming of a deal like 123 Gates Avenue.  We knew about this estate sale months ago, but no Platinum Member wanted to go high enough.  When we got the call that the contract had fallen through, we put out the bat signal, and got in the next day.  The broker warned us it "needed a total gut", but we were actually pleasantly surprised...

Owner's duplex with two floor-thru's above?  That's the quintessential 3-Family.  Would-be buyers try to tell us that we don't cover Fort Greene anymore, which is kind of a misnomer.  It's just that the neighborhood is only one square mile and it's pretty much cooked.  We go where the value is, and a $3M+ bidding war ain't value.  And there are simply more properties that make a suitable condo alternative at more mere-mortal type prices in this market in other neighborhoods likes Crown Heights, Bed-Stuy, and Lefferts.  But don't front like we don't know our Fort Greene.  There just simply aren't that many of you who can afford an off-market estate sale for almost $2M cash that needs a complete gut.  But don't worry, when they fix it up and roll it out for $3M+ with shiny pictures, we'll be there too.

 

Another beautiful townhouse restoration project in Clinton Hill from the same buyer is going to ask $3.2M on-market when it's all finished, but pre-market cash shoppers may not even let it hit the market.  They say, "The game is to be sold, not told."  We think you can do a lil' of both.


Pro's:  4-story in prime Fort Greene for under $2M, in totally decent shape with a few details, bones are worth more than this given what else is going on, Platinum Members making moves

Con's:  took cash, took quick decisiveness, took a pro who know what they're looking at & what they're doing, no time for financing, needs work

Ideally:  don't try using this as a comp in the neighb' unless you could've duplicated this same transaction.  This deal soars over $2M as-is with an open house or two, but we'll bet anyone it fetches over $3M on the flip before it's all said & done.

Fort Greene's Most Affordable Listing: 460 Carlton Avenue

Is it just you or does it feel like you woke up one day and every new listing in Brooklyn, even the most unimpressive of selections in South Slope and mid-Bed-Stuy, wants $1.8M or more?  And even the prime Fort Greene $4M listings still might offer nothing more than one janky exterior photo?  No, there's no need to pinch yourself.  You are not dreaming.  It is the spring buying season of 2014 in Brooklyn and prices well over a million and a half have secured themselves firmly east of Classon, well into Bed-Stuy and Crown Heights, south of 16th Street in Park Slope, and well into Lefferts Garden.  Were you among the moneyed masses that packed into the stunning Fort Greene fixer-upper 252 Carlton Avenue with its list price just under $2.6M?  Maybe you were one of the more than a dozen offers over asking price, pushing the contract price up to $3.1M-$3.2M, we're told.

In a climate like this, even a generic new construction across the street from the projects at 460 Carlton Avenue shines above the rest as the most affordable listing in Fort Greene.  Built in 1996, this row of brick 3-Families have vinyl siding in the back, parking in the back, none of the charm of 100 year old houses, but also none of the problems of 100 year old houses.

Yes, it was precisely a year ago today that we showed you Fort Greene's most affordable listing at that time - another one of these in the development known as "Atlantic Commons" - 365 Cumberland Street which listed for $1.25M and closed for $1.43M 4 months later.  Just a year later, 460 Carlton's asking price of $1.65M doesn't sound that bad at all.  Especially considering what goes for well over $2.65M on the same street just 2 blocks away, and what sells for over $1.85M-$2M in Bed-Stuy today.  Heck, in the 12 months since we covered 365 Cumberland asking $1.25M, over a dozen CONDOS have traded in Fort Greene for that price or higher.  Is 460 Carlton Avenue generic on the inside AND in need of some work?  Of course it is...

Nothing special, to be sure, but at half off of what the 100 year old fixer-uppers can command in bidding wars, what were you expecting??

Were these same homes below or around a million just 3 years ago when folks were too chicken to go above $950K for one?  They sure were!!  Even after those closed, another one was getting beat up off-market too.  Maybe now folks will get the picture.  One owner on the corner over here is even rumored to want $3M!!  That's certainly a stretch, but can you blame 'em??  This is one of the most primely-located, not in need of a gut renovation 3-Families you'll ever see in Fort Greene.  The fact that it's asking only 15% more than what the last one sold for (and may even go cheaper than that) is just icing on the cake compared to the 2 & 3 baggers we've seen out in Bed-Stuy.

Can't forget the parking space!  Vinyl-siding on the rear facade with a nice wood deck to boot...

For the right buyer, this is a no brainer.  For the would-be buyers, this might just be another notch on their woulda/coulda/didn't belt.


Pro's:  Fort Greene's most affordable 3-Family, parking, rear deck, no 100 year old house problems, may have some price flexibility, rental income potential, delivered vacant, seller will credit some funds for the wood floor repairs

Con's:  pretty generic interior, water damage to some floors, not the most spectacular construction, no huge green backyard, asking over $700K more than people thought these were worth 3 years ago, across the streets from the projects

Ideally:  another year brings another great alternative to historic Fort Greene homes, situated in quaint little Atlantic Commons, still trading at an amazing relative discount to its neighbors

It's Not Easy Being Greene: 64 South Portland Avenue

It's easy to wanna live a block from Fort Greene Park in prime Fort Greene, but finding the right house is hard.  Even when money's no object, you've gotta play bidding war in this market well over asking price of $2.595M on fixer-upper gems like 252 Carlton Avenue.  I'm'a tell you like Kermit told me, "It's not that easy being green".

When you've got a park that only runs for 5 blocks, and only 2 or 3 of those blocks on one side of it are even considered that desirable, it's bound to be slim pickings, regardless of the market.  But with little to no product available in the most prime locations, even in the $3M-$4M range, something relatively turnkey under $2.5M actually spells value.  64 South Portland Avenue is a nifty 2-Family used as a 3 that came out last week just off the park.  It's got an owner's duplex, amazing rental income upstairs, and - our personal fave - a roof deck:

Lots of original mantles throughout, but not gonna wow you with historic grandeur.  They pulled off a huge extension that brings the house to 20' x 55', and still leaves a great backyard.  What it lacks it gobs of original character, it makes up for in restoration-style updates that aren't everyone's taste, but are a lot of money you don't have to spend right away if you don't want to...

The garden floor's got unfinished parts to it, like the floor that's down to the subfloor at times.  But that's a modest fix.  Cousin John said you could easily spend a millie on it doing a magazine-quality full scale renovation with all new mechanicals, fixtures, and finishes.  But you could also get it off the ground relatively easily and ride the working condition of the current renovation for years to come.  So while it's not the most grand of raw canvases you'll find in Fort Greene, the tweener status of the reno is a plus for the right buyer.  When the more stately houses over here fetch $3M+ and still need work, this could be a good look at a live-able house below that number.


Pro's: top notch block, huge extension with roof deck, pretty decent condition as-is, relative pricepoint, rental income is bananas over here

Con's:  pretty generic renovation with work left to be done, not the most grand house you'll find in the area, bound to go over asking price, competing with cash offers is tough

Ideally:  listing broker told us his mortgage guy says it can easily be financed at 25% loan to cost, making it one of the most affordable places out there for the 3-Family under $3M seekers.