Available Only on HomeCanvasr.com: Renovated Park Slope Condo

With townhouses in Park Slope fetching over $3M on a regular basis, the floor-through condos have crept up over a million dollars too.  And this 2BR/2 bath condo on Bergen Street in north Slope is no exception, hitting the market this week with an asking price of $1.25M and available only on HomeCanvasr.com.  Gut renovated two years ago, this apartment is a floor through of an Italianate brownstone that's a healthy 20' x 55', for a total square footage just over 1,100.  You get modern kitchen and bath, ductless A/C units, a gas fireplace, laundry in the unit, storage in the basement, and absurdly low maintenance fees (as these things go) below $400/month...

With an open floor plan, this is about as maximized as a floor through 2BR/2 bath can get.

A true second bedroom and true second bath historically makes all the difference in this price point as to whether a 2BR will trade above or below $1M.  If the likes of 112 St. Marks Place, #2 around the corner can fetch $1.15M, this Bergen Street condo is right in line at the right price.  42 St. Marks Place, #2 wants $1.25M as a similar townhouse conversion chopped into 3BR's.  And a slightly dinkier renovation at 105 St. Marks Place, #2 is in contract with a list price of $1.175M.  And, without a big broker's commission on the scene, there's plenty of savings to go around for buyer and seller.  Contact us at info@homecanvasr.com for showings.


Pro's:  renovated true 2/2 condo with low fees in the heart of Park Slope north, great lay-out, close to all trains & everything, tree-lined block, washer/dryer in unit, super low monthly fees, no big broker commission padding stats, rear fire escape may double-as impromptu balcony

Con's:  $1,000/sqft or more is the condo market now, better pics would make a difference

Ideally:  the next best optimized condo available in this row without tens of thousands down the drain to big broker

$1.5M Fixer-Uppers in Crown Heights: 815 Prospect Place

You can almost feel the new wave of townhouse prices as they crest over Nostrand Avenue in Crown Heights.  And here comes another with a fixer upper between Nostrand and New York Avenue, asking $1.499M at 815 Prospect Place.  This is a unique little 2-Family townhouse with a front porch that sits on a block with a couple of shells and some real winners.  On a 25' x 126' lot, this 20' wide house is unattached on one side and attached to its twin on the other side.  Full of original details on the duplex and modest upgrades on the rental...

 An extra-deep yard that's currently all paved...

Not a gut, but not quite ready for its close-up either.  This house looks way better than it did even a month ago, and another quick month or two of TLC could make a HUGE difference.  And who doesn't wanna be across the street from killer houses like this, one of our all-time faves in Brooklyn?

 

815 Prospect Place has been on Platinum Member radar pre-market for over a month now with an asking price of $1.3M, so we're not surprised to see the higher list price on the open market.  A few bids came in pre-market, even around the holidays, but no one could quite hit $1.3M.  Most buyers would like this house for $1.3M a lot better than $1.5M, but it's not like fixer-uppers in Bed-Stuy aren't getting $1.5M.  Just ask 24 Herkimer Street:

Or 204 Jefferson Avenue:

And even the Aussies paid almost $1.4M a while ago on this same Prospect Place block for details that basically needed a gut at 843 Prospect Place...

 
Those, however, are true 4-stories, not 3 like 815 Prospect.  While it's not what most people wanna hear, the $1.5M fixer-upper is alive & kicking in the "emerging" brownstone neighb's in Brooklyn, so you can't blame these owners for trying.  And since it's not like people haven't been paying closer to $2M than $1M at times east of Nostrand and as far out as Utica in Bed-Stuy for well over a year now, there's no reason why Crown Heights should lag significantly behind.  In fact, maybe Crown Heights could be more preferable to heading deeper into Bed-Stuy.  With a better proximity to the Franklin Avenue activity everyone covets Crown Heights for, the commercial stretch of Nostrand on the Crown Heights side looks better poised to be that next leg of development than Bed-Stuy's.  Just ask the folks with the upcoming coffee & cocktail bar on Nostrand.  'Cause who knows that Nostrand is the new Franklin better than the folks that knew the old Franklin was the new Franklin??  Or maybe the upcoming Miami-inspired bar at Bergen & Nostrand is a better canary in the mineshaft of gentrification than the Connecticut Muffin across the street was 2 years ago?

"Nostrand is too far" has less and less of a ring to it everyday.  It wasn't long ago that they told us 845 Prospect Place was no good near or above a million, when we dubbed it the "next-best buy in all of Crown Heights".  It wasn't long after that they doubted our bullishness on 1134 Bergen Street under $1.3M.  The Crown Heights trajectory has been even steeper than we imagined, but we're not blessing 815 Prospect Place at $1.5M quite yet.  It's not the only show in town for that price even.  However, the market will tell the story, and there may be some people wishing they'd stepped up to $1.3M when they had the chance...


Pro's:  curb appeal, owner's duplex with a rental on a nice block in Crown Heights, deep lot, delivered vacant, seems like financing's do-able

Con's:  3 stories not 4, work to be done, price feels a little aspirational, no secret anymore now that it's on the open market

Ideally:  this house has got flagship potential at the right price, if you play it right

Another HomeCanvasr.com First: Off-Market Fixer-Upper Available in Clinton Hill

When you're looking for that four-story 22' wide fixer-upper brownstone in Clinton Hill less than a block from the C train, there are more places to look than just the large brokerage websites.  On HomeCanvasr.com before anywhere else, it's an off-market townhouse available for $2.25M with showings starting this week.

Without the fancy pictures and the big marketing campaign, there could be a really nice deal to strike here for the right buyer, as this is the the neighborhood's next-best answer to deals such as 394 Vanderbilt and 396 Vanderbilt - which closed for $1.8M & $2.2M cash respectively, just around the corner, just before Thanksgiving.  Both of those deals got multiple bids near asking price from end-users and condo converting investors alike.  This 3-Family house is configured as an owner's duplex on the bottom and and two floor thru rentals on top.  The pictures don't quite do it any favors, but there's original details and working kitchens and baths in place.

Some minor cosmetic work could have this really cooking, and the neighborhood justifies a total gut, as seen on the $3.5M house at 384 Vanderbilt Avenue.  This off-market Clinton Hill house is the same or even better at $2.25M than 306 Clermont Avenue - now refurbished for $2.6M for all to see - and you ain't even know it.


Pro's:  curb appeal, 22' brownstone with original a block from the train, not on everyone's radar, in line with market pricing, delivered vacant, available off-market, ripe for repositioning

Con's:  doesn't show well in pics, not a great block for the Google Mappers out there, work to be done

Ideally:  great bones in a great spot that may trade at a relative value for nuanced reasons

Listings: Clinton Hill 1BR Condo Under $700K - 430 Clinton Avenue, #3E

New to the Listings section of the blog, it's a condo in Clinton Hill under $700K.  430 Clinton Avenue, #3E is on the 3rd floor of an elevator building between Greene and Gates.  The asking price is $648K and there's an open house this weekend.  As a 1BR with 814 sqft, there's even room for a "separate dining room"...

Pretty much what you'd expect from these pre-war condos, with updated kitchen & bath...

For this price and this neighborhood, don't expect to wowed.  But you do get a large sunny bedroom with closet space and a view of brownstones across the street...

The building has an elevator, laundry, and relatively low common charges under $520/month.  If you can't hang with million dollar brownstone condos on this street like 338 Clinton Avenue or brownstones on this street for almost $4M like 503 Clinton Avenue, then 430 Clinton Ave condos are a more affordable entry point into the neighb'.

No wonder we were so bullish on a Platinum Member pick-up like 300 Clinton Avenue, #3, 355A Grand Avenue, and the most affordable 2BR in town at 649 Vanderbilt Avenue, #2B - which pushed $1,000/sqft.  The listing points out that the stylish 531 Vanderbilt Avenue is asking $1,000/sqft too, just around the corner from 430 Clinton Avenue, albeit just an asking price and for a much more impressive look.  The highest sale to date in the 430 building is $605K, but when you're talking about sub-$800/sqft, it's gonna be a bite that many people can chew in a neighborhood that's now become as competitive as Park Slope and Fort Greene.



Pro's:  legit sunny 1BR with separate dining and update kitchen & bath, low fees, elevator, laundry in building, comparatively accessible pricepoint

Con's:  pretty bare bones, not a 2BR, asking more than a slightly smaller unit on the same floor, doesn't have the brownstone charm that people pay much higher for

Ideally:  great starter apartment in a great neighborhood, for the right price

HomeCanvasr.com Lead Hits the Open Market: 45 Sterling Street

Available on HomeCanvasr.com since August 2014, this great little limestone in Lefferts just hit the open market with an open house this weekend.  With an asking price of $1.499M and a bunch of renovations the owner touted to us this morning, the expectation is that 45 Sterling Street will go over asking price.  Which has been happening a lot in Lefferts at this price range.  But the market will tell the story, not us.  The listing only has one interior pic so far...

But when we first saw the house this summer, we were surprised at its condition even then, and original details...

The listing says more of the post-reno photos are coming soon.  This is a great little 1 or 2-Family on a nice block, at the very opening corner of Lefferts.

The backyard is walled-in a bit, but we actually like it.  With 4-story fixer-uppers in Bed-Stuy and Crown Heights commanding this price and higher, it's nice to see a quaint little house like this with nice upgrades at a price that's beats condos in BoCoCa, and even some condos in Bed-Stuy.  When the fixer-uppers in Lefferts this size command over $1.3M, a finished product with all the work already done for $1.5M-$1.6M ain't too shabby.


Pro's:  curb appeal, original details, block, "smart home" upgrades, price in line with market

Con's:  not all the pics are in yet, competition will be more fierce now that it's not a secret anymore, back yard isn't for everyone, sticker shock if you've been living under a rock for the past 1-2 years

Ideally:  a condo alternative with all the work already done for ya

Closings of Note: New York Jumped the Shark

This "just in" - New York is a really expensive city and they're putting condos everywhere.  No longer is Manhattan a suitable place for things even SimCity novices know a city needs like hospitals, grocery stores, video stores, theaters, bookstores, art supply stores, hot dog spots, 24 hour cafes, bowling alleys, or oyster bars.  Heck, even Williamsburg's first wave of music locales are being pushed out to make room for its next wave of.... well, whatever they deem "next" over there.

This also "just in" - this phenomena is sending lots of rich people to Brooklyn.  31 Prospect Park West is a single-fam with a driveway in an uber-prime location, but only 2,800 sqft.  Didn't stop it from selling for over $1,000/sqft in November to buyers from the Upper West Side with about a million down.  $3.41M was the price.  You can't really duplicate this purchase anywhere near Central Park without paying 3-10 times the price.

Back in 2011, we told you this house was worth a look.  But in those days it was easy to moan & groan about heading as far down Court Street in Carroll Gardens as Luquer Street.  And griping about how the houses doesn't pay for itself with 20% down was borderline plausible.  The house sold for $1.7M back then.  Fast forward to 2014 with a stylish renovation and the neighborhood deep in its transformation to the baby West Village, and the $3M+ number doesn't bat an eye.  42 4th Place closed last month for $3.525M with over $1.5M down.

Not far away, even the 16' wide houses wanna get in on the act with $3M as the new normal.  48 2nd Place closed around Thanksgiving for $2.945M to a Manhattan buyer with about a million down.  Earlier that month, 324 Degraw Street got in the act too, closing for $3.3M with over a million down.

Speaking of 16' wide houses in BoCoCa for $3M, don't forget about 161A Carroll Street.  Buyers from the West Village closed on it last month for $3.09M with over $1.5M down.

Over on the Prospect Heights / Crown Heights border, another condo sells for over $1.2M.  475 Sterling Place, #1C closed for $1.23M, joining a few others in the building that have broken that mark.  When $250K down doesn't get you a house over here any more, you can go further east, or settle for a condo.  At least it's a duplex with a deeded parking spot, a decent gym, and a nice common roof deck.

In a more desirable location, far inferior condos go for basically the same price.  'Twas fodder for the peanut gallery when 112 St. Marks Place, #2 was "Condo of the Day" when it listed for $985K.  Park Slope is Park Slope, and one comment hit the nail on the head.  Closed a few months ago for $1.15M.  Again, this is what ~$300K down gets you in this part of Brooklyn these days.

Also for $1.23M, this Fort Greene condo at 264 Cumberland Street, #12 was a decent look at a 2/2.  Although, we're more partial to the duplex with the double-wide backyard that Platinum Members sold for basically the same price earlier last year.  For the millionth time, $300K down doesn't get you a house in Fort Greene anymore (unless you're in Atlantic Commons), it gets you a condo.  So act accordingly.

Back in Pro-Cro, it's another condo for what you think a house costs.  225 Eastern Parkway is not only east of Classon, it has had multiple sales over $2M.  And this unit 2A goes for $1.7M last month to buyers from the Upper West Side.

With phrases like "exclusive enclave", you know this is the new Lefferts Garden.  66 Maple Street listed this summer for $2.35M and closed last month for $1.9M.  Not for the faint of heart, or the faint of wallet, this 44' x 39' single family with a 2 car garage sold to buyers from South Slope with about a million down.  2 stories and no rental income, but unique space and parking for those who think the other side of the park is too far.  Still beats a condo in Bed-Stuy for basically the same price, in our book.

"Where's the next hot neighborhood?" is the rallying cry of readers who e-mail us, yet refuse to go as far south as 9th Street in Park Slope.  Well - like it or not - this uninspiring frame house at 443 10th Street goes for over $2M in November.  Is there meat on the bone for development at these levels?

You thought sub-$800K was good in Crown Heights in 2012?  Try pulling it off in 2014!  One-time Platinum Members got the hang of the block and pulled down an estate sale at 1385 Pacific Street, closing last month for $820K and essentially duplicating their purchase at 1379 Pacific Street 2 years previous.  Now that's how you put $300K down for a house!

Deep in Lefferts, heading to Flatbush, 266 Martense Street was on Platinum Member radar as a FSBO that wanted as little as $450K.  For a live-able frame house with a driveway, parking, and a backyard, one block from the 2/5 trains - this was a buy.  However, by the time the price got up to $515K, many buyers were out, even though the difference for many was like $100/month on the mortgage.  A savvy broker landed the listing and it closed for $550K last month to a buyer from Bayridge with less than $150K down.

New Crown Heights Listing for the New Year: 1070 Bergen Street

It's a new year, but it's the same ol' real estate game in Brooklyn.  Ok, well the prices are kind of new to everyone still.  Houses people hated on for $1.2M this time last year easily fetch $1.5M or higher - or even worse!  On HomeCanvasr.com first since last week, and coming to more major websites near you soon, it's a barrel-front single family in Crown Heights at 1070 Bergen Street.  We're told the asking price for this 20' x 45' 4-story fixer-upper on a 120'+ lot will be $1.6M.

Lots of original details, but not totally ready for its close-up yet in these pics.  By the time the fancy pics are out, we're sure you'll get the picture.

Nevermind that it traded for $800K a few months ago and wanted as much as $1.8M on the flip.  One of the brokers who brought it to us fairly points out key differences between this house and true $1.8M+ sales in the neighborhood like 1234 Dean Street around the corner.

And $1.6M sounds like a much more reasonable expectation, although people will groan anyways.  A much worse house on Dean went for over $1.6M already.  Brokers tell us they have keys for 1070 Bergen Street and can show the property to BK to the Fullest readers before it even hits the market!  Works for us...


Pro's:  full sized fixer-upper with original details on a large lot, Crown Heights is "so hot right now", delivered vacant, walked off the $1.8M expectation, even the broker's talking real talk, available to show pre-market

Con's:  curb appeal & block aren't for everyone, work to be done, not the million dollar fixer-upper unicorn the novices had in mind, lots of violations and "PARTIAL VACATE ORDER SERVED" per DOB, rental income is tough on the single-fam

Ideally:  when 3-story fixer-uppers worse than this get $1.35M+, why not see this working in the $1.5M-$1.6M range for a few buyers.  And don't be shocked if it goes even higher.