Stretching for Park Slope Premium: 37 Prospect Place

It's interesting that this time last year, Brooklyn Properties offered a gorgeous 2-Family in Prospect Heights for less than $1.8M that sold for $1.5M in February. Nowadays, the Park Slope premium has been applied to this north Slope 2-Family 37 Prospect Place. There's nothing too compelling to us about the size or price point. The 17' x 50' floor plate gives you some narrow, but ample, space. If you want original details in a great location, maybe there's a play to be made. With so many other places that want to be $1.795M too these days, it's hard to say this is the best one.





Is this really where prices are these days? We imagine most buyers will factor in a modest renovation budget in mind for some of the more dated parts of the house.

Pro's: original details, north Slope location, separate entrance for 1BR rental

Con's: narrow, curb appeal, some dated interiors, price

Ideally: why pick this up when there are 2 superior $1.8M multi-fams in Park Slope still available?

Keeping Up With The Joneses: 866 Prospect Place

Once everyone gets religion and realizes European debt crises and threats of double-dip recession aren't going to shake Park Slope price points, and the plain fact that you don't need to be in the lame/tame Slope in order to simply not get mugged, suddenly even the Wall Street Journal wants to Occupy Crown Heights these days. And we're all aboard. Despite odd, racially-motivated aversions to the area that we've heard from some buyers, who is running from this incredible housing stock? We sniffed a great buy & hold brownstone 3-Family over here below $800K a few weeks ago (not covered on the blog so far), but today we take a look at who wants over a million east of Franklin Avenue.

866 Prospect Place is a huge, 5,700+ sqft limestone 2-Family that wants $1.35M. Note, there's certainly a disconnect between what they want and what they get. In June 2010, they wanted $1.77M, and only dropped to the current list price in July of this year. Meanwhile, a fave of ours in piping-hot Clinton Hill didn't last 2 weeks on the market at $1.3M.

Somebody was really pushing the limits of their Blackberry when they took these dark pics, and couldn't be bothered to move the fan or the spitoon away from the fireplace before snapping the shot that presumably was going to get them $75,000 in commission...



If you want a real home with original mantles, stained-glass, and great wood detailing... you're not going to find it for this price in the Slope, kids! While, the current Slope winner in this category just dropped price $200K, and sits at $1.8M, you might be able to nab 866 Prospect Place at a very attractive price.

Pro's: curb appeal, size, original details, owner's triplex, roof deck

Con's: pricing, needs lots of TLC, talk to me about the trains, are people ready to trek further east?

Ideally: there's a $999K place a few blocks from here that has it all over this place.

Open House Sunday: 341 12th Street

Many readers write us lamenting the woes of the sub-$1.5M multi-family housing market in the best neighborhoods in Brooklyn, and it's true. Everything decent, anywhere decent, "wants to be" at least $1.5M these days. Heck, in BoCoCa they want to be $1.75M or $2M! And in some of the best neighborhoods, like Park Slope, even shells command $1.5M or more. We say, "If ya can't beat 'em, join 'em... or don't." But you can't fight where the market's at. If prices are high, any owner looking to sell ostensibly wants to get in on the action. (Just look at 35 St. Marks.)

341 12th Street is a 3-Family that just hit the market at $1.595M with an open house this Sunday 1pm - 3pm. This time last year, we would've been able to show you a handful of bargains at this price or below in South Slope. Nowadays, the Park Slope premium is alive & well, and this is probably close to what 17' x 45' anywhere near Park Slope in turnkey condition can command.



Ghost dog not included...



Sure, while the kitchens are dated, and the deck is (nice, but) nothing special, and the floor thru rentals on a 17'-wider are going to be 1BR's... that's how it's going down in the Slope these days. Keep in mind, if your heart doesn't go pitter-patter for Park Slope, you're much better off in other neighborhoods, where this kind of money gets you something that really sparkles. We actually think south Slope is kind of over-rated, as these things go, but that's often a matter of taste. With so-so places wanting big ticket prices, you can see why things like 112 St. James don't even last 2 weeks on the market, and why even the 14' wide 267 St. James probably won't last long either.

Slope lovers, don't despair! Just sit back and size up what you're really paying for. Do you wanna drop that Park Slope premium for the name alone? Or are there other neighborhoods that offer the same amenities that you can get more value in? Or can you pick up a Slope property that needs a little cosmetic work for a steeper discount? We say, "Yes." Your heart will go on...



Pro's: 3-Family, rental income potential, backyard, deck, great floors, totally-turnkey

Con's: dated kitchens, 17' wide, 1BR rentals, pricey

Ideally: we'd go much bigger somewhere else for this price, or a little fixer in the Slope comes to mind for less...

Slope Alternative: 238 Windsor Place

Yesterday's pick got lots of attention because of its beautiful interior and Park Slope location at a sub-$1.5M price point. Today's pick is another 2-Family with a clean, classy renovation and curb appealing barrel front on a quaint residential block. But you've gotta go to Windsor Terrace to get it. 238 Windsor Place just came out for $1.29M. We barely know these blocks well enough to say how well this stacks up for this area overall, but we like Windsor Terrace more than certain parts of south Slope. 238 Windsor Place might have potential as a Park Slope alternative. What's been renovated looks great...



We agree the garden really tops it off. If you want a cute block close to Prospect Park, could this be the play for someone? Even if it's small, worse condos have been purchased for much more than this $600/sqft. If it was picked up in February 2010 for $1.125M, we're not sure what's changed besides the market. If the garden level "awaits your renovation", you might watch out for some added costs upfront. This pricing sure makes the larger, better-located 419 Sterling Place look like a steal.

Pro's: curb appeal, nice renovation, proximity to the park and the F train

Con's: small, more renovation budget needed for the garden level?, more value might be found in areas not linked to Park Slope

Ideally: we'd rather have gotten 112 St. James Place

13th Street Beauty

This spring, 279 13th Street splashed onto the scene as one of the top condo-alternative/affordable-in-the-Slope candidates newly, actively available in the market that had done a 180° pivot towards bullishness from the bearish fall season before. It quickly became one of the all-time top viewed posts on BK to the Fullest, which is always a sure-fire sign the property's due to close any minute. In July, it closed for its list price of $1.179M, which was pretty compelling at $671/sqft for a small, turnkey 2-Family with some nice details.

Today we take a look at another beauty on 13th Street, just a block away...



For just under $1.45M, this 18' x 35' 2-Family sits happily between the likes of the TLC-needing Prospect Avenue place we just peaked at and the horrendously mis-priced, untidily-photographed 725 President Street. Sure, it's not the biggest, or the best location, but what it lacks there it makes up for in truly sparkling interior...





What do get when you mix high ceilings, a skylight, an interior staircase, a washer/dryer, a private deck, a garden rental getting $3,500/month, a real Park Slope block, and "motivated" sellers? We say it's a "buy".

Pro's: curb appeal, sparkling interior, rental income potential, price point is actually moderate in today's market

Con's: the building isn't deep, not that much sqft-age, not the most quaint stretch of this block

Ideally: It would be a steal to grab this at a price per sqft similar to 279 13th Street.

Follow Us By E-mail

We finally figured out a good way for readers to receive daily e-mail notification whenever we submit new posts!

Unfortunately, the e-mail notification isn't instant ('cause it's not like we're living in the "Information Age" or anything, right?), but maybe someday those tech gurus will get the memo...

Fool Me Once: 489 6th Avenue

You know you want this gorgeous, Victorian brick 4-Family + store in Park Slope between 11th & 12th Street. You know you want a healthy 20' x 60' floor plate, weighing in at a robust 4,600+ sqft. Especially after they listed in 2009 for $2.01M and then in 2010 for $1.95M, making it to $1.89M in April 2011. You get the sense that they're finally getting closer to accepting its real price. Ahhhh, but don't let this active listing on StreetEasy for 489 6th Avenue fool ya. The dang thing just sold on 9/9/11 for $1.745M.

We were bummed to see the thing go before we could even get a proper stab at it. But, maybe it's what we should come to expect. We've already seen any number of imposters walking around like real listings. It's even more distressing when beauties like 706 Union Street re-post their listing on October 28th as active, but it's actually in contract when we talk to them the very next week. We guess it's just a case of, "...fool me twice, shame on me," in this topsy-turvy world of Brooklyn real estate. (Some prefer the more eloquent George W. version.)

As much potential as there is here on 6th Avenue, it's not like the building is a steal either. Once you get past the great exterior...



We're given only one interior picture, indicating a pretty extensive rehab...



So even if you could get a commercial loan on the thing (which requires a hefty down payment), you're probably facing another half-million or more in renovation, which is some pretty serious intial cash outlay. For that kind of money, you'd think these jokers over at Lion Head Realty would have the courtesy to update their listings. In Brooklyn? Nothing doing, sir.

Compare to something totally turnkey like the darling 158 Garfield Place that had 30 suitors in 30 days in order to see what kind of value swing that free market vs. rent stabilized can represent.

Pro's: curb appeal, location, size, mixed-use flexibility, all free market

Con's: commercial loan, hard to finance, renovation needed, ****tease listing

Ideally: as gut renos in the Slope under $400/sqft go, this is going to be a flagship property - if executed properly. Others may long for something totally nice & turnkey at these prices, and we couldn't blame them either.