More in Contract in South Slope: 383 16th Street

You won't find it on StreetEasy, but 383 16th Street came & went in 6 weeks. This nifty little 2-Family in South Slope joins the likes of 144 16th Street (barely out for 2 months), 488 16th Street (closed for $980K last month), and 262 11th Street (sold 3 months ago for $1.075M) as value plays that didn't last long on the outer rim of one of the hottest markets in Brooklyn. And to think, these guys were lamenting Park Slope prices at "Pre-Lehman" proportions in Summer 2010, PRIOR to this latest outburst in Fall 2011 that continues today. Even when StreetEasy fails, Platinum Members had 383 16th Street on their radar from day 1 - no need for the Five-Man Search.

The location is super prime, even as South Slope goes. This little corridor right by the park, the F/G train station, and the best darn mini pies you ever had is so clutch. The listing for the house shows off a live-able, dated interior with some colorful touches that aren't hard to modify if they're not your style:





Really a spitting image of many of the 2-Family's over here.



We're not gonna Brownstoner 'em & beat on their taste. This place is ready to go on a lot of levels, and that's why it up & went so fast. Time is of the essence when something this good comes along.

Pro's: location, price point, viable interior

Con's: gone already, interior isn't everyone's taste, probably has other upgrades pending that are more than just cosmetic

Ideally: the next-best ones over here available at the moment are "meh", there's more value in another little nearby value corridor - in our opinion

Pricing a Shell: 242 Cumberland Street

Once upon a time in 2004, the flagship Park Slope beauty that is now 178 Garfield Place - the home that everyone gushes over - that listed for $3.75M and just closed "for an even $4M" in a bidding war, was just a lowly shell for $1.3M. Granted, the house is on a great block. But with the help of Cousin John, now the place "twankles & glistens" on the cover of design magazines. Yet here we are in 2012, with some shells still out there for sale for ~$1.3M on some great blocks. What's the catch? Fixer-uppers on Garfield Place fetch $2M+ now, who hasn't swooped up these last remaining ~$1.3M shells?

242 Cumberland Street wants $1.35M on one of the quintessentially great blocks right off the park in Fort Greene. Amidst a backdrop of a handful of mediocre listings that want $2M+, 242 Cumberland looks like it could be a great canvas for someone to do their own renovation. It's vacant & it's not an SRO. Tenants & SRO-status held back another great shell on another great block in Park Slope, 135 St. Johns Place, which also started out at $1.3M. All we get is one glimpse inside of 242 Cumberland and a simple, straightfoward listing that reads like a telegraph:

"Location, Location, Location...
Design your own home just half a block from Fort Green Park. Bring your contractor and architect. Cash offers only please."



The agents are very honest & forthcoming about what a complete overhaul the place needs, quoting a renovation budget as high as $1M. If you're going to drop that kind of money, we'd wanna make sure to get the biggest canvas you can. 242 Cumberland may not make the cut. The owners picked it up this time last year at a foreclosure auction for $1.2M, and unfortunately that doesn't leave much room for them to profit, or a potential buyer to get any flexibility on this price. Our hunch is the right user is out there if the house were marketed a little better.

Pro's: killer location, only so many houses left over here, blank canvas

Con's: takes a ton of cash to buy, a ton of cash to renovate, small, a true shell, no price flexibility

Ideally: no house in a good location at this price in this market comes without some drawbacks, but those who can overcome the obstacles on the best ones will end up with great purchases

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After much prompting, we finally caved & joined Twitter! Went with "@BK2Fullest" because we're so late to the game that the other options were taken. Follow us, Tweet at us, re-Tweet us... or whatever it is people do with Twitter. We're sure we'll get the hang of it...

Park Slope Under $2M: 635 10th Street

Make room for the next-best buy in the area. With all of the activity above $2M in Park Slope, this nice 4-story 2-Family on the block between 8th Avenue and the park won't last long. 635 10th Street came out last week, came out of the gates with an open house, and will have offers pouring in - so come correct. Elliman can move $2M in Clinton Hill - not once, but twice. And just closed north of $2M in North Slope - not once, but twice. And with the next-best buy at 233 Garfield Place sitting with an accepted offer after just 2 months, their latest price drop, and open house, don't sleep on 635 10th Street.

They don't say too much about it, only the important stuff. Anytime you can say "sconces", "moldings", "orginal", and "ceiling medallions" in the same sentence, a Brownstoner gets weak in the knees. They only gave us a few interior pics, but that's all they needed to:





Whether you call it "the poor man's" 233 Garfield, or "the rich man's" 27 7th Avenue, this is the next shoe to drop in the burning hot Park Slope market for big homes with original details. Although the house has been in the same family sitting on all equity for over 30 years, don't think that means there's room to low-ball. And if it goes above asking price, don't be surprised either. Remember, dinky condos sell for way more than this everyday in Manhattan. And Chris Rock reminds us that money is all relative.



Pro's: location, curb appeal, original details, yard, better than paying above $2M (although it might end up there)

Con's: "bring your architect", lots of work to be done yet

Ideally: get it while you can.

Topics: We Weren't Kidding About Condos

We barely cover condos. But when we told you that it's hard to find a decent 2BR around $700K in the best parts of Brooklyn, we weren't kidding. Whether it's one of the best condo values in Williamsburg in the past few months, a mediocre renovation just across 4th Avenue from North Slope, a more modern place with multiple decks just in from 4th Avenue in Park Slope, or a small renovation in Boerum Hill that barely lasted a month on the market - it's slim pickens around that price range. Now StreetEasy is out with a 6 month report that captures the data pretty effectively. Granted, it only covers properties on their site, but they've got most of the major brokers and many of the smaller ones for condos, so the numbers are comprehensive enough to break down. And the story is a familiar one:


(click image to enlarge)

While European debt fears had the stock market falling off the cliff for a few months starting in July & August of 2011, condos were taking off in a bullish direction. The number of price increases is up 57% in 6 months, 130% year over year. Likewise, the number of price cuts is down 29% in 6 months, 49% year over year. Supply is down even though new listings are up because contracts are up and any new product is being absorbed faster. And it's no coincidence that our readers can barely find a decent $700K 2BR, because that's now the median listing price among all Brooklyn condos (including studios and 1BR's). In Park Slope, the median listing price is an even-steeper $829K, up 12% since August 2011. And Williamsburg saw a more drastic 30% uptick in pricing over that 6 month period. In Williamsburg, the $897K median list price for condos is higher than Park Slope, even with 5 times the inventory, and a price per square foot that's closer to a Brooklyn Heights townhouse at almost $1,000/sqft. Good news for whoever locked up 37 Orient Avenue before it was too late, and bad news for anyone who thought prices there were coming down.

Again, we barely cover condos, but these numbers might serve as a little food for thought for those fretting over the price per square foot for townhouses in these same neighborhoods. The median list price was $700K in Williamsburg, back in August when Apple was trading below $400. Like Apple, this Brooklyn real estate story runs deeper than the Dow, the Euro, and the global equity markets - and has decoupled accordingly:



So with the median list price up 30% over 6 months, and Apple up 60% over the same time, searching for a condo (or townhouse) at last season's pricing is like putting a limit order in for some Apple stock at, say, 500 or less... a great price, if you can get it.

A 3-Family for $1.5M, Anyone?: 167 Wyckoff Street

A turnkey 3-Family in Boerum Hill for $1.5M? What's the catch?? Oh, that's right... it's directly across the street from the housing projects that the NYTimes says doesn't deter real estate values in the area. And, to their point, it's already in contract. 167 Wyckoff Street came out right after New Year's and lasted just over a month on the market before it went in contract. And the value here is clear. One floor of a townhouse over here doesn't last long for $700K, so don't sleep on anything decent with 3,000+ sqft for $1.5M.

The interior condition won't wow you, but it's no shell by any means:





It's refreshing to see something relatively affordable, in move-in condition, in a stretch west of the stadium where 4-story shells so rough that Corcoran won't even show pictures can easily fetch more than this $1.5M. Compare 167 Wyckoff Street & its price point to some of the plays in Park Slope and in South Slope that came out around the same time and are both in contract now as well. In this market, when you're looking in the best areas below $1.75M, you've gotta compromise a bit on someting - be it price, location, condition, or size. We wouldn't mind paying $500K less in a $2M neighborhood just because of the housing projects. And that's exactly what someone got a chance to do here on Wyckoff. Proximity to the projects didn't stop 291 Hoyt Street, which sold in a flash after listing with a similar discount. If that's not a dealbreaker for you, this is the hands-down best buy in this hood so far this year, besides that condo at 89 Dean. This reinforces why the better-situated 124 Wyckoff Street was the top buy in the area late last year after its price drop to $1.199M.

Pro's: price point, great neighborhood, close to the F train & everything everyone loves about Smith Street, move-in condition, great rental income potential

Con's: across the street from housing projects, interior is nothing special

Ideally: there's a few other places around here getting the same discount that are worth a look

Birds of a Feather: 39 St. Felix Street

In a corner of Fort Greene that feels a little more like downtown than the all-residential blocks the area is known & loved for, 39 St. Felix Street has become the 3rd townhouse on the same block that wants $1.65M. We saw what $1.65M gets you in Park Slope in our last post. Now this listing joins the recently re-listed 54 St. Felix and the relatively new 59 St. Felix as alternative plays on the edge of Fort Greene.

39 Saint Felix Street could be interesting for someone. We've seen all kinds of odd places on this street, and a steal that went in a flash. While not remotely as picturesque of a block as those with the 20' wide townhouses set back from the street with a front yard, this 2-Family with a garage and a curb cut is close to Fort Greene Park and technically well-situated. BHS sure gives it a great shot with 2 open houses, nice pictures (an exterior look would be nice), a floorplan, and an accurate, compelling write-up. This kind of turnkey space at $1.65M certainly gives some of the other silliness in prime Fort Greene asking $2.4M a run for its money:







It's telling that a year & a half ago, seeing a renovated 2-Family come out on this block for under $1.65M seemed lofty, and now it almost feels like a value play compared to what else has gone on the past few months from Clinton Hill to Carroll Gardens and in between. It's almost like a fancy condo alternative for those who aren't married to the traditional brownstone with a deep yard (which trade at an insane premium over here now).

Pro's: two open houses, nice renovation, well located, flexible 2-car garage space, well-presented listing, price point isn't daunting at all for this market

Con's: this particular block is "meh", not a deep house or deep yard

Ideally: there's some value over here if the block isn't a dealbreaker. As these carriage-house looking 2-Families with garages on this block go, we'd still lean towards 54 St. Felix, but with an open house tomorrow and Sunday at 39 St. Felix, it's easy to find out what you think for yourself.