Crown Heights Limestone Hits HomeCanvasr.com: 1137 Lincoln Place

New to HomeCanvasr.com it's a limestone in Crown Heights that we were itching to see when we first heard about it heading to market a few weeks ago.  1137 Lincoln Place is a single-family asking $1.2M between Albany & Troy that reminds us a bit of the Platinum Member pick ups at 1190 Union Street and 1196 Union Street.  Like those houses, 1137 Lincoln is a legal 1-Family, easily used a 2 with the finished basement and above-grade windows on the floor, with original details, coffered ceiling in the dining room, and kitchens and baths in need up upgrading.  The interior staircase gives it more of a home feel than a multi-family...

We were excited when we first saw carpet on the floors, 'cause we figured that's protect the orginal parquet flooring as it tends to, and it did...

This is that straightforward fixer-upper canvas.  A little paint and lighting fixtures alone would go a long way.  We'd update the working kitchen and baths affordable to help make the place shine even further...

By the time this place looks the way you want it to look, it won't cost what you want it to cost.  While everyone is gunning for no-brainer avenues like Franklin these days, Nostrand is clearly on its way to being the new Franklin, and you may be surprised to see what's cropping up along Kingston Avenue, including the kosher "artisanal" burger spot:

Which plays well with established places like Basil across the street on Kingston...

In case you thought Crown Heights begins and ends on Franklin Avenue.  We see a similar buyer taking down Lincoln Place for similar reasons as the Union Street limestones.  When you get two stories, easy to rent finished basement, and a backyard for less than condos trade for off of Washington Avenue, the up & coming young families expanding out of their condos will take that value proposition.  4 houses like this sold for over $1.3M last year on Lincoln Place off of Nostrand.  Asking $1.2M makes sense to us in this market, even heading into the holiday season.


Pro's:  curb appeal, barrel front, totally vacant/live-able/mortgeable, work left to be done is the fun stuff, great condo alternative, just 2 trains stops from everyone's favorite hub of Crown Heights

Con's:  does need work, not a legal 2-Family, will cost a lot more if current owner develops it, further east than the masses are ready to go as of yet

Ideally:  worth a look at the upcoming open house, or sneak a peek with us sooner than that!

Tantilizing Glimpse into Crown Heights Foreclosure Gem: 1370 Dean Street

It's not everyday that you get a sneak peek at an 1880's castle in Crown Heights the weekend before its foreclosure auction.  But that's where took Platinum Members two weeks ago at 1370 Dean Street.  This single family gem is on a 26' wide lot, so the stunning curb appeal wraps all around the unattached side to a deep extension in the rear.  Except for some water penetration in a few spots, the facade itself looks as bright and fresh as the day it was born.  And when the owner told us the house needed a gut, we believed him, but we had to see it for ourselves...

There wasn't much to see inside,  but it was nice to get a look at the light from the baywindows and corner rooms with two exposures.  A lot of work to be done, but a lot of potential.

Just two years ago, the New York times chronicled details of the 125 year history of next door neighbor 1372 Dean Street.

Back when it listed with Corcoran for and sold for $1.32M.  The gut renovation and conversion to a 4-Family at 1372 Dean Street is still on-going.  But they're killing it from we could see on the 1370 side...

It took us two years to get the owner to let us into 1370 Dean, which once was asking $2M.  With a week to go before foreclosure auction, there was a deal in the works over $1.5M.  And other offers trickling in around $1.2M-$1.3M misread the situation as distressed.  But with cash offers over $2.5M off-market on similar houses a few blocks away, we saw "over-paying" today for a flagship shell like this as a no-brainer, since it stands to appreciate at the crème de la crème pricing of the area.  As long as ho-hum shells like 204 Jefferson Avenue command over $1.6M...

Then 1370 Dean Street isn't hard to grasp over $1.5M.  If what was later treated like a shell sold for $1.3M over here two years ago, why not over $1.5M for the next-best shell?  Well, no one would know better than someone who's done it before.

The dream of scoring a steal at a foreclosure property is intoxicating to so many, but finding them and executing them is hard.  And sometimes the owners aren't even in the distress that the would-be buyers perceive.  Requiring cash, limited or no access to the property, plenty of additional capital required for renovations, uncustomary time-lines, wild card tenancy... it's not for the faint of heart.  So when you're chasing that foreclosure unicorn, you gotta remember it takes dreaming big, and executing even bigger.


Pro's:  out of control curb appeal, unattached on one side, windows galore, extension, lots of buildable sqftage left, basically gutted the old and ready for the new, great block with a unique variety of architecture, project next door lays the blueprint for the possibilities, landmarked block, ready to be a King Kong 1-2 Family or condo/rental project

Con's:  a lot of money for a shell, no original details left inside, took cash, had to move quickly, completely unliveable and requires a bunch of money and time into the gut renovation, may not net a product whose whole is greater than the sum of its parts on day 1 depending on how ya play it

Ideally:  a flagship property for another century to come, available to few, and understood by even fewer

Epic Castle in Crown Heights Closed Last Week: 669 St. Marks Avenue

After many months of delays and a few false starts, Platinum Members finally closed last week on one of our favorite buildings in all of Crown Heights - 669 St. Marks Avenue.  This enormous 30' wide building on a 40' wide lot features a drive way, windows all along the unattached side...

...an extension on the parlor floor...

...a double-deep basement that's fully above grade in the back...

and a 35' wide two-story carriage house in the back.  We've been in contract on this bad boy for $1.5M with no financing contingency for over six months, and didn't even step foot inside until a few weeks ago.  That's how you roll the dice, y'all.  But we've seen this movie enough times before that the "risk" didn't even move the needle.  As soon as they brought it to us off-market, we didn't even finagle on price.  We met 'em outside the building within minutes and said, "We'll take it!"  And here we finally are.  Other buyers on the block already offered $2M for the contract and were turned down.  There's so much left to blossom on this property, it'd be hard to let it go at an as-is price.  The carriage house is what really gets us & everyone else weak in the knees...

Even if you converted the carriage house to living space, there's still plenty of room to leave a garage in it, and/or plenty of other space to park in between anyways...

We anxiously awaited the chance to get inside and check the condition of the details, and the interior didn't disappoint...

Original medallions and molding on the parlor, not pictured here, lived up to expectations too.  One room on the parlor with an original mantle is currently used only for storage...

The last time a castle this yummy in Crown Heights was copped, it was 875 St. Marks Avenue in 2013 for $1.4M and was promptly turned in 2BR & 1BR condos. 

All those units listed as in contract with a gross asking price just under $3.2M.  Appraisers at 669 St. Marks Avenue estimated the building value as-is between $1.75M & $2.45M.  One told us, "You know there's a total of 10,000 buildable square feet on this site, right?  Do you know how much that is as condos over here?  You're talking about $12M."  While we're not quick to call $1,000+/sqft the running price in Crown Heights for condos quite yet, the 10,000 buildable is worth exploring.  That would more than double the size of the existing building, but is ever harder to maximize with landmark constraints.  Even the brokers who sold it to us insist 669 is landmarked - afterall we too assumed such an historic 1888 structure would be - but our architect assures us it's not.  This block, while epic and full of a variety of fine architecture, is conveniently left just outside of all 3 Crown Heights North historic districts:

If you don't know your St. Marks Avenue from your St. Marks Place, don't worry, once upon a time we didn't either.  And even today's maps at the base of the Brooklyn Bridge will lead you astray...

But the OG 1800's era map at Coven Hoven didn't make the same mistake:

Recent activity on the block shows the trajectory of things over here, including the Crown Heights townhouse record breaker (east of Classon anyways...) at 672 St. Marks Avenue for $2.9M in December.  That was an astonishing price for an unrenovated building, even if it's 27' wide, unique, and full of details.  Currently undergoing its renovation...

The Aussies are gutting the 20' wide row house at 623 St. Marks Avenue down the block that they picked up in May 2013 for $1.02M...

They also picked up 641 St. Marks Avenue for $5.5M last year and have already listed it for $8M...

And they picked up 698 St. Marks Avenue for $1.5M last year, which has started its renovation this spring too:

Also the "five story 10-Family" at 692 St. Marks Avenue recorded its sale this year too at a steeply discounted price:

With studios on this block going for $1,600+/month, 20' row houses going for $1.9M even last year, and 27' record breakers going for $2.9M - it's not a bad place to be.  With the F. Scott Fitzgeraldian watchful eye of Biggie (or at least his Sprite ad) looking across Atlantic Avenue from Bed-Stuy into Crown Heights on Bedford...

Celebrating 5 years of keeping BK to the Fullest tastes that much sweeter getting our hands on a gem like this. 

Not much has changed since going into contract last year, the fruit's only getting more ripe.


Pro's:  huge, unique size & proportions, not your typical rowhouse, driveway with carriage house, great block with a variety of nice architecture, ballin' like Brooklyn Heights at Crown Heights prices

Con's:  gone already, tough to tackle, wasn't cheap, lots of work to be done

Ideally:  an historic Crown Heights castle with the potential for an epic project in the making

Signed, Sealed, Delivered in Crown Heights: 1190 Union Street & 1134 Bergen Street

Here they are, "signed, sealed, delivered" - for a few lucky couples, they're yours!  Two more properties seen first on HomeCanvasr.com officially go in contract this week.  First, our house at 1134 Bergen Street finally seals the deal yesterday after a few open houses and a little "negoash".  Buyers with a significant downpayment were able to pluck this killer 3-Family house under asking price of $1.895M.  As we always caution, nothing is binding until both parties have signed the contract of sale and money has changed hands, but lots of contracts go astray during the in between times.  With yesterday as the deadline to sign 1134 Bergen contract, a few last minute unapproved changes made it to the contract the buyers signed & sent over.  Since we couldn't make last minute changes and send them back something they hadn't agreed to,  it wasn't going to happen to us either.  Luckily, cooler heads prevailed and at the 11th hour, the contract that was agreed to was signed by both parties.  Tread carefully when trying to herd the cats of buyers, sellers, buyers' attorney, sellers' attorney, and brokers all onto the same pages all at once.  The tiniest change can take hours, days, or weeks to hammer out and any little debris on the tracks can derail the whole train.  But it's nice to see the deal finally stick.  Crown Heights and this house have certainly come a long way in the short year & half since 1134 Bergen Street closed for just over $1.2M last January.  From limestone love at first sight to in contract for $1.8M, that little gem rode a nice wave.

Then, the single-family up Nostrand at 1190 Union Street, which we told you about weeks before it was on Zillow as a FSBO for $1.299M.  House already had an accepted offer from a HomeCanvasr buyer before any public open house.  Buyers got to walk through with one of the contractors from the stunning Clinton Hill reno at 102 Gates Avenue and take a peek at another renovation of basically the same house on the block at 1196 Union Street.  Contract was out while open houses for back up offers were taking place.  A few contingency miscues between attorneys could've thrown the whole deal off.  Sometimes it feels like that contract is dwindling...

But it patched back together easily, since even over asking price a good deal was there to be had for buyer & seller alike.  Another HomeCanvasr production brings supply & demand together.

Sometimes, when you're on the hunt from BK's Finest...

If you wait around until it's on Zillow, you might find yourself tardy to the party.