Fort Greene Favorite: 70 Lafayette Avenue

Right across the street from one of our favorite listings that may have gotten away for under $1M, 79 Lafayette Avenue, comes another well-priced 3-family brick building that the window of opportunity may have closed on too, 70 Lafayette. StreetEasy had this listing up since November 2009 for $1.199M and as of January 2010 it says the listing is "no longer available". From what we can tell, it hasn't sold, and we remember seeing some kind of for sale sign on there pretty recently. Though that's worth double-checking. The listing says it's an "Estate Sale", so that may have complicated things. Looks like a nice amount of space, though, at a comparatively reasonable price. We love this block.

Anybody know anything else about this building?

Pro's: curb appeal, location, size (4,900 sqft)

Con's: interior needs upgrades, may not even be available anymore

Ideally: this is still around at this price. we'll look into it and update you

Fort Greene Showdown: 308 Clermont Avenue

In the spirit of yesterday's match-up in Caroll Gardens, we've got another showdown of 3-family properties on the same street. 308 Clermont is a 3-family in Fort Greene listed at $1.694M. It's a block away from our first house 204 Clermont. We don't really see this price happening. Property Shark says this listing has been up at this price since April 2010. 204 Clermont is probably the better house, but it's been up since 2008 and the price has already dropped to $1.545M. For less money, we'd much rather have the corner lot and the garage. Both seem pricey compared to one of our faves, 258 Adelphi. And for almost $1.7M, we'd much rather head to 407 Sterling Place.

Just like yesterday's match-up, the better listing may win the day. 204 Clermont's listing has nice, shiny pictures of the interior. 308 Clermont has a listing with pictures, but they're pretty dim and grim.

Pro's: location, fair condition, fair curb appeal

Con's: price, price, price

Ideally: Prices need to come much closer to the FHA 3-family loan limit of $1.2M. If you absolutely love this block, 308 Clermont makes bidding on 204 Clermont seem reasonable.

A Carroll Gardens Shoot-Out: 43 4th Place

Last week we covered the nice house vs. dinky listing situation over on 77 4th Place. Now, just one block over, we have another 3-family brick house at 43 4th Place. Today's pick is listed at almost the identical price, $1.495M. The size and layout are almost identical too. The biggest difference between these two is the quality of the listings. Corcoran always does a good job with photos, floorplans, and descriptions in full sentences. This listing even plays up details like the wood burning fireplace and the buildable air rights. Both of these properties came on the market within 3 weeks of each other, between May and June of 2010, but our money's on the Corcoran listing to go sooner. Not because it's a superior house, but because it's a superior listing. Although, we did have to go to Google Maps street view and the Property Shark for a true picture of the facade.



The interior pictures show a very presentable space. Nice floors and fixtures in most rooms. Corcoran is pro, what can we say? They can make even a lousy space shine. So what happens when two properties of the same size on the same street list for the same price around the same time? It's an old fashioned Carroll Gardens Shoot-Out!! May the best man win!



Pro's: curb appeal, yard, location, rental income potential

Con's: what's going on with the unattached side of the building? neighbor's parking lot?

Ideally: we see this house going much sooner than its opponent, if only on the strength/visibility of its listing

4-Family in "Slope Heights": 33 St. Marks Avenue

Listed with Fillmore since May '10, today's pick is a nice-looking 4-family brick building just off of Flatbush, nestled right between Park Slope and Prospect Heights, 33 St. Marks Avenue. Oddly enough, the listing on Zillow has more pictures than the Fillmore listing itself. Both listings claim, "Lets Go Mls!", which might make sense if there really were a such thing in place, being utilized on a regular basis in this area. Not sure what that call to arms is referring to here.

We LOVE this area. Believe in its rents, transportation, and amenities. The jury's still out on what effect the stadium will have long-term, but this house is about as close as one can be to the stadium without (hopefully) dealing with the inevitable construction and traffic back-up from the stadium. Who knows?

The listing says its rents are below market and that it needs some TLC. However, this place has lots going for it if the apartments are in even half-way decent condition. At 20' x 65', there's a nice, juicy 1,300sqft floorplate to work with, which makes us believe in the 3BR lay out on the top floors that one of the various listings (one discloses the address, one doesn't, for example) refers too. There's even a nice wooden deck above the brick-paved little yard in the back - plus!

With the FHA 4-family loan limit at $1.4M, this $1.6M list price is close to some very interesting territory for an owner-occupied purchase. There's a Lis Pendens filed in June '09 and it looks like the current owners bailed the previous owner out later in September '09. Looks like they may have a nice flip on their hands.

Pro's: location, size, deck & yard, rental income potential

Con's: price may be a little frothy, how much "TLC" are we talking?

Ideally: This place compares favorably to pretty much any 4-family we've seen, especially for this location and size of floorplate. If there's any flexibility in price, this could be a great pick-up!

Prospect Heights for Under $1M: 622 Bergen Street

Just down the street from our recent listing for 636 Bergen comes another 3-family brick building on the same block for under $1M, 622 Bergen. Corcoran's had this listing up for $975K since March '10 with only pictures of the exterior and back yard. The listing touts 2BR floor through apts on each floor, although it's not quite what we'd want out of the 2nd bedroom at 6'3" wide. The location is great for amenities and trains. Avoiding the mansion tax in a nice area like this leaves us wondering what kind of condition the inside is in.

Unfortunately, the listing's in contract, so we'll only get to see what it closes at for curiosity's sake...

Pro's: location, price point

Con's: layout, condition inside?

Ideally: Give or a take a few, this property could be right there for this price. It will be interesting to see what it closes for.

Size Matters: 505 6th Avenue

Around the corner from yesterday's small 3-family comes an even smaller one 505 6th Avenue. Also in South Slope, this narrow 15' wide brick building comes in at a relatively low price point. Listed with Century 21 now for $1.095M, Googlemaps shows a VLS listing that was $1.275M once upon a time. The pictures on the listing show some exposed brick, rooms in nice condition, the back yard, and even a layout. We're not sure exactly how this is a 3-family with Property Shark listing the building class as a one-family, and the listing details a duplex & one bedroom rental. Might make closing as a 3-family harder to do with the bank. Either way, given our "owner-occupied + rental income" slant on these properties, not a lot of space or opportunity here.

Pro's: location, condition, price

Con's: size, questionable 3-family status, little rental income potential

Ideally: this makes the price of yesterday's listing seem much more reasonable. If you can only close with this as a two-family, the $960K loan limit comes into play. Between that and the mansion tax, we can't see this fetching anything above $999K.

3-Family with plans in the Slope: 345 13th Street

A few smaller buildings at relatively more affordable prices show up in this stretch of Park Slope. This listing for 345 13th Street has the 17' 3-family brick building at $1.2M with Marcus & Millichap since May '10. Marcus & Millichap listings are often under the radar because it appears you have to register with them to see their listings and they don't always market them to the public otherwise. Property Shark shows Fillmore with the listing at $1.29M in December of '09.

The price drop should help. 17' x 50' is a modest floor plate to fit two full bedrooms on, which the listing says the rentals are. The floor plan given shows a railroad-esque set up. Not sure if there's a good way to provide seperate, convenient entrances to the BR's and still make it all feel like 1 apartment. The lay out also includes a "schematic property analysis" from an architect with some of the building's other possibilities, including adding another floor on top with the buildable FAR available. Although, we imagine anyone with that kind of cash might aim for a different building altogether.

While it's not on the most quaint block, the proximity to the F train and vibrant avenues on 5th & 7th will always command a good price and good rents. We'd love to see the condition of the inside.

Pro's: location, price, plans to expand

Con's: width, layout, what's the condition?

Ideally: with a lot of options for modest buildings at this price point, it's hard to say whether this is the best one for the money in this area. We should take a look at the others...