On and Off the Market: June 4, 2013

With new construction still painfully slow, re-sales are moving the market.  This week saw a lot of townhomes become available; Let’s take a look at what the market holds for people looking to properties with 4 units or less:

ON THE MARKET

Photo courtesy of Corcoran.

238 Kane Street, Cobble Hill

Never mind that the primary listing photo is chopped to show just a front door & fence- you can still tell this Cobble Hill Beauty oozes charm and careful renovation.   According to the succinct description, (my favorite kind), this 3 story single family home was built in 1850 and now boasts landmark status.   What the listing s doesn’t mention is that this $2,800,000 gem is a modest 14.25 feet wide; but don’t let that dissuade you- much skinnier homes have sold for more and with this very livable floor plan, you will not miss the elbow room.  3 story, Single family, $2,800,000 listed by Ellen Newman at Corcoran.

 

 

 

2nd Street, Carroll Gardens

At first glance, this home looks like a real steal: Only $1.6m for a 3 story, 3 family home located just off of Smith Street?!  Then, once past the picture of the seemingly well maintained façade you realize that not is all as it appears…”this one needs everything.”  We’ve got to give the seller’s agent props for being honest.  And when you consider the fact that a good quality renovation including electric, plumbing, 3 bathrooms, 3 kitchens, floors, and fixtures can be completed for roughly $250,000 (depending on your luxe taste, of course) then it does start to shine up a bit.  The buyer of this house will do well, if it’s done smart.  3 story, 3 family, $1,600,000 listed at Brown Harris Stevens by Bill Sheppard.

 

199 Devoe Street, Williamsburg

A sticker price of only $1,150,000 makes this home the best priced 2 family townhouse to hit the Williamsburg market in some time.  So it needs a little work- the location is steps away from the L train at Graham Avenue and the potential rental income makes its fixer-upper status no problemo.  This is technically a two story but the mostly above grade garden level makes for 3 full floors of well windowed living space.  According to one person who attended the open house  “the block is still in transition” but I still suspect that buyers had better be quick on this one!  Listed at Dream NYC by Liani Greaves.

 

 

 

OFF THE MARKET:

72 Middagh Street, Brooklyn Heights

The listing agents clearly invested in marketing on this listing & it paid off- This two family carriage house hit Streeteasy.com on May 9th with an ask price of $3,200,000.  Fast forward 15 days, to May 24th, & the listing had been updated to in contract.  Listed at Corcoran by Debra and Denise LaChance.

 

UPDATE ON LAST MONTH’S PICKS:

It’s quite curious to me that all of last month’s listings are still available.  It’s possible that I have gone too far afield with my picks but more likely that the market is shifting with our weather.  If you like one of these properties last month, maybe now is the time to make an offer…

17 St Johns Place #4,  Park Slope: 2 or 4 bedroom condo, 1 bath, $950,000- Still Available

7825 4th Avenue #B8, Bay Ridge: 1 bedroom, 1 bath co-op, $325,000- Still Available

570 Bergen Street, Prospect Heights: 5 bedroom, 3 bath townhouse,$3,500,000- Still Available

 

About the Author:  A long time resident & lover of Brooklyn, Julia has made Brooklyn real estate her business for over 8 years.  She is Vice President, Associate Broker at Modern Spaces in Williamsburg.  For the latest, contact: julia@modernspacesNYC.com

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