BK to the Fullest

Prime Corner 8-Family in Bed-Stuy Closed Last Week: 1 MacDonough Street

2015-12-07T13:27:00.004-05:00

One of Bed-Stuy's most prime corner 8-Family buildings closed last week at 1 MacDonough Street in an off-market transaction for $3.5M. This hefty 27' x 95' building weighs in at over 10,000 square feet no matter how you slice it, and with over a dozen windows per floor, it is stacked with 3 and 4 bedroom apartments. The group "1 MacDonough Street Partners LLC" purchased the property and plans to develop it into 8 condo units.

We were bullish on the place since the day we heard about it last year, when Platinum Members had an accepted offer at $2.9M and the owners were pushing for more. It later appeared on HomeCanvasr.com for higher just about a year ago. But you won't find this deal on StreetEasy, no matter what their corporate counsel might say.

No stranger to making off-market moves in Bed-Stuy, our main man Paul Gooden is the agent who put the deal together at 1 MacDonough. And the buyer group, who also picked up 479 Clinton Avenue last week for $5M...

... they demonstrated a unique understanding of a landmarked block's potential in Bed-Stuy.

The interior of 1 MacDonough obviously will undergo rehab, but we were curious to get a first peek at the bones...

Early last year we were closing 8-Family's (though about half the size) for over $3M in Prospect Heights, but obviously the market's changed since then, particularly in areas like Bed-Stuy. Getting what will likely be $8M-$10M worth of condos for $3.5M ain't bad. Especially as $300 per buildable square foot pushes its way east, $350/sqft for good bones is even better. Can't go wrong when you "get it for the low". The price is also impressive considering the Aussies just resold nearby 75 MacDonough Street for $4.175M. Although that's a more grand property, its value isn't as poised to be unleashed as 1 MacDonough's. Or compare to another corner big-boy 8-Family right next to it at 231 Hancock Street, reportedly in contract off-market for $3.5M cash as well with the same broker, and seen only on HomeCanvasr.com for over a year. Hancock, however, comes with plenty of rent regulation in place, so MacDonough vacant for the same price looks even more attractive.

While tons of ground up construction goes up all over Brooklyn - the quality, style, and aesthetic of which many groan about - these early 1900's gems were built better, withstood over 100 years of mixed-bag maintaining, and are here to stay. They will command a different clientele than the boxy glass condo. Also, you can't build box glass condos on these landmarket blocks if you wanted to. Plus quality condo product on the prime brownstone blocks will command that much more of a premium since not everyone can afford prices over $1.5M for a fixer-upper townhouse, or $2M+ for a finished one (or worse). So don't be surprised when the people who can afford the ~$1M condo show up on the brownstone blocks too, even in Bed-Stuy. Not everyone grasps the nuances of the "you build it, they will come" potential of Brooklyn like the buyers of 1 MacDonough, and we're looking forward to seeing these condos when they "bring 'em out, bring 'em out".

Pro's: corner, size, windows & BR's for days, delivered vacant, not outrageously bid up on market, buy & hold or condo potential right out the gates

Con's: price bubbled up, top line number may sound high if you dunno what you're looking at, not on everyone's radar, very difficult deal to navigate, will take lots of money to maximize

Ideally: one of the most desirable canvases to renovate and restore in line with today's market

Crown Heights Limestone Hits HomeCanvasr.com: 1137 Lincoln Place

2015-11-20T09:08:00.000-05:00

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!

Park Slope Shell Game: 373 Bergen Street

2015-10-19T12:34:00.000-04:00

There were doubts, but the $2M shell game is alive & well in Park Slope. Even on the gnarliest of little houses. 373 Bergen Street came out for $1.75M and lasted 2 days on StreetEasy before the response was so tremendous the listing wasn't necessary anymore. Off-market finders shopped it to us when the high offer had already bubbled up to $2M, which didn't seem too far-fetched for Platinum Members to still take a peek. And there wasn't much to see...

Basically the remnants of a shoddy reno that stalled-out midstream. So it was no wonder the Elliman listing didn't even both with interior photos. First popped on our radar back in 2012 when they caught a stop work order and Dixon was curious about it. This summer's asking price is a healthy boost from the $655K the deed traded at this February, but those trades are rarely as simple as they appear. Stumpy and only 32' deep, it seemed like the worst of breed at the time in 2012, but with the way prices have been recently and so little else left to choose from, this suddenly becomes a prime shell in the Park Slope shell game for the right developer - even at the $2M.

Or at least one of the only things left at this kind of entry point. Earlier this year a similarly uninspiring house across the street with the Fred Flinstone front (which ain't hard to change) came out at 382 Bergen Street...

Without much inside to get too excited about either...

It lasted a month on the market with a local broker asking $2.65M before going in contract in July.

And even the SRO shells of yesteryear command $2M these days, like 268 Dean Street which closed in June for $1.95M.

And Platinum Members were happy to pick up another one of these around the corner on Bergen for $2M cash and are already anticipating a sell-out over $5M. If these gains are realized, it makes the $2M shell make sense, as astonishing as this is, even for frame buildings architects dubbed "better as a tear-down," and still reiterated interest at the $1.7M-$1.8M levels.

This week we'll take a look at another Platinum pick-up from last year at $1.85M that's got interest in closer to $3M with barely any renovation. Now we're eyeing some of our favorite next-best shells and better-than-shells - on and off market - in Boerum Hill, Fort Greene, and Prospect Heights asking $1.75M-$2.75M.

Pro's: north Slope location, vacant and ready for a project, pimped out condo or 1-2 Family potential, in line with shell pricing these days, a hunk if built to full

Con's: small frame house, needs a total gut, gone already above asking price, took cash purchase and lots of renovation budget, not the best block although well-situated, dubbed a tear-down by architects

Ideally: a lot for a shell, but a sky's-the-limit location for high-end sell-outs. Shows where that spec market is at.

Tantilizing Glimpse into Crown Heights Foreclosure Gem: 1370 Dean Street

2015-10-14T13:00:00.003-04:00

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

Buy & Hold 8-Family Closed Last Week Over Asking Price: 245 Martense Street

2015-09-23T12:18:00.000-04:00

Maybe you were too chicken to venture out to Church Avenue on the 2/5 trains when this gem was asking $859K in 2012, but we weren't. We'd been hoofing it out to Church Ave since 2003. Picked up for $869K just before the clock struck 2013, 245 Martense Street hit the open market this year for $2.4M, and closed last week way over asking price at $2.72M. This 8-Family cash cow features original details, new upgrades, lots of free market apartments and stabilized apartments in line with or exceeding market rents. No wonder it was perfect for buyers looking for solid return, capital preservation, and/or 1031 action. No wonder this place made it to the top of Loopnet's most popular listings in Brooklyn on the open market...

Pre-market, the biggest commercial brokers told us to take offers we had in the $2.3-$2.4M range, saying they'd charge us 6 figures in commission and not net us anymore money. But the building, affectionately known as "The Old Man", wouldn't stop there.

Sleep on Brooklyn at your own peril, but they still won't believe it until it happens a dozen more times. Nobody thought $2,000+ 2BR's were coming to Lefferts, but we knew any deal around the corner from the 2/5 with legit BR's all over the place was poised to tick up, rent regulated or not. We tried to tolja' back in June it was going down over ask; now it has. And the hunt begins for the next project.

"But where is the next hot neighborhood in Brooklyn??" they always ask us.

Oh, silly! It's not that simple. It never has been. You can overpay in any neighborhood, good or bad. You can also underpay in any neighborhood, good or bad. The trajectory of each building is case-by-case and not told by its zip code alone. But they don't hear us though.

As even the Park Slope-mobile parks over in Crown Heights...

And Park Slope cats get houses boudgier than Fort Greene's people, on a block where investors are bidding $2M+ for a tear down frame house...

And $3M sales (not asking prices) are popping up in Bed-Stuy, where $900K scared people just 3-4 years ago. And the word "gentrification" is even starting to sound too subtle...

Wu-Tang's "Cash Rule Everything Around Me" feels as poignant as ever. Or just a good punchline...

We'll keep trying to breakdown the nuanced trends that conk trained eyes over the head, while Brooklyn keeps singing, "If you don't know me by now..."

Another HomeCanvasr.com First Hits the Open Market: 431 Prospect Place

2015-09-16T13:09:00.001-04:00

On HomeCanvasr.com since May, this neat little 2-Family in Prospect Heights ripe for an end-user hit the open market last month and has an open house this week. 431 Prospect Place was a member of the coveted #notonstreeteasy club until just a few weeks ago. Given what else is going on in the market, this totally turnkey upper duplex and garden rental 3-story on an extra deep lot is worth a look at the asking price of $2.35M. While the "My First Sony" nay-sayers will be quick to point out the 17' width, that didn't stop our last look at 17' wide from fetching $3.2M in south Slope in a bidding war that even TV personalities couldn't keep up with.

But what the "My First Sony" buyers don't always factor in is that interior staircases and 2 entrances on these "narrow" 2-Fam's mean a net width in the rooms the same as a 20'-wider. Either way, that didn't stop Clinton Hill's less-than-15'-wider 368 Grand Avenue for closing over $2.3M last year.

And 16' width didn't stop even Bed-Stuy's 22 Arlington Place from fetching over $2.2M last year either. Granted, these are both 4-stories, but we're just saying. 431 Prospect Place is asking almost $1,000/ft, but on a whole-dollar level, we certainly can't blame them. Nice original detail throughout:

A recent renovation may not be everyone's taste, but certainly gets the job done and lets buyers hit the ground running...

The 127' lot and modest deck off the parlor don't hurt either...

The gripes are built-in, but the pluses are there. Especially since people paid almost this much for total shells in a need of a gut around the corner even 2 years ago. If you want more than a duplex condo and you wanna be west of Franklin and you don't need Corcoran to blind you with staging and retouching and tuck you in at night with 6% commission, this is a good end user play at the right price. With an open house tomorrow, it's even easier to see for yourself. Platinum Members toured one even juicier than this in Clinton Hill for $2.2M and a 4-Family in Clinton Hill for $2.35M both off market this month. #notonstreeteasy can't stop, won't stop!

Pro's: cute curb appeal, totally turnkey & mortgageable, nice Prospect Heights side end-user play, condo alternative with rental income for many buyers, extra deep lot, original details, west of Franklin

Con's: next to a large apartment building, not the most recent or hip renovation, 17' wide, won't stun you with staging, 1990's renovation at 2015 pricing, feels a tad high on price perhaps

Ideally: if you won't go to Crown Heights proper for $1.8M and you don't want a condo in more prime Prospect Heights for $1.8M+, and you can afford over $2M, you should give this a shot

Stylish Reno in South Slope Flies Off the Shelf: 468 11th Street

2015-09-10T13:53:00.002-04:00

Listed for $2.95M at the beginning of the summer, South Slope's 468 11th Street had a few well-attended open houses and multiple offers right away. This stylish little 17' wide 3-story 2-Family had lots of orginals details and cute updates that made it totally digestible for the retail market...

Little touches like the working fireplace, the small extension with two exposures, the skylights, the bountiful penny tile, the zoned heat and A/C, and inventive use of spaces made it a special house. Goes to show that style trumps hefty budget any day.

One of our faves was the buddha crown molding...

Ikea, penny tile, original details and a little style go along way for this clean and sleek look that gives that warm fuzzy feeling of lived in even better than staging. We saw your boy MNBC's Chris Hayes at one of the open houses, and he later told us at the tiki bar that he was outbid on this house.

When a dude with his own national TV show is getting outbid on tiny 2-Fam's in South Slope, you know this market isn't for the weak of heart (or wallet). Many thought the asking price of $2.95M was asking to be underbid in the $2.6M-$2.7M range, but a contract was out in a few weeks and just a month later it closed in July for $3.2M. That's right. What the big 4-stories on more coveted blocks used to close for not long ago, the modest but stylish renos that get it right are now commanding. No wonder offers over ask came in for a similar (down to the extension) pre-styled 2-Family at 155 Nelson Street in Carroll Gardens. We were in a wider 2-Family off-market in Clinton Hill styled almost this nice on the duplex asking "only" $2.2M on the same block where Platinum Members copped an off-market deal last year for even higher. 468 11th Street sold for just over $1.3M in 2011, but when you make a product that people gotta have they'll pay up for it. As in, over $1,200/sqft for a townhouse. We'd much rather have a 5-story like 242 Gates Avenue for $3M, but that one's long gone. The developers of 468 11th Street knocked it out of the park without over doing it at all and ya gotta tip your hat. And don't expect to find a steal lurking - even when for sale by owner - when the TV folks are getting boxed out of the paint in South Slope.

Pro's: great unique renovation, no big broker's commission needed, style for days, nice backyard, extension, basically and owner's triplex with a studio on the garden, AC, working fireplace, width isn't a deal breaker with interior staircase when the hallway isn't eating things up

Con's: flew way over asking price and many people's budget, kinda budgety reno feel at times, not brand spanking new, already starting to show a little wear

Ideally: ultimately, ya can't hate on this one, not one bit. Proof's in the pudding

Bed-Stuy Stunner with Open House This Weekend: 806 Greene Avenue

2015-08-20T13:14:00.003-04:00

When you're asking $2M+ in Stuyvesant Heights, you'd better have "one of those" houses where the renovation is butter. And with an asking price of $2.375M, 806 Greene Avenue doesn't disappoint. The modest brownstone exterior belies the stylish, decked out reno inside. The listing says, "The owners combined their world renowned architectural and design skills to create a utopic home with a desire for simpler, fuss-free living." Full of brand name fixtures, this house has high end retail finishes throughout at high end retail pricing.

$2M has been touched and surpassed a few times before in Bed-Stuy and Stuyvesant Heights, and for houses not quite as stunning as this. Platinum Members hit the off-market asking price of $2M this summer on the 200-block of Jefferson for a house with more original detail, but not quite all the modern pizzaz -before the owners opted to rent instead. The buyers now have a contract out in Stuyvesant Heights over $2.2M on another house before it even hit the open market. All on the same block where yet another house closed for over $2.2M. And don't forget 391 Macon Street, which closed for $2.2M in June to buyers from more prime Brooklyn.

As long as buyers with $500K+ downpayments are willing to go further and further into Brooklyn, these price points are achievable. But they do get you top of the line product, instead of what shells and what generic reno's and 3-stories go for $2.5M and over in Fort Greene and Park Slope. So while the price proximity between such perceived-as-different neighborhoods may surprise you - heck, it even surprises us - the market comes down to a decision for the home owners and home buyers.

806 Greene Avenue's yummy pics will have those tippy top buyers gushing...

Even the baths look magazine quality...

And you've gotta have that yard. $2M+ Manhattan condos won't come with that.

When you could find bones this nice for $1.4M-$1.5M, but would have to spend $400K+ and many months to make it right, you can see why handfuls of people opt to "overpay" for finished product that couldn't've produced themselves even if time & money were no object. For $2.3M+ you might've wanted at least one of the 6 fireplaces restored to functional, but doing that part yourself won't break the bank. At least it has 6 of 'em. As high end double-duplexes go, this 806 Greene Avenue is top notch, and probably won't be undersold. But with an open house this weekend, it's easy to come see for yourself.

Pro's: totally lux reno, stylish & unique interior, many original details intact, double-duplex set-up, finished cellar, barely more than worse on & off market deals in the high-end range of Bed-Stuy, great pics up and open house to come

Con's: special pricing, pretty standard curb appeal, further northeast than most people wanna be, would like a working fireplace at this price

Ideally: top of the line house for a top of the line price whose sale will still probably shock thousands, even though it makes perfect sense for a dozen or so buyers

Waterfront Living in Manhattan Beach

2015-08-01T14:10:00.001-04:00

When the hustle & bustle of Manhattan or brownstone Brooklyn living gets you down, come check out Manhattan Beach. At the end of Ocean Avenue, there's this small community on a peninsula lodged between the bay & the beach, with a variety of single & 2-Family houses with yards, garages, and a totally different vibe than the parts of Brooklyn we're used to.

A summer resort dating back to the late 1800's...

Now Manhattan Beach is like its own little subdivision, and still has the beach...

We took a tour of this house in Manhattan Beach. It's a free-standing 2-story 20' x 40' house on a huge 40' x 100' lot with a detached two car garage, four car driveway, and full basement. It's like Manhattan Beach's answer to the 669 St. Marks garage & parking. This 3BR/2 bath house is in great condition and shows well. Original parquet floors were more than we were expecting.

Almost every room in this free-standing house has two exposures. There is another room off the kitchen that can be used as a fourth bedroom or office. Also there are two outdoor terraces, one off the kitchen on the first floor, and one off the master bedroom on the top floor...

There is still buildable square footage remaining, as well as zoning that provides for a professional office in the basement. Once used as a dentist's office, it would be suitable for a medical, dental, accounting, or other home office set-up. The basement has high ceilings, large windows, and is retrofitted with electric, gas, and plumbing for residential or professional use. There are also two address on this one tax lot, so it can be easily converted to a 2-Family with separate address for more rental income.

And that waterfront view, tho! By day or night...

We had to make sure that the seafood is on fleek at nearby Emmons Avenue along the bay...

While this is our first foray to this neighborhood, we see it as possible alternative to a Ditmas Park free-standing house with garage for those buyers looking for that front yard and back yard living in Brooklyn. A nook by the beach we just learned about. We're told showings are available for qualified buyers for this off-market pocket listing asking $2M.

Closings of Note: Crown Heights Still Going Strong

2015-07-12T13:14:00.001-04:00

Platinum Members told us they liked Crown Heights' 3-story reno at 905 Lincoln Place some $200K under its asking price of $1.5M. As promised by the broker, it closed for some $200K over asking price, $1.7M. Buyers from Park Slope made it happen with a million down. One reader asked, "[H]ow come streeteasy is still showing this as 'for sale"' since November?" Well, that's because the time between an accepted offer and a fully executed contract is usually weeks, and can often be months. The wheels turn slowly sometimes, but they keep on toynin'.

After the dust settles from a crowd of bidders at 905 Lincoln Place, an unrenovated version with better details but struggling kitchens & baths commanded $1.64M to buyers from Fort Greene with some $400K down. 937 Lincoln Place closed last month. The shiny pics and $1.395M asking price garnered it lots of attention, and the work needed some people off. But it makes 905 Lincoln look like a deal.

Also in Crown Heights for $1.7M, the five-story 1249 Pacific Street closed two weeks ago all cash. Fear not the armory nearby, this joins other closings on this block at prices that are double what people were too scared to spend over here in 2012.

Just off Franklin Avenue, by Franklin Park, the renovated 3-story sub-18' wide 608 St. Johns Place closes for its asking price of $1.8M with about $500K down from a buyer from LA.

Before you let the $1.8M townhome sales in Crown Heights get to you, don't forget, condos* in Williamsburg still go for $1.8M. On HomeCanvasr.com first, 119 North 11th Street, #3A wanted "as little as" $1.4M with us last year, but was mid-renovation merging its 2-unit use into 1. The reno was so hectic that our boy Hannibal Buress walked in and walked right out in a flash...

But by the time it combined, cleaned up, and listed with Corcoran for $1.8M, this condo closed for its $1.8M. This week we got the early lead on a duplex condo even nicer than this - with parking - coming up for $1.65M on Park Place in prime Prospect Heights.

If you don't believe $1.8M or lower townhomes in Crown Heights are more attractive than $1.8M condos in Williamsburg, ask the buyers of the Crown Heights gem 926 St. Marks Avenue. Buyers from a Williamsburg condo closed on it last month for $1.7M.

So if the finished 3-stories and the estate sale 5-story homes go for $1.7M - $1.8M, what does that do to the price for shells? 865 Sterling Place, just off Nostrand, was a boarded up 3-story FSBO that closed for $1.3M in May. Remember when live-able fixer-upper 4-stories were $725K on this block back in 2013?

So to get a house in the $700K's you have to go much further east these days. It sure ain't pretty on the outside, but 1335 Prospect Place is a renovated 2-Family at condo prices. It closed for $785K in May.

Even the 1BR's on the Crown Heights/Prospect Heights border command $700K+. 475 Sterling Place, 2E closed just over asking price for $715K last month.

In an older building, deeper into Crown Heights, the 1BR at 943 St. Marks Avenue, #1B closes for $470K. $610/sqft is probably a steal for what's coming over here.

Even further out at 1263 St. Marks Avenue, this quick Massada frame house flip closed for $985K to a buyer from Bed-Stuy. Renovation and lots of financing with less than $50K down make this an attractive purchase.

Back in prime Crown Heights, $1.85M is the closing price for the huge corner 6-Family just off Franklin Avenue at 1 St. Francis Place. It came out last year asking $1.95M, grossing only $105K/year. It joins 70 & 80 New York Avenue as some of the best ~$2M pick-ups in Crown Heights in the past year. Local gobblers who passed on those finally getting the hang of it with this one. 903 St. Johns Place for $1.95M in May falls in this same range.

Also in that range, 632 Sterling Place, a 7-unit just off Franklin for $2.05M in March after asking $2.1M for a minute. Other purchases on the block not marketed are undergoing their reno's already.

Not a bad turnaround for Crown Heights' mixed-use 1388 Bedford Avenue, which was a no-brainer when we chased it in 2013 for $700K, closed that year for $800K. Last month it sells for $1.6M. Kaboom! Now we're chasing another one off-market for $1.2M.

Similarly, sold for $700K in 2013, the small mixed-use at 307 New York Avenue trades for $1.05M this May.

1056 President Street may look more Queens than Brooklyn, but it's a good Crown Heights deal for buyers from Boerum Hill at $1.13M in May with just over $250K down.

Last month, an astounding price for a garage in Crown Heights over at 1104-1106 Pacific Street closing at $5.6M. Makes the ones on the 1000 Dean Block look like steals.

But the buy & hold winner of the year in Crown Heights may go to 1054 Park Place, a 16-Fam on one of our favorite blocks. Supposed contract price was $2.2M when it came out two years ago, then the value went up and it took litigation to compel a sale. Closed for $2.5M last month. Keep in mind when you look at some 2015 comps, you may be looking at prices negotiated in 2013, and then disputed in court in 2014-2015.

Even out between Kingston and Albany, near the projects, the Crown Heights gems don't stop. Corcoran moves the double duplex at 1087 Prospect Place for $1.31M last month to buyers from Clinton Hill with some $400K down. $100K over asking price is nothing in this market.

Asking $1.4M, buyers from Prospect Heights had no problem paying $1.565M last month for the Crown Heights 3-story at 659 Prospect Place.

No wonder we were bullish on the off-market contract flip at 264 Brooklyn Avenue - as seen on HomeCanvasr.com asking $1.25M - which closed for $1.1M.

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

2015-07-06T11:13:00.000-04:00

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

Closings of Note: Bubble To Never Burst?

2015-06-25T17:12:00.001-04:00

To hear some people tell it, "The Brooklyn real estate bubble will never pop." But Brooklyn's record breaking broker for townhomes puts it in more perspective when he points out that, "If this townhouse had been in Manhattan, it would probably have gone for closer to $40 million." Instead, 177 Pacific Street breaks the record at a comparatively modest $15.5M. Don't forget, he broke the "Crown Heights" record at $3.45M from a Manhattan buyer.

From the same broker who dropped a $3M townhouse joint on ya in Bed-Stuy, $3M+ in prime Park Slope should be a lay-up, right? 203 Berkeley Place went for $3.3M to a buyer from the West Village. Closed in April with over $1.5M down, and no griping about the PS 282 factor either. Nearby, 205 St. Johns Place also closed last month for practically the same price and $1.5M+ downpayment.

Speaking of prime Park Slope houses over $3M with over $1M down, don't forget about 828 Union Street which closed last month for $3.5M to buyers from Central Park West. "-6 Day on StreetEasy"?? That's how you ball!

In prime Fort Greene, Platinum Members picked up this 21'+ wide 4-Family at 356 Carlton Avenue in February just under its asking price of $2.5M. That price ain't bad in the land of $3M-$4M houses for a mortgageable, live-able 4-Family with details & a great backyard easily converted to use how you like. For buyers from Manhattan with just about $500K down, this is about as nifty as it gets in prime Brooklyn.

When another 21'+ wide building around the corner in Fort Greene went up for $3M this year, Manhattan buyers won it again. Although more of a fixer-upper and no 1-4Fam C of O, 366 Adelphi Street closed last month for $2.4M with some $600K down.

From a foreclosure auction flip, to closing for $700K in 2013, to listing with "NYC's #1 Building Sales Firm", 529 Park Place is some prime development getting scooped like all the land in Pro-Cro, closing last month for $1.13M. Over $150/bsf made this same broker's stomach turn a few years ago, now he's happy to move little tiny pieces here for over $250/bsf. So much for buying townhomes here close to $1M when the dirt and the condos go for over $1M.

Look no further than just up Classon for another ~$250/bsf sale at 792 Classon Avenue. Closed in March for $1.9M, and looks to join the finished 790 Classon, and the under-construction copy cats at 774-776 Classon, who also took advantage of building up and building back.

Again, it'll get trickier and trickier getting the cash cow 6-8 Fam over here for under $2M when the dirt goes for almost $2M.

No wonder people are going HAM on this block. Another resale at 524 St. Johns Place went over $900/sqft. Unit 4C closed for a paltry $579K back in 2008. And last month it goes for $850K.

Around the corner, 767 Washington Avenue is nothing pretty, 16.5' wide, but 125' lot, undergoing full demo now. A mixed-use property situated right on the Pro-Cro border, it traded for $840K in February.

Also in Pro-Cro, asking as much as $2.65M+ this year, the lofty carriage house conversion at 474 Sterling Place dropped to $2.499M and closed for $2.4M last month. Now its even larger twin on the block is undergoing an expansion that's really maxing out the space at 482 Sterling Place...

That place is looking like one bad mutha' so far!

Speaking of gutting and expansions, 203 Bergen Street closed for $2M cash in April and is going to undergo a top notch modern reno with the recent successful sales of some of its neighbors in mind. Platinum Members gave us a look last week and we were really impressed with the bones.

Not quite "in the heart of Crown Heights" as billed - being out past Schenectady & all - it's 1332 Park Place which listed for $899K in January and closed for $930K last month to buyers from Park Slope with some $200K down.

"Bring your contractor" out to South Slope to cop this small 2-Family estate sale at Unicorn pricing. 289 11th Street closed for $1.55M last month with over $600K down.

Shopped to us a few times last year with and without Corcoran, this house in Lefferts was a winner in our book under $1.2M. 119 Midwood Street on a great block was a fixer-upper with great original details. Buyers from One Hanson Place closed it in February for $1.13M with just about $200K down.

Back in prime Crown Heights, a 3-Family on Franklin Avenue listed for $1.395M in January and closed for over $1.6M in April. Buyers from Prospect Heights nearby picked up 735 Franklin Avenue with over $600K down.

If you haven't been following the condo game in Park Slope, just let the activity at 35 St. Marks Avenue be your guide. Once an absurd FSBO in 2011, they got the memo by 2012 and rolled out a unit for $777K in 2013, $850K in 2014, and now Unit 4 closes for $1.11M last month. Over $1,000/sqft nowadays for un-renovated product that can't hold a candle to the neighbor? That's just how Brooklyn rolls these days. Buyers from the other side of Atlantic Avenue picked it up over asking price with some $300K down.

We tried to tolja last year about the deep Bed-Stuy, pretty nifty new construction corner play at 124 Patchen Avenue. Closed last month for $1.2M with some $250K down.

If you missed it for $700K back in 2010, step right up to Bed-Stuy's love-able 3-story at 336 Hancock Street this year. It closed for $1.55M with some $500K down last month. Sick restored original details on fleek and a McMansion-status kitchen made it happen. Has mid-Bed-Stuy really doubled in 5 years? "You betcha!"

An estate sale in BoCoCa goes for some value at 31 2nd Street. This 20' wide 3-story in estate condition sold for $1.825M in April.

Back in 2013 the peanut gallery called Gowanus' 330 Bond Street "the edge of civilization", but last month a buyer from the East Village gets one for $2.95M with some $650K down.

Listed for $2.7M, Prospect Heights' 405 Park Place was joined by a few other listings on the block last year. Closed to buyers from the West Village last month for $2.4M with just about 50% down.

Shopped to HomeCanvasr.com before landing on StreetEasy, the Stuy-Heights single-fam at 45 Chauncey Street closed for $999K last month to buyers from nearby with about $200K down.

Being north by Myrtle Avenue didn't stop 159 Carlton Avenue, #2C from getting over $1,000/sqft. A buyer from lower Manhattan went over asking price with some $300K down last month. Sick converted stables with amazing curb appeal copping a premium. As long as there's someone richer than you in Manhattan - and trust us, there is! - this bubble may never quite "burst". Manhattan keep on making it, Brooklyn keep on taking it.

Carroll Gardens 2-Family Coming to Market: 155 Nelson Street

2015-06-16T11:08:00.001-04:00

As seen first on HomeCanvasr.com pre-market, 155 Nelson Street is a cute Carroll Gardens 2-Family coming to market for $2.25M. This 17' wide 3-story between Court Street and Clinton Street is currently used as 3 floor-thru 1BR apartments, and can be delivered vacant or with free market tenants. Clean & stylish with many original details intact and some modern upgrades, we were really impressed with how well the house shows.

With an extension on the garden floor (washer/dryer already in place!), the house has a finished backyard deck on that level and outdoor space on the parlor level...

Wide plank floors and tin ceiling in great shape...

Our iPhone can't really keep up with more profesh' photography though...

Local brokers pointed out to us such comps as the gnarly 3-story estate sale at 546 Clinton Street which listed for $2.4M and closed for $1.75M last month to developers - and can't hold a candle to this house on Nelson Street. We see 155 Nelson as much more suited to the end-user market than that house. While toward the bottom rim of Carroll Gardens, 155 Nelson Street is around the corner from such coveted local destinations as Prime Meats & Frankie's 457. And when your closest coffee shop is the adorable (& ever-expanding) curated space that is Le Petite Cafe...

...then you can't really feel like you're too off-the-beaten-path here anymore. About equidistant to the F train at Smith & 9th and at Carroll Street, people used to fade these blocks, and now they're actually pretty sweet. If Corcoran can move the tiny 16' wide (but decked-out) 145 Nelson Street for $2.65M last month (or over $1,300/sqft), then there are dozens of buyers who should like the value at 155 Nelson Street. Afterall, over a dozen 2-Family properties have sold for this price or higher in the past year in Carroll Gardens. We see 155 Nelson best used as an owner's upper duplex with garden rental covering half a millie in mortgage, but what do we know? With open houses coming soon, it'll be easy to come see for yourself.

Pro's: totally turnkey, great rental income potential along with owner's duplex, condo alternative in BoCoCa's current market, shows great, can be delivered vacant or with tenants, no big broker commission on the scene

Con's: doesn't Google Map well if that's all you go by, bathrooms would probably need cosmetic updating to bring inline with modern tastes, only 17' wide

Ideally: quaint BoCoCa gem that can be easily taken to the next level

From 10-Cap to 3-Bagger in 2.5 Years: 245 Martense Street

2015-06-09T10:48:00.000-04:00

In contract this week on the edge of Prospect Lefferts Garden & Flatbush, it's the 8-Family buy & hold dream at 245 Martense Street. Once a 10-cap back in 2012 for $869K, this property hit the market in February this year asking $2.4M. Now a contract's been executed over $2.7M. When you buy a 10-cap, turn it into a 15+ cap, and sell it at sub-5 cap, you're talking about 300% appreciation. And when you're financing the asset with 25% down in the first place, your cash on cash return is even sicker. When we tried to tolja' this was one of the most interesting buildings in the world...

Who knew it'd sell below a 5-cap? As offers came in from $2.05M-$2.5M between January and March, getting any higher than that started to feel almost greedy...

But the market speaks, and the market kept taking it up higher. Like wayyyy up! By the time a proctology exam from a DHCR doctor revealed a few benign polyps, walking the top buyers a bit off of their $2.75M offer, the glass was already more than $320K full, not $30K empty.

Even last year the gross income and average rent per unit were on a steep curve that doubled the value of the building in a year & a half...

"They said it wouldn't last, we had to prove them wrong..." and average rents posted another double-digit percentage increase in the following year. It's not rocket science. When you make sensible improvements that take this...

To this...

... you're going to see some improvements in your rent roll. Along with a new roof, new boiler, new hot water heater, new electrical, brick repointing, and significant renovation and restoration to most of the units, this baby was born to run.

Debbie Downers, Negative Nancys, Critical Cathys, Pollyannas, Goldilocks and other doubters will tell you things like, "We prefer more prime neighborhoods," or "Watch out for rent stabilization," or complain about how much they net off even the finest cap rate.

Is it so hard to focus on the parts that actually matter most? On its best day as a 15+ cap, which is already more than anyone could ask for, this building nets just over $5K/month. And that's with burdens like over $1,000/month in property taxes, which no one likes to pay. But besides the cash flow, the appreciation's where it's at! From day of purchase to executing contract this week, the building appreciated over $2,000 per day! In the year and a half from purchase to contract last week on 1134 Bergen Street, a building that net "only $2,000" on its best months, the appreciation was almost $1,000/day. But they don't hear us though.

The newest boogie man spooking nay-sayers these days is the stormy cloud of rent regulations stepping up even further with DeBlasio & team making hay of the hot button issue. Which we always take with a huge grain of salt, because everyone in the industry has been trying to spook everyone else about "and with rates going up..." for the past 5+ years, while the 20+ year chart on interest rates looks like this...

But that doesn't stop the rent regulation headlines from piling up, and the spooky rumors & chatter from circulating amongst the lips of people who have no idea what they're talking about.

Maximum increases on 1 & 2 year renewals for rent stabilized apartments were recently lowered, a move that ostensibly favors tenants and freaks out landlords. However, the numbers that matter most stayed the same and even increased. So getting folks to prioritize what's really happening gets lost in the headlines.

Likewise, there's still plenty of money to be made for landlords at rental rates that are still a value compared to market, but you won't hear anyone else speaking anywhere nearly that resonably about the issue when it's so much more fun to play two divisive sides. 245 Martense is a shining example of hitting that happy medium.

With bidders ranging from 1031 buyers to Europeans more concerned with capital preservation than unsustainable growth, a great deal for buyers and sellers finally crystallized this week on "emerging Brooklyn's" 8-Family darling.

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

2015-06-02T08:42:00.003-04:00

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.

East Harlem 3-Family with Parking In Contract: 225 East 110th Street

2015-05-29T16:48:00.003-04:00

The hustle in Brooklyn is getting harder by the day, so Upper East Side inclined buyers are looking at East Harlem alongside places like Crown Heights for income producing properties with owner's duplexes and backyards. Head on over to East 110th Street, AKA Tito Puente Way...

Where new construction 3-Family buildings with 2 parking spaces have cracked the code for legit 3BR lay-outs, where you can gross over $3,000/floor if you play it right.

But don't try this on StreetEasy! Available only on HomeCanvasr.com, 225 East 110th Street is a totally turnkey 20' wide house with lots of upgrades to optimize rental income. It went in contract today for $1.9M. We were raised on this house as the quintessential 3-Family owner-occupied money maker. The parking space and air-rights are just bonus. Between the 6 train at 110th Street and the some-day-it'll-be-here 2nd Avenue subway line, this block has been an interesting alternative to Brooklyn, the Upper East Side, the Upper West Side, and more expensive stretches of Harlem for buyers & renters alike. This is East Harlem's answer to the new construction houses at Atlantic Commons, like 460 Carlton Avenue...

...where Platinum Members have an off-market deal in contract for a new pricepoint as well. In Harlem, a finished basement, backyard, nice roof, 2 parking spaces, under $2M?? It was a HomeCanvasr hole in one. Sure, it doesn't have original details, but it doesn't have original drama either. No asbestos, no lead paint or pipes, no mold, no termites - and all the other things every one of these old houses has that even a 5th grader could tell you are icky. Some owners on the block have already reconfigured even fancier iterations of these houses with modern owner's duplexes, etc. And the parking space is an equalizer for those who think this is too far off the beaten path.

Cheaper than what else you'd find this nice across 110th Street, and neck & neck with its Atlantic Commons counterparts, 225 East 110th Street brings it full circle for us.

Pro's: owner-occupiers dream with huge rental income potential, totally turnkey with recent updates, nice backyard, parking, grosses over $10K/month, low expenses, no money wasted on big broker commission

Con's: a little on the generic side, these used to be $1.5M-$1.6M back in the day, sold to the first buyer who saw it

Ideally: a great deal for buyer and seller that happened only on HomeCanvasr.com

Holes in the Ground in Crown Heights

2015-05-20T08:16:00.001-04:00

In case you've been living under a rock for the past few years, Brooklyn's hottest cross-over neighborhood "Pro-Crow" is literally on fire, and we don't just mean the corner of Washington Ave & St. Johns...

Which is now just a hole in the ground poised for a mixed-use project to come with apartments above.

Down the street, another hole in the ground is 564-570 St. Johns Place, which we tolja' sold for $177/bsf last year, no longer just a decaying garage...

It too is another hole in the ground ready for its tens of thousands of prime buildable square feet to be built. You thought $48M was a big number for the fully-rented 500 Sterling Place with it's neighborhood-shattering rental numbers, try $24M for a piece of dirt at 564-570. But pieces of dirt don't last forever.

Not quite matchy-matchy with what's across the street? Who cares?

"Oh, but that pesky S train track is right there!" Who cares?

This is the same block as Crown Heights' beloved once-outpost Franklin Park, people!

Which requires just once glance at practically any time of day to know that the hipster blessing have been received in this nabe. No wonder everyone else on the block is getting into the act. Like the now-unified front across the street...

Even the 20' wide dirt next door at 615 St. Johns Place sold for over a million last year and has its plans underway...

No wonder the commercial on Franklin continues to turn over...

No wonder owners on this same St. Johns block held out for every last penny on a 6-Family delivered vacant at 557 St. Johns. No wonder 2 more projects on the same block as 790 Classon Avenue around the corner are following the same play book of gutting and building up and building back.

In the field of dreams of post-Slope Brooklyn, if you build it, they will come. Then when they come, you can build some more. And that fire? It'll have its day in the sun too...

Closings of Note: Tell It Like It Is

2015-05-14T10:36:00.000-04:00

It's still not a game out in here in Brooklyn as prices continue to go to higher heights. But don't take our word for it. Let's sit back & relax, and let the market "tell it like it is." With $2M being surpassed for the finest 4-stories from West Bed-Stuy to Stuyvesant Heights, brace yourself for a deceptively 4-story 17' wider with a $1.9M handle on it like 340 Putnam Avenue. Closed in March. Manhattan buyer, for the win! No wonder off-market bids came in at $2M for a 20' wider around the corner a few weeks ago.

With ~$2M townhomes becoming more than just the outlier in Bed-Stuy, no wonder mortgageable Clinton Hill homes, no matter how generic, can shoot over asking price. 422 Grand Avenue closed in March for $2.5M with 50% down to buyers from Boerum Hill.

Available on HomeCanvasr.com first, this nifty renovated 3-story at 73 Chauncey Street closed for $1.495M to a buyer from Manhattan in March.

As seen first on HomeCanvasr.com last summer, 99 Kane Street was a great 5-story 2-Family house on the edge of Carroll Gardens with amazing views of the harbor. It wanted just over $3M, and came down a little after listing publicly. It closed for $2.8M last month to buyers from Brooklyn Heights

As seen only on HomeCanvasr.com, 658 Dean Street in Prospect Heights sold for $1.83M last month after their latest price drop to $1.9M in February. Not a bad look for a turnkey place with a nice yard in a neighborhood that's been neck & neck with Park Slope for a while.

71 Bleecker Street in Bushwick got the green light from our main Bushwick expert. Platinum Members pushed an accepted offer & contract at $870K to the brink and got scooped the next week by a much higher offer. This neat little 2-Family closed last week for $970K.

BoCoCa's 465 Warren Street closed for $400K in March (with some additional costs you won't find as easily) and now will gladly sell to you for $2.3M with an open house this Friday. Probably goes for even less without a big broker on the scene. We've got an even more diesel place coming to market soon in South Slope around this price with no big broker on the scene.

373 5th Street in Park Slope was a no-brainer even with issues and requiring a cash buyer. It closed in March for $1.525M. Now that same price is coming in even further down in South Slope on an off-market cash deal.

292 16th Street in South Slope ('cause who wants to really call it Greenwood already if they don't have to?) even this small frame house only 25' deep closes for $1.225M in March. Over $750/sqft for a house that'll probably undergo everything to max it out. Today we're checking out a new project nearby coming soon to HomeCanvasr.com that wants as much as $2.35M for a totally renovated finished product.

Speaking of $1.2M in Park Slope... on HomeCanvasr.com asking $1.25M months before it hit the open market with a big broker, the North Slope 2/2 condo at 392 Bergen Street, #2 sold for $1.36M last month. And on the BoCoCa side, another Bergen Street 2/2 condo closed for $1.45M to buyers from Manhattan.

This frame house in Lefferts on a huge lot at 194 Hawthorne Street closed for $1.4M in March. 16 residential units is what's next.

Another HomeCanvasr.com Experience: 420 Franklin Avenue, #1

2015-05-11T15:41:00.000-04:00

Available only on HomeCanvasr.com, it's a Clinton Hill / Bed-Stuy duplex condo with private backyard asking $1M. 420 Franklin Avenue, #1 is a 2BR/2 bath garden floor condo with finished basement and laundry in the unit, grossing almost 1,500 square feet and almost 700 square feet of private outdoor space. We were impressed when we first saw it a few weeks ago...

Totally renovated and first rolled out the door last year, the owners have made some tasteful additions since; including taking out some heinous accent tile the developer put in the bathroom, and adding some custom made bookshelves fashioned out of plumbing pipes...

Just in the time for the warm weather, wall AC units in every room. With relatively low common charges under $400/month, this apartment works as a Franklin Avenue townhouse alternative for those who can't handle fixer-uppers in the $1.35M-$1.8M range. And you still net the backyard action that townhomes are loved for...

With $700K 1BR's flying off the shelves heading towards Franklin, this is a much larger piece for not that much more money. We'd rent the finished basement as a legit bedroom ourselves, but whether you count it or not, it makes a great man-cave is nothing else. Not to mention the laundry...

Some people tell us "a condo that nice for 'only' a million is a no-brainer". The peanut gallery will obviously point out the owner's cost basis, but the market is the market. Apple's gone up 25% since last September...

Why can't one of Brooklyn's Finest condos? For those who want townhouse feel on Franklin Avenue at a relatively affordable slice, this is the move. But we'll see what the market has to say. With an open house coming up, it's easy to find out for yourself.

Pro's: true 2 bedroom & 2 bathroom duplex with laundry, AC, and private backyard, low common charges, ON Franklin Avenue, great Bed-Stuy/Clinton Hill/ Crown Heights tweener play, no big broker commission on the scene, nice owner updates since purchase, shows great, not a huge multi-unit

Con's: not a garden/parlor duplex, finished basement isn't true square-footage in everyone's book, more expedient than grand, uptick since last season

Ideally: if you can find a better 2/2 with private yard, buy it!

Good, Better, Best: 475 Sterling Place, #2E

2015-05-08T12:42:00.001-04:00

The old adage, "Good, better, best. Never let it rest. Until your good is your better and your better is your best" rings true in this seemingly-endless bull market in Brooklyn property. Not long ago we documented the $700K condo game a few times, back when $700K got you a 2BR in neighborhoods like prime Boerum Hill, prime Park Slope, more Park Slope, even more Park Slope. Until finally the $700K condo game came to the Prospect Heights/Crown Heights border for a new construction 2BR. But back then we were still selling townhome beauties in Crown Heights in the $700K's too, like 894 Sterling Place.

The rising tide has continued to lift all boats.

Nowadays the 1BR's are feeling the uptick. 475 Sterling Place, #2E hit the market for $699K, and in the time it took for the "Just Listed" post cards to arrive via snail mail, this condo is already in contract within a week.

At almost $1,000/sqft, it is no joke in Crown Heights these days! The pricepoint makes it more palatable, but you can clearly see that the good is now better, and the better is now best in Brooklyn's unstoppable real estate market. 475 Sterling's 2BR's went from $775K, to $815K, to $850K to $995K, to $1.025M like #3C that closed last month. No wonder Platinum Members pounced pre-market on a 1BR here at the end of 2013 for $550K. First the 2BR condos on Sterling & Washington start selling for the price of townhomes on Sterling & Nostrand. Then the 1BR's on Sterling & Washington start fetching that price. We can only imagine what the townhomes are worth today. And it puts the $48M sale of 500 Sterling Place across the street (which we tolja' 'bout in February) in perspective at just over $600K/unit.

Coming up on HomeCanvasr.com, we've got a 2BR/2 bath duplex with private backyard on Franklin Avenue asking $1M as this condo goes for re-sale. Price sounds right in line with the market to us. (Did we mention the backyard??)

Pro's: new construction condo in prime Pro/Cro with roof, gym, parking, floor to ceiling windows with great light, relatively low common charges, under $800K perhaps?

Con's: little on the generic side, pricey ppsf, is this really what 1BR's cost now

Ideally: a great little place in Pro-Cro pocket still on the rise that rolled right out the door in a flash

Bed-Stuy Mixed-Use Available Only on HomeCanvasr: Gates Avenue & Nostrand Avenue

2015-05-05T16:05:00.000-04:00

Available only on HomeCanvasr.com, it's a mixed-use property in Bed-Stuy that's asking $1.25M. This building has 2 turnkey apartments and a commercial space currently used as a trendy gallery. One of the apartments is a true 2BR with a balcony over-looking the garden...

The other apartment is a 1BR plus office. Market rents between $1,750-$2,000/floor for the apartments, and the gallery on the ground floor is pretty sick...

With a new roof, tenants paying their own heat & hot water for each unit, and the gallery doing some landscaping & coy pond to come in the backyard, this building is optimized for hipster "set it & forget it" status. Low ball cash offers under $1M were already shot down, and the owner wants a high number in this frothy market, but who can blame 'em? We've got another one off-market on the corner at this same pricepoint in Bed-Stuy with 2 garages.

Pro's: totally turnkey, Nostrand isn't too far anymore, lots of amenities nearby on Bedford, tenants pay all utilities, almost fully optimized, full sized 20' wide, no big broker commission on the scene

Con's: not much value-add left at these levels, 3-stories not 4, won't settle for $1M anymore

Ideally: if you want an easily finance-able buy & hold or a live-in investment at a relatively low pricepoint for the area, this could be the one

South Slope 2-Family Available Only on HomeCanvasr: 6th Avenue

2015-04-29T11:52:00.001-04:00

Available only on HomeCanvasr.com, it's a small 2-Family in South Slope that wants $1.65M cash. At 6th Avenue & 13th Street, weighing in at only 15.5' wide and 3-stories tall, this house is still live-able and delivered vacant, making it a perfect little play for investors and end-users alike.

It's probably best used as a single-family. We've seen houses where the interior staircase means that 15.5' wide isn't the end of the world. 22 Arlington Place, for example, had full-sized rooms front and back because of its interior staircase. And that sold for over $2M in Bed-Stuy!

This house on 6th Avenue would sell for more if it went with a big broker and full scale marketing campaign and huge open house. But as-is, there's value to be had. With so many Unicorn Hunters still on the prowl in Park Slope, even while fixer-uppers in Bed-Stuy exceed $1.5M now on the open market, we thought this one was worth a look.

A working kitchen with nice tin ceiling like this isn't as palatable to the picky end-users, but sends all the right signals to savvy buyers. By the time this house looks the way you want it to look, it certainly won't cost what you want it to cost.

Pro's: Park Slope under $2M, delivered vacant, has some details, live-able, not on everyone's radar, not a sight-unseen deal

Con's: not much look inside so far, work to be done, super small & narrow, basically all-cash is a must

Ideally: not a huge play, but value that's worth threading the needle for the right buyer who's set on the Slope

Crown Heights Limestone Available only on HomeCanvasr.com: Union Street & Nostrand Avenue

2015-04-21T12:29:00.000-04:00

Fans of last year's Platinum Member pick-up in Crown Heights at 1196 Union Street (seen above) may be happy to hear that another house just like it is now available on the same block asking $1.299M. Available only HomeCanvasr.com, this new house on this quiet block at Union Street and Nostrand Avenue, just off Eastern Parkway, is a cute barrel-front limestone with an extra-deep south facing yard.

Easily used as a single-family or a 2-Family, there are 3 full sized bedrooms, 3 bathrooms, solid wood floor throughout, original details, and a working gas fireplace.

Well maintained with some recent upgrades, including the new bathroom with the jacuzzi tub & skylight. There's a finished basement as well. And don't forget the 127' lot, just like at 1196 Union:

The expectation is buyers will renovate some, including moving the kitchen upstairs to the downstairs. Renovations to 1196 Union Street and other neighbors show the potential to make the most out of these cute limestones. And a house this solid under $1.5M is starting to look like a relative bargain with what's asking $1.85M in Crown Heights in need of at least $200K in work according to many prospective buyers. It's almost a condo alternative at this price, with or without rental income.

We think this block is a sleeper hit in Crown Heights. Steps from the 3 train at Eastern Parkway and the 2/5 at President Street, this is about as desirable a space you can get close to Franklin Avenue under $1.5M. Offers came in higher than this asking price of $1.299M last year on 1196 Union, so we think the neighbor's priced their house in line with the market, given what even fixer-upper 3-stories can trade for off of Nostrand, like 798 Lincoln Place for $1.42M late last year. And without a big broker's commission on the scene, there's even more savings buyer and seller can pass on to themselves.

Pro's: curb appeal, cute block, pricepoint, totally turnkey, huge yard, well-situated as Crown Heights activity pushes east, can be affordably updated, not on everyone's radar

Con's: work to be done, not quite as stunning at 1196, ostensibly wants more than last year's prices

Ideally: this is a slam dunk for dozens of buyers with even a modest renovation budget

What a Difference Pics & Marketing Make: 1070 Bergen Street

2015-04-19T10:34:00.000-04:00

As seen first on BK to the Fullest and HomeCanvasr.com months ago, 1070 Bergen Street has hit the open market proper with a lil' clean-up, shiny pics, and dedicated marketing campaign. And a few touches make all the difference between a ratty-looking off-market listing and something retail buyers wanna sink their teeth into. Finally the original details of this place are out for all to see in their truly glory...

The intended asking price around New Years was $1.6M, but you can see why they're happy to ask $1.85M given the state of the market and the improvement in marketing. This is basically the same gig as 196 Hancock Street not far away in Bed-Stuy with almost an identical facade, that the identical broker listed last year for the identical price in identical condition and fetched $2.1M from the Aussies. As with that house, conspicuous in their absence are pics of the kitchens and baths, which basically need guts along with the rest of the house while tip-toeing around the amazing original details, which can be a pain. But if they can be done in place, this will be a liveable house not long from now with a semi-modest budget into it. Although a proper & thorough renovation will run many hundreds of thousands, as any high-end contractor will be happy to tell you. Even though it sold last June, plans for renovations in 196 Hancock Street weren't approved until just last month. But when you've got hundreds of millions, sitting on a house for almost a year or more is no biggie. No wonder Platinum Members were happy to offer $2M on an off-market finished product a block away in Bed-Stuy this week since turnkey for $2M is more attractive than waiting on permits for a year at $2.1M.

With an open house today at noon, it's easy to come see the pros & cons of 1070 Bergen Street for yourself...

And when compared to the open house a block away at a not quite as stunning, but more finished product like 1134 Bergen Street, you can see why we're expecting to fetch a little more over there.

Pro's: curb appeal, cleaned up and showing way better in pictures, open house and easy access, upgrades might be easy to make

Con's: not a purely townhouse block, work to be done, price feels rich for a house that's not nearly turnkey, not a play for rental income if best used as a single-fam

Ideally: a great fixer upper with even better details than we'd bargained for even if there's work ahead

Open House at Our House This Sunday: 1134 Bergen Street

2015-04-16T10:21:00.001-04:00

This Sunday there's an open house at one of our fave houses in Crown Heights, our house at 1134 Bergen Street. This 3-Family with original details throughout and modern upgrades seems priced right to us given that total fixer-upper dogs off of Nostrand are fetching $1.5M-$1.685M effortlessly in and out of peak buying season. Afterall, who wouldn't love this row of limestones?

But don't take our word for it. Set up as an owner's duplex with 3BR's and 2 baths & huge south-facing back yard on the 127' lot, along with 2 floor thru's on top, this house is a crown jewel for all kinds of buyers. The market understands nice product best when you put that Corcoran shine on it, and the pictures turned out great. Banana yellow hallways and old linoleum covering the original oak treads and risers had to go, because this...

..is a great a improvement over this...

While not even optimized to its full potential yet, the kitchen in the owner's duplex has always been a fan favorite...

And creative tenants nailed it in the kitchen with this sweet breakfast nook!

The bedroom on the garden level has original oak flooring, a pocket door, a mantle in perfect condition, and original built-in mirrors and cabinets...

Since that ground floor ostensibly gets less light than the parlor and upper floors, the builders wisely went with a lighter wood on that floor and darker wood up top. But it was all the same to Django...

There's also a washer/dryer on that floor, and jacuzzi tub and a shower built into the bathroom on an extension on that floor...

The extra-deep backyard actually doesn't show as well in the Corcoran pics as it does in person...

But just peak across at the neighbor's homemade trellis and landscaping to see what a magical mystery garden can be housed on these dimensions. Django even tolerated it in the snow...

The reading room upstairs on the parlor features original parquet flooring, and turned out great in pics...

We built a wall to separate the front of the parlor and the reading room to make another bedroom. So while we lost that grand effect of looking through the woodwork 20'-45' through to the front of the house, we also gained an extra bedroom that garners great rent. Made sense to us because removing the wall if needed is as easy and damage-free as building it in a day was.

The renovated en suite bathroom on the parlor floor came out great too. Simple, but a huge improvement over what was there before...

The rentals upstairs have newer floors, original details, and some strategic bath & kitchen upgrades. Grossing $8,200/month as-is, close to the A/C and 3 trains at Nostrand. Bike line on the block and at Dean Street. Near Franklin Ave and Berg'n and every other coveted brownstone Brooklyn neighborhood. This limestone hits the sweet spot. One sip of the "Bergen Motel" cocktail at newly-opened King Tai on this very block and you'll get a sense of what direction folks feel this neighhorhood is heading in.

Pro's: curb appeal, totally turnkey, original details in amazing condition, updates abound, great rental income from great tenants, extra-deep backyard, easy train & bus access for commuters to the city or other parts of BK, can be spruced up even further very affordably with the right touch, compares nicely to fixer-uppers trading for not much less than this, brand new hot water heater last year and mechanicals updated in this decade

Con's: not as stunning block as Dean on this column, Nostrand isn't as hip as Franklin just yet, "18' not 20' wide" they'll groan, may feel a little chopped up to boudgie end-users the way we've configured it

Ideally: a killer building with an open house this weekend makes it easy to see if it'll be "limestone love at first sight" for you like it was for us