Open House Picks: Six Months Later
Comment: All four sold, with Windsor Terrace going for $421,000 over ask — whoa! Open House Picks 4/4/2014 [Brownstoner]
Comment: All four sold, with Windsor Terrace going for $421,000 over ask — whoa!
Open House Picks 4/4/2014 [Brownstoner]
bets we’ll see Prescott Pl back on the market soon after a crummy reno for 3x the purchase price?
I’ll take the other side of that bet.
Being pragmatic – the house is an okay deal at 375, if you want to own a house in bedstuy/crown heights area you probably aren’t going to get any lower unless you’re looking at a gut reno. This seems to be a rare find where buying is significantly cheaper than renting at current rates. But there’s a reason it’s 375, street view it – there are 3 or 4 garages to your left, across the street is a giant auto shop, to your right an empty lot, behind you is a giant parking lot. In order for that to see a substantial change in value those two blocks would need to be redeveloped completely. It would take A LOT of development going on around your house to hit the +1m mark for this.
All of that is possible provided the only direction developers wanted to move was east, but they don’t. They develop organically, if there’s a good deal they buy it and work on it. Right now PLG/crown heights seems to be picking up moreso than bedstuy, and I think they can extract more money out of those neighborhoods than they could in further reaches of bedstuy.
It’s a strange house with charms, but was more charming when it changed hands for $500k a few months ago.
The flippers stuccoed over the brick exterior (WHY?) and slapped a ductless AC unit to the side of the house, right in front. Not so cute.
You think that’s madness, check out this flipped house with only 1 floor! $1.26 million, no rental, 3 bedrooms. 55 E4th st.
http://www.zillow.com/homedetails/55-E-4th-St-Brooklyn-NY-11218/30671171_zpid/
We posted at the same time and said almost the same thing! Good call on the Kensington side of KWT. You made the right bet, it should only take a year or two, depending how far from Caton/Ft. Hamilton you went.
I used to live just down the block from there on E2. Terrific area, good access by car and subway, and I love that row of houses. $1.4 is a tough pill to swallow though. The 1M threshold was crossed a while back though so I can’t say I’m surprised, but there’s work left to be done in that house too.
Pro tip, you can cross Caton and pay a whole lot less, and get the same schools, same subways, same services. Not for long though.