Another house in need of renovation but with oodles of original detail has sold for the price of a renovated house. This one is in Crown Heights at 698 St. Marks Avenue. It was a House of the Day in February. It closed for $1,500,000, which is $150,000 less than the asking price of $1,650,000.
The sale has not yet hit public records, so the identity of the buyer is unknown, but we hear the buyer is an investor who plans to rent it out. In December, Brooklyn-based real estate firm All Year Management LLC bought it for $515,000 after a lis pendens was filed against the property.
“It was one of the first houses in need of renovation to close at this new price point,” said Chaya Zarchi of Brooklyn-based B.H. TAL Real Estate, who along with partner Leah Haut represented the seller in the transaction. “We think it shows how desirable townhouses are in this neighborhood right now.”
What do you think this says about the market?