Monday, April 7, 2014
Real Estate Monday: Worry Free in Brooklyn
A quick update on a house from last fall. 161 16th , marketed at those who were "Looking For More Benefits Than A Condo Can Offer," was bought for $450,000 last October & flipped back on the market the next month at $799,000. Our flipper friends didn't quite do as well as they'd hoped. After some price reductions the diminutive house - 14' x 25' on a 14' x 25' lot & directly abutting a condo building parking lot - closed last month at $600,000. Still, no renovation expenses incurred. The square footage was listed at 584 or 1,050 sq. ft., depending on whether you can count the basement as living space, and the terrace footprint is ambiguous. In these times, & this rabidly popular part of Brooklyn, the sale price is almost a pittance! I was trying to find a similar kind of listing elsewhere in the Brooklyn hot zones, and came up with a slightly smaller (landmarked) renovated "cottage" on Dean Street in Crown Heights, at $599,000. No exterior pictures, but a quick Google search shows it to be a nice looking little place, on a beautiful block, but its triplex description somewhat deceptive, perhaps, with the lowest floor looking well below grade.
The triplex layout boasts 2 bedrooms and 2 full bathrooms, a modern kitchen featuring a Bertazzoni range and soft close cabinetry, full size vented washer/dryer hookups, beautiful exposed brick, and plenty of storage. Who has time for common charges or maintenance fees? The new owner of this historic, one-of-a-kind property won't have to worry about either.
1336 Dean Street was another flip, bought a year ago for $125,000.