Brooklyn Brownstone Bargains

A FEW WEEKS AGO, I got a fascinating flyer in the mail from the Corcoran Group. The 156398-0center spread showed a collection of brownstone facades representing 3- and 4-family building sales in Brooklyn for the second quarter of 2010 (presumably a third-quarter flyer, for the period ending September 30, is coming soon). Surrounding a map of Brownstone Brooklyn and grouped by neighborhoods, there were 33 sales (not all by Corcoran) in that three-month period: 2 in Prospect Heights, 2 in Gowanus, 2 in Clinton Hill, 3 in Boerum Hill, 3 in Cobble Hill, 5 in Fort Greene, 7 in Carroll Gardens, and 8 in Park Slope.

The priciest of these were upwards of $2million, but my bottom-fishing eye sought out the least expensive properties. My mind began buzzing with questions: How long was this on the market? What was the original listing price? What condition was it in, and on how lousy a block?

Some answers:

78 Adelphi Street in Fort Greene, right, fetched $574,000. Originally listed at 669K, with a not-enormous 22’x35′ footprint, and described as a ‘shell,’ it was snapped up within 4 months on the market. Its dire condition + it’s location — between Park and Myrtle Avenues, a few houses from the Brooklyn-Queens Expressway — are why it sold as (relatively) cheaply as it did.

112 Ryerson Street in Clinton Hill, below, is a 20’x40′ house that brought $1,000 above its asking price of 699K, after just a couple of months on the market. Also between Park and Myrtle Avenues but not on top of the BQE,  it looks to be a solid building with good rental potential, at least.

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455 Union Street in Carroll Gardens, below, was advertised as a ‘handyman’s special.’ A small three-family (17×38) near Bond Street, it sold for $700,000 after almost a year on the market, and no wonder: the original asking price was an over-reaching 950K.

455-Union-Street-0709.jpg

It’s the old lesson: if a house is priced right, it sells, even in this down market.


About cara

I blog (for fun) here at casaCARA, and write (for money) about architecture, interiors, gardens and travel for many national magazines and websites.
This entry was posted in BROOKLYN, PROPERTIES FOR SALE, REAL ESTATE/INVESTING and tagged , , , , , , , , , , , , . Bookmark the permalink.

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