Friday, November 20, 2015

Crown Heights Limestone Hits 1137 Lincoln Place

New to 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!

1 comment:

  1. This is such a beautiful property. I wish this property would have been located in Arizona. Actually I need a home there and now considering Dove mountain real estate as the homes over there are very spacious and well budgeted.