371 Clinton Street in Carroll Gardens sold for its list price of $2,695,000, according to todayâ€™s Brownstoner post. Pricey? Yes. Worth it? Yes! Hereâ€™s what I wrote about 371 Clinton Street in my March 17 “My 2 Cents” article on this blog: â€śThereâ€™s a lot to like in this 19th century home, and if youâ€™re at this price level, itâ€™s well worth considering. . . Relative to comparable homes Iâ€™ve looked at in Carroll Gardens and Cobble Hill, this home stands out for so many reasonsâ€“its condition, configuration, flow, finishes and detail. While the overall price of the property is steep, the cost per square foot ($816) is actually at about par with many properties in need of workâ€“making this home a good buy. And I donâ€™t mind its Clinton Street locationâ€“this is urban living, after all!â€ť
And hereâ€™s my comment to todayâ€™s Brownstoner post and discussion: â€śTo understand the supply / demand dynamic you really need to attend an open house at one of these properties.Â I was in 371, 369 and 432 Clinton during their initial open houses.Â According to the listing broker at 432, over 100 people signed in for the open house.Â He estimated about 300 people were in the building during that 2 hour period.Â Quite something to see.Â This property was in inferior condition when compared with 371 and cluttered with stuff.Â I thought 371 had the right layout (upper triplex, garden level rental) and was in relatively good condition and showed well. The macro trend Adam Dahill mentions above has not abated in any way, as some thought it might.Â The demand for 1- to 2-family townhouses specifically is far in excess of supply. And there is almost no way to add to the supply of townhouses in most brownstone Brooklyn neighborhoods.Â They become available through generational family attrition or relocation — a slow and currently infrequent occurrence. Families that have already formed or are in the early stages of taking shape look to Brooklyn from Manhattan for a better quality of life — walkable, lower density neighborhoods with character and charm.Â It is easy to understand how this translates into upward pressure on the price of certain types of housing.â€ť
If you’re interested in discussing other properties on the market, pleaseÂ email me orÂ give me a call at 917-568-6525.