Trading up to a townhouse
Chris and Danielle upgrade their family to a gut renovated two-family brownstone in Brooklyn.
Chris and Danielle, long-time residents of Park Slope, had lived in their two-bedroom pre-war co-op on Lincoln Place for nine years. With two young children and frequent extended visits from family, the couple was eager to upgrade to a two-family townhouse in the Slope in order to double their livable square footage and earn supplemental rental income. Chris and Danielle hired our firm to facilitate a sell/buy to achieve their goals.
Our clients hoped to secure a well-located two-family house with a budget of up to $3 million. Our geographical target area was prime North & Center Park Slope, with our focus narrowed-in on suitably large two and three family homes. Chris and Danielle were open to aesthetic renovations, but preferred their house be move-in ready. Aside from space and rental income, our clients sought a 18'+ wide lot, easy access to a well-manicured backyard, and a bonus area for family stays and playroom use.
Our search spanned several months and brought us to over a dozen houses, many of which sold quickly with multiple offers. As the Spring market reached its peak, we visited a recently gut-renovated two-family on 7th Street in the Center Slope. The home was a perfect fit for Chris and Danielle's family, with thoughtful restoration and renovations to both the owner's duplex and rental unit. Interest for the home was strong given its condition. We put together a precise and serious offer that compelled the seller to choose our bid over competition. After a prolonged contract period with several renegotiations and an involved lending process, we closed in late Summer 2019. Just two weeks after close, we quickly listed and rented our clients' one-bedroom garden apartment, kicking off their investment income prior to move-in.
Our next step was to prepare and list Chris and Danielle's two-bedroom on Lincoln in lock-step with the Fall market peak. Our clients' co-op on Lincoln Place. We tailored a staging plan to draw attention to its pre-war character and charm. Less than one week of showings led to several qualified offers, allowing our clients to sign a quick contract at their asking price and expediently move to their new townhouse.