Upgrading in Prime Park Slope
Timothy and Pamela upgrade their family of four to a large duplex condominium in a coveted Brooklyn location.
Timothy and Pamela, long-time residents of north Park Slope, had lived in their modern two-bedroom condominium on Union Street for over 10 years. With two growing young toddlers and the goal to secure more space in a specific public school catchment area, the couple began a deliberate yearlong effort to secure a large apartment or multi-family home nearby. Timothy and Pamela hired our firm to both list their property and help them find a new home to check all the upgrade boxes.
For the purpose of unlocking equity to facilitate the downstream purchase, our first step was to list Timothy and Pamela's two-bedroom on Union Street during the Spring 2019 market. We marketed home's comparatively rare features including its proper entertaining spaces, privately-winged bedrooms and its shared outdoor space with views, all elevator accessible. A committed effort led to a non-contingent deal at our asking price approximately two months after listing. With their condo sold and proceeds in hand, our clients secured a temporary rental and began to work with us on a purchase.
We worked with a budget of up to $3 million, and our strategy was to evaluate well-located opportunities in the co-op, condo and multi-family markets with a small subsection of Park Slope. Timothy and Pamela were open to properties of varying condition and configuration, but above all hoped for double their prior footage as well as outdoor space.
Our search went on for nearly six months and then went on pause for the coronavirus pandemic in Spring 2020. With the market re-opening for the Summer of 2020, our clients worked with us to find opportunities where sellers were motivated to move their property in a challenging and buyer-favored post-pandemic market. Our diligence paid off when we were able to locate a 2400 square foot duplex condo in a pre-war conversion on 3rd Street in center Slope. The home hit all the must-haves, including 2X the interior space, a short walk to elementary school and a private garden. An aggressive negotiating strategy yielded our clients a price 9% below ask and 25% below the seller's original purchase price. They closed in-time for resumed working/learning from home in Winter 2020.