The Eckstroms, a husband and wife development team have a great formula for success in high end residential real estate in Brooklyn, New York. We are talking about so far this year, five single family homes in Brooklyn, have gone to contract with asking prices in the $12M range.
The profile for four of the five homes are: large, historic homes, gut renovated and put back on the market at a very attractive markup.
The fifth home, located at 170 Clinton Street, in Brooklyn Heights, was formerly a 6,110 square foot, 10 family house, built in 1900. This five story house recently went into contract with a last asking price of $14M, the second highest price signing in Brooklyn, NY this year.
According to husband & wife duo, Carlos Saavedra and Nicole Eckstrom, of Eckstrom NYC, a seven year old firm, “The buyer can enjoy the fruits of a custom renovation, without the labor.” Saavedra adds “In Brooklyn Heights, there are almost no renovated townhouses at all, and people still pay these crazy prices knowing they're going to go in there, gut the whole thing and spend $2M - $4M more on top.” “That's always been the norm, as an accepted, very unfortunate reality.”
Saavedra and Eckstrom bring the general contractor, who is one of their partners in the firm with experience handling suppliers, fussy Landmarks Preservation Committee and renovation anxieties. The buyer will sign a contract for an eight figure finished product. In essence, the buyer needs to bring a pile of money and some vision, design sense and ideas. For example, at 170 Clinton Street, the structural renovations were completed with seven bedrooms, a lower level with a gym and sauna, a double height kitchen and dining space and an extra wide backyard with an outdoor kitchen. Eckstrom NYC will collaborate with the buyer on interior finishes.
Eckstrom NYC has made 18 purchases for $90M in the past two years and has worked on thirty homes since the firm's inception.
Brooklyn townhouses are hot! In the last 12 months there have been 1,716 signed contracts in Brooklyn, up 40% from 12 months prior. Even with interest rate hikes, townhouse prices in Brooklyn, did not suffer.
Great job Eckstrom NYC!
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Accord Real Estate Group
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