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April 12, 2006

St. James Folly: You Want What For That House?

open house
Speaking of posts writing themselves, here's an open-house report from two weekends ago from someone you all know as Mr. Minerva. We just happened to have snapped a photo of the scene outside the open house, so we're in business:

I've been meaning to mention to you the craziest open house in the world. I really wish I had had a camera - and a tape recorder - for this one! It was 156 St. James, one of four super-narrow 12-foot wide houses just north of Gates on the west side of the street. The two southern ones have been beautifully restored with very high wood stoops. The two northern ones are TOTAL disasters. Property Shark puts the square footage at just under 1,700. The beautifully restored ones are probably worth about $1 million.
Number 156, however, was a DISASTER - 6' 6" ceilings on the bottom floor (not including where it's even lower to accomodate plumbing drop-downs), cramped, stair-case railings made of hammered together 2x3s (bent over nails & all) and did I mention it's cramped? One 4/5 bath (has a tub, but a 3/4 size one) and a 1/2 bath in the master bedroom - I'm talking literally a standup shower stall in the corner of the room and a sink by the bed. Nothing historical whatsoever. Vinyl siding that is falling off, etc, etc, etc. It was a total mess (filthy) and a disaster (do I need to say that again?).
The current owner paid $470,000 in 2003, but if he had done what his neighbors had done and put half a million dollars into it, he'd have a million dollar house. I nearly shit myself when I heard they were asking $950,000. The part where I wished I had a tape recorder? Many brokers in this market are quick to say that the owners are willing to consider offers. So was this guy, which briefly interjected a moment of relief into my thinking, until the broker quickly added that he was willing to consider an offer - so long as it is over $900,000. Oh. Okay. That makes all the difference!

Glad to see the bubble is alive and well. GMAP




Posted by Brownstoner at 11:03 AM | Comments (32)
Categories: Open Houses

Comments

Makes all of the other crazy prices seem like drop-dead bargains.

Posted by: Anonymous at April 12, 2006 11:37 AM

Wouldn't it be East and West facing houses, not North/South, if it is St. James Place?

Posted by: Anonymous at April 12, 2006 12:04 PM

Bubblicious!

Posted by: anonymous at April 12, 2006 12:25 PM

That's what I call gall.

Some people don't actually want to sell, just to infuriate.

Posted by: Anonymous at April 12, 2006 12:40 PM

here comes the crack pipe again....

Posted by: Anonymous at April 12, 2006 12:41 PM

Anon 12.40, that's pretty funny.

Posted by: Anonymous at April 12, 2006 12:43 PM

The reference is to houses to the North and those to the South of this shack.

Posted by: Big Biz at April 12, 2006 1:21 PM

To clarify: yes Big Biz, you are correct (isn't it always?). The houses are on the west side of St. James, thus facing east, back facing west. There are four similar houses in a row, going north to south, the one in question is the second one; the two restored ones are the two southern of the four. There. Isn't that much more clear?

Posted by: Mr. Minerva at April 12, 2006 1:29 PM

The price seem to be on target to me. That's if you consider 1700 sq ft condos are selling for a lot more than that in the area. Plus you have outdoor space, the opportunity to install a roof deck or add more floors (depending on the FAR), etc. Plus you have less neighbors than you would in a typical apartment. I know we're not supposed to compare apples with oranges but the prices of condos seem to justify this asking price.

The owners that rehabbed the other two townhouses did a really terrific job; lots of ingenuity. One man's trash is another man's treasure.

Posted by: Anonymous at April 12, 2006 1:49 PM

yeah i went to this open house 2 sundays ago...this broker must be fresh out of a licensure course with lot of time on his hands (lot of time on the owner's hands too).

Posted by: Anonymous at April 12, 2006 1:50 PM

FYI: The open house was NOT 154, it was 156. And hey, it was originally priced at 1.3 FSBO in the NY Times last month!

158 and 160 are the ones with the restored landmark stoops. 154 and 156 have the old ghetto facads.

Posted by: Anonymous at April 12, 2006 1:50 PM

as a close neighbor of the house in question, it might be of interest that the place has RATS. Not mice, mind you, but RATS. It seems to me that this place is good for a gutting and not much else. That said, it is a nice block and the houses to the side of it (the restored ones) look beautiful.

Posted by: Anonymous at April 12, 2006 2:02 PM

anyone have a link to the listing?

Posted by: Anonymous at April 12, 2006 2:22 PM

Anon 1:49 must be the broker on the listing to think that this is fairly priced. And the condo comparison is absurd. In prime FG/CH, $900,000 gets you a large 3 bedroom condo in mint condition with top of the line appliances and finishes. From the sound of things, this house needs a ton of work so how could the price be "on target"?

Posted by: BrownBomber at April 12, 2006 2:52 PM

While this does sound overpriced, can you really get a large 3 br condo with top of the line appliances and finishes in mint condition in FG/Clinton Hill for $900,000? I'm not being sarcastic, I'm asking. 3 real bedrooms, large, mint etc?

Posted by: Anonymous at April 12, 2006 3:00 PM

I'm the last poster. I don't think I've seen many 3br condos ever on the market in the area. That's why I'm asking. 2br at the most usually and not always very big.

Posted by: Anonymous at April 12, 2006 3:01 PM

Rats and balloons... for the kids? Sold!

Posted by: Anonymous at April 12, 2006 3:13 PM

Brownbomber, I'm Anon 1:49, and I'm not the broker. Just merely commenting. I personally prefer townhouses to condos for all the reasons that I mentioned above. And if I had that much money to splurge on my primary home, I would prefer to buy the worst house on an established/stable block rather than a mint condo. But that's just my personal take on things.

Posted by: Anonymous at April 12, 2006 3:16 PM

Corcoran has a bunch of condo listings with similar specs.

Also check NY Times listings and you will find about 30 three bedroom condos in FG/CH under $900k and many as low as $500k.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=862914&CFID=67101&CFTOKEN=38276641

Posted by: BrownBomber at April 12, 2006 3:17 PM

I think BrownBomber is right about the apartment prices. You could find a 3BR, good condition apartments in FG/CH for under 1MM. New construction is sometimes priced higher (for the penthouse).

Posted by: clinton hillbilly at April 12, 2006 3:21 PM

re: the poster trying to put lipstick on this pig based on condo prices in FG: I hope you're right, because then my smallish, recently gut-reno'ed house near 5th Ave in lower slope is worth a zillion gajiliion dollars. (which it is not.)

either that, or I need to sell it and buy a rat-ridden, claustrophobic-making teardown on st. james, as apparently all the fancy people are doing nowadays.

Posted by: Anonymous at April 12, 2006 3:22 PM

Brownbomber, the listing that you posted only points to condos in one building and it's actually a bit of a toss up....they're equal in my book. On the one hand you have busy, noisy, commercial myrtle ave; on the other you have a quiet tree lined street with models and actors and rock stars(:> living around the corner. I think it would help if brownstoner had a photo of the 4 houses that are being discussed here. I don't know what the insides of 154 (or 156) looks like. Not sure if gut renov is required. Maybe not.

I personally prefer townhouses over a condos, if they're priced similarly.

Posted by: Anonymous at April 12, 2006 3:38 PM

The back of this house faces 483 Washington (the PACC debacle), so perhaps there are rats. That said, I have never seen rats on St. James and would find it a surprise if they did co-exist with the beautifully restored houses next door. Re-done, the inside of this house could be a beauty. And that's precisely what the selling broker didn't get - he was earnestly trying to sell the interior on its merits (i.e., after a long day at work, come home and take a shower in your bedroom!!).

Posted by: alex at April 12, 2006 3:41 PM

Hey 3:38- what models, actors and rock stars? Spill the beans- my career as a paparazzo could use a jump-start!

Posted by: Anonymous at April 12, 2006 3:47 PM

I suggested that you review the NY Times listings as well. There you will find a multitude of 3 bedroom condos on the market in FG/CH for well below $900k (and a handful more throughout prime Brownstone Brooklyn). If small two bedroom condos were going for $900k then four to five story brownstones in the area would be going for $2-2.5 million plus which is clearly not the case. The Wheichert broker and the seller are clearly inexperienced and not in tune with current local pricing trends. $900k for a 12 foot wide house in need of major renovation is laughable! At $470k, you might have a nice fixer upper with upside potential. At $900k and "as is" you have a lemon..

Posted by: BrownBomber at April 12, 2006 9:10 PM

The back of this house could not possibly face 483 Washington since it's on the other side of Gates. 483 Wash. is between Gates and Fulton; this house is between Gates and Greene.

Posted by: Roberta at April 13, 2006 10:09 AM

It would even go pretty quickly at 699-725K. I don't think this is bubble pricing––more like bubblehead!

Posted by: clinton hillbilly at April 13, 2006 10:30 AM

You're right Roberta, I typed too quickly. One block above 483 Washington. But still, I doubt there are rats!!

Posted by: alex at April 13, 2006 10:41 AM

I'm betting on the 7-750 range, despite the fact that all accounts lead me to believe the place needs to be gutted.

Posted by: Anonymous at April 13, 2006 11:29 AM

I live on St. James, and I understood that the house was actually owned by an agent or formoer agent for Agueyo and Hubener. His original plan was to rehab and sell high. Maybe he just decided not to bother with the hard part and go directly to pay day. Anybody know anything about that? Also, about the rats,my dog goes crazy everytime we walk by (and he has a nose for these things).

Posted by: Anon at April 13, 2006 5:01 PM

Why would an A&H agent hand over the listing to Weichert?

Posted by: Anonymous at April 13, 2006 5:14 PM

Don't believe there's any truth to the A&H rumor; I believe you're mistaken. The owner of that house is not involved in real estate in any way as far as I know. Also, she has a dog, as do the neighbors two doors down- maybe that's what your dog is reacting to?

Posted by: Anonymous at April 13, 2006 5:27 PM

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