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September 25, 2006

House of the Day: Brooklyn Heights Clapboard

house
We're not sure exactly where this is (but we're sure someone will tell us) and we bet it's pretty pricey on a per square foot basis, but we can't help but get excited about this 1830's (Yowza!) clapboard house in Brooklyn Heights. We'd love to get a look at the inside, especially to see the center stair. And, ah, to drink a beer on that porch! It could just be worth the $2.1 million asking price.
Brooklyn Heights Character [Sotheby's]




Posted by Brownstoner at 12:01 PM | Comments (26)
Categories: Properties

Comments

Brownstoner, you're getting absentminded. Don't you remember featuring this house around February/March of this year when Corcoran was selling it for $1.6 million? It sold quickly for $1.8 million after a bidding war and now it's back on the market for $2.1???? I viewed this house and initially was keen until my husband came along with me and told me it was a money pit. Here's the lowdown, which I'm sure will be corroborated by anyone who also viewed it with a mind to restore it: asbestos in basement, rotting beams which crumbled in my husband's hand in basement. Complete gut renovation required; i.e. taking out every floor and rebuilding; leaks on every ceiling, subway (audible on every floor) trundling under house every five minutes. What was charming about this house when it first came on the market was that it was filled with antiques. Owner had lived there for 45 year without doing any maintenance; it was like walking into a treasure trove of the past. That said, it was a wreck underneath all that and this, alas, proves it. I can only imagine the buyer realized how extensive the repairs would have to be and wants to make a profit, some three or four months after closing. I can't stress how in love I was with this house until my husband brought his rational mind along with him and asked me to view it without antiques in it. If you have a couple of million, you could restore this and it will sit at the entrance on Joralemon to the park but this also sits where recent bloggers have noted the incline and damage to houses on Joralemon and this house bears the effects of not having been continuously maintained, which is a great pity because if it had, it would be lovely. Caveat emptor, I'm afraid.

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

Columbia Street, #11.

Posted by: anonymous at September 25, 2006 12:13 PM

Thanks for jogging our memory and the extensive info.

Posted by: brownstoner at September 25, 2006 12:17 PM

If you read listing, from the link,
it says right there it is #7 Columbia Place.

Posted by: Anonymous at September 25, 2006 12:18 PM

Sorry, yes. It's the same house, however.

Posted by: anonymous at September 25, 2006 12:20 PM

$400,000 profit in 6 months. No wonder the market is so over-priced. Does the owner/flipper live in malibu also (like the flipper of the 2 bedroom apt in park slope that was featured last week or the week before).

Posted by: Anonymous at September 25, 2006 12:37 PM

plus it doesn't even look like clapboard siding...looks like vinyl or aluminum to me.

and to the first poster, though you might be right on everything you stated, having asbestos in the basement is not that uncommon or even that bad, so long as it is wrapped properly.

Posted by: anon at September 25, 2006 1:05 PM


You smoke'n again anon 1:05pm?

It's always better NOT to have asbestos in your house.

Of course, if you don't breath it in or otherwise ingest it, it won't hurt you, but who wants it around, especially considering the cost of removal and the 2.1 million price of the house?

Posted by: Jingle All the Way! at September 25, 2006 1:12 PM


I'd rather get a shell in Harlem for a million and renovate it.

Posted by: Anonymous at September 25, 2006 1:14 PM

This isn't worth $2.1mn even with the "loving restoration". This is an example of how troubled the housing market is. Buyer overpaid 6 months ago and is looking for another buyer to overpay even more. When the prices finally start to really slide, someone's getting duped...

Posted by: gpt at September 25, 2006 1:26 PM

If this house did sell for that much 6 months ago and it needs that much work, that means in this case someone with too much money and not enough brains tried to get in the game. It does not reflect the market. It is only one house.

Posted by: Anonymous at September 25, 2006 1:33 PM

I said it was an example. It is my belief in general that the market is troubled. I can find many more examples to back that belief up.

Posted by: gpt at September 25, 2006 1:40 PM

Interestingly, I viewed this property too. First post is right. Number of brokers touring house at time. Not one pointed out asbestos until pointed out to them. Our broker said we could live in it while renovating! Why are there no truth standards set up for brokers. I feel sorry for the person who bought this, thinking it could be fixed up for $100,000 a floor, which is what we were told. It really annoys me how buyers can be misled.

Posted by: anonymous at September 25, 2006 2:13 PM

I looked at this house when it was on the market earlier this year and thought the $1.6 million price was fair. If it were up the hill (more into the heights), and not over the subway, it would be worth more. Can't comment on the physical condition.

Re asbestos, if there is some asbestos insulation on some of the piping it is not a big deal. Anything that is flaking can be removed at a nominal price. Anything that is encapsulated can just be left in place. We're all exposed to small amounts of asbestos in the City, particularly in the subway stations. If the asbestos is in the floor tiles, it is a bigger job.

Posted by: Anonymous at September 25, 2006 2:16 PM

While I was surprised to see this house listed again, I do wonder whether the seller is going to make a killing even if the house does sell for the asking price. Assuming for argument purposes that the house does sell for $2.1MM this time (and that the current owner bought it for $1.8MM), that would mean that he/she would have a gross profit of $300M, or 16.6%. That is before the seller pays the broker (assume 6%), closing costs and closing taxes (say 2%), paid to get a mortgage when he/she bought the place (assuming that he/she did get a mortgage, this would probably be at least 3% including mortgage recording tax), attys fees plus taxes on any actual profit (since one has to live in a house for a couple of years before one can take advantage of the $250M/$500M in free profits that the tax code gives). Thus, unless this place goes for over asking or there is no mortgage, I don't see the seller making a ton of money here. Plus, there is the risk that several posters have pointed out of this place not selling for the asking price.

Posted by: Wally at September 25, 2006 2:16 PM

Had asbestos removed from office I bought 10 years ago. Fell for 'not a big deal ideology' when bought it. Really big deal. Time consuming. $$$ consuming. All around nightmare. Better to stay clear of buying homes with asbestos.

Posted by: anon at September 25, 2006 2:26 PM

I'd like to point out that this "subway issue in the heights" is really along a couple of blocks in willowtown and there has been a lot of posts about houses there lately

Posted by: Anonymous at September 25, 2006 2:41 PM

bought a 3-story house with asbestos issues 3 years ago. Cost about $7K (for asbestos materials in floor tiles, wall coverings, stucco and asbestos pipe insulation). Took about a week. But did all the work before we moved in.

Posted by: Anonymous at September 25, 2006 2:47 PM

I agree with Wally 2:16 PM. Flipping may make sense in some parts of the U.S., but not in NYC. When I closed on my house in 2003, closing costs were about 5% (mainly mortgage recording, mansion tax and title inusrance). At exit, I assume you have about another 8% (broker + real estate transfer tax). That means you need to sell the house at 110%-115% of your purchase price in order to break even. Seems like the only way you could hope to realize more than that is to actually do some work (i.e. reonvate a fixer upper).

Posted by: Anonymous at September 25, 2006 3:37 PM

anyone who won't buy a house because of asbestos in the basement, probably shouldn't buy an old house anyway... what about lead paint? we had pipe insulation w/ asbestos in our basement, and we had it removed in a few hours for about $2,000. there are so many toxins in our environment-- mattresses for example are treated with a toxic mix of chemicals, including formaldehyde... very bad for you....

Posted by: lc at September 25, 2006 6:59 PM


stay aways from asbestos

lots of old houses predate asbestos, so it's no problem

if the current owner hasn't already removed it, it's most likely a problem. otherwise, why is it still there?

Posted by: tunikit at September 25, 2006 7:01 PM

google brownstoner and this is what you get

"Writing about an unhealthy obsession with historic Brooklyn brownstones
and the neighborhoods and lifestyles they define."

You're sad

Posted by: mike at September 25, 2006 8:54 PM

I don't think I know anyone who did'nt have asbestos wrapped pipes in their cellar when they bought their brownstone. It was a super common thing to do back then. Asbestos removal from pipes should'nt take more than a day.

Posted by: Anonymous at September 26, 2006 5:48 AM

How does one find out if floor tiles are asbestos laden?

Posted by: Anonymous at September 26, 2006 5:50 AM

To anonymous 5:50 AM. I looked at a house back in 2003 and had a contractor go through the house with me. He suggested we get the floor tiles tested (there are specialized asbestos testers). Turns out, the tiles did have asbests. I think the contractor suspected the tile might have asbestos because of their age (installed in the 50s or 60s. In the end, we did not buy that particular house, so I can't say how difficult removal might be.

Posted by: Anonymous at September 27, 2006 6:44 AM

hi, we purchased a house recently, then we got the asbestos insulation on pipes in the basement removed and we are planning to move in to our new house after 3 weeks of its removal, is it ok, or do we have to do anything else to clear the air in the basement.
Will we have any problem selling the house in the future because we got the asbestos removed from the pipes.

Posted by: raman at January 20, 2007 5:50 PM

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