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December 27, 2006

House of the Day: 391 Classon Avenue

house
We noticed this house on Classon between Greene and Clifton over the weekend. Turns out it's another listing from Flateau Realty (which we're going to make sure we start checking more often). Actually, it looks like it has been owned by the Flateau family for several decades. The three-story brick house supposedly has some lovely detail intact, especially on the parlor floor. The asking price of $850,000 seems a bit steep given that it's only got three stories but given that you'd have to go further east to find a house for less and that this doesn't need a ton of work, we bet it will go for within $50,000 of the ask.
391 Classon Avenue [Flateau Realty] GMAP P*Shark




Posted by Brownstoner at 11:42 AM | Comments (11)
Categories: Properties

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Comments

Maybe the steep price is due to the "original shudders"?

Posted by: Anon at December 27, 2006 12:22 PM

You can view photos of the interior if you click through on the web site listing. Lookis like it has some nice detail, kitchen needs to be redone, maybe consider stripping some wood work etc. Has potential. Depends on the block I suppose.

Posted by: lp at December 27, 2006 12:24 PM

just so i'm clear....new kitchen, new baths, new paint, new electric (probably), some new plumbing, maybe updated heating, refinishing the floors, landscaping the backyard, and so on does NOT equal ton of work? Huh? There's at least $100K worth of work to be done in that house...at least.

Posted by: anon at December 27, 2006 12:32 PM

and it has 2 kitchens...so you need to remove one and fix that room if you want it to be a one family...

Posted by: anon at December 27, 2006 12:34 PM

I love the idea of "original shudders". One's feelings on purchasing a beautiful old house that needs a lot of work.

Posted by: Anonymous at December 27, 2006 1:12 PM

Price is consistent with market (still close to top). Setback slightly sucks. Busy street. Nice place though. A buyer who wants a sub-$M brownstone in move-in condition in an okay 'hood RIGHT NOW will probably scoop it up before February.

Posted by: Anonymous at December 27, 2006 3:28 PM

thats not significant work guys. it takes a weekend to refinish floors btw. The house has some nice details but Flateau will expect low ball offers since the rest of the market is experiencing falling prices.

Posted by: Anonymous at December 27, 2006 9:33 PM

Economies of scale, I guess ... This house could be had in other cities for $85,000.

Posted by: anono at December 27, 2006 10:16 PM

Yes, Mr. Anono - and in some parts of Manhattan for 2 million dollars, but that is really irrelevant because the only place the house exists is on Classon St. And I don't see what you mean by economies of scale. It's one house.

Posted by: Anonymous at December 28, 2006 12:17 AM

yes, economies of scale, the invisible hand, inelastic demand curve...if you throw out enough vague economic terms one of them is bound to apply.

Posted by: Anonymous at December 28, 2006 10:40 AM

Terminology aside, fact remains that a comparable house in another market would sell for far less. True enough that this particular house exists "only" on this particular street, but also true that it's a relatively unexceptional rowhouse form that exists in abundance throughout many cities at much lower prices.

Posted by: dk1862 at January 1, 2007 11:09 AM

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