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June 8, 2007
Judge Awards 306 Clinton Avenue to Highest Bidder
Local website HistoricBrooklyn.com is reporting that Judge Betsey Barros awarded 306 Clinton Avenue yesterday to the couple who had placed the highest bid of $1.5 million. Turns out Historic Brooklyn has been following the auction process (the background of which we detailed back on May 24) very closely because he was in the running himself. He also took a ton of photos when he toured the house, many of which are posted on the site. So what happens now? The winners put down a 10% deposit yesterday and now have 90 days to close. The back-up bid, by someone who sounds like a developer, is $1,350,000.
House of the Day: 306 Clinton Avenue [Brownstoner] GMAP P*Shark
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Comments
Both second and third highest (1.25) sounded like developers as well.
It is amazing that presumably a private couple are prepared to invest 1.5m + at least 400k in renovation costs and uncertainty (or are they really going to try this themselves?) when they could pickup a finished example with as much if not more detail, for 2m. But good luck to them. I hope they post here to explain their plans!
Posted by: Anonymous at June 8, 2007 11:23 AM
Actually, while I agree that these guys have paid serious coin for a place that still needs a lot of work, my house hunt late last year turned up verrrrry few houses with this much surviving detail and grandeur for 2 mill or less in Clinton Hill/Fort Greene. Two, in fact--and I bought one of them. (Maybe inventory was just low at the time--but, then, when is there an excess of great, well-priced housing here?) It's true, I'm sure this place needs everything: electrical upgrade, plumbing, probably roof, tuckpointing, at least two baths, re-brownstoning (is that *paint* on the facade?! Yecch.) But what an amazing location, and those pocket doors and stairway are schweeeeet! Congrats, brave couple!
Posted by: bob999 at June 8, 2007 11:35 AM
"grandeur"? really? wow, I'd love to run a salvage place, their stock must be appreciating by the hour!
Honestly I thought it was a very average brownstone with just parlour level detail (the upper two floors showed little if anything left).
Maybe someone should buy a $1m bed stuy masterpiece and u-haul all the detail into a $1.5m clinton hill box, and hey presto! magic wealth creation!
Posted by: Anonymous at June 8, 2007 11:44 AM
I think that 1.5 is reasonable, spend another 400K to fix it up and restore it. There are brownstones on this block now listed for over 2 million.
Posted by: lp at June 8, 2007 11:44 AM
I'm not interested here in "wealth creation"--I'm just pleased that someone bought this place before the windows need to be filled with concrete blocks. Granted, some details are gone, but some really great ones remain--it's a lot better than a white box.
Posted by: bob999 at June 8, 2007 11:54 AM
Yeah but add another year and a half worth of holding costs at $10K+ per month. Plus add all the headaches and aggravation of a renovation. I wish them luck. I did it and sometimes I wonder what is the value of the head aches, time delays, suprise damages etc...
We all know it's worth it in the end, but how much value can one add to houses that are move in ready.
Posted by: Anonymous at June 8, 2007 11:56 AM
Here's a novel thought. Some people buy houses because that's where they want to live, without regard to appreciation. It's about buying/building a home for some people and not a portfolio.
Posted by: kuroko at June 8, 2007 12:05 PM
Thank you, kuroko.
Posted by: Preservationista at June 8, 2007 12:13 PM
"without regard to appreciation. " I can understand. "without regard to value" I cannot.
Posted by: Anonymous at June 8, 2007 12:17 PM
where does the $400K for renovations come from? No way this can be done well for anywhere near $400K
Posted by: Anonymous at June 8, 2007 12:22 PM
Clinton is the right proximity from the downtown rush and Atlantic Yards to make this a steal in about 18 months.
Posted by: anon at June 8, 2007 1:17 PM
$1,5 is a lot to pay for a place that has squirrels and rats running through it. They are going to need another $1,5 to get this place liveable. It is a mess inside, and the woman that lived there for many years had MH issues (remember the all day and night magazine selling from in front of the building?). Good luck with it.
Posted by: Anon at June 8, 2007 1:51 PM
1.5m to "get it liveable"? i don't think you know much about construction costs!
Posted by: Anonymous at June 8, 2007 2:41 PM
400,000 could make it livable, another 400,000 would make it beautiful.
A big investment but probably worth it.
it's a big house with a very nice location. But reno costs now are through the roof, unbelievable.
Posted by: Anonymous at June 8, 2007 3:45 PM
I am always glad when somebody buys one of these old aristocratic ladies and throws themselves into the process of making them come to life again. I feel that one by one the owners' enthusiasm somehow radiates through the neighborhood. I was really happy when the Pfizer mansion was sold for the same reason. This will definately be a lot of work and won't be cheap. I wish the new owners a lot of luck and I hope they come to the Forum to get information and to share their experiences.
Congratulations to them.
Posted by: donatella at June 8, 2007 4:30 PM
The 400k in renovation costs come from an estimate done by Heimer Engineering. It does need new plumbing, an electrical upgrade, new baths and kitchen, the ground floor is basically gutted. Add extra for marble countertops and molding..Don't forget 50k for the scraping and re-stucco work. HB
Posted by: HistoricBrooklyn.com at June 8, 2007 6:04 PM
The facade and stoop work will be at least 90,000 that does not include the cost of new landmarks-approved windows, ironwork, or sidewalk.
Posted by: Anonymous at June 8, 2007 8:19 PM
So if the new owners want to go through all of the work, deal with Landmarks, and duck the critics here, more power to them. Why the debate about whether or not they should? It's really no one's business, and is between them and their bank. I wish them good luck, and hope they can soon sit on their stoop and wave to all the people who wish they woulda, coulds, shoulda.
Posted by: Anonymous at June 10, 2007 9:33 AM
This could easily be grand for 400k depending on how many kitchens you need and how many bathrooms.
Posted by: Anon at June 10, 2007 1:21 PM
no way to rehab entire browstone for 400K, not in the tri-state area. since estimate came from an engineering firm, maybe they were referring to structural & mechanical costs only, and didn't include finishing touches. the soft costs can easily top another 500K.
Posted by: anon at June 10, 2007 7:09 PM
Your facts are way off the mark. HistoricBrooklyn.com could not have been in the running, as he gave a substandard bid. Also, the 2nd and 3rd highest bids were for $1.35 and $1.3 million respectively. Lastly, 4 of the 5 highest bids were from users, people who were willing to pay the price and still bring the property to its former splendor. HistoricBrooklyn also defames the developers, but at least they were willing to offer a good price and not try to buy on the cheap as he did. The bottom line is that the current homeowner will be taken care of for the rest of her life, and that was the ONLY issue!
Posted by: DMRE at June 10, 2007 11:11 PM
So if the new owners want to go through all of the work, deal with Landmarks, and duck the critics here, more power to them. Why the debate about whether or not they should? It's really no one's business, and is between them and their bank.
-------
Yeah but ... paying these stratospheric, panicky (PRICED OUT FOREVER!!!) tabs only sets up more comps that'll make the prices stickier on the way down. One day, I have to believe, ordinary, employed college graduates will be able to buy in Brooklyn again. But it'll be awhile, I suppose.
Posted by: Anonymous at June 10, 2007 11:35 PM
TO anon 11:35PM. Ordinary employed college graduates can buy in Brooklyn. Just not my nieghborhood!
Posted by: anon at June 11, 2007 7:53 AM
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