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October 2, 2007
House of the Day: 49 Putnam Avenue
The situation at this house at 49 Putnam Avenue is a bit suspect. The boarded-up house changed hands for the below-market price of $360,000 in June and is now asking an above-market $999,000. While there are a few nice details left in the house (a couple of fireplaces, some built-in cabinets) any buyer's going to be looking at a full-on reno. Given that the house is only three stories and 2,400 square feet—and on one of Clinton Hill's less desirable stretches—the asking price seems pretty unrealistic. Hard to see how this goes for more than about $799,000. You also gotta wonder about what compelled the former owner to sell out for so little last summer.
49 Putnam Avenue [Christmas Realty] GMAP P*Shark
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Comments
I don't begrudge someone making a buck, but sheesh! At least do something to earn it.
Posted by: guest at October 2, 2007 1:46 PM
Yep, and beware of that brokerage firm.
Posted by: guest at October 2, 2007 1:48 PM
1:48, why do you say beware of Lisa Christmas' firm?
I do agree with 1:46, but again, its what the market will bear. If someone will spend a cool million for it, it sucks for the rest of us, but so be it.
Posted by: guest at October 2, 2007 1:59 PM
Owner is/was an older woman who suffered some health issues and was forced to relocate into some sort of assistance living situation. Without having researched the matter, I would guess that the transfer was an intra-family transfer for personal reasons. I can't imagine that anyone would have sold the property for the lower sum. As someone who lives down the street "on one of Clinton Hill's less desirable stretches," I would agree that a million bucks seems a bit overmuch. I would prefer that the house be much cheaper than that so a family or enterprising person could buy it, and help us bring meet the standards set by Jon Brownstoner (sniff). That said, I would wonder how the asking price compares to the very similar house being renovated on Gates (i.e. Gates reno). Gates is a nicer street, but this corner of Clinton Hill seems to be on the edge of something (maybe disaster? smile).
Posted by: Putnamdenizen at October 2, 2007 2:01 PM
"...a bit suspect."
Yeah. Shafted elderly or demented former owner if not family deal. They could have had multiple cash offers for $500K.
Posted by: guest at October 2, 2007 2:05 PM
I'm 1:48. Let's just say that buyers should be prepared to do extra research and verification of anything and everything this brokerage firm tells you about any of their properties.
Posted by: guest at October 2, 2007 2:13 PM
are you ok, 2:01???
you sure don't sound it.
do you think a boarded up house is the standard for anyone?
Posted by: guest at October 2, 2007 2:22 PM
"Adorable untouched three story brownstone with loads of original details."
Can someone give me their best translation for this.
I could do with a chuckle this afternoon.
Posted by: guest at October 2, 2007 2:29 PM
Hey, we're only half a block from Putnam so have no vested interest in talking it down but, let's face it, at this stage it's hardly Clinton Avenue...
Posted by: brownstoner at October 2, 2007 2:30 PM
$360k?! Jeez.
This place is slated for the Haunted House series.
Posted by: lesterhead at October 2, 2007 2:38 PM
The listing says: "Some ungrades are necessary." Slip?
Posted by: guest at October 2, 2007 2:45 PM
I've checked the place out. It was an intra-family transfer apparently. As for details, it is full of them. All the original molding and doors seems to be there (painted), tin ceilings (might not be original), plaster friezes and picture framing on walls, lots of built ins, wash basins between bedrooms, parquet floors, banister, spindles, ironwork outside (missing pieces of iron newel post are in the building), original front doors, etched glass, bluestone in front of house, mantles, built in dining room (front of garden level) cabinets for china, pantry between what would be a good kitchen and dining room etc. Basically, looks like an old lady lived there for decades and nothing has changed. It does not have a c of o.
That said, it will need a completely new roof (rebuild it), new baths, a kitchen, upgraded electrical, plumbing (looked like a lead water main), has oil heat so you might want to change that to gas (oil tank is above ground in the cellar so could be removed or dealt with more easily than if buried. Cellar is dirt floored, so might want to dig out and do concrete, new windows (was told they were removed and boarded up to ensure the house was secure while empty - the original windows are sitting in the house).
The house to the right of it is redone and looks great. It would make a fantastic single family home if restored, especially since all the old detail is there waiting to be taken care of. The price is completely unrealistic. I was told the seller might take an offer in the mid to upper 800s. Still too rich for my blood for the location and amount of work required. The lot across the street was bought for a purported $3MM - so you'll have construction of condos there at some point. This house is within the new contextual zoing R6B and is part of the proposed landmark extension for Clinton Hill. I could totally see a family living here if the seller would be realistic about the price. I pray the owner doesn't try to do some renovation a lose all of the intact original detail. I haven't seen that much potential in a house in a while.
lp
Posted by: guest at October 2, 2007 2:57 PM
I understand that the woman who lived here had health issues and is in a nursing home now. From the ACRIS records, she received the house via intestate succession from another woman. She apparently sold it to the man who jointly owns it now with a company. The man apparently is a relative, so I imagine the proceeds will be used to cover her assisted living needs. I was also told that if it does sell for the price he wants, the owner will try to fix it up himself in a more simple style - please no! It could be so nice if restored....
lp
Posted by: guest at October 2, 2007 3:06 PM
Hey 2:22 who are you calling crazy? My point in my post was that there actually is a very reasonable explanation for the first transaction (shielding family assets). As far as the "sniff" directed at Brownstoner's relentless purveying of 2 million properties and designer kitchens, I thought I was being relatively mild. And I notice I don't have to explain to you why the windows are boarded up because someone else did. That said I would agree that the fact they felt that they had to board the windows is reason to pause. I remember when I was closing on my house down the block the son of the owner offered to stay in the house for me so "they wouldn't steal the pipes." There was a time when house renovation and gentrification meant moving into marginal neighborhoods and taking risks to create a lovely home or a hefty profit (any check of property shark will reveal that when I bought in 2001 houses were going for 1/3 the asking price here). The price set here indicates that the owner wants to pull out all that potential equity upfront. This house seems to be the most reasonably priced and nicest of a whole slew of vacant properties from Grand to Classon on Putnam. I am gald to hear about the sale of junk yard across the street. I'd love to see some development there. Of course, I would ahve more difficulty parking...
Posted by: Putnamdenizen at October 2, 2007 4:41 PM
this house has huge potential. lp is right- rare to find a cheap house untouched like this. have to agree this is not an appealing area right now but will hopefully change over the coming years- maybe 5. i think this stretch will be a little slower to really become nice. myrtle is a better dev bet; but if you could get it for 7 or 750, it might be worth it.
Posted by: guest at October 2, 2007 4:47 PM
What is remarkable is how slow Fulton has been to improve compared to Myrtle. One would think that having the A/C line right there over the bus or hike to G would have encouraged more improvements. We will see what happens when the condo projects in the pipeline in this area are occupied. I had hopes that the ugliest building in the world (Classon/Fulton) would bring some life onto the street, but two years after being finished it is still vacant. Personally I would think that the near Bed-Stuy blocks near the Y on Bedford (Monroe, Madison, Quincy) might also have some potential for someone willing to take some risks rather than just debate the worth of soap stone versus granite (I have soapstone in case we are voting...)
My aren't I pugnacious today...
Posted by: Putnamdenizen at October 2, 2007 5:03 PM
I would pass on this.
The house is small, the location is poor, the condition is horrible.
Other than that, it's a great family home.
Posted by: guest at October 2, 2007 9:53 PM
Thanks 9:53, very coherent. Again, this is the exact same size as one our reno projects on the site. But I agree should be 700k (or 400k) or 200k. Who the hell knows what anything is worth. [sound of crickets]
Posted by: Putnamdenizen at October 2, 2007 10:03 PM
Get mixed up with a dunghole like this and sure enough you're gonna end up smokin' doobies all day, living in a van...down by the river
Posted by: guest at October 3, 2007 12:14 AM
I don't see a "dunghole", or a "horrible condition", I see a diamond in the rough. From the pix and lp's description, she may just need some tlc and long deferred maintainance and system upgrades. I would love an intact one family to play with.
A new roof, upgrade the plumbing and electric, repair the inevitable water damage around bathroom and kitchen pipes, get some new kitchen appliances, and the rest could be nothing more than elbow grease, paint stripper, floor refinishing, lighting and a good paint job. $300K for a good job, $500 if you insist on granite, Sub Zero, and fancy fixtures. If you can get it for $799 to $850, in 5 years, the neigborhood will certainly catch up to your investment. You will also have a rocking intact period perfect one family house. Those are very, very rare, and desireable.
Posted by: guest at October 3, 2007 12:37 AM
Does the B-man even read all the crap on this site?
Posted by: guest at October 3, 2007 7:01 AM
guess you really have to like brownstones to buy this. so much work, terrible neighborhood. don't get it. i've lived in a brownstone before, so i'm not anti brownstone, BUT don't see why anyone would live in such a marginal area just for the pleasure of walking up and down a bunch of stairs.
Posted by: guest at October 3, 2007 10:56 AM
At the rate this part of Clinton Hill and the section of Bed Stuy from Bedford on over, are coming together as a desireable neighborhood, it will be 5 years max, and homeowners will be all over it. Not that even $800K is cheap, it isn't, but whoever takes this and does a quality restoration, will see their investment grow. It doesn't matter if you like the house, or even the block, or not. People want brownstones. This one is close enough to Clinton Hill proper to be sold, no matter what condition it is. For the right person, this could be their dream house.
I hope a die hard restorer gets it. All that detail deserves to be brought back and cherished for the prize it is.
Posted by: guest at October 3, 2007 12:21 PM
How can you monsters hate on our beautiful block, best block in South Clinton Hill, just kidding...true we have a huge junk yard, but stuff is happening around here, (we don't want to tip off too many people though so we'll keep the details), and Outpost is a block away with strong coffee...all we need are some trees, really big ones that take 15 years to grow, Putnam denizen and us are starting the Putnam Irving block association...(denizen doesn't know this yet) to get trees planted from Grand to Classon...We think we may have trouble getting the tenement owners to sign up, or why wouldn't they have trees already...Ok, also Brownstoner's comment hurts some, ya, not Clinton Ave and all that, Grand has all the trees I know, your block is fancy fancy, ahhh...fancy Mr. B, we're happy with Putnam.
Posted by: guest at October 3, 2007 8:11 PM
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