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February 26, 2008
House of the Day: 110 Lefferts Place
The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is "not in move-in condition," according to the listing) last August, suggesting he probably went into contract in May or June. He put the house back on the market in January for $1,100,000, which would have been enough to earn a good return on his equity given that he had managed to finance more than $900,000 of the original purchase. Just last week however, the price was cut to $950,000, meaning that with the broker's fee, his equity will be wiped out. This stuff always sounds good on the way up.
110 Lefferts Place [Corcoran] GMAP P*Shark
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Comments
who's gonna buy it now, knowing that??
not i, said the gay.
Posted by: guest at February 26, 2008 1:35 PM
No interior pictures? Must be a serious shithole. This is what close to a million dollars gets you in Brooklyn? Whats wrong with you people?
Posted by: guest at February 26, 2008 1:40 PM
Owner must have been mesmerized by the euphoric sentiment of this blog.
Posted by: guest at February 26, 2008 1:42 PM
The plywood window treatments are particularly fetching.
Posted by: guest at February 26, 2008 1:45 PM
The broker is hot. The house not so much.
Posted by: guest at February 26, 2008 1:47 PM
how do we know this was a house flipper and not someone who, say, has lost their job, etc?
Posted by: guest at February 26, 2008 1:47 PM
Brownstoner your are lucky this isn't my house. I would call my Lawyer right now. How in the fuck can you post "The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is "not in move-in condition," according to the listing) last August" Wow!
The What
Someday this war is gonna end...
Posted by: guest at February 26, 2008 1:48 PM
this is a lesson to people who buy in fringe areas.
i won't be suprised to hear MANY more stories like this about clinton hill, bed stuy and crown heights.
Posted by: guest at February 26, 2008 1:48 PM
And it previously exchanged hands on 2/23/2006 for $435,000. The title history is very convoluted.
Posted by: guest at February 26, 2008 1:49 PM
amen, 1:47
Posted by: guest at February 26, 2008 1:52 PM
Trust me The What.
Im pretty sure your house is not going to make it onto this site.
Just a hunch
Posted by: guest at February 26, 2008 1:53 PM
this has probably been discussed before, but honestly, what are the legal ramifications of posting a public listing on a web site? Mr What, if this had been your home, what recourse could you really take?
people have strange ideas about what web sites are, and what info is or is not in the public domain.
Posted by: Jimmy Legs at February 26, 2008 1:54 PM
As someone who has had their house labeled as a flip job on this site, when there where other circumstances.
There's not a lot you can do.
Brownie doesnt have time to ask questions first.
As painfull as it was, you just gotta hope he posts another "Flip Job" that afternoon to take the heat of you.
Posted by: guest at February 26, 2008 1:56 PM
It's a real estate listing people. It's a LISTING. It's public information. My goodness.
Posted by: guest at February 26, 2008 1:56 PM
I dont understand. He bought it for 950K, did nothing to it and expected it to sell for $1.1M. Even in the hottest day of the market, who would pay $150K more for nothing in exchange?
Posted by: Mrs. Limestone at February 26, 2008 1:56 PM
1:53, you're wrong. If you zoom in closely on this listing, you'll be able to spot in the garden the rock under which The What lives.
Posted by: Biff Champion at February 26, 2008 1:56 PM
Mrs Limestone:
The Park Slope 1st Street house sold last year for 3.2 million and was FLIPPED this year for 3.6 million.
It just shows that certain areas hold up better than others.
Clearly.
Posted by: guest at February 26, 2008 1:59 PM
Mr. B is a blogger not a journalist. This is what happens when people take Mr. B, who has no journalistic experience seriously. Mr. B, please do your research because as you can some people take your words and opinion as gold. Also think of what ramifications your posts may have on others.
Posted by: guest at February 26, 2008 2:02 PM
The house was first bought for $435K in Feb 2006 (according to Prop Shark one of the sellers was in an old-age home and was "incapacitated" and had a guardian). Then this owner paid more than double that one year later in August 2007.
Posted by: guest at February 26, 2008 2:03 PM
Was the house on 1st street untouched from sale to sale? I don't see how a house put on the open market fetches hundreds of thousands more without any additional work done. Was it better staging or marketing?
Posted by: Mrs. Limestone at February 26, 2008 2:16 PM
Mr. B is allowed to speculate and it's hardly slander to call someone who buys and a home and sells it shortly thereafter a "flipper." I'd warn the What that suing over this one would be a waste of tim but it would appear What has more than ample time to waste. Moreover, even if the person did lose their job or whatever, if you buy a house and try to sell it shortly thereafter for a profit, aren't you "flipping" the house?
Posted by: Brooklynnative at February 26, 2008 2:20 PM
It's appreciation, Mrs. Limestone. As long as housing costs go up, the same house bought last year and left untouched will sell for more this year. It's the same reason the Mona Lisa is worth more today than when Da Vinci first painted it. Not that I'm trying to compare this home to a masterpiece, mind you.
Posted by: Biff Champion at February 26, 2008 2:24 PM
But you are a douchebag and nobody gives a sh*t what you think.
"Brownstoner your are lucky this isn't my house. I would call my Lawyer right now. How in the fuck can you post "The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business. The current owner paid $950,000 for the five-story brownstone (which is "not in move-in condition," according to the listing) last August" Wow!
The What"
Posted by: guest at February 26, 2008 2:27 PM
Is it just me or is it possible that The What is becoming even less coherent than before?
Posted by: Biff Champion at February 26, 2008 2:32 PM
The owner is more than wiped out, they're taking an outright loss. Including carrying costs they're under water.
Posted by: guest at February 26, 2008 2:33 PM
Maybe it's not just appreciation. Maybe the house was untouched, but the interim owner did something timeconsuming and possibly expensive like get rid of tenants. People may have been living there regardless of whether it is actually in move-in condition or not.
Posted by: guest at February 26, 2008 2:35 PM
In defense of Mr. B. Buy a property and sell a property in a short time frame looks like a flip. Yes, there could have been other circumstances that contributed to the sale as a job loss but I repeat back on the market in a short time frame at a higher price, looks like a flip.
Posted by: guest at February 26, 2008 2:36 PM
At the risk of sounding like Bill Clinton, all we said was this this "exemplifies why house-flipping can be a tricky business" and never said that this guy was one; we'd have to agree with Brooklynnative, though, that a flipper is defined by his actions not what's in his heart.
Posted by: brownstoner at February 26, 2008 2:36 PM
This person isn't a flipper... they are acting rationally. They'll 'only' lose their downpayment and the 12 months of carrying costs.
Sure beats the 100s of thousand they stand to lose if they wait any longer.
Posted by: guest at February 26, 2008 2:37 PM
"At the risk of sounding like Bill Clinton, all we said was this this "exemplifies why house-flipping can be a tricky business" and never said that this guy was one; we'd have to agree with Brooklynnative, though, that a flipper is defined by his actions not what's in his heart."
Whatever. Yawn.....
The What
Someday this war is gonna end...
Posted by: guest at February 26, 2008 2:38 PM
Sad, but really stupid to pay that much for a dump in such a fringe neighborhood. You could get a dump (maybe a little smaller) for the same amount in Carroll Gardens.
Posted by: guest at February 26, 2008 2:39 PM
"all we said was this this "exemplifies why house-flipping can be a tricky business"
YOU actually said.
"The case of 110 Lefferts Place exemplifies why house-flipping can be a tricky business"
Dont paraprase yourself BS
You said the the owner of 110 Lefferts Place is a Flipper.
You're your own troll
Posted by: guest at February 26, 2008 2:42 PM
Sad, but also really stupid, to keep quoting sections of other people's posts and then putting one inane word after them.
"Yawn" indeed.
Posted by: guest at February 26, 2008 2:45 PM
Dumps in CG are 1.8 minimum 2:39. Not including the snacks.
Posted by: guest at February 26, 2008 2:51 PM
It's been a long time since I have seen anything in Carroll Gardens go for under a million.
Posted by: guest at February 26, 2008 2:53 PM
can we get back to the house? Is this house in a nice part of clinton hill?
Posted by: guest at February 26, 2008 2:56 PM
Sad, but also really stupid, to keep quoting sections of other people's posts and then putting one inane word after them.
"Yawn" indeed.
snooze.
Posted by: guest at February 26, 2008 2:56 PM
I think your wording made is sound liek you KNEW this was a flip job. I must think most short term turnarounds are because of death/divorce/job transfer/kid got into Dalton and youre moving uptown/inheritance/lotto/job loss/leg less and NOT flip jobs.
Posted by: guest at February 26, 2008 3:00 PM
This area is not so fringe. You don't have million dollar shell in fringe areas. Now BS where I live and CH thats really fringe. For now away way
Posted by: guest at February 26, 2008 3:05 PM
2:56 can we get back to the house? Is this house in a nice part of clinton hill?
It's actually on a fantastical street that only runs three blocks, has a funky old hotel (not sure if it is still functioning as one) and an incredible free standing Victorian. It's actually one of my favorite streets in Brooklyn.
Posted by: Brooklynnative at February 26, 2008 3:06 PM
I so want to buy one of these in a fringe neighborhood (but up and coming neighborhood), take 2 years to totally renovate the place and then decide whether to sell or live there. But I'm not going to do that for $900K for a shell when I want to put another 500K to $1 million into it. It'll be interesting to see if this even sells for this price. I'm thinking it is going to go for closer to $600K than $900K.
Posted by: guest at February 26, 2008 3:18 PM
"This area is not so fringe. You don't have million dollar shell in fringe areas. Now BS where I live and CH thats really fringe. For now away way"
This is bedsty by some peoples definition of Grand as the border and a few feet from it according to those who say Classon is the border.
"Is this house in a nice part of clinton hill?"
Two kids were shot on this street on Christmas Eve. Maybe that's why the buyer decided to cut and run.
Posted by: guest at February 26, 2008 3:26 PM
it is a great street. kind of private. Once Fulton Street gets there act together This street will be HOT...
Posted by: guest at February 26, 2008 3:29 PM
'the what' is a tampon.
Posted by: guest at February 26, 2008 3:46 PM
So very unproductive brownstoner.
Posted by: guest at February 26, 2008 3:49 PM
"Once Fulton Street gets there act together This street will be HOT..."
Sometime in the next century...
Posted by: guest at February 26, 2008 3:55 PM
"At the risk of sounding like Bill Clinton, all we said was this this "exemplifies why house-flipping can be a tricky business" and never said that this guy was one;"
You did n't say it. But you implied it, clearly.
Posted by: guest at February 26, 2008 4:02 PM
I agree 3:18. I have the same plan as well, but the prices are crazy.
In other cities, rundown properties can be bought at a discount. In NY, it seems like they are more expensive. Anyone remember the doctor who blew up his house in Midtown, but it ended up being worth more as an empty lot?
Posted by: slick at February 26, 2008 4:02 PM
Ideas... ideas...
Posted by: guest at February 26, 2008 4:05 PM
Yeah accept in that instance it made sense because you don't have to pay for demolition and you don't have to fight LPC to tear it down. All your dirty work has already been done and all that is left is to build.
Posted by: guest at February 26, 2008 4:12 PM
Fulton Street is getting there infrastructure together. In 5 years the Fulton Street should be one of the greatest shopping districts in the city.
Posted by: guest at February 26, 2008 4:24 PM
4:24 PM Right On!
You should be the anti What
The When
Someday Fulton Street should be one of the greatest shopping districts in the city....
Posted by: guest at February 26, 2008 4:45 PM
10 years maybe. 15-20 is more likely, depending on the severity of the recession.
Posted by: guest at February 26, 2008 4:46 PM
The "funky Hotel" is a center of drugs and prostitution which was shut down for a a few months. It is reopened under stricter rules, but not sure if it has attracted a less unsavory clientele. At its best it is one of those short-term hotels which are the equivalent of highway motels in more suburban America. Lefferts Place is a weird combination of fancy brownstones, rent stabilized apartment buildings and small scale public housing sandwiched between the least attractive stretch of Fulton and car-repair alley on Atlantic. But I live in this corner of Clinton Hill and I actually like it - Outpost, Brown Betty, and Kush are all nice eateries nearby.
Posted by: Putnamdenizen at February 26, 2008 4:59 PM
Putnamdenizen, there is no pulbic housing on Lefferts Place.
It is predominantly brownstones, with some free standing mansions and a few apartment buildings. It's on the national register of historic places as a part of the Clinton Hill South Historic District, and is under review by NYC Landmarks Commission for designation as a part of the Clinton Hill landmark extension.
Posted by: guest at February 26, 2008 5:14 PM
2.26 - The block association is very active and would fight any demolition tooth and nail. With the R6-B zoning of this street, it would not make financial sense to demolish this place in any event. NYC landmarking should hopefully occur in the next year or two of this street along with others nearby.
Posted by: guest at February 26, 2008 5:18 PM
This area I like alot.. it is not all gentrified like other downtown areas but it is not the ultimate ghetto either… Just feels like Brooklyn
Posted by: guest at February 26, 2008 5:28 PM
Yep, I know exactly where this house is. The area's definitely a mixed bag, with the good and bad that implies, but this is a really pleasant street. There are some beautiful, restored homes, and some dumps. It might be possible to gut reno for $400k, depending on finishes. I'd bet you could get this for under 900k at this point. So, to me, $1.3-1.4 mil, with at least 1 income-generating apt. isn't out of the realm of possibility.
Posted by: guest at February 26, 2008 5:46 PM
"This area I like alot.. it is not all gentrified like other downtown areas but it is not the ultimate ghetto either… Just feels like Brooklyn"
"this is a really pleasant street."
What about two kids from the street getting shot on Christmas Eve of all nights? If that's pleasant and not the ultimate ghetto, I'd like to know where the unpleasant ghetto actually is.
Posted by: guest at February 26, 2008 5:59 PM
Who cares if this guy's a flipper, or what Brownstoner called him?
It may hurt the seller's feelings, but whether it's a real flip job or if he just had to sell quick because of circumstances--it doesn't make the place worth a penny more or less.
Posted by: guest at February 26, 2008 6:04 PM
I live a couple blocks away from that and the shooting was shocking to all concerned. From the families' comments, it sounds like one or the other victim may have started getting involved in a gang and this tragic end was the result. Definitely out of the ordinary and tragic.
I quite like this street. Houses with good bones in need of significant upgrade/cosmetic work on this street go in the 1.5 million range, including in the last few months. I'm not talking about gut jobs though. The nicest block, at this point in time, is the St. James to Grand block. I also really like the Classon to Franklin block which is much more run down but has some really interesting buildings, some of which are really being fixed up nicely now.
Posted by: guest at February 26, 2008 6:13 PM
I live nearby and Lefferts Place is just about my favorite block in the neighborhood. It's quiet and tree-lined with beautiful architecture. There are plenty of hidden gems (Kush!) on Fulton to go along with the boarded up store fronts.
I agree the block between St James and Grand is the nicest.
Posted by: Lothar of the Clinton Hill People at February 26, 2008 6:32 PM
I was shown this building in July 2007 from the previous owner who bought it for $435K on 2/23/2006. The owner was asking $850K at the time, which considering the condition (a complete gut) and market I didn't think it was going anywhere for a while. The previous owner said he removed the SRO and put it back on the market. When I saw it sold in November for 950K, I was shocked. That's how you flip. Who the hell knows what the current owner was thinking.
Posted by: guest at February 26, 2008 6:46 PM
Correction it sold in August, not November 8/7/2007 for 950K.
Posted by: guest at February 26, 2008 6:49 PM
5:14: Not that it is really important, but isn't that brick building right across from the aforementioned hotel a small public housing project? In any case it certainly has a different character than some of the other houses. I'd walk over and remind myself, but it really doesn't change my over-all view of the street - it is a cute street (much prettier than my block of Putnam), but can feel a bit cut-off from everywhere else. I like the house which was undergoing renovation over there - I think on the Classon-Franklin block which sits sideways on its lot. Kinda mysterious.
Posted by: Putnamdenizen at February 26, 2008 9:32 PM
Putnamdenizen I think you are talking about 161 Lefferts Place; they are doing a beautiful job -- that house is a mansion on a double lot with a huge wrap-around garden. It was ready for demolition and the new owners have saved it from the wrecker's ball. Very unusual; there can't be many properties like this in all of brownstone Brooklyn. The block has great potential and clearly some people think it is worth investing in for the long term.
Posted by: New Guy at February 27, 2008 12:20 AM
No, I am talking about a multi-story apartment building on one of the corners - I think on the corner of Clason and Lefferts. But maybe I am imagining it... In any case I would be the last to suggest that a small housing project (of which there are many sprinkled here and there on the Clinton Hill/Bed-Stuy border) destroys a street.
Posted by: Putnamdenizen at February 27, 2008 7:31 AM
Putnam Denizon, no, that building on the corner of Lefferts and Classon (the only modern looking building on the street, is public housing, it is just a normal apartment building.
Posted by: guest at February 27, 2008 11:17 AM
I agree with you Putnamdenizen, the house being renovated on the Classon to Franklin block, one of the ones that faces sideways on the lot (probably predates the current street layount) looks great - they're doing a fantastic high quality renovation from the looks of it - such a unique place too.
Posted by: guest at February 27, 2008 11:19 AM
11.17 am here, I meant to say it is not public housing, just a normal apartment building.
Posted by: guest at February 27, 2008 11:20 AM
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