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July 7, 2008
House of the Day: 125 Cambridge Place
Crazy asking prices don't do anyone any good. Case in point: This three-story (four if you include the basement which has been finished to create a second duplex) woodframe house at 125/127 Cambridge Place in Clinton Hill. It's been sitting on the market for the last 10 weeks with the silly price tag of $1,999,999; it was purchased for $950,000 in 2005. It has less than 3,000 square feet, even counting the finished basement, and the recent renovation is clearly not considered worthy of displaying in photos on the listing. Both duplexes are currently rented, so perhaps the owner's not really serious about selling but happy to part ways with his house if a greater fool comes along.
125 Cambridge Place [Corcoran] GMAP P*Shark
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Comments
is this next to Adrian Grenier's house?
Posted by: guest at July 7, 2008 1:28 PM
Joke of the Day
Posted by: guest at July 7, 2008 1:36 PM
it's behind AG's house
Posted by: guest at July 7, 2008 1:36 PM
No, it's diagonally behind Grenier's, on a different street. The description on Corcoran is misleading as well in that it it not one of four identical houses on Grand and Cambridge, rather it appears to be a mirror image of the house to the left of it. It is not nearly as grand as the other two wood frames on Grand Avenue, one block east.
Posted by: guest at July 7, 2008 1:37 PM
But hey, why not, there are clearly many greater fools out there...they are buying all the time!
Posted by: guest at July 7, 2008 1:42 PM
I love Realtorspeak:
"four identical and unique..."
Something cannot be identical and unique at the same time.
Posted by: guest at July 7, 2008 1:54 PM
oooooooh let's not forget, this was a CRACK house just a few years ago. Yes they renovated... but certainly not up to $2mill standards.
hahaha. smallest bathtubs in the city and you can't be over 5 ft tall or the ceiling fans will chop yer head off!
Posted by: guest at July 7, 2008 1:55 PM
Jack Nicholson's character from The Shining has un-thawed in Brooklyn?
Posted by: guest at July 7, 2008 2:11 PM
This agent's supervisor should read this listing -- filled with typos. Oh and BTW contrary to the listing, this house is between Gates and Putnam/Fulton, not Greene.
Posted by: guest at July 7, 2008 2:30 PM
This POS has been on the market since 2005! The Asshats was trying to get 2 million for it (No BS)!. Then the Asshats realized that POS is worth 900k at best! Now the rented it out to the new Asshats paying a premium to live here.
The biggest story of the day is Fannie Mae and Freddie Mac!!!!! This is Code Red Alert!! The stock has taken a beating today on heavy volume! The rumor is they are going to zero and they are Bankrupt!!!
Freddie Mac, Fannie Mae Plunge on Capital Concerns
http://www.bloomberg.com/apps/news?pid=20601087&sid=asb4r81Ls6kE&refer=home
Freddie Mac fell as much as 29 percent and Fannie Mae dropped as much as 26 percent, reaching their lowest price in 13 years, after Lehman Brothers Holdings Inc. analysts said in a report today that an accounting change may force them to raise a combined $75 billion in capital. Speculation that the companies may take further writedowns also weighed on the stock, said John Tierney, a credit strategist at Deutsche Bank AG in New York
This happen today!!! Right now!! If these Institutions fail, we are FUCKED!!!
I thought the fun would start this Fall but now I think we are is some trouble! Plus the Asshats can say all they want about me but, YOU ARE FINISHED!!!! GAME OVER!!! DONE!!! KAPUT!!!
The What
Someday (Soon) this war is gonna end....
Posted by: guest at July 7, 2008 2:35 PM
I looked at the BIS and it seems that there are no sign offs for the work done.
There is also a Stop Work Order due to illegal work done.
There are 2 pending ECB violations and one which has a penalty of $2,500.
There is a plumbing permit (A2) which has NOT been signed off.
This house is a disaster.
$2 Million? HAHAHA!
I really don't understand Wells Fargo. According to PropertyShark, they issued Mortgages for over $1.3 million. It could be more, but I didn't want to waste my time and read all the Wells Fargo Agreements to see if they replaced or added to existing loans.
There could be Mortgage fraud here. I can't see any comparables which would justify the Mortgages or the Sales price.
Posted by: guest at July 7, 2008 2:36 PM
I saw this house (when it was being handled by a small no-name broker) after they renovated at least two but maybe three years ago. The renovation is unbelievably crappy--a buyer would have to rip out all the new work and start over.
I was actually embarrassed for the guy at the open house; he was trying so hard to put a good spin on it all!
Posted by: tinarina at July 7, 2008 2:45 PM
Oh there you go, The What @ 2:35. I thought you were constipated (punch bowl) today. How was your 4th? Anything anecdotal (gas stations, restaurants, etc.)?
Posted by: guest at July 7, 2008 3:13 PM
"Oh there you go, The What @ 2:35. I thought you were constipated (punch bowl) today. How was your 4th? Anything anecdotal (gas stations, restaurants, etc.)?"
Take a walk down to Atlantic Center and Downtown and BTW look at traffic! We are is some interesting times.
I'm very afraid about the next shoe to drop.
The What
Someday this war is gonna end...
Posted by: guest at July 7, 2008 3:24 PM
Just goes to show you all the thieves in CH ain't 16yo kids...
Posted by: denton at July 7, 2008 3:27 PM
But probably worth it, no recessed lighting!
Posted by: denton at July 7, 2008 3:28 PM
No recessed lighting? Then they can shove this house where the sun don't shine.
Posted by: guest at July 7, 2008 3:57 PM
Is something Wacky happening with the posts...or does a 'Guest' have too much time on their hands.
Posted by: guest at July 7, 2008 5:13 PM
"a complete remodeling" yet there's only 4 lame pics??? if i were the seller, i'd fire the broker.
Posted by: guest at July 7, 2008 5:56 PM
Corcoran brokers are fools. I don't understand why they don't advise the seller that this number is unrealistic.
Posted by: guest at July 7, 2008 9:21 PM
Is Mr. Da Sylveira totally unaware of his fellow brokers at Corcoran Ms. Bobbit and Ms. Corporan (what?!) who are selling this (http://tinyurl.com/6crhpb) house, nearly identical in size and renovation quality that is THREE DOORS DOWN FOR THREE-QUARTERS OF A MILLION DOLLARS LESS?????!!!!!
http://tinyurl.com/6crhpb
All parties involved are so frak-all stupid it completely blows my mind right the frak out.
Posted by: MrMinerva at July 7, 2008 10:33 PM
Funny thing is, maybe 1.5 or 2 years ago, some fool would have dropped 1.8 or 2 million on this wooden frame in culturally rich Clinton Hill.
Posted by: guest at July 8, 2008 12:05 AM
Corcoran should be sued for malfeasance. I have a friend who decided to move back home and bought a house with a loan from parents. Then she put her house in Brooklyn up for sale. Agents at Brown Harris and Corcoran gave her a similar number which she took at face value - she just wanted to get the house sold and believed them when they advised her on a number. She went with Corcoran. This was in January. 7 months later, she has had to chop the price by $400K and the house is still not sold. This is not a greedy person - she just believed what these assholes told her. SO obnoxious and really makes me believe that it is the nasty agents who are trying to prop up these COMPLETELY untenable prices - given the truly screwed up markets - taking advantage of people's ignorance and in the end completely fucking them over. That being said, I guess the owners have a responsibilty for following economic news and insisting on a reasonable price.
Posted by: guest at July 8, 2008 11:03 AM
Wow. I really can't believe how illiterate that listing is. And what few photos there are make the house look terrible. Hard to say though whether it's the broker or the owner who's behind the crazy price. But obviously it's the owner who's behind the lousy renovation.
Posted by: guest at July 8, 2008 11:15 AM
11:03
If what you say is true, then it means the death of large brokerage firms. If they truly would sacrifice a sale commission and the goodwill of a client purely to manipulate the market, who would trust them?
I would probably conclude the broker was just incompetent - most residential brokers really have no understanding of real estate economics. If there really is a company policy of deception, so much so that individual brokers have no say in setting the offering price, they are finished.
Posted by: Polemicist at July 8, 2008 12:01 PM
I also toured this house a year ago with a small independent broker. It's a bad, cheap renovation. I wouldn't buy it for any price. It looked so bad it made you wonder about the structure. Not surprised it has violations etc. I live almost straight across from it and I wish it would sell so maybe the new owner would make the exterior look better!
Posted by: guest at July 8, 2008 1:11 PM
actually RE agents are all independent contractors (no matter which firm they work for) and the decision on listing price is all the agent's (and the seller's) the RE companies are pretty darned smart--look at their profits--it's the individual agents who aren't.
Posted by: guest at July 8, 2008 2:08 PM
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