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August 13, 2008

30 Orange Street Sells for $2,775,000

30-Orange-Street-Sold-0808.jpg
When we posted about 30 Orange Street back in April, the four story brick house had just had its asking price cut from $3,100,000 to $2,900,000. (As a commenter points out below, it began life at $3,250,000 in February.) Despite the fact that the house needed a full renovation, the consensus opinion seemed to be that the market-clearing price could not be much less. Sure enough, the property went into contract at the end of June for $2,775,000 and just closed on July 30.
HOTD: 30 Orange Street [Brownstoner] GMAP P*Shark




Posted by Brownstoner at 11:01 AM | Comments (33)
Categories: Brooklyn Heights, Sales

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Comments

Sorry, brownstoner, but this house STARTED at $3.25 million in February (not $3.1).

Posted by: abcdz at August 13, 2008 11:02 AM

Brownstoner, you have become such an out and out Realtor Shill! It is astonishing that you no longer even bother to pretend that you are anything but a cheerleader for the market. A house sells for 400K less than the original asking after being on the market for 7 months and you cover that with a huge "SOLD" post! You canceled the "6 months later" posts and replaced them with the "biggest sales" posts.

Back in the day, you were clearly aligned with buyers--the site was about finding great houses at good prices. But now that you are a for-profit business the entire point of the site is buttressing the market and cheering every time some sucker plops down a fortune. Keeping the bubble afloat may be good for Brownstoner Inc., but it is not good for Brooklyn. Try to keep your own bottom line from comletely destroying what was once a great website.

Posted by: shillstoner at August 13, 2008 11:17 AM

Quick close! Seemingly low comp for the area. Family or friend?

Posted by: DOW8000SP800 at August 13, 2008 11:19 AM

Did anyone see this house? The pictures above make it look ok, but the house of the day post says the house requires a full renovation. $2.8 mm for a small house that needs a full renoavation sounds rich.

Posted by: Boerum Hill at August 13, 2008 11:24 AM

I don't think Brownstoner has become a realtor shill. In fact, I think he does a pretty good job of trying to stay neutral. Why does a "biggest sales of the week" post mean he is a realtor shill? I sure want to know what the biggest sales are, and I'm a pretty consistent bear. In any event, I think the open commentary on both sides keeps this site honest.

Posted by: lechacal at August 13, 2008 11:42 AM

How about you start your own website then, Shillstoner.

You can highlight the lowest sales in Brooklyn each week and discuss those properties which have sat on the market for one year or more.

Until then, how about you let the proprietor of this business to run it as he sees fit.

If you don't like it, no one is forcing you to read, comment and criticize every aspect of it.

Some of us enjoy this site.

Posted by: 11217 at August 13, 2008 11:43 AM

"But now that you are a for-profit business the entire point of the site is buttressing the market and cheering every time some sucker plops down a fortune. Keeping the bubble afloat may be good for Brownstoner Inc., but it is not good for Brooklyn."

Shillstoner, I love your name, but c'mon, this is a blog, not CNBC. Do you really think this site has any impact on market prices? It's a barometer, not a market maker.

Posted by: FatLenny at August 13, 2008 11:50 AM

Why did this need a complete renovation? The interiors look great. This is a very reasonable price for a beautiful house in the Heights. We see real dumps, on sketchy blocks, that have been cut up into SRO's for 1.8 or so. I know this house has little or no rear yard, but still, it is in a great street.
This was a good buy.
Boy, the market is weakening.

Posted by: sam at August 13, 2008 12:00 PM

Oh, the Brownstone Owners speak!

I think that the "Biggest Sales" is fine IF it were balanced by the 6 Months Later posts or by regualar posts when previous HOTDs or Open House Picks go to contract. That balance would give a real picture of the market--what is selling, what isn't selling, how close to asking listings are going for. That would make the site a "barometer." But since Brownstoner only posts the biggest sales he is purposefully giving an overly rosy and positive view of the market. And of course this site has an impact on the market! As does all media coverage.

11217: Are your really using the "If you don't like it, leave it" argument??? Please. Next you'll tell me to 'go back to Cuba'! We live in a domocracy--if you do not like the way something is run, you try to change it. Welcome to America!

Posted by: shillstoner at August 13, 2008 12:00 PM

Yes, Shillstoner. This is a blog about real estate. If you don't like it, don't read it.

Now you are going to compare Cuba with Brownstoner?

Figures.

How about you go try to "change" something of more significance.

Posted by: 11217 at August 13, 2008 12:04 PM

Sam,

Saw this house. Also saw it featured on Openhouse NYC awhile back. It needed all new electrical, plumbing, and the kitchen was ancient. Gut. Bathrooms were in need of mucho work as well. We figured at least 600K would need to go in.

Touche, Shillstoner on the "if you don't like it, leave it" reverse bitch slap. Nicely done, and agreed.

Posted by: Nokilissa at August 13, 2008 12:09 PM

Well, I think Shillstoner kind of has a point. Brownstoner tends to favorably cover houses related to this specific BHS broker (as someone pointed out with the Lefferts Place HOTD). Why is this sale, for $500K less than asking, so interesting that it's featured as though it were a coup for the market?

Posted by: abcdz at August 13, 2008 12:13 PM

Come on abcdz...how many Corcoran listings do we see over the course of a week?? I think Mr. B is in love with the "naming the property" gimmick that those two guys (Anthony Morris & the other one) put in each of their ads!!!! :)

Posted by: daveinbedstuy at August 13, 2008 12:18 PM

The house is 2400 sf.

So it sold for $1156 a square foot and needs a ton of work, it sounds like.

You don't think that's a MORE than healthy selling price????

Posted by: 11217 at August 13, 2008 12:23 PM

I think it is a healthy selling price. With toasted wheat germ sprinkled on top.

Knocked back with a shot of organic juiced wheatgrass.

Posted by: Nokilissa at August 13, 2008 12:29 PM

I love how the interior wall color matches the brick outside nearly perfectly.

Posted by: 11217 at August 13, 2008 12:33 PM

I say this often on this blog, but I don't pay much attention to the sale price vs. ask price, since ask prices are so easilu maniupulated (i.e. can by very high to get a listing or very low to get a bidding war going). Better to benchmark to comps + psf. $2.8 mm for a small house that is described as needing work seems like a good price for the seller.

Posted by: Boerum Hill at August 13, 2008 12:34 PM

I agree that the site could use some improvement for tracking sales. I don't know how effective Stoner's tagging is, but, ideally, every property on the site should be tagged by, say, its address, so that users could quickly filter by property and see its history on Brownstoner. If Stoner had sales data for every property posted on the site, it would be a lot more powerful.

Posted by: FatLenny at August 13, 2008 12:35 PM

Putting in new electrical and renovating the kitchen and baths does not sound to me like a "complete renovation"
A high-end, but not silly, kitchen reno is $80,000. Baths can be done for maybe 20,000 each. electrical another 20,000. The exterior is in good shape the finishes look to be in good shape. This is a terrific mid-size house. I think the price is really low for the Heights.

Posted by: sam at August 13, 2008 12:50 PM

For the record, I was not implying that Brownstoner was actually in cohoots with a particular agent, rather that he has sold his soul and warped the essence of the site. And reduced its usefulness as well.

As for tracking, other RE sites that I frequent do a monthly listing of all featured properties that have sold that month. It isn't that hard.

Posted by: shillstoner at August 13, 2008 12:50 PM

I think given the broad scope that brownstoner covers on a daily basis and given that none of us pay a dime to enjoy it, he does a pretty damn good job. I'm not trying to kiss anyone's ass, and of course there are things that I might not find "perfect" for me, but as someone mentioned, this website is not CNN.

Posted by: 11217 at August 13, 2008 12:54 PM

I agree that $600,000 would be an astronomical amount to pay for renovating this house. I'd love to be your contractor/architect if that's what you're planning to do. Not sure why you'd "gut" the house just to update systems, kitchens and bathrooms. I'd save that kind of work only for a house that had been carved up/altered.

Also, some people say the price is low for the neighborhood, others say too high given the size/condition - does anyone actually have a basis to back up either of these assertions? In absolute dollars it seems lower than what I've seen reported.

Posted by: NorthHeights at August 13, 2008 1:05 PM

Sam,

We are not particularly "handy", hence would have hired a contractor (& his crew) to do this work for us had we decided to buy this house. All new electrical, plumbing, a gut job on the kitchen and 3 bathrooms, plus work on the garden would have been needed for this property.

If you know a contractor who would do this job (nicely, while not "silly" high end) for the 120K you suggest in your 12:50 comment, by all means and for the love of god, please share!

Posted by: Nokilissa at August 13, 2008 1:07 PM

For clarification's sake: I didn't say one needed to "gut the house", I said we felt the kitchen would need to be gutted. Very old, in very bad condition, on the garden floor. The rest would need to be refurbished, though we would have chosen to gut and reconfigure the bathrooms as well.

The pictures made the place look much nicer than it appeared in person - oriental carpets can do wonders for a home's appearance.

Listen, just our 02.

Posted by: Nokilissa at August 13, 2008 1:12 PM

Well, you are buying an old house, do expect it to be all in brand new condition? The thing about this house is that the day after the closing I would move in, put down my persian carpets, and after the movers leave, have a sip of sherry (I think sherry is right for Brooklyn Heights) then I could start dealing with the kitchen etc, while living there. It would take a year, sure, but that's life in a brownstone.
That is very differnet from a former SRO or a horribly mangled house that you would not think of moving into until it was irradiated and at least partially renovated. This place is a peach, so the bath is a little dated or whatever.
geesh, it's Brooklyn Heights!

Posted by: sam at August 13, 2008 1:20 PM

"...does anyone actually have a basis to back up either of these assertions?"

My general sense of Brooklyn Heights brownstones and other properties on BHS. It just seems like this location (close to promenade) is untouchable and brownstones go for upwards of $4M. I guess that price is for bigger and better quality brownstones in that 'hood.

Posted by: DOW8000SP800 at August 13, 2008 1:33 PM

"...the day after the closing I would move in, put down my persian carpets, and after the movers leave, have a sip of sherry..."

I like your style.

Posted by: DOW8000SP800 at August 13, 2008 1:35 PM

I love the picture you paint. A nip of sherry amidst stacks of unopened boxes and unrolled Persian carpets (which really tie the room together ;) and all the time in the world in front of you, to dream and plan.

Wish we could.

With two little ones underfoot, and a possible third in the works, such a scenario would test me to my outer limits. But if it were just me and my husband, we'd probably open up the fireplaces first, then slowly and patiently get to planning.

It sounds romantic, unhurried and lovely. Maybe in twenty years!

Posted by: Nokilissa at August 13, 2008 1:35 PM

Noki:
Yes, i think your twenty year scenario is fine.
With three children, you may want to think twice about living in the 5 boros at all until they finish high school.

Posted by: sam at August 13, 2008 2:13 PM

Disagree with thinking twice about "living in the 5 boros until kids finish high school". We've raised our kids in the City (teens now)and it's worked out great. It may take a little more energy than in the suburbs, but in the end I think you know your kids better. At a minimum it beats commuting and leaving the house at 7AM and returning at 7PM. The commuter doesn;t see their kids much.

Posted by: Boerum Hill at August 13, 2008 4:46 PM

To (sort of) answer my own question: I poked around some online sources, and while I never figured out how this house's sale price compared to similar houses, I did discover that all the house sales that closed this year in Brooklyn Heights sold at a 10-15% discount to the original asking price (except for one which sold at ask). This surprised me - the percentage number might not be significant (as someone else mentioned above), but the fact that all of the houses are going under ask could be - I assume is a change from prior years.

Posted by: NorthHeights at August 13, 2008 5:53 PM

this is a beautiful home. congrats to the lucky buyer.
perfectly lovely.


Posted by: Gary Cooper at August 13, 2008 10:15 PM

Another Joan Goldberg/ BHS listing featured by BROWNSTONER. Have you no shame???

Posted by: BklynHouseLover at August 14, 2008 2:17 PM

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