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November 3, 2008

Clinton Avenue Haunted Mansion Now 25% Cheaper

405-Clinton-Avenue-1008.jpgThe most-watched house on the Clinton Hill market just got a huge, well-deserved price cut: 405 Clinton Avenue, which was a House of the Day, when it debuted in mid-September, has been reduced from its initial asking price of $3,995,000 to $2,995,000. Man are we jealous of the person who gets this place! The listing's here.




Posted by Brownstoner at 10:34 AM | Comments (16)
Categories: Clinton Hill, Price Cuts

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Comments

Here we go with the 'M' word again!!

This one may just qualify. Would love to see pics of the interior.

Posted by: bayridgegirl at November 3, 2008 10:49 AM

I would love to have this building. My partner has been dreaming of it for 15 years. And if we were blessed by sudden fortune I would maintain it as a single-family dwelling. I have spoken to the owner, and he is a very nice guy but very shy. After that NY Times article I wouldn't blame him.

Posted by: gwbrubaker at November 3, 2008 10:55 AM

Wow,I didn't know that ghosts decreased the value of a house by one million dollars.

Posted by: Iknow at November 3, 2008 11:12 AM

Too bad there aren't photos.

Vicarious enjoyment of over the top, rich people, uber Victorian detail is always a treat, since I don't think I will ever be in the income bracket to even consider buying a white elephant like this, at least not in NYC.

Sigh.

Posted by: Montrose Morris at November 3, 2008 11:47 AM

This is my favorite of the Clinton Ave houses. Someone buy it and live happily in it.

Posted by: Lothar of the Clinton Hill People at November 3, 2008 12:19 PM


Supposedly it needs a total gut renovation -- and who know what hidden issues lurk within a large building that hasn't been taken care of properly for years?

I'm in the business and figure it would cost me conservatively at least a million bucks to the job properly.

It would be awesome to be the king of the hill and raise a family in such an impressive home, but does the neighborhood justify paying such a high price?

It looks to be at least a ten block walk from Prospect Park which in my opinion is one of the main draws of living in Brooklyn anyways.

That said, if the seller lowers the price another million, I'd seriously consider it, not as a flip, but as a place to live.


Posted by: IronBalls at November 3, 2008 1:09 PM

ironballs--you would definitely not buy this house if walking distance to Prospect Park is a high priority. Its more than ten blocks and they are all up hill. However the house is spectacular and the location within the Clinton Hill/Fort Greene area is stellar. Definitely for a person who wants to live in CH/FG.

Posted by: wasder at November 3, 2008 1:46 PM

I'd love to fix this place up, but I think a $1,000,000 cost for a complete gut is conservative. Are you just estimating hard costs IronBalls? Anyone who is going to buy this place and renovate it is basically going to have to do it all cash.

Posted by: Shahn Andersen at November 3, 2008 1:58 PM


Yeah, I wasn't taking into account borrowing costs.

Come to think of it, that would be one hell of a big nut to pay every month taking into account a $1,000,000 construction loan.

And I agree my estimate is conservative and assumes you use primarily lower wage labors, not the folks from This Old House.

Wadser, wouldn't everybody rather live near Prospect Park if given the choice? You certainly can't compare it to FG Park.

Posted by: IronBalls at November 3, 2008 5:17 PM

Ironballs--I would personally live in Clinton Hill over Park Slope but I am aware that this is a highly personal choice and one that other people would disagree with. But assuming that everyone would rather live within walking distance of the park is a leap you probably shouldn't take.

Posted by: wasder at November 3, 2008 5:27 PM

I am the broker for the property. It was essential to cut the price given the amount of work that needs to be done to renovate and restore the property. 1M is way under what it will take to do the work. Its closer to 2M+. Its one of the most magnificent houses I've seen in my years in Real Estate. Although its difficult to determine the exact square footage we estimate its approx 8200 sq ft. Total gut reno, everything and I mean everything needs to be done.It does have quite a bit of salvageable detail really incredible. The facade and roof alone will eat up a good portion of the $$. I have done some research and have found the house because of its historic status would most likely qualify for a special loan from Landmark Conservancy for the roof and facade work that will help alot. Its impossible to take pictures of the interior of the house. I've followed this on Brownstoner for a while now and thought I would weigh in and give you a little more information on the house. There is one room that is almost completely intact a library complete with mahogany ceiling and paneling. Its an amazing room with a beautiful bay window. There is an extension a bit strange only 8ft wide by 25 ft deep I think it could be removed still leaving plenty of space there is an elevator in the extension. The English basement has 9 ft ceilings and there is an attic with 8 ft ceilings A frame. Happy to talk about it if anyone wants to, I just love the house and am hoping to sell it to someone who won't chop it up and will restore it to its former glory!!!

Posted by: bklynde at November 3, 2008 7:44 PM


Wasder,

I understand that there are lots of factors involved in what makes a good location other than proximity to Prospect Park.

All I'm saying is everything else aside, close proximity to PP is a huge plus and most folks would agree, I believe.

Posted by: IronBalls at November 3, 2008 8:04 PM

bklynde:

How is it "impossible to take pictures of the interior of the house" is there some phantom which drains you camera battery power?

There has to be some way to get enough light (is the electric working at all?). What about the rear exterior of the house? Is the sun blocked out by the evil power which resides in the attic?

Your post is just a tease. Show some pics or stay home.

Posted by: Knickerbocker at November 3, 2008 9:12 PM

It's kinda hard to get people interested in a very high priced property that needs 2 million dollars worth of work and have no pictures whatsoever. I've been in some places without electricity and have managed to get decent photos. Flashes are an amazing thing. Throw open the shutters, or the drapes and get a shot of the library at high noon. I can't believe it is impossible to get photos. If the problem is the seller, then he doesn't really want to sell. Anyone really interested in the house as the period gem it once was, doesn't care if the place is a wreck or lacks staging. They (we) want to see the rooms, as is, or at least a fireplace and some stained glass, a stairway, coffered ceilings, something. Come on, please!

While we are at it, 2 mill plus seems a bit high. Unless the roof is totally gone, and all of the rooms have been flooded, and the place looks like the worst of the Admiral's Row houses, that figure seems excessive. Pictures would help here. Hint, hint.

Posted by: Montrose Morris at November 4, 2008 12:19 AM

I'm hoping this house isn't renovated. Its fabulous, full of character and scooby dooness. leave it be.

Posted by: dittoburg at November 4, 2008 8:33 AM

I've seen the inside of 405 Clinton a few times and I have taken photos of the building interior. electrical does not work in the house and there is no heat. It's really been alowed to deteriorate to a point where, if it continues for much longer, will become a MAJOR liability for the current owner.
I'm a building designer and I grew up in this neighborhood since the late 70's. I used to see a lot of projects in CH/FG very similar to this one. In recent years I have not seen many. I believe this building is a good candidate for restoration and in doing so would potentially be an asset to an investor as well as the surrounding community. If there's anyone out there who would be interested in taking this project on as a financial investment, or speak about the project scope or budget, please contact me for a more detailed assessment.

Posted by: nickomiscione at November 25, 2008 4:04 PM

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