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December 23, 2008

135 Joralemon Closes for 30% Below Original Asking Price

Last month we reported that, after languishing on the market for a year and a half, the one-family house at 135 Joralemon Street finally went into contract. A little history: After a fire and a detailed renovation, the listing started out in July 2007 at $5,950,000 before being cut to $5,750,000 then $5,250,000 and ultimately $4,950,000. Last week, the house finally closed for $4,189,000. Surprised, or does it sound about right?

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It sounds about right to the person who paid $4.189MM. It doesn't matter if it doesn't sound right to anyone else.

Posted by: daveinbedstuy at December 23, 2008 9:31 AM

They bought it for 2.4 Million. How much do you think they put into the renovation. Imagine the spent 5-600K on the reno. They are still walking away with close to a million after taxes. I think they did OK.

Posted by: Park Place at December 23, 2008 9:31 AM

lovely house. Shame there aren't more houses of this antiquity left in Brooklyn.

Posted by: dittoburg at December 23, 2008 9:39 AM

Between the fire and the general state of disrepair, I'd estimate 2-3 times that $600k for renno. Was beautifully done and a great location in the Heights. But small though, right?

Posted by: Johnny at December 23, 2008 9:49 AM

It sounds right. This is a very special house, there are not too many of these left in the Boros.
It is comfortably set-up inside and in move-in, never-used condition. It is also very bright and airy, something that was lost in the later, deeper brownstones.

Posted by: sam at December 23, 2008 9:49 AM

"It sounds about right to the person who paid $4.189MM. It doesn't matter if it doesn't sound right to anyone else."

Little early to be smoking the crack pipe Dave...

Oh BTW I have massive PWNING on tap, so be ready Dave..

The What

Someday this war is gonna end...

Posted by: Return of The What at December 23, 2008 9:55 AM

OK, quick pitch:
There are tons of houses like this in greenwood waiting for people like the posters above to bring them back to life- lots of 2-3 story 20X30 houses with pitched roofs with details and clapboards hidden under sheetrock and siding. If we fill the neighborhood with people who apprecicate the history of these beautiful clapboard houses, the neighborhood will one day be considered as nice, if not nicer than it's brownstoney neighbors.

Posted by: Park Place at December 23, 2008 9:57 AM

It's a beautiful home. The only issue to me, as we've discussed here before, is that it sits at the end of Sydney Place and I personally would not like to have a home at the end of a street. Bad feng shui (and bright headlights coming in to your living room). I'm also not crazy about this stretch of Joralemon, although there are some very nice brownstones across the street from it.

Posted by: Biff Champion at December 23, 2008 9:58 AM

As you probably know since you're a broker What; it only takes one buyer to complete a deal. It sounds right to both parties in this case since it closed, stupid.

Why are you starting out the day as such an ignorant Asshat???

What gets PWNED so early today. That said, your sentences today are grammatically correct and there are no spelling errors. A star on your collar today.

This PWNING of the What is so easy and isn't gonna end..

PWA

Posted by: daveinbedstuy at December 23, 2008 10:00 AM

it is hard to saywhat they paid for the reno since I imagine it was developers who did this. Sitting on the market for a year and a half paying a mortgage probably wasn't what they had in mind. I saw this house two years ago on the brooklyn heights house tour. It was beautiful yet .... I can understand why it didn't get asking a year and a half ago.

Posted by: boroughbred at December 23, 2008 10:00 AM

Park Place...what streets in particular?? Thanks.

Posted by: daveinbedstuy at December 23, 2008 10:02 AM

I think it was a developer or just a spec rehab as well because of the staging in the photos...didn't look like someone actually lived there. Am I correct from anyone who was inside?

Posted by: daveinbedstuy at December 23, 2008 10:04 AM

dbs- 19th between 4th and 5th has one or two for sale with front porches and pitched roofs. They need buyers who will renovate them instead of tearing them down or covering them with styrofoam or pink brick. Recently, some developer knocked a detached house with a porch down on 20th between 5th and 6th, and it looks like they also stalled on the development, so now we just have an icey pit.

Pretty much every block between prospect and 25th and 4th to 6th ave has one or two of these houses and probably more that have had their porches ripped off.

Posted by: Park Place at December 23, 2008 10:14 AM

Park Place, you are absolutely right. I often walk up and down 18th - 23rd streets between 4th and 6th aves and marvel at these houses. My favorite is at 251 18th street. That house is gorgeous (from the outside at least - I've never seen the interior). It would be great if all the houses in this area could look like that (meaning staying away from stucco, etc.)

Posted by: InsertSnappyNameHere at December 23, 2008 10:22 AM

30%....hhmm.
Make your low ball offer today!

DIBS, If this house went for 4.1m, I think you're going to lose your bet on 22 Remsen. You might as well put party planner on your name tag.

Posted by: bayridgegirl at December 23, 2008 10:39 AM

There aren't any comps for a place like this, so it's not really indicative of anything except that a great home is BH is still worth over 4 million. They just plucked a number out of the sky at first, and missed badly at the top of the market. Of course they had to come down; I'll be the buyer waited them out for a year or so.

Posted by: Bolder at December 23, 2008 10:53 AM

$4 million-plus is going to be the new benchmark for very distinctive Brooklyn properties in perfectly-renovated condition, seems to me. Sounds high, but this was a very special house.

Posted by: cgguy at December 23, 2008 10:56 AM

PP, as much as I like the SS (I live there, after all) BH is a lot closer to Manhattan, therefore priced accordingly.

Posted by: denton at December 23, 2008 10:57 AM

i'm with johnny - i would guess they spent no less than $1M on the reno, could easily have gone to $1.5M or more depending on the extent of the damage and the quality/completeness of the renovation.

Posted by: janelle at December 23, 2008 11:01 AM

"$4 million-plus is going to be the new benchmark for very distinctive Brooklyn properties in perfectly-renovated condition, seems to me. Sounds high, but this was a very special house."

No it will not! Every appriser and Underwriter will ignore that comp! a 3 story frame house for over 4 million in this market? Yeah right and BTW want the monthly nut on that puppy? I guess around 45,000 a month, Oh Doggie!

Please post the name of the Bank who lent this fool(s) the money so I can withdraw mine out!

The What (Asshat Killer)

Someday this war is gonna end...

Posted by: Return of The What at December 23, 2008 11:03 AM

It sold WHAT...get over it and move on.

DIBS PWNED the What twice today...want to try for an Asshat Hat Trick????!!!

DIBS 2
What 0

ROTFLMMFAO

Posted by: daveinbedstuy at December 23, 2008 11:07 AM

I think the owner did very well. Those people throwing out $1 million+ figures on the renovation are off base. He did the work himself (he's a builder) and my understanding is that while the house was scary looking because of general neglect and surface damage from the fire, it was structurally sound.

I agree with Bolder's comments on pricing. On the one hand, this is newly renovated, and a charming woodframe (pretty rare in the Heights); on the other hand, it's a little smaller than the typical Heights townhouse and probably appealed to a smaller universe of buyers than those looking for a big, high-end brownstone. Given the market, anyone selling today should be pleased to get over $4 million and over $1,000 psf.

Posted by: NorthHeights at December 23, 2008 11:10 AM

I applaud the developer for taking on the renovation and I hope he made a good profit at it. Capitalism and free enterprise wins out again.

Sorry it couldn't have been higher density, Polemicist. :)

Posted by: daveinbedstuy at December 23, 2008 11:13 AM

Propertyshark has the building at 2,550 sq ft.
$4,200,000, or $1,650 psf.
PSF number may be a record for a single family home in Brooklyn Heights.
Does this sound right?

Posted by: ITM at December 23, 2008 11:18 AM

I doubt very much that whoever bought this property had to ask a bank for a loan. I'm sure it was bought for cash. The reason this house is so special is because it was built in 1830, just as Brooklyn was starting to build up. The cast-iron porch is later, probably 1850's. In addition to its early date, the details are first-rate. The carved entry is one of the finest in the city. The mantles inside are all original as is much of the trimwork. it is rare to find a museum-quality house like this in move-in condition, in Brooklyn Heights. Therefore the price. It is not a huge house, five bedrooms, three bathrooms, two parlors, no tenant's apartment, but it is a comfortable house.

Posted by: sam at December 23, 2008 11:19 AM

"I doubt very much that whoever bought this property had to ask a bank for a loan. I'm sure it was bought for cash. "

ASS U Me Sam..

"The reason this house is so special is because it was built in 1830, just as Brooklyn was starting to build up. The cast-iron porch is later, probably 1850's. In addition to its early date, the details are first-rate. The carved entry is one of the finest in the city. The mantles inside are all original as is much of the trimwork. it is rare to find a museum-quality house like this in move-in condition, in Brooklyn Heights. Therefore the price. It is not a huge house, five bedrooms, three bathrooms, two parlors, no tenant's apartment, but it is a comfortable house."

How come when the Asset price is up, the Asset has Value and Appeal. But when the Asset prices is falling all of those things are not so great anymore?

Oh well rally on..

The What BAK

Someday this war is gonna end...

Posted by: Return of The What at December 23, 2008 11:28 AM

Here's the Hat Trick What...

"How come when the Asset price is up, the Asset has Value and Appeal. But when the Asset prices is falling all of those things are not so great anymore?"

This house sold for 18.6% below what people think was the original inflated, unrealistic price. That's not bad.

So the price fell and everyone thinks this is still a great place.

You're way off your game today, making no sense whatsoever.

PWNED 3 X (in the same thread no less!!!!!!!!)

DIBS 3
What 0

LMMFAO

Posted by: daveinbedstuy at December 23, 2008 11:33 AM

All I can say is, thank god my money manager isn't on here, mid-day, trading infantile jibes with anonymous posters. Dave, getting way under your skin is now so easy, I'm wondering if you're day trading has put you in a hole?

On topic --very special house found a money-no-object buyer. Mazel tov. Though I agree, highbeams bleeding through my curtains every eight seconds, not so cozy.

Posted by: Whuh at December 23, 2008 12:41 PM

"This house sold for 18.6% below what people think was the original inflated, unrealistic price."

Actually, since the original ask was $5,950,000, and it sold for $4,189,100, didn't it sell for 29.6% less?

Posted by: SnarkSlope at December 23, 2008 12:47 PM

"Your," not "you're."

Posted by: Whuh at December 23, 2008 12:54 PM

Where is it recorded that this house closed at $4.189 million? ACRIS shows it sold for $2,094,500, deed recorded 12/22/2008. What am I missing here?

Posted by: bk14 at December 23, 2008 1:02 PM

PropertyShark says:

Deed Transfer recorded
$2,094,500
Dec. 15, 2008

Buyer: Hartzler, As Trustee, Joshua W And Haber, As Trustee, Gary And The Silver Bubble Trust U/A/D December 15, 2008

So what's the story here? It sold for less than the $2,400,000 it last sold for in 2006?

Posted by: SnarkSlope at December 23, 2008 1:13 PM

Dibs when you "Pwn" someone, like you. You use facts not make believe stuff.

The What BAK

Someday this war is gonna end..

Posted by: Return of The What at December 23, 2008 1:15 PM

SnarkSlope, you've officially switched teams. You're now playing with Miss Muffett's line (see the Last Week's Biggest Sales, where your name's being used in vain).

Posted by: Biff Champion at December 23, 2008 1:16 PM

"They just plucked a number out of the sky at first, and missed badly at the top of the market. Of course they had to come down"

I love this line!!

Dummies Guide to Being a NYC Real Estate Broker
1. Naïve house seller hires you as broker.
2. Take crappy photos and don’t get a floor plan.
3. Pluck a number out of the sky. Make sure there are no comps.
4. Make sure the ‘plucked’ number is at the top of the market.
5. Hold open house with wine and cheese.
6. Wait
7. Wait
8. Wait
9. Lower Price by $1000
10. Wait
11. Wait
12. Wait
13. Lower Price by another $1000
14. Wait
15. Let a year go by before making drastic price cuts.
16. Have another open house, cheaper wine, swiss cheese.
17. Make more drastic price cuts, so seller looks desperate.
18. Wait
19. Wait
20. Accept lowest offer
21. Close and get undeserved commission.

Posted by: bayridgegirl at December 23, 2008 1:24 PM

"You're now playing with Miss Muffett's line"

Is she claiming me since I name-checked her in my magnum opus, Brownstonian Rhapsody?

Posted by: SnarkSlope at December 23, 2008 1:32 PM

Snark, come to think of it, Miss Muffett has also been mentioned in a few or our songs and poems. Of course none were as creative as Brownstonian Rhapsody. Actually, I was going to say you're now playing for the other team, but didn't want to risk disappointing all of your female admirers here when they realized I was talking about going from Team Bull to Team Bear.

Posted by: Biff Champion at December 23, 2008 1:37 PM

Ooooh, Snark.
Bear or a Bull, you'll always be dear to my heart!
[swooning]

Posted by: bayridgegirl at December 23, 2008 1:39 PM

Denton- no doubt- wasn't trying to compare values at all between nabes at all, in fact.

Should have been more clear - was just trying to point out to people who like these kinds of frames another place where they can find a lot of them. (And hoping they'd move to our neighborhood and save a few like you and I are doing.)

Posted by: Park Place at December 23, 2008 1:39 PM

"going from Team Bull to Team Bear"

Going from Team Twink to Team Bear is more like it, but that's a tale for another time and thread.

Posted by: SnarkSlope at December 23, 2008 1:42 PM

Snark
the RP-5217NYC form (page 7 in deed docs) states full sale price as $4,189,000.

Posted by: ITM at December 23, 2008 1:43 PM

here's a shot of the house i photographed last year and some info about it: http://www.flickr.com/photos/edstern/1352562299

Posted by: edEx at December 23, 2008 1:49 PM

I would have bought this place for 1 Million . Too bad some asshat was willing to pay way more. HAPPY HOLIDAYS TO ALL...

Posted by: HOBOKENROCKS at December 23, 2008 2:12 PM

Thanks ITM. It seemed odd, even to the beariest bear in all of Beartown.

Posted by: SnarkSlope at December 23, 2008 2:16 PM

Snark, I'm sure it was equally as odd to Sebb (i.e., the bulliest bear in all of Bearburg).

Posted by: Biff Champion at December 23, 2008 2:18 PM

D'OH, re-write.

Make that the bulliest bull in all of Bullburg!

Posted by: Biff Champion at December 23, 2008 2:18 PM

"Oh BTW I have massive PWNING on tap, so be ready Dave..

The What"

Is this the PWNING you are referring to Mr What?

http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ7HBEgYCzUE&refer=home

Posted by: the chicken at December 23, 2008 2:49 PM

Snark...ever been to Bears Weakend in P-Town? It's about as depressing as "Baby Dyke Weekend"

Posted by: daveinbedstuy at December 23, 2008 2:52 PM

Does anyone have any Guinness on tap? I could use a few of those right about now.

Posted by: Biff Champion at December 23, 2008 2:53 PM

Dec. 23 (Bloomberg) -- Single-family home sales in California rose 83 percent in November and the median price fell below $300,000 for the first time since 2002 as buyers purchased discounted properties in foreclosure, the California Association of Realtors said.
The number of existing single-family detached homes sold in the most populous U.S. state last month increased to 514,710 on an annualized basis, from 280,920 a year earlier, the Los Angeles- based association said today in a statement. The median home price dropped 42 percent to $285,680 from $490,511 a year earlier.

That's what usually happens in a cycle!!!!!

Posted by: daveinbedstuy at December 23, 2008 3:08 PM

Oh, Dave. Ever the optimist. What is the name of your fund, btw?

Posted by: Whuh at December 23, 2008 3:18 PM

"Snark...ever been to Bears Weakend in P-Town?"

Clutch pearls, no...

Posted by: SnarkSlope at December 23, 2008 3:30 PM

"Weakend"

Was that a Freudian slip, DIBS?

Posted by: Biff Champion at December 23, 2008 3:32 PM

definitely!

Posted by: daveinbedstuy at December 23, 2008 3:34 PM

I saw this house in the Brooklyn Heights House Tour a few years ago. It is a beautiful house, definitely for someone who is looking for a unique housing option. The house is pretty small, and has NO closet space, and still seems drafty, but is still pretty amazing, beautifully redone, and has an amazing backyard.

Posted by: Molly at December 23, 2008 3:34 PM

"It doesn't matter if it doesn't sound right to anyone else."

Speak for yourself, mad[e]off[with your money]inbedstuy.

***Bid half off peak comps***

Posted by: Brownstones Half Off at December 23, 2008 3:39 PM

Out of context douche bag.

Posted by: daveinbedstuy at December 23, 2008 3:43 PM

Biff - I have to disagree with your observation about the location. Sydney Place is a very quiet street, so the traffic & lights will be minimal. They also benefit from open views and a sense of space as opposed to looking right into another building across the street. My house faces up a street and we often receive compliments about the siting.

Posted by: Schultz at December 23, 2008 6:02 PM

« Ulmer Brewery Calendared by LPC Sinning on 14th Street »

December 23, 2008

135 Joralemon Closes for 30% Below Original Asking Price

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