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March 24, 2009

House of the Day: 154 St. James Place

Given what a complete dump this place at 154 St. James Place in Clinton Hill was just a few years (you can see a partial view here), the 12-foot-wide woodframe house looks pretty great. The renovation resulted in a traditional look that was given a little modern zip with the use of dark wood floors. Given that the two-family house is no more than 2,000 square feet, however, the asking price of $1,325,000 seems a little aggressive to us. Might as well try though.
154 St. James Place [Corcoran] GMAP P*Shark

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WAYYYYYYYYYYYY OVERPRICED!
wow - sorry WAY OVERPRICED!
hahahahhaa
hahahahahhaha
cute(ish) - they did a decent job on the facade
but the asking price is absurd

i say it sells for maybe 1.1

Posted by: gemini10 at March 24, 2009 1:26 PM

This makes my 17' wide house seem like a football stadium!

I really like what they did with the reno. clean, crisp, classic. Great job all around.

I just can't get past 1.3MM for a 12' wide house though.

Seems crazy.

Posted by: TownhouseLady at March 24, 2009 1:26 PM

the price is ridonculous.

First sentence in the listing:
"Own a townhouse at a condo price and collect approximately $20,000 in rental income annually!"

Assuming that is realistic ($1,600/month for 1 bed?), AND you convert every floor, AND you get the same money for each floor, AND you don't pay anything in bills, AND you don't pay taxes, you will get $80k income = 6% return.

Is this the new broker strategy? Price high so the buyer feels happy getting 50% off? because that's what it's worth...

Posted by: the chicken at March 24, 2009 1:28 PM

It sold for $470K in 2003, factor in reno costs and a sizable profit...I'd say bid 875K and don't budge a penny over 1MM.

1.325MM is nutty.

12 FEET WIDE!

Posted by: TownhouseLady at March 24, 2009 1:35 PM

a little aggressive?!@?!? how 'bout nuts

Posted by: ontheparkway at March 24, 2009 1:39 PM

I'm being generous with my 1.1 figure
but I agree above - bid like 900K and go from there
this really is outrageous pricing

Posted by: gemini10 at March 24, 2009 1:40 PM

Cute.
1.3M should buy you gorgeous...not cute.

And why isn't there a bathroom on the 4th floor???

Posted by: bayridgegirl at March 24, 2009 1:42 PM

Skinny, expensive and divorced from reality.

Sounds like a supermodel.

Posted by: SnarkSlope at March 24, 2009 1:43 PM

Townlady beats me to it...
$1.3 million to live in a wooden house? No thanks! The guy overpaid it in 2006 already...his loss, not mine. I would think twice about even dropping $600K on it.

Posted by: stringer at March 24, 2009 1:43 PM

Earth to seller, come in seller...

This is another of those "what are they thinking" prices...

Posted by: wasder at March 24, 2009 1:46 PM

Looks like it is being held up by the properties on either side.

Posted by: etson at March 24, 2009 1:47 PM

... and i hate dark wood floors, unless you have dark wood furniture from west elm they look crappy.

Posted by: sender9999 at March 24, 2009 1:49 PM

THL, CWB--you guys are spot on. This house will very likely sell for between 850 and 900. I do think that there is something to what Chicken was saying above, that brokers are artificially raising prices in order to get more after the inevitable huge % cut necessary to sell.

Posted by: wasder at March 24, 2009 1:51 PM

The owner is a Corcoran agent.

Posted by: papacabo at March 24, 2009 1:53 PM

wasder - I ... I haven't commented yet :)

Posted by: cwbuecheler at March 24, 2009 2:05 PM

Skinny, expensive and divorced from reality.

Sounds like a supermodel.

Posted by: SnarkSlope at March 24, 2009 1:43 PM

QOTD

Posted by: daveinbedstuy at March 24, 2009 2:05 PM

I second that QOTD nomination Dave!

Posted by: TownhouseLady at March 24, 2009 2:08 PM

Whoops CWB---mistook you for Gemini!

Posted by: wasder at March 24, 2009 2:11 PM

"The owner is a Corcoran agent."

The owner is the listing Corcoran agent.

Posted by: jasetheace at March 24, 2009 2:12 PM

so - how much would you sell for if yours. 2000sq ft.
Compare to condo(with outdoor space) price....how much would that cost around here? are you saying less than $500 a sq ft?

Posted by: Petebklyn at March 24, 2009 2:14 PM

wasder - no big deal. I agree with him too. It's a very nice remodeling job, but the width is a killer.

Posted by: cwbuecheler at March 24, 2009 2:17 PM

no, no, no, no. are they high? the front door opens directly into the living room? the grey/blonde floors in the bedroom? the ceilings look really low in most of the house. this is like one of those fancy playhouses that rich people put in their yards for their kids that's like a mini replica of the actual house. 700k for this itty bitty.

Posted by: boofer at March 24, 2009 2:18 PM

If the owner is an agent, doesn't that have to be disclosed? The house is way overpriced for the neighborhood, any neighborhood now. Look at those stairs to even get upstairs. I am tired already. But it does look pretty nice if the photos are accurate.

Posted by: witchdoctor at March 24, 2009 2:24 PM

I think it is about time we should revisit what all you experts said about 147 across the street:

http://www.brownstoner.com/brownstoner/archives/2008/09/house_of_the_da_566.php

What did that sell for?

Posted by: WrathOfGates at March 24, 2009 2:25 PM

It looks like 156 is still in pretty bad shape.

I think this house is cute. Small, skinny, but cute. I wonder if the garden level apartment is claustrophobic in terms of ceiling height? I'd be happy in it by myself with my pets and a tenant downstairs. I'm sure the price is merely a fantasy.

Posted by: RinTinTin at March 24, 2009 2:27 PM

GTF GTF,, THAT HOUSE WILL SELL FOR 400K IN A COUPLE OF MONTHS...

Posted by: HOBOKENROCKS at March 24, 2009 2:45 PM

look at the benefit, when that tiny tinderbox catches fire, you'll be able to hose down the whole thing just using the the kitchen faucet's hose.

Posted by: Debbie_Downer at March 24, 2009 2:50 PM

what is the going price per square foot for clinton hill then? if this is 2000 sq ft, then this is just about at $650 psf. since it is totally new, has a yard, and has a tenant, what should it be selling at? is the neighborhood the problem?

if these needs zero work, think that it's a decent place.

Posted by: wine lover at March 24, 2009 2:52 PM

Why would a realtor accept this listing? I guess they need to do something to fill their time.... a good hobby.

Posted by: tybur6 at March 24, 2009 2:58 PM

Really nice block and really nice renovation, but I think $500/sq foot is closer to the going rate.

A million bucks! FINAL offer.

Posted by: Lothar of the Clinton Hill People at March 24, 2009 3:20 PM

wine lover is the owner,, sorry 650 psf for a match box in clinton hill is crazy.. More like 200 to 300 psf. Watch as the market crumbles because the banks won't sell these toxic assets..

Posted by: HOBOKENROCKS at March 24, 2009 3:23 PM

this 12 footer is starting to look like a seriously good alternative to the house of the day
http://2sweetsisters.com/item_1410/Cotton-Candy-Manor.htm

Posted by: boofer at March 24, 2009 3:25 PM

love it, except for the narrow-ness. i also am not a fan of those kind of stoops for these little houses, but it's definitely cute. i am curious, though, as to what makes this a "pretty great ... traditional look [with] a little modern zip" as opposed to "a traditional style without any of the charm that an older space would have" (see http://www.brownstoner.com/brownstoner/archives/2009/03/house_of_the_da_652.php) or "not a look we like: sorta modern but sorta traditional and, as a result, doesn't really nail either vibe." (see http://www.brownstoner.com/brownstoner/archives/2009/02/house_of_the_da_645.php)

if i can dissect it, brownstoner doesn't like built-ins, doesn't like staging that is too perfect, doesn't like dark furniture and insists on some colors thrown in with his white surfaces. generally, doesn't like renovations that seem too high-end, particularly in the kitchen.

Posted by: i disagree at March 24, 2009 3:26 PM

http://2sweetsisters.com/item_1412/Grand-Victorian.htm\
I may spring for this one though, it's 17 ft.

Posted by: boofer at March 24, 2009 3:28 PM

Good renovation, OK block, but skinny with a silly stoop. With a house this narrow would I be correct to assume the stairs are steep? If gravity is winning in the buttocks department this maybe the place for 900K.

Posted by: DeLepp at March 24, 2009 3:45 PM

Oh lord, those are crazy... $20k for a playhouse!! You can actually get a 2000 sq ft house in a little mill town for that! (well, maybe $40k)

These playhouses are crazy, but at $100 to $130 per sq ft... seems like a bargain!

Posted by: tybur6 at March 24, 2009 3:49 PM

Has this house grown since the last time I posted on here?
No....too bad.

Posted by: bayridgegirl at March 24, 2009 4:28 PM

You would have to be insane to pay this kind of money for a 12 foot wide woodframe in Clinton Hill, considering what you can get in Ditmas Park at the moment.

Posted by: Architerrorist at March 24, 2009 4:35 PM

well its good to know that corcoran agents can't even do proper comps on their own properties.

Hasn't that place gone under yet?

Posted by: Xander Crews at March 24, 2009 4:47 PM

Do they throw in the other half of the house for free or something?

Posted by: sashae at March 24, 2009 4:48 PM

WTF?!?! The seller has balls for asking that price!! (But it did generate buzz...)

If they get anywhere near that price, it goes to prove that there is a sucker born every minute.

Brownstoner - you need to keep us posted on how this one turns out!

Posted by: Northie at March 24, 2009 5:21 PM

WTF?!?! The seller has balls for asking that price!! (But it did generate buzz...)

If they get anywhere near that price, it goes to prove that there is a sucker born every minute.

Brownstoner - you need to keep us posted on how this one turns out!

Posted by: Northie at March 24, 2009 5:22 PM

rampant fraud in this entire area. this place might not be worth even half the asking price when you do the proper math. NUTS!

Posted by: brickoven at March 24, 2009 5:38 PM

Is ridonculous what you get when you overprice a house sized for a Peking Humonculous?

Posted by: mshook at March 24, 2009 7:34 PM

hoboken i was being serious. i own in williamsburg, and really would like to know what the sq foot price should be for a house like this. seems nice.

Posted by: wine lover at March 24, 2009 8:22 PM

Market bottom appraisal in 2009 dollars: $500K. If you pay more, hindsight will smack you in the face.

***Bid half off peak comps (but bid three quarters off this mofo)***

Posted by: Brownstones Half Off at March 24, 2009 11:00 PM

"I think it is about time we should revisit what all you experts said about 147 across the street:

http://www.brownstoner.com/brownstoner/archives/2008/09/house_of_the_da_566.php

What did that sell for?

Posted by: WrathOfGates at March 24, 2009 2:25 PM"

PropertyShark says it sold for $1.93m on 15 December 2008. On the other hand, it also changed hands for $995k on 8 Jan 2008. Granted the first buyer spent some money on the renovation but surely nowhere near $900k.

So did buyer 1 underpay or did buyer 2 overpay? You decide...

Posted by: the chicken at March 25, 2009 3:00 AM

This post is ow buried in Brownstoner, but this place got onto the Times "On the Market" this weekend (4/3/09). And what do you know, it is mentioned *multiple times* as being 16 feet wide.

At first I thought it might be a simple mistake (silly real estate reporter sees skinny house and just assumes 16 feet - that's what most skinny houses are). But the multiple mentions, and seeing here the the listing broker is the owner, makes it seem like outright fraud. (Or, well, false advertising... fraud in spirit).

It IS a nice house... I could see it being worth close to a million, minus the cost of putting a bathroom on the top floor... so call it $900k.

Posted by: sdrubbins at April 3, 2009 12:44 PM

« Co-op of the Day: 135 Hawthorne Street Streetlevel: New Design Store at 333 Flatbush Avenue »

March 24, 2009

House of the Day: 154 St. James Place

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