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June 10, 2009
House of the Day: 10 Schermerhorn Street
This two-family house at 10 Schermerhorn Street is a pretty serious pad: lots of original detail, a three-story, 20-foot deep extension and the option of a private parking space. The owners of the 5,000-square-foot house, however, don't appear particularly motivated, judging from the fact that the asking price of $4,250,000 hasn't budged since the house was originally listed last November. What do you think it should sell for?
10 Schermerhorn Street [Corcoran] GMAP P*Shark
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Comments
yey, we're back to real estate porn. still doesn't justify the price.
Posted by: Kensingtonian at June 10, 2009 1:15 PM
First of all, I believe it's "storey" not "story" and it's actually 4, not 3.
It's a magnificent place. I say $3MM +
Posted by: daveinbedstuy at June 10, 2009 1:19 PM
DIBS, depends if your British or not.
Posted by: dittoburg at June 10, 2009 1:22 PM
safe to say anyone who could afford this place doesn't spend their time trolling brownstoner forums?
I think we need a "Colbert Platinum" style version of this site.
Perhaps "ElectrumStoner"?
Posted by: MoneyForNothing at June 10, 2009 1:24 PM
Sweet house. deserving of big bucks if anything is. I have no idea about this end of the market...
Posted by: wasder at June 10, 2009 1:28 PM
I'm curious whether any of the HOTD listings with the reader price polls have sold and if so, if there's a comparison between the paired fantasies of seller's super high expectations and readers' lowball hopes?
Posted by: Stonergut at June 10, 2009 1:29 PM
Stonergut, that would be very interesting to see.
Hopefully Mr. B is listening and will periodically post the comparisons.
Posted by: Biff Champion at June 10, 2009 1:33 PM
Okay, it's a huge place in a good location with lots of nice details.
However, $4m is proper luxury pricing - you don't just have to be a millionaire, you need to make $1m every year to sit at the table.
Would such a person be okay with three bedrooms sharing one bathroom on the top floor? Would such a person be okay with sharing their master bathroom with guests in their den (otherwise ordering them down to the tiny closet bathroom on the parlor floor)? Would the person renting the Garden floor (who would also have to be a person of means) be okay with a kitchen too small to swing a cat (sorry cat-lovers)?
I don't get close to $1m a year and I wouldn't. Parking is nice though ;)
Posted by: the chicken at June 10, 2009 1:34 PM
"It's a magnificent place.
Posted by: daveinbedstuy at June 10, 2009 1:19 PM"
I thought we had similar standards for the use of the word "magnificent" DIBS but it seems not...
Posted by: the chicken at June 10, 2009 1:35 PM
I think in America we write "story" although I prefer "storey" .
This place is a dream, give it up all you envious inner-brooklyn types. Easily 4 million.
Posted by: sam at June 10, 2009 1:43 PM
chicken, and I never thought that of the two of us, you would be the one sounding "bitchier." :)
Posted by: daveinbedstuy at June 10, 2009 1:45 PM
Looks like a lovely place, well cared for, no improvements to undo. I mean, $4 million is obviously a lot of money - but people in the Heights have paid two and a half times that...and even with this terrible economy you can spend that kind of money in Manhattan and not wind up with a whole house, a yard, and all the other civilized things. The Corcoran site doesn't show much of the kitchen(s) or the bathrooms, though...
Posted by: Chrisintheheights at June 10, 2009 1:50 PM
Gorgeous place, wide, lot's of details (including wbf, which I love), option for parking, huge garden and location seems ideal if looking in BH. No pictures of kitchen or baths, so one can suspect they are in need of updating.
A year and change ago, this place would probably have gone for upwards of 4.5, given what we were seeing listed and selling in prime locations. So it seems not altogether unreasonable of the sellers to list north of 4. and hope for something in the 3.7 to 3.8 range. It will be interesting to see if this sells or languishes.
Posted by: Nokilissa at June 10, 2009 1:55 PM
"chicken, and I never thought that of the two of us, you would be the one sounding "bitchier." :)
Posted by: daveinbedstuy at June 10, 2009 1:45 PM"
You never had "phoenix claws"?
Posted by: the chicken at June 10, 2009 1:56 PM
As I have often stated on this site, most people spending four million dollars on a house will want to redo the kitchen and the bathrooms and other things before moving in. These are not people strapped for time or money. They are looking for the location above all, and the private garage in this case makes this pad ideal.
Posted by: sam at June 10, 2009 1:57 PM
Sorry....this place is stale looking original detail isn't everything just way to blah for the price...but i give 2.9 million
Posted by: mysideofstuy at June 10, 2009 1:59 PM
Golden Phoenix Claws would be more upscale.
Posted by: daveinbedstuy at June 10, 2009 2:04 PM
"Stale looking." Interesting. One person's "original glory" (me) is another's stale.
Posted by: Nomi at June 10, 2009 2:07 PM
"this place is stale looking original detail isn't everything"
Then don't buy a Brownstone. Buy new construction or something that's already been raped of detail and bastardized into some modern "open concept" box that will look dated and lack-luster in 20 years.
This house is gorgeous. 4MM may be a bit of a stretch but upwards of 3MM yes.
Posted by: TownhouseLady at June 10, 2009 2:09 PM
I think "The new owner... may have the option to take over the rented garage parking space adjacent to the building (by separate agreement with neighbor)" implies the garage isn't included... I think 47 Sidney Place (a quieter block) which is asking $3.6 mil makes this puppy look at least three quarters of a mil too dear... For what it's worth this place was originally listed higher - it came on with Corcoran at $5 mil in September but I think Carberry might have had it before that.
Posted by: tricks73 at June 10, 2009 2:12 PM
Eh - definitely not my taste. Feels musty-fusty, but maybe that's what people looking for a home in BH at this price range like. Bigger question is: is this really a $4million lay-out? Is a garage in BH worth that much? More power to the sellers if they can get anything close to this - it's a different universe than the one I'm looking in.
Posted by: Miss Muffett at June 10, 2009 2:14 PM
The garage does not go with this home.
Posted by: daveinbedstuy at June 10, 2009 2:15 PM
sam, I'm not saying that the bathrooms are not nice or should be redone - I'm saying there aren't enough of them!!!
Posted by: the chicken at June 10, 2009 2:17 PM
MM, I think it's the furnishing that are making it look "musty-fusty". Imagine all of them gone, no carpets or heavy draperies. Now it's beautiful.
Posted by: TownhouseLady at June 10, 2009 2:17 PM
"this place is stale looking original detail isn't everything"
You don't get fireplaces, floors and stairways much better than this.
This isn't www.lofts.com
Posted by: daveinbedstuy at June 10, 2009 2:18 PM
There are always people who will look at an Old Master painting and say: "too dark" or "kinda boring".
Those folks are entitled to their opinions, tasteless as they may be. The real problem is sometimes these people have money and buy old houses and ruin them forever.
Posted by: sam at June 10, 2009 2:19 PM
the claim is a 3 story extension -which is correct. The house itself is 4 story.
Brownstoner appraisers are saying $640 sq ft for beautiful house in very luxe area. About same as cookie cutter condos in lesser areas.
Don't quit your day jobs folks.
Posted by: Petebklyn at June 10, 2009 2:21 PM
Brooklyn Heights prices approaching those of Park Slope. Upper West Side prices approaching those of Brooklyn Heights. Another day in the life of the housing market crash.
***Bid half off peak comps***
Posted by: Brownstones Half Off at June 10, 2009 2:23 PM
...Park Slope and Brooklyn Heights peak prices, that is.
***Bid half off peak comps***
Posted by: Brownstones Half Off at June 10, 2009 2:25 PM
TownhouseLady - you're right. I looked again at the pictures and indeed it's the decor that's giving off that fusty vibe. Plus the photos are not great IMO. I actually do appreciate old detail (though prefer the details with a lighter touch - no fan of heavy woodwork am I, more a crown moldings gal). I do wonder who the buyer of this is though.
Posted by: Miss Muffett at June 10, 2009 2:31 PM
Surely the recession - sorry - recessed lighting knocks off at least half a million clams, yes?
Posted by: SnarkSlope at June 10, 2009 2:35 PM
chicken, I know, so what's the prob? you put in more bathrooms. "his and hers" for the master bedroom. This house is huge, 25 feet wide. You can have bathrooms up the wazoo.
Posted by: sam at June 10, 2009 2:36 PM
dibs is right, the garage does not go with the house, there is an "option on it" there's the rub! The deal for this house will revolve around that garage. If you can't get the garage, the house is only worth 3.5 mil.
Posted by: sam at June 10, 2009 2:48 PM
"chicken, I know, so what's the prob? you put in more bathrooms. "his and hers" for the master bedroom. This house is huge, 25 feet wide. You can have bathrooms up the wazoo.
Posted by: sam at June 10, 2009 2:36 PM"
Not without some major tearing down and remodelling. You could probably get away with putting a bathroom where the storage is on the 3rd floor to keep the bathroom private to the master bedroom. I see no way to get an extra bathroom on the 4th floor unles you get rid of the smallest bedroom - no good if you have two kids and then you have a guest coming to stay.
Seriously, I'm not arguing that it's not a nice house - it is. But tell me in what crazy world does $4.25m not buy you something AMAZING?!
Posted by: the chicken at June 10, 2009 3:04 PM
Okay - $4.25m is just a shade over eur3m...which buys you this....
http://www.prestigeproperty.co.uk/property/124782/French-Chateau-in-Near-Saintes-Charente-Maritime-17-France/
Yes, I know it's not slap bang in the City but it is a f@#king castle!!! That's what a $4m house should feel like.
Posted by: the chicken at June 10, 2009 3:07 PM
chicken, whenever you put in a new bath you usually have to do major renovations, that's true.
Rich people don't like to tinker.
(but they like to tinkle..in style)
Posted by: sam at June 10, 2009 3:07 PM
changed my mind - buy this instead and save yourself $2m...
http://www.prestigeproperty.co.uk/property/107776/French-Chateau-in-15-minutes-from-Nantes-Loire-Atlantique-44-France/#
Posted by: the chicken at June 10, 2009 3:10 PM
this looks like the most expensive house in Brooklyn Heights listed on StreetEasy. I think it's missing a garage and maybe a couple of bathrooms for this price. Otherwise, it's really grand. I love that genteel parlor floor.
Also, why does this thread feel like the Titanic? the band is playing, but I get an uneasy feeling talking about the priciest house in Brooklyn while waiting for the other shoe to drop.
Posted by: Maly at June 10, 2009 3:19 PM
Seems there's a glut of French chateaux out there.
Posted by: daveinbedstuy at June 10, 2009 3:19 PM
French chateaux rival Brooklyn brownstones as bottomless money pits.
Posted by: Maly at June 10, 2009 3:26 PM
there certainly are DIBS. Appears to have been a huge chateaux construction boom in the 17th century and they're still trying to work off the inventory!
Posted by: the chicken at June 10, 2009 3:28 PM
ha ha ha!
Make that a sudden dearth of chateaux owners towards the end of the 18th century.
Posted by: Maly at June 10, 2009 3:31 PM
Yes, maly, that nasty revolution thing. Lots of heads lost over that one. "Let them eat cake" was apparently the wrong response.
Posted by: daveinbedstuy at June 10, 2009 3:36 PM
Maly -- I think Kevin Carberry has some house (that doesn't look as nice in photos as this) on Remsen between Henry and Hicks for over $5M.
Posted by: Boerumresident at June 10, 2009 4:04 PM
I respect the preservation of historical detail argument, but period furnishings and decor does not have a monopoly on taste and class. The other and more objective argument for contemporary/modern would be systems, energy efficiency, layout, ample bathrooms (in the correct location), etc.
Btw, there are people who can afford this price point on this blog...
Posted by: boerumite at June 10, 2009 4:17 PM
"Btw, there are people who can afford this price point on this blog..."
That's not being debated.
The question is, what is it ACTUALLY worth? Even is you CAN afford it you still don't want to overpay.
Particularly these days.
Posted by: TownhouseLady at June 10, 2009 4:26 PM
TownhouseLady - Yes, you're right and focused.
Price feels a bit rich; albeit tough to find 25' with this location in quality condition sub $3mm. Anyone know the total sq ft? Stated extension could be additive or dilutive to the footprint.
Posted by: boerumite at June 10, 2009 4:34 PM
It's all about the garage.
Posted by: sam at June 10, 2009 4:36 PM
uh, read the descrip up top 5000sq ft. Large for even this area.
And the garage is only possible to rent from neighbor - you don't own it with this prop.
Posted by: Petebklyn at June 10, 2009 4:46 PM
Petebklyn, and Mr. B.,
Don't assume property shark's figure of 5000 sq ft is correct.
Look at the floor plan on the listing. Looks to me like it's less than 4000 sq ft. (25 x 30 x 4 stories + 15 x 20 x the 3 story extension adds up to 3900)
So the seller is asking well over $1000 psf, and Brownstoner appraisers figure more like $800 psf.
Posted by: Bklnite at June 10, 2009 5:13 PM
Kind of overpriced
All the best of luck to them!
End house burns more oil
Posted by: BrooklynGreene at June 10, 2009 5:30 PM
Don't know about the price, but this house is the most elegant I have ever seen. Even the downlights are used appropriately, in the den and only in the den. Those carpets aren't too shabby either.
Posted by: mopar at June 11, 2009 12:16 AM
Don't know about the price, but this house is the most elegant I have ever seen. Even the downlights are used appropriately, in the den and only in the den. Those carpets aren't too shabby either.
Posted by: mopar at June 11, 2009 12:16 AM
This house is the most elegant I have seen. Even the downlights are used appropriately, in the den and the den only. (Carpets aren't too shabby either.)
Posted by: mopar at June 11, 2009 12:18 AM
Very elegant. I agree.
Posted by: Nomi at June 11, 2009 3:26 AM
I changed my mind - gonna buy this instead for $1.8m.
http://www.thaiproperty.com/cgi-bin/db.pl?fid=1145000041&cgifunction=form
I'll use the other $2.5m to hire an army of servants and a bunch of swans for the garden. Now THAT will be elegant...
Posted by: the chicken at June 11, 2009 8:35 AM
Chicken loves Thailand
Beware the bloated farang
Servants not so great
Posted by: BrooklynGreene at June 11, 2009 10:39 AM
Driving from Bangkok
Prepare to pay bribes, end-month.
Cops get roi baht each
Posted by: BrooklynGreene at June 11, 2009 12:23 PM
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