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July 30, 2009

House of the Day: 78 Adelphi Street Revisited

78-Adelphi-Street-0709.jpg
This shell of a house at 78 Adelphi Street has been on the market since last February, when it began its listing life at $775,000. At the end of May, the asking price was reduced to $699,000 where it's remained since. While we can't imagine the interior has much worth saving, the facade is quite beautiful--and it's 25 feet wide, to boot. Given the block (and the proximity to The Verdi), though, we suspect this is still overpriced by a couple hundred thousand dollars.
78 Adelphi Street [Corcoran] GMAP P*Shark
House of the Day: 78 Adelphi Street [Brownstoner]





Posted by Brownstoner at 1:11 PM | Comments (30)
Categories: Fort Greene, HOTD

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Comments

"the facade is quite beautiful"

Uh, are we looking at the same building?

Posted by: East New York at July 30, 2009 1:17 PM

I'm waiting for this to crack $500k then I'll call the agent.

Posted by: more4less at July 30, 2009 1:19 PM

Why wait? call now and make an offer.

Posted by: TD at July 30, 2009 1:24 PM

I'm waiting for the crack to kick in, then I'll call the agent.

Posted by: DitmasSnark at July 30, 2009 1:36 PM

I won't rewrite that sentence again.

Posted by: daveinbedstuy at July 30, 2009 1:38 PM

Mmmm a shell half a block from the BQE, aside from the real estate boom in Fort Greene, how much should it be worth? It would require all cash or a commercial loan, and the garden will always be in the shadow of the building next door.
It would be hard to find a less appealing building, so whatever it sells for will establish a floor for the neighborhood.

Posted by: Maly at July 30, 2009 1:38 PM

DS,yer funny.

Posted by: new2hood at July 30, 2009 1:39 PM

TD, I have plenty of experience with low-ball offers. when you want it for ~$400-$450k, you wait for seller to come to their senses (as evidence by a price drop to $500k). If not, you're just wasting your own time.

Posted by: more4less at July 30, 2009 1:40 PM

Not sure I understand the facade comment. It's a frame house that looks like it's been stuccoed badly. Maybe it looks different in person? I'd want to pull off the stucco and restore it to clapboard. That's a big job, though.

Posted by: NorthHeights at July 30, 2009 1:43 PM

The color has a certain Palazzo Chupiness to it.

Posted by: Smudge at July 30, 2009 1:48 PM

C'mon DIBS, you know you wanna.

Posted by: DitmasSnark at July 30, 2009 1:50 PM

I'm losing interest in all of the "revisited" properties.

Posted by: 11217 at July 30, 2009 1:50 PM

interesting when you go website of realtor and click floorplan you get picture of survey....and it shows and easement (of what kind who knows) thru backyards. DOn't know if for this lot or not since looks more like closer to corner lot.

Nevermind the shell...the property is worth something per buildable sq ft(it is a 25'x100' lot). Some estimate of that is by the selling price of condos next door.
1/2 a block isn't bad distance....how does the distance from BQE hurt prices in BrooklynHts/Williamsburg?

Posted by: Petebklyn at July 30, 2009 1:53 PM

Well, it sold for $400,000 last December; how much of a premium would you like to pay?

Posted by: Maly at July 30, 2009 2:00 PM

I'm a squatter, and I have to agree with Mr B that this facade is quite beautiful—for starters it has exterior walls on all sides, and it appears as if only some of the windows are boarded up.

Meakes it easy to boot up behind the covered windows and then move over a few feet to stare out into urban bliss for a few hours with ease.

If I melt down all my bent spoons and convert them for cash, how many would I need to purchase a place like this?

Posted by: MoneyForNothing at July 30, 2009 2:01 PM

What exactly about the facade is beautiful? I live pretty close to this, and it looks like it is just going to collapse at any moment.

Posted by: brooklynfamily at July 30, 2009 2:09 PM

> I'm losing interest in all of the "revisited" properties.

I second that emotion.

Here's a place in Clinton hill for $50k less. Much narrower but actually habitable:

- http://bk.ly/fg

Posted by: DitmasSnark at July 30, 2009 2:11 PM

I think the revisited properties are fine. At least it spurs some sort of discussion on the state of the market over time. 396 Vanderbilt is still my favorite.

I finally went to see it after the 2nd HOTD revealed it had been cut from 2 Mil to 1.4 Mil. What a turd bomb.

My prediction (to quote MR T: "PAIN!") = ready for revisit #3 in a few months.....

Posted by: MoneyForNothing at July 30, 2009 2:19 PM

"1/2 a block isn't bad distance....how does the distance from BQE hurt prices in BrooklynHts"

I've seen some beautiful houses and apartments in Brooklyn Heights, as well as Cobble Hill, within 1/2 block (or less) of the BQE, including along the Promenade, and generally speaking the proximity doesn't seem to have much effect on the prices. Along Columbia Heights/the Promenade especially, the view seems to be the trade-off.

Posted by: CarrollGardened at July 30, 2009 2:32 PM

It's also quite different if the BQE is in a trench, buried under gardens or elevated. Also, the attraction of owning a house is having outdoor space. To be in your backyard next to a highway is not ideal, and there is no killer views to balance the inconvenience.

Posted by: Maly at July 30, 2009 2:41 PM

I think the BQE thing is a bigger deal to people on this website than in reality. Rentals on this block are steady. Some of the house are in bad shape, but usually that's because they are owner occupied for 30+ years. It's a great block in terms to vicinity of the park and to other excellent Ft.Greene amenities. The trek to the subway is about 12-15 minutes which is a turn-off to some people. I live on this block and don't even notice the noise of the BQE, both before and after putting in double-paned windows. Plus the BQE makes excellent free parking to those who have cars and wish to park underneath it like I do.

Posted by: diego at July 30, 2009 2:42 PM

I've been in this place and it's an absolute train wreck. Trash in the front yard piled 3 feet high. Trash in the rear yard piled 6 feet high. The interior is half-ass gutted, half burned out and doesn't even have floor joists left on all floors. It's a dump. The facade is not remotely attractive and it's practically on top of the BQE.

There's a new development down the street (it might even be that one next door) that is the ugliest thing I've ever seen. Its facade is those little shiny mosaic tiles that change color depending on what angle you look at them. Do you know what I'm talking about? Hideous.

Posted by: wilso26941 at July 30, 2009 2:59 PM


"I'm a squatter, and I have to agree with Mr B that this facade is quite beautiful—for starters it has exterior walls on all sides, and it appears as if only some of the windows are boarded up."

THAT was funny.

Posted by: East New York at July 30, 2009 3:05 PM

"DON'T REMOVE THE FOR SALE SIGN"

LMAO!

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 30, 2009 3:40 PM

What do people think this would go for if it was fully renovated? (No original details, clearly.) Comps in the area (1 block from BQE in 11205) range from $400k -$772 but I don't see anything selling much higher than that.

Posted by: bklyn11238 at July 30, 2009 4:47 PM

around 800k is about the range in this mkt. Only reason I even consider this is there is some piece of mind in living in something where you know the pipes, electrical, ceiling,... has been updated correctly. if it's worth more than purchase + renov, great. if not, still a solid roof to live under and not a bad (albeit not great) entry point.

Posted by: more4less at July 30, 2009 4:51 PM

It's really nice the the neighbors out on their balconies would look directly into your windows so they could see first hand how your renovation turned out.

There's no amount of money that would make that any better.

Posted by: TownhouseLady at July 30, 2009 5:01 PM

right next to the projects, i would say needs another 200-300k chop.

Posted by: armchairwarrior at July 30, 2009 5:01 PM

I think there was a house with electricity and stuff on this same longitude but on Vanderbilt going for $750K? Or less?

Posted by: Heather at July 30, 2009 9:12 PM

"C'mon DIBS, you know you wanna.

Posted by: DitmasSnark at July 30, 2009 1:50 PM"


I'll fill in for DIBS.
I'm waiting for a kick in the crack, then I'll call the agent.

Posted by: the chicken at July 31, 2009 4:02 AM

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