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September 23, 2009

69 St. James Sells For A Lot Less Than Originally Asked

69-St-James-Place-0909.jpg69 St. James Place, a charming four-story brownstone in Clinton Hill, finally closed yesterday for $1,400,000. Versus the most recent asking price of $1,500,000, this sounds like a pretty standard discount. But the house actually started out on the market in June 2008 with a price tag of $1,995,000, and then suffered death by a thousand price cuts. Unfortunately, it looks like another example of a property (or owner) who was living in the past and couldn't face reality. If the seller had just come out with an asking price of, say, $1,700,000 at the start of things, chances are the outcome would have been much better.
House of the Day: 69 St. James Place [Brownstoner] GMAP P*Shark




Posted by Brownstoner at 11:13 AM | Comments (45)
Categories: Clinton Hill, Sales

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Comments

So, who here still thinks yesterday's HOTD is gonna fetch $1,495,000?

Posted by: DitmasSnark at September 23, 2009 11:17 AM

Why does it seem that Corcoran the only major broker that keeps their sold properties on their site?

Posted by: jasetheace at September 23, 2009 11:17 AM

Ditmassnark--I do, as this is the house I was referencing yesterday. This house is nicer no doubt aesthetically/physically etc but I think the location of yesterdays house will win out. I think you pay a premium to be right by the Dekalb amenities, whereas this house is more solidly in residential Clinton Hill and a bit away from said amenities.

Posted by: wasder at September 23, 2009 11:19 AM

I would also say that regardless of original ask, this pricepoint is pretty solid for a house squarely in the middle of residential Clinton Hill.

Posted by: wasder at September 23, 2009 11:21 AM

wasder, I agree with your take. but if I have to choose, I would choose st james over the vanderbilt hotd yesterday - no hesitation, no doubt.

Posted by: more4less at September 23, 2009 11:25 AM

Far less desireable location that yesterday's HOTD.

Posted by: daveinbedstuy at September 23, 2009 11:26 AM

M4L--I would also choose this house over yesterday's in a flash. This house is really nice and the block is one of the most beautiful in the neighborhood. But that is our personal taste. I bet there will be a buyer for yesterday's house for whom the location is more important, and being near all the cool retail is the thing.

Posted by: wasder at September 23, 2009 11:28 AM

wasder there is a house on saint James that just went into foreclosure. You should check it out if you like that street.

Posted by: bitter_bubble_buyer at September 23, 2009 11:37 AM

dibs, St James is a bit of a special case, as it is filled with great, original architecture. Not mansions like on Clinton and Washington, but beautifully designed and ornate smaller houses. I agree that the southern half of Fort Greene has better subway access, but Vanderbilt is not the nicest street in Fort Greene, while St James is one of the best in Clinton Hill.

Posted by: Maly at September 23, 2009 11:39 AM

bbb-already happily owning in Clinton Hill, but thanks.

Posted by: wasder at September 23, 2009 11:39 AM

I thought this was a BHS listing.

Posted by: Boerumresident at September 23, 2009 11:42 AM

Maly, yes you are right about the street. I kind of compare it to the nicer streets in bed Stuy though....beautiful streets but no amenities. That works both ways...it IS very quiet. And, we have great subway access in bed Stuy. Ameneties are however, fast on the come hearing about various things in the works.

The Ft greene property has the location vis a vis subway access and the amenities. The house floorplan was a bit odd though.

Interesting tradeoffs.

Posted by: daveinbedstuy at September 23, 2009 12:00 PM

what are dekalb amenities?
restaurants?
are they less accessible from this house?

Posted by: Minard Lafever at September 23, 2009 12:02 PM

I agree with Dave this is far less desirable

Posted by: bitter_bubble_buyer at September 23, 2009 12:05 PM

"what are dekalb amenities?
restaurants?
are they less accessible from this house?"

Many of the nicer places to eat and drink and shop for this area are located on the stretch of DeKalb from Vanderbilt down to Ft Greene Park. It is for all intents and purposes the main commercial strip for a wide swath of Ft Greene and Clinton Hill. This house here is close to Choice and the few other places on Grand Ave but my point was the less nice house yesterday could achieve a similar price point as this one because it is situated right next to the more happening part of the neighborhood.

Posted by: wasder at September 23, 2009 12:06 PM

wasnt Saint James Notorious Big's block? How come he did not rap about the beutiful brownstones?

Posted by: bitter_bubble_buyer at September 23, 2009 12:11 PM

"it is situated right next to the more happening part of the neighborhood"

-I would consider that a minus, not a plus. When you buy a family home you want things to be close but not right next to you.

Posted by: Minard Lafever at September 23, 2009 12:16 PM

BBB, biggie's block is 1 over (closer to fulton st)

Posted by: more4less at September 23, 2009 12:19 PM

"wasnt Saint James Notorious Big's block? How come he did not rap about the beutiful brownstones?"

Different block of St James bbb. He lived on the block between Gates and Fulton and this house is a couple of long blocks away. Very different architecture. While Biggie's block is not bad looking its more apt buildings and fewer restored brownstones like this block.

"-I would consider that a minus, not a plus. When you buy a family home you want things to be close but not right next to you."

This is exactly why both of these homes have found/will find buyers at a similar price point. People value different things in houses and locations.

Posted by: wasder at September 23, 2009 12:20 PM

I wonder if the house at 22 Clifton Place sold. If I remember, it went into contract right around the same time as 69 St James, and is literally around the corner. It was "done" (a bit too shiny new, but with the preferred garden rental set-up.)

Posted by: Maly at September 23, 2009 12:25 PM

I have to walk over to St James. Haven't been by there in years. It used to be semi-iffy. Sounds like things have improved a lot there now.


Posted by: Minard Lafever at September 23, 2009 12:26 PM

it is still iffy minard

Posted by: bitter_bubble_buyer at September 23, 2009 12:57 PM

past gates ave toward fulton street - maybe iffy could be used but not the blocks on the other direction from gates toward lafayette ave

Posted by: more4less at September 23, 2009 12:59 PM

bbb--don't know what your agenda is here but this in not an iffy location. One of the most beautiful blocks in a very family friendly neighborhood.

Posted by: wasder at September 23, 2009 12:59 PM

M4L--exactly. And even for the block between Gates and FUlton iffy is a stretch.

Posted by: wasder at September 23, 2009 1:01 PM

Oh... i feel so bad for the seller. They were only able to get ONE MILLION FOUR HUNDRED THOUSAND DOLLARS for their house. I hope they can recover emotionally from this.

Posted by: tybur6 at September 23, 2009 1:01 PM

"They were only able to get ONE MILLION FOUR HUNDRED THOUSAND DOLLARS for their house. I hope they can recover emotionally from this."

From everything I read here Tybur we are all saying that this is a pretty solid price for this house. Nobody seems to be suggesting that the seller lost out.

Posted by: wasder at September 23, 2009 1:06 PM

I had looked into this, the sellers had already purchased something else if I recall, I think overseas - though I may be remembering incorrectly - and this place was sitting vacant for quite a while. The buyers got a great deal due to the squeeze on the sellers here. I agree with Bstoner that if it was priced at $1.7 originally, it would have sold more quickly and at a better price. I personally would much prefer this location over busy Vanderbilt and Dekalb, and this is a much nicer house, but that is just my preference...

Posted by: 1842 at September 23, 2009 1:08 PM

wasder, Jon is suggesting owner lost out

Posted by: more4less at September 23, 2009 1:10 PM

I think that Jon is saying that they should have priced appropriately for neighborhood comps originally.

Posted by: wasder at September 23, 2009 1:11 PM

Plus, as I recall, this place was set up as a one family, so if you wanted the rental income, you'd have to factor in the cost of adding a new kitchen, maybe a deck and fixing up the ground floor to be a rental, so add another $100K or so to your budget. All the more reason why it should have been priced more realistically to begin with so it did not languish on the market.

But hey, good deal for the buyers, and welcome. Good luck, it's a great place and location imo.

Posted by: 1842 at September 23, 2009 1:28 PM

> I do, as this is the house I was referencing yesterday.

wasder - Thanks for your (reasonable, as always) comments.

Posted by: DitmasSnark at September 23, 2009 1:45 PM

wasder how do I have an agenda if I am in agreement with minard that saint james is iffy? Does everybody who does not agree with you have an agenda?

Posted by: bitter_bubble_buyer at September 23, 2009 1:50 PM

Snark--Least I can do. thank you for your (not in this case) generally excellent snark. We all have our roles to play...

Posted by: wasder at September 23, 2009 1:54 PM

BBB--Minard was saying that it used to be iffy (the merits of this statement I am not going to argue because I don't know how far back he is referencing) and was surprised to hear others talking about how nice it is. Besides the generally unpleasant undertones of the word "iffy" in reference to the neighborhood in which I live it is an absurd statement. And all through this thread you have been pushing the conversation towards the negative on this street. Therefore I deduced you had some sort of agenda to push.

Posted by: wasder at September 23, 2009 2:00 PM

wasder i think the Fort Greene block is nicer, and state that BIG lived here and I am being negative? Um OK, maybe you are the one with the agenda? Do you live on this block?

Posted by: bitter_bubble_buyer at September 23, 2009 2:16 PM

Nobody looking at the two blocks could possibly say the block on Vanderbilt is "nicer". It is noisy, the houses are far less attractive, not to mention the industrial buildings on the East side of the street. The location is better situated for the retail strip on DeKalb so that is why its an equally appealing sales proposition in my mind. But the actual block of St James is FAR prettier and nicer physically. And no I don't live on the block but in the neighborhood, and clearly I do take umbrage at the neighborhood being called iffy.

Posted by: wasder at September 23, 2009 2:25 PM

wait a second guys, i wrote that i have not been by in years and the last time i went by there seemed to be some vacant houses and the like. I did not say the block is iffy now, a lot can happen over the course of a few years. This house looks terrific to me.

Posted by: Minard Lafever at September 23, 2009 2:33 PM

Minard--I know you didn't say the block was iffy. I was responding to BBB, who was trying to lump you in with himself and say that the block is currently iffy. I am sure that there were some vacant houses some years ago as there were in many places in Clinton Hill.

Posted by: wasder at September 23, 2009 2:49 PM

I haven't read the previous comments but I must say, the original asking price of $1.9million on St. James in June last year was a bit off the Richter scale. Corcoran seems to like to price properties too high to begin with...and then the properties sit on the market.

Briefly glancing above I see a lot of arguing back and forth regarding "iffy" this and that. I'm not sure any of these areas discussed are iffy. I would estimate that the naysayers' perception of a social reality is "iffy". That's really the main issue.

What's my new tagline?...oh yes!:

***Someday bid half off peak taglines***

There we go!!!

Posted by: BrooklynGreene at September 23, 2009 2:58 PM

Brooklyn Greene---Always love it when you weigh in. Love your new tagline. Totally original! I need one of those....

***Someday iffy and fringe are going to end***

Posted by: wasder at September 23, 2009 3:05 PM

***Someday bid half off iffy taglines***

Posted by: mopar at September 23, 2009 3:35 PM

minard after you check it out let us know what you think.

Posted by: bitter_bubble_buyer at September 23, 2009 3:42 PM

yes minard please do.

Posted by: wasder at September 23, 2009 4:28 PM

this was a circumstance of bad timing, bad luck, and a little stubborness. the owner happened to get a great temporary job abroad last summer - he had just purchased a country house and he knew he could get a good price for this gorgeous home and was in no hurry to do so (especially in that a similar place around the corner on busy lafayette with an ok reno had just sold for $1,995,000), but he happened to put it on the market just as the market & economy collapsed - then his position abroad became permanent, so suddenly there was pressure to sell now rather than wait - but because he refused to take some of the lower offers that came in at first he ended up much lower than he could have. 1 family set up and old kitchen/baths notwithstanding, someone got a great home on a great block for a great price.

Posted by: LafCH at September 24, 2009 1:51 PM

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