Asking Price Dropped $300,000 at 30 Cambridge Pl
We’re not sure when the price was dropped on this classic 4-story Clinton Hill brownstone. When we first posted in at the end of May, we thought it compared favorably in quality to a similar house on Grand Avenue but couldn’t understand the $555,000 difference in asking prices at the time. We’re glad Warburg (or…
We’re not sure when the price was dropped on this classic 4-story Clinton Hill brownstone. When we first posted in at the end of May, we thought it compared favorably in quality to a similar house on Grand Avenue but couldn’t understand the $555,000 difference in asking prices at the time. We’re glad Warburg (or the seller) came to its senses and brought this down from the ridiculous ($1.95 million) to expensive-but-possible ($1.65 million). We suspect it’ll go for more for between $1.5 million and $1.6 million, but they could get ask.
30 Cambridge Place [Warburg Realty] GMAP
Clinton Hill Face-Off [Brownstoner]
All of Clinton Hill is “close to Bed-Stuy”. Classon Ave is the traditional bounday. Cambridge Place is still several blocks away and a beautiful few blocks. I wouldn’t worry about the location, rather, I’d be worried that it would be very hard to find an affordable house.
You are 100% correct. I remember Kathryn Lilly having that listing. However, it appears that the listing has disappeared from the website. Nonetheless, I can not live across the street from that playground. There are always kids/young adults making noise and constantly hanging out in that park. My wife remembers that park in the 90’s when it was hot and as far as I am concerned it is still the Jump Off!! I am currently trying to get away from that element. I live on Clifton Place between Grand & Classon Avenue where the same element presents itself bright and early each every morning til late at night. I absolutely can not stand it. If another listings comes up where the place needs everything and is reasonably priced I hope it is in a better location. If so I would consider jumping on it. I would hate to go through another full renovation process but it may be worth it.
I remember a 5 story house on Cambridge Place (the same block) that was fetching 1.2 or 1.3M a few months ago. Corcoran had the listing and pulled it to change the C/O. I hear it is going to come back at about 1.5M. Any news on that listing? I love the look of Cambridge Place but 1.5M+ is hard to accept being that close to Bed-Stuy.
I saw one not long ago on Greene between Waverly and Washington, 5 storey, needs it all, but asking 1.35. It’s a Douglas Elliman listing.
I would love to come across a property that needs everything (electric, plumbing, etc.) that has comparable dimensions. Does anyone know if such a property exists in Prospect Heights, Clinton Hill, Park Slope, or Fort Greene for perhaps 1.1M or 1.2M?
Yes one just went into contract:
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=791057
130 foot garden, great house, needed nothing, 1.67 ask.
This one at Cambridge needs work. They will probably be lucky and get a high number as one across the street just went for 1.7. But that was completely done. This one isn’t.
Are there any properties in Prospect Heights with comparable stats for sale that you are aware off? Within this price point off course.
Teeny garden and deck that needs replacing. Very dark too. Nicer and bigger houses on much bigger lots at that pricepoint in Prospect Heights!
Saw this house (30 Cambridge Place) over the weekend and at 1.65 it is still overpriced. It needs plenty of work. The “new kitchen” and upgrades have been done poorly and will need redoing. And although the detail is there, it all has to be restored. (Eg. pocket doors are jammed shut). It really should be priced at 1.5 at most and some silly goose will over pay for it at that price. Oh well.
If my memory servers me correctly I recall the house on Willoughby starting out very high. I recall it starting at about 1.75M then dropping to something like 1.65M after some time went by. I remember going to the open house and noticing that at the aprox.1.75M price point everything needed to be either updated and/or tastefully renovated. Unfortunately, I can not remember the address of the property. I believe the property was located on Willoughby between Clinton and Waverly or Washington and Clinton. Either block at that time was not warranting the high price tag. If the property never sold I guess the owner is waiting for more time to pass and hopefully unloading it then when the price makes more sense. This might actually work if the owner is paying low taxes with minimum upkeep for the house. The owner may spend aprox. 10K over the course of a year and get the extra/inflated 200k that he or she is asking for so long as the property value keeps rising and the neighborhood stays hot.
I personally think putting houses on the market for outrageous prices will hurt the owner in the long run. I think the mentality out there for some folks (especially brokers) is that someone will eventually buy the property at or near the specified price point one way or the other. In the past (a few years ago) folks would put their properties on the block at outrageous prices and eventually (if the location was right) someone would come along with the right number and the two parties would strike a deal. I personally think that this phenomenon is slowing down and in fact I am noticing prices getting slashed in order to make a deal. Today with so much development taking place and literally every real estate agent claiming that a particular area (basically the New Hot Spot) is going to blow up why would someone over pay for a sub par property or a property that is outrageously high. If someone is going to spend 2 mil on a property in Clinton Hill it better be either huge, really nice, centrally located, and be on a nice block or can produce a huge return. If not the potential buyer might as well look into other areas where they can get a nice space for a better price and renovate it to their taste Or go to a well established neighborhood where all the houses are fetching close to 2 mil or more and try and find a bargain. It doesn’t make sense to spend an extra 200k – 500k on a nice house with a few amenities if the houses on or around the corner are 200k-500k cheaper. Also, you sellers out there have to keep in mind the mentality of those fortunate enough to spend aprox. 2 mil. More than likely if they can afford 2 mil they do not need to buy an over priced house because I would assume the fortunate tend to be in a position where they can customize the space to their liking if it is in Brooklyn.