135 Joralemon Closes for 30% Below Original Asking Price
Last month we reported that, after languishing on the market for a year and a half, the one-family house at 135 Joralemon Street finally went into contract. A little history: After a fire and a detailed renovation, the listing started out in July 2007 at $5,950,000 before being cut to $5,750,000 then $5,250,000 and ultimately…
Last month we reported that, after languishing on the market for a year and a half, the one-family house at 135 Joralemon Street finally went into contract. A little history: After a fire and a detailed renovation, the listing started out in July 2007 at $5,950,000 before being cut to $5,750,000 then $5,250,000 and ultimately $4,950,000. Last week, the house finally closed for $4,189,000. Surprised, or does it sound about right?
I think the owner did very well. Those people throwing out $1 million+ figures on the renovation are off base. He did the work himself (he’s a builder) and my understanding is that while the house was scary looking because of general neglect and surface damage from the fire, it was structurally sound.
I agree with Bolder’s comments on pricing. On the one hand, this is newly renovated, and a charming woodframe (pretty rare in the Heights); on the other hand, it’s a little smaller than the typical Heights townhouse and probably appealed to a smaller universe of buyers than those looking for a big, high-end brownstone. Given the market, anyone selling today should be pleased to get over $4 million and over $1,000 psf.
It sold WHAT…get over it and move on.
DIBS PWNED the What twice today…want to try for an Asshat Hat Trick????!!!
DIBS 2
What 0
ROTFLMMFAO
“$4 million-plus is going to be the new benchmark for very distinctive Brooklyn properties in perfectly-renovated condition, seems to me. Sounds high, but this was a very special house.”
No it will not! Every appriser and Underwriter will ignore that comp! a 3 story frame house for over 4 million in this market? Yeah right and BTW want the monthly nut on that puppy? I guess around 45,000 a month, Oh Doggie!
Please post the name of the Bank who lent this fool(s) the money so I can withdraw mine out!
The What (Asshat Killer)
AK
Someday this war is gonna end…
i’m with johnny – i would guess they spent no less than $1M on the reno, could easily have gone to $1.5M or more depending on the extent of the damage and the quality/completeness of the renovation.
PP, as much as I like the SS (I live there, after all) BH is a lot closer to Manhattan, therefore priced accordingly.
$4 million-plus is going to be the new benchmark for very distinctive Brooklyn properties in perfectly-renovated condition, seems to me. Sounds high, but this was a very special house.
There aren’t any comps for a place like this, so it’s not really indicative of anything except that a great home is BH is still worth over 4 million. They just plucked a number out of the sky at first, and missed badly at the top of the market. Of course they had to come down; I’ll be the buyer waited them out for a year or so.
30%….hhmm.
Make your low ball offer today!
DIBS, If this house went for 4.1m, I think you’re going to lose your bet on 22 Remsen. You might as well put party planner on your name tag.
Park Place, you are absolutely right. I often walk up and down 18th – 23rd streets between 4th and 6th aves and marvel at these houses. My favorite is at 251 18th street. That house is gorgeous (from the outside at least – I’ve never seen the interior). It would be great if all the houses in this area could look like that (meaning staying away from stucco, etc.)