HOTD: The $2 Million Mark in Clinton Hill
It’s easy for us to take aim at overpriced properties that aren’t direct comparables to our own house. It’s considerably harder to raise an eyebrow at a listing whose sale would only make our own house more valuable. It should come as no surprise that, as an owner of a five-story brownstone in Clinton Hill,…
It’s easy for us to take aim at overpriced properties that aren’t direct comparables to our own house. It’s considerably harder to raise an eyebrow at a listing whose sale would only make our own house more valuable. It should come as no surprise that, as an owner of a five-story brownstone in Clinton Hill, we pay particular attention to the market for such places. Over the past six months or so, we’d estimate that the going price for one in need of a significant renovation has been about $1.1 to $1.4 million while a finished one has been in the range of $1.5 to $1.8 million. Obviously, like any other area, Clinton Hill varies block to block, so there may be a good reason that this beauty is on the market for $2 million. Nonetheless, this is a psychologically significant price point for a non-mansion, so we are curious to see how it fares. Believe it or not, while we are concerned short-term about the potential effect of rising rates, we have great confidence that Clinton Hill property values will do very well over the next 15 or 20 years—our anticipated holding period. Given that perspective, we really aren’t too worried whether this place fetches $2 million or $1.7 million. We’re here for the long haul.
Clinton Hill Beauty [Brenton Realty via Craigslist]
I think the poster was just trying to say that the neighborhood is a little overpriced given the comparables
there are derelicts on cebtral park south too, and UES, and UWS, etc.
“for two million dollars you should not…..”
live in the very real urban reality called brownstone brooklyn which although by deplorable means is being rebranded, is still, contrary to what you heard, an urban environment which is replete with poverty and all if its faces.
addiction, crime, violence, LACK OF EDUCATION, are all here and they are not going away as much as we wish for them to be gone…
No matter what nabe you choose….especially if you take on the attitude that by being able to afford those kinds of prices all the others who have come before you should disappear….including the crackheads and recovering junkies.
SO my advice to you is stay where you can be isolated with your riches and wealth, go to your fancy restaurants, and send your children to private schools with ample space…
or become a brooklynite and learn to say hello to your neightbors, give the crackhead a nod now and again and meet him in the eyes, fight for better schools in our communities and better infrastructure all around. Recognize that when you choose a place to live that you are making a choice to take the poeple that live there as well.
And if you fall into the former category, and you still choose to be here in my borough…be forwarned, SHit happens.
Oh, and i’ve seen a fair share of derelicts in cobble hill and brooklyn heights as well
There is no easy answer to the issues of improving schools but i found the comment along the lines of “people who pay $2MM for a home should have good schools” very interesting.
EVERY CHILD should have a good basic education regardless of how much money their parents have.
For all of the reasons that we all live and work in NYC, the public schools in all boros should be better.
I’m not going to overreact to the original comment bc I don’t think it was meant to be elitist, but hey “if it looks like a duck…”
For $2m you should not have crackheads wandering around and breaking into cars, which Clinton Hill has. Not to mention a methodone clinic.
“still a neighborhoos surrounded by projects, etc”
care to elaborate on what the etc. is….i have my guesses but i’d love to see if you indeed would publicly air your views.
Re schools. In order to improve the local schools parents have to be willing to send their kids to the local schools. I know this will rub alot of folks the wrong way, but most of the homebuyers with children will never send their kids to a predominately black school. I see very little change occuring in the FG/CH schools until the student demographics change.
And lets not forget that Clinton Hill has some of the most beautiful architecture in all of New York. Still, I’ll eat my cornice if that building goes for 2 million.
The only problem with pointing to inadequate schooling is that it takes an active community to push through the bureaucracy to improve schooling. Park Slope’s schooling wasn’t always as good as it’s become. Education is certainly a reason to move or not move to an area but the entire school system (which is lacking in so many ways) is only going to improve if the community demands it. Instead of everyone trying to find decent private schooling for their kids in CH/FG, maybe focusing on improving the public schools in the area should really become the primary initiative.