House of the Day: 7 Columbia Place
Like their counterparts on Wall Street, real estate brokers love to see high turnover. Fees, fees, fees! With her latest listing, Corcoran agent Beth Kenkel is looking to generate 12 percent in less than 12 months. The charming woodframe at 7 Columbia Place was a House of the Day last March, when it was listed…
Like their counterparts on Wall Street, real estate brokers love to see high turnover. Fees, fees, fees! With her latest listing, Corcoran agent Beth Kenkel is looking to generate 12 percent in less than 12 months. The charming woodframe at 7 Columbia Place was a House of the Day last March, when it was listed for $1.6 million. We called it “a steal” at the time and it looks like we were right: The property changed hands in June for $1.8 million. Now it’s back on the market with a new color and a new price $1.995 million. After Beth and any co-brokers take their cut, the new owner won’t have a lot to show for her effort, so we’re suspecting that this sale is one of necessity not opportunity. Does anyone know if any work was done to the interiors (besides clearing the previous owner’s extensive clutter)?
7 Columbia Place [Corcoran] GMAP P*Shark
HOTD: Deal on Cottage Row Survivor [Brownstoner]
I looked at this house when it was on the market in the spring. I thought it had less settling etc. than most of the other houses I’ve looked at over the years, so I don’t knwo what structural problems people are talking about. Does anyone have any real information on this.?
I’m not saying a home inspection guarantees you will have no problems. I’m saying it’s an important, reasonably impartial, relatively expert source of info on the structural integrity of a building you’re buying. I have always found them useful–never flawless, but useful.
2.0 is awfully steep considering that last weeks willow place house is much bigger, in a nicer spot, fewer maintenance issues, isn’t hard up against the bqe, and isn’t on that dingy and loud corner (wait until Furman st is the BQE bypass –traffic will be unreal).
1.5 maybe. and maybe not.
NEVER trust an inspector will find (or reveal) all the issues, like foundation problems. I had a friend buy a place on Long Island a couple years ago and at inspection the inspector said nothing about the foundation. Even though my friend noticed some cracks and asked him specifically about them, he said no it’s not a problem. Right after closing, she and her husband learn the foundation issues are huge. The house was sinking in the middle. They had to spend a lot of money lifting up the house, driving new piles (sp?) in and putting on a new foundation. They sued the inspector but state laws protect these inspectors like you wouldn’t believe. It’s all corrupt. So they got a tiny bit of money but nothing to cover the expense of the new foundation. The whole thing made us all wonder why inspectors even exist. I myself had an inspector who didn’t notice (or didn’t tell us) some important issues about the plumbing. I would recommend anybody bring along a friend who knows a lot about houses and mechanicals to the inspection, to double-check with the inspector looks at. I personally don’t think these inspectors have any interest in helping buyers, why would they? They get all their business referrals from real estate agents, so their best interest is for the deals to go through.
Oh, point of clarification real quick: I did not mean to suggest that the brokers involved HERE refuse to co-broke. Corcoran, whatever you may like or dislike about the firm, IS a professional operation and to my knowledge does cobroke in Brooklyn.
Shockingly (to me, anyway) lots of people in NYC are unaccustomed to the practice of hiring a home inspector when buying a house. Many do not. I think they’re crazy. It’s a few hundred bucks very well spent. Also, regarding West’s remark: “only” six percent? I think 6% is a pretty juicy payday for the amount of actual work most brokers do (no offense to brokers). I think 3% (or, more commonly these days, 2.5%) is purty sweet, too, which is why Brooklyn brokers should stop their offensive and unethical practice of refusing to co-broke with buyer brokers.
Commission on this in both cases is 5% — and so, if Beth represented only one side in both transactions Corcoran (not Beth herself) would get a total of 5% — Beth’s share of that would depend on her split w. Corcoran.
House needs new electric and plumbing — but again, surely this was not new news to the buyer.
Yeah, what kind of structural issues? Wouldn’t they have come to light in a home inspection? And what bank would write a mortgage on an uninspected house? And what kind of a person would buy a house in excess of $1MM without a home inspection?
is this TGI Fridays?