House of the Day: 137 St. James Place
Granted it’s chopped up into four apartments, but this house at 137 St. James Place in Clinton Hill seems oddly underpriced at $899,000, especially when you consider that the house looks to be in pretty good shape and will be delivered vacant. Is there some catch we’re missing? If not, why hasn’t there been a…
Granted it’s chopped up into four apartments, but this house at 137 St. James Place in Clinton Hill seems oddly underpriced at $899,000, especially when you consider that the house looks to be in pretty good shape and will be delivered vacant. Is there some catch we’re missing? If not, why hasn’t there been a bidding war?
137 St. James Place [Halstead] GMAP P*Shark
Having spoken to the agent, I can tell you there is currently an accepted offer and a backup.
Not sure why the listing doesn’t reflect this, but there’s definitely interest. Including from me and Mrs. Rashomon.
I know an architect who looked at it – only the apt in the photos is in good shape, the rest need work, and because its a landmark block, it can be very difficult to do any redevelopment of the building. Therefore, its probably still a good price if you’re going to live in it and rent some of the apartments, but you’ll still end up spending a lot to renovate, and not a good investment property to flip because of the potential landmark hassles.
Think of how much you will need to spend to fix the violations and convert the place to a 1 or 2 family and that explains the price. Cap rates don’t currently support prices much higher than this as investment properties.
I haven’t seen this house, so I can’t comment specifically, but when an agent says “great bones” and “bring your architect”, I know better than to assume it’s in move-in or rent-out condition. There are a few projects in Clinton Hill around that amount.
The one that was truly priced-to-sell was 16 Downing: came out in January at $599K, sold by February for 651K, and done.
The violations must have something to do with the low asking price. Otherwise, as Amzi notes, there aren’t any decent houses in Clinton Hill in this range. As an investment property this would make a good deal of sense if its delivered vacant and the units are move in ready. As a live in owner it doesn’t make so much sense as most people would want at least a duplex to live in.
yeah, recall this house being on the market for a while already. it has to have some big issues else no way it would still be unsold at this price.
If a smaller house on Clifton closer to Nostrand sold for 1.2 and this one is 900K then it is priced to sell… Unless there is some big catch which might explain the 5 months on the market.. How do we know there are not offers out already Maly? Are there any livable townhouses in Clinton Hill for under 1 million these days?
“priced to sell” in Brooklyn means it will sell by leap year.
The C of O is correct for 4 units though.