House of the Day: 100 Lefferts Place Revisited
When the listing for 100 Lefferts Place in Clinton Hill first hit the BHS website last March, it didn’t have any interior photos. Since we happen to know that this broker is a straight-shooter, we were willing to take her word that it had “extensive period detail,” but sometimes there’s no substitute for actually seeing…
When the listing for 100 Lefferts Place in Clinton Hill first hit the BHS website last March, it didn’t have any interior photos. Since we happen to know that this broker is a straight-shooter, we were willing to take her word that it had “extensive period detail,” but sometimes there’s no substitute for actually seeing it. In the meantime, the owners of the 6,100-square-foot have held firm with their asking price of $1,800,000, which some commenters thought was pie-in-the-sky last go-round. Do these interiors change the equation?
100 Lefferts Place [Brown Harris Stevens] GMAP P*Shark
HOTD: 100 Lefferts Place [Brownstoner]
beautiful place but price way to high for location. price would’ve even been a stretch in Q1 2007. definitely close to 1.25 than 1.5.
Aussie, I’m not about to buy it either.
I agree with your points except I don’t know what the condition of the interior is based on just a couple of pictures, two of which are of the same room (not a good sign)
I agree with Pierre’s 1.4 million max. that was the figure I had in mind as well.
Like many of the above posts I think this is a great house with tons of potential but going back to basics: location location location plus the SRO situation makes it way overpriced IMHO. I really think given all the work involved a fair price would be $1.4M MAX.
Noklissa do you always have to make that disgusting comment about vomiting in your mouth? This may seem harsh but such commentary is really sickening. Please keep your Reflux or dyspepsia problem to yourself….bizarre!
Perhaps the best rationale as to why they probably wont get $1.8MM is that the house has been on the market since March at that price and they have not gotten it so far. Times have not exactly gotten better out there since March.
Sam I think this is different for the following reasons.
1. It just makes it into the area west of Classon that means it has avoided the forclosures that are accumulating in Bed Sty.
2. It is next to a street that is about to get a big face lift… and is about to have a BID.
3. It is in a less desirable part of a desirable area Clinton Hill proper. Less desirable areas in CH are getting rearer
4. It has actually has some decent (by comparison) renovation.
5. This really is a beautiful house in good condition that does not seem to have been subject to the same neglect as the brothel, boarding, SROs that you mention.
6. Rents in Clinton Hill are higher than in the other areas where I would expect to find a house of this quality around this price.
7. This street will probably be landmarked soon.
Just my thoughts. I’m not about to buy it but it would look like sensational value to me at 1.5 and fair at 1.75. Personally I don’t think there is any rush to buy. Prices will be at least flat for a long time and may fall. On the other hand owners in CH don’t seem to want to reduce prices either.
It’s the SRO status/multiple units that pose the biggest hurdle. Houses on this street (the nicest block of which is one block west between St. James and Grand) have gone for around $1.5 in the last year – and they needed work; however, they were in the 4000 square foot range, not 6000 square feet.
The long term positive of this block is the location, nearby transportation, the likelihood that it will be landmarked within a year, and the architecture. The old run down free standing wood home to the west of this one was designed by the architect who later designed and lived in 100 Lefferts Place originally. The old wood place dates from the early 1850s (per the landmarks submission sent to the Landmarks Commission).
Lets face it, many less desirable blocks in Brooklyn are full of giant old albatrosses like this, which have been cut up and rented out, first as boarding houses, then as SRO’s, some as brothels, etc etc. This is not a rarity.
A house like this, all spruced up and ready to go, especially on a nice block, THAT’S a rarity. Such a property can command a very handsome price.
But a handyman’s special like this, on a so-so block, with SRO issues hanging over its head. It gives one pause.
I don’t think this house has to be compared to a Park Slope house. I’m in the New Guy camp. This is an exception house in an area that will oneday be every bit as good as FG. I would not sell it for less than 1.8 and I wouldn’t even try to sell it until Fulton Street is reconstructed.
One of the highest sales I’ve heard about in Park Slope recently was a Berkeley Place 3.4 million perfectly restored house. And that was at the very height of the market.
Other than that, you have to go down to 3rd to find much in the way of large homes of this size, and they are mostly of the limestone variety.
Otherwise, I don’t think 3 million is too far off the mark for a prime Park Slope house. You aren’t going to get more than 3.5, I don’t think.
3 million seems to be a number that hasn’t been easy to cross there often.