House of the Day: 147 St. James Place
We wrote about 147 St. James Place in Clinton Hill in November 2006 when it had a tasty price tag of $800,000 but wasn’t getting sold; turns out there were major issues with SRO tenants that were holding things up. The four-story house finally changed hands for $995,000 last January, and the new owner wasted…
We wrote about 147 St. James Place in Clinton Hill in November 2006 when it had a tasty price tag of $800,000 but wasn’t getting sold; turns out there were major issues with SRO tenants that were holding things up. The four-story house finally changed hands for $995,000 last January, and the new owner wasted no time in getting cracking on a full-scale renovation. While we love the fact that he managed to preserve the killer detail on the parlor floor, we’re not so sure that aesthetic was carried out through the rest of the house. We wish the listing had included a photo of the rear facade which was completely ripped open and redone. (Anyone with a view care to send in a photo?) Anyway, the ask on the house is now $1,950,000. Seems like a stretch to us, though we wouldn’t mind seeing that kind of comp just a couple of blocks from our house!
147 St. James Place [Corcoran] GMAP P*Shark
HOTD: 147 St. James Place [Brownstoner]
well wasder, he was right about the crime rate at least.there are more robberies this year in CH than in brownsville.
what remains to be done, aside from aesthetic changes to meet the buyer’s tastes?
i will take you at your word that you were being sarcastic, although if that’s the case then i don’t understand how you can say that the sellers would be making a $500k profit even if they sold for a much lower price. they probably spent several hundred thousand on the reno; i would wager $300-500k (yes, even with the cheap kitchen). the front and rear facade work alone was probably $100k.
Hells–no response to my query? I feel slighted (haha).
Z – gee, thanks for enlightening me (my reference to 20K followed 1:35 pm above, and I am sure we both benefitted greatly from your wisdom, although you seem to be unable to appreciate sarcasm). Unfortunately I am quite aware of what it costs to rehaul a brownstone, and in this case it looks like there is still much work to be done.
Speaking of anecdotes and the UWS, I know a woman who sold a 1br coop on 74th and WEA and invested the proceeds in a 2br at 1 Hanson. She’s a serious if amateur singer and she said the UWS is getting stodgy; people were complaining about her singing (not the UWS I fondly remember, when the UWS was artistic and the UES was bidness). She’s very happy in Brooklyn, a much better vibe (she says).
HellsBelles: I take exception to this part of your post: “what may increasingly revert to a neighborhod with less services, limited access to transportation and potentially higher crime rates.”
Where are you getting your info from? To say this location has limited access to transportation is ludicrous. This house is located within a five minute walk of both the C and the G trains (in between the Clinton Washington stop of each line) and, having lived for seven years within a few blocks of this location I can testify that this is a very good location for transportation. Secondly, I find no reason, anecdotally or on the ground, for your assertion that there will be fewer services or higher crime rates in Clinton Hill. Please cite some sources or don’t make such crazily sweeping statements that are not factually accurate.
hellsbelles, if you really think that a renovation — even an unremarkable one — involves nothing more than $20k and a coat of fresh paint, then you haven’t the faintest idea of what is required to renovate/restore a brownstone. this is a former sro, which means the overhaul must have been pretty massive. and did you miss the part about ripping open the rear facade?
kudos on bringing 9/11 into the discussion, though. i’m sure rudy would be proud.
The issue is not what sold last month (i.e. Clinton Hill in August 2008) – but what will sell now. (It’s like comparing security concerns in the pre-9/11 world to post – when perceptions and risk factors on every possible level changed). And in order for a home like this to sell, you have to assume that there will be buyers able to obtain a large line of credit from a failing bank system (at least $1.5 MM). They exist, but like me, we’re holding out for something better. Although I like some of the original detail, I also have to agree that the renovation does not hold up and in no way justifies a $1 Million gain for what may increasingly revert to a neighborhod with less services, limited access to transportation and potentially higher crime rates. I have to believe that the sellers have been advised to price REALLY high and that their hope would be to make a meagre $500,000 return from Jan. 2007. Not bad for a $20,000 investment in a kitchen (which I’m sure they love…) and a coat of fresh paint.
“11217- perhaps a buyer like your boss. But most people that have held on to a brownstone for 20 years are not trading it in for another brownstone”
She does not own a brownstone. She owns a 3 bedroom apartment on the Upper West Side and oftentimes talks about wanting to own a brownstone, but can’t afford one in Manhattan. The prices on the uws in her neighborhood are around 5-8 million for a similar brownstone you’d find in Brooklyn.