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]
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. There’s a reason they’ve been there for 20 years. More than likely the 20 year owner would sell for retirement or to downsize.
Now for other 99.9% of owners that may have purchased within the last 5-7 years they are going to have problems selling as well. And more than likely have a lot less equity for a down payment than they originally thought. So that sort of buying will probably be staying put- minus any major life changes like unemployment.
I harp on this alot 11217…there’s so much more Manhattan money like that with huge gains in condos. You cross the river and its like going to another country where the Manhattan dollar buys so much more. Taxes are much lower too.
“Someone tell me, what sort of buyer is in the market for this house?”
Someone who has a lot of equity in their current home or apartment and wants to move to a house in Brooklyn.
My boss (arts related) bought her apartment for $200K twenty years ago. It’s now worth 3 million or so. Perhaps someone like her…?
I think the biggest drawback to this house is the layout. Does an owner really want to spend $1.95MM for two (not very beautifully renovated) floors plus a basement, and have two tenant apts above?
And at this price, I don’t think most folks would be inclined to reconfigure the space, which would be expensive.
pierre- I think 1.6mil for this house is being generous. There will be no bonuses on Wall Street this year. Which has an enormous impact on the NY economy. Although, we all don’t work on Wall Street, everyone will be effected.
Now as for this house. Someone tell me, what sort of buyer is in the market for this house?
All buyer profiles for a 1.9million dollar house, are feeling very nervous today.
Most of the homes I read about here which are said to be overpriced, end up selling for very close to the asking price. I don’t necessarily understand it either, but apparently brownstones are very sought after right now.
108 Berkeley Place was denounced for being overpriced here on August 8 when it was an open house of the week, and it sold in a little over a month.
East river you can find a pier mirror like that for no more than $600 @ a Paris flea market but the shipping can be pricey. We agree the kitchen leaves much to be desired and one can do better for $20K in a $1.9million house 🙂
i disagree- please read Ms Muffetts post above I think she may have posted while you were still writing er expectorating your response.
Now my “belief” is actually not only mine but the evidence in the most recent reports…Miller Samuel, NY.gov, etc. Read a little more and you will see for yourself.
Now to answer your question about the house I went to the open house and as others have said the renovation is decent but nowhere near the kind of finishes $1.9m buys .i.e bathroom fixtures and the kitchens are all sub par for that kind of $$. IMHO a fair price today will be $1.6m max and thats being generous and not taking the “current turmoil” into consideration.
11217 We were comparing last 2 or 3 years to present not 2 decades ago. Two decades ago RE was basically dead. And please remember my dear we mean no malice or offense towards you. This house is simply priced as if the seller is on fentanyl….haha
I just want the parlor. I just want the parlor. Ok- I’ll settle for just the pier mirror.
But the kitchen- no, thank you.