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]
“Your comment “Houses are still selling. Not EVERYONE works on Wall Street” is true but really a poor argument since the question is HOW MANY houses are selling, @ what rates (i.e time on market) and @what prices? I believe the answer to all 3 questions is relatively low overall.”
Just so you know…the rate at which homes sold this past year (which was a 22 percent drop in sales over the year before) is still ahead of the number of sales for much of the previous couple decades.
So your answer low overall should be changed to low since 2001.
At least I provided anecdotal evidence, which is more evidence than I saw in your post. No offense.
pierre – i think 11217 was responding to the vagueness of miss muffett’s posting which had nothing to say specific to THIS house and made no attempt to relate the “current turmoil” to the pricing of THIS particular home. in fact, 11217’s “anecdotal evidence” may have more relevance to THIS home than does your “overall discussion” about Wall Street. while your 3 questions indeed are the important ones, 11217 gets closer to answering them than does your *belief* as to what the answers are.
so, back to THIS house. if it is woefully overpriced, why? and by how much? what is the right price?
11217 – of course I don’t expect houses to sell for $10, nor to be halved overnight. But the buyer pool is shrinking pretty dramatically as credit dries up, people lose jobs, and the effects of the crisis ripple through the economy. People with cash are in a great position but just about everyone else is in a much more tenuous one when it comes to buying an expensive piece of property, and the pool of cash-flush buyers is likely to be small and getting smaller. I’m not predicting the sky will fall, just that sellers should be more realistic in their pricing. My personal prediction is a drop of about 20% over the next year or two, even in prime areas, but given the surprises on Wall St, it could be more. But even at that level of drop, most sellers would still make a killing unless it’s a recent flip. I just don’t get those sellers who act as if nothing has changed. Yes, people still need houses but every broker I’ve spoken to says that property values – yes, even in NYC – are bound to feel an effect from all that’s happening.
11217 no offense but I think what Ms Muffet was alluding to was that economic times are getting tougher and with all the stuff happening on Wall street overpricing a property is not realistic.
I am sure you are a concerned home owner but the fact remains that THIS house is woefully overpriced.
Your comment “Houses are still selling. Not EVERYONE works on Wall Street” is true but really a poor argument since the question is HOW MANY houses are selling, @ what rates (i.e time on market) and @what prices? I believe the answer to all 3 questions is relatively low overall.
“In fact, the two houses that were sold on my block this past year were to non-finance industry people” Again this is purely anecdotal evidence and only marginally relevant to the overall discussion about RE and Wall street. Peace
Don’t be silly, DOW.
This is America.
Only the losses are socialized.
now your sounding like Polemicist DOW!!!!
Those former SRO tenants should get a piece of that 195.
I don’t understand, Miss Muffet…do you think the sellers should price the house at 10 bucks?
Houses are still selling. Not EVERYONE works on Wall Street.
In fact, the two houses that were sold on my block this past year were to non-finance industry people.
Just because we are in an economic crisis (a severe one, no less) does not mean that all of the sudden the day after, home prices halve.
It took a year for the U.S. housing median price to come down 15%.
When are people going to learn that you don’t put marble in a kitchen; especially white marble? It’ll eventually discolor with all the stains. That said, there are thousands of $1.9 MM condos in Manhattan with far, far worse kitchens.
You should put up the “discount-to-ask survey” for this one!!!!