House of the Day: 69 St. James Place
We featured this brownstone at 69 St. James Place in Clinton Hill as an Open House Pick back in June when it hit the market with a price tag of $1,995,000; it was reduced in September to $1,895,000 and again in November to $1,750,000, where it remains today. The house is in beautiful shape, with…
We featured this brownstone at 69 St. James Place in Clinton Hill as an Open House Pick back in June when it hit the market with a price tag of $1,995,000; it was reduced in September to $1,895,000 and again in November to $1,750,000, where it remains today. The house is in beautiful shape, with lots of original details and a recently resurfaced facade. We’ll see whether this will need another downward nudge to get a deal done. The fact that 298 Lafayette Avenue sold for $1,895,000 in August is encouraging, but that was pre-Lehman. Waddya think?
69 St. James Place [Brown Harris Stevens] GMAP P*Shark
The other serious problem with this property (although for some it may be a feature) is that the back of the uilidng is visible from the street, and so any changes to the rear (like adding a deck so a future upper triplex could have yard access) need to conform with LPC guidelines. It’s probably a manageable problem, but nevertheless a headache for most possible buyers.
I hate the word “fringe” being used on my neighborhood also, I live right on the Fort Greene / Clinton Hill border. I can tell you about Fringe how about Crown Heights three years ago? I lived on the east side of Nostrand, there is not alot to offer in the way of amenities there. The grocery stores were pretty gross and closed at 8:00 or before, everything else had plexiglass in front of the counter. One time I couldn’t find pasta sauce after 8:00 anywhere. Clinton Hill is nothing like that especially where I am at, where I utilize more of what are called the “Fort Greene” amenities than the ones called “Clinton Hill”. Crime spike = Scary, but a woman was slashed behind Gracie Mansion yesterday, but still I am twice as aware now than I was even two years ago when I moved to the neighborhood.
Those are some silly comments…
“central air on top two floors only”
I’d have to assume a small minority of brownstones have central AC.
“possible issues with two-family configuration and C of O”
No issue there – you can live in it as a single-, or add a second unit if you need/want to.
That said … it may be worth less than a million. None of us knows how bad the economy / RE market is going to get.
I still say that a house that was mortgaged in the amount of $489,500 in 2003 and potentially selling for $1,750,000 in 2008 is sick. A profit of approximately $1.25 million profit in five years? Or if you look at the original selling price of what seems to have been $304,000 in 1990 according to Property Shark … a nearly $1.45 million profit in nearly 20 years? OK, 20 years is a long time, but aren’t we talking about precisely the period of economic madness that got us into the mess we’re in today? These kinds of profits are unsustainable, and possibly even evil. Too bad for these folks, who should have sold a couple of years ago, but while this is a pretty house, it’s not prime (either in location, or in internal amenities: central air on top two floors only, kitchen and presumably bathrooms that require upgrades, possible issues with two-family configuration and C of O, no landscaping in garden, painted woodwork, no working fireplaces, laundry room oddly placed on top floor, etc. And that’s before an engineer gets a look at it – these houses often have serious flooding and mold problems in the basements). I still think they should price it at $999,000. They’d either sell it immediately at that price (and still make a tidy profit), or set off a bidding war, which would be refreshing and unusual in this market. Or, they can just sit on this empty house (didn’t someone above say they’d already moved out?) for another 10 years until the market bounces back (assuming it does).
I love the G train! Honestly there are a lot of great things about the G. First of all… it’s adorable! 2nd it is the best (and only) way to getting around Brooklyn… Greenpoint (LIC) to Carol Garden (Park Slope too sorta). 3rd- seats!! Lots of seats. And those connections… ok on one hand you have to make a transfer… on the other you have great options and a lot of flexibility.
Everyone’s always trashing the G train so I assumed they were right and I avoided it… then one day I used it … and I was shocked that it was so convenient. Why’s everyone so down on the G? I don’t know how often it runs at 2am… at 2am cabs are cheap and quick… I’d have to be pretty broke to go training it home at 2am no matter what train it was… even when I lived in the city.
“These incremental discounts are ridiculous and do nothing but delay the inevitable.”
You are absolutely right, nyc87. Reasonable price cuts start at -25% from peak comps. Anything less than that, the seller seriously risks chasing the market into the ground.
***Bid half of peak comps***
I apologize if I’ve offended anyone in the past.
I don’t really take this all so seriously, but find it very enjoyable and slightly addictive.
Great blog. I’m not a blog person at all, and this is the only one I have to read with any sort of consistency.
Posted by: 11217 at January 5, 2009 10:20 PM
Ditto.
Wasder, comparisons are appropriate and relevant. Especially when homes are priced pretty much the *SAME* now as they were a year ago. These incremental discounts are ridiculous and do nothing but delay the inevitable. Most properties in prime Brooklyn have not yet price-chopped enough to reflect current market and economic conditions.
From today’s (January 6, 2009) NYT article, titled “Striking Declines Seen in Manhattan Real Estate Market”:
“The worst is yet to come; there is a blood bath coming,†said Matthew Haines, a founder of the real estate site Propertyshark.com who prepared the Corcoran report.
http://www.nytimes.com/2009/01/06/nyregion/06estate.html
No worries 11217 we agree to disagree on CH being a fringe area or not. We all love Brooklyn even though some of us are relatively newcomers.
As far as the RE market goes NY will always be one of the first places to rebound so with a long term strategy things should be fine in the end. The problem arises for folks with marginal income security who bought on pure speculation that prices will keep increasing exponentially… too risky in the short term. These owners will sadly be punished severely but hey that is capitalism at its purest…too bad we are socializing entire industries now with the bailouts:( Merde!
Okay we digress but yeah Mr B has done a great job with this blog..even the WHAT will privately admit so. LOL