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
Amzi,
One house in Park Slope sold for 8 million plus. And it was a mansion.
Most seem to sell for 2 – 3 million, give or take.
Which is exactly why I don’t think anything in Clinton Hill can get away with asking this much.
It’s not a deal, when for MOST people housing has always been about location, location and location. Cardinal rule of real estate.
Whether you want to believe it or not, in MOST people’s minds who want to spend 2 million on a house, Clinton Hill is about a location, loca.
I think that the houses in Clinton Hill are worth 1.5.. If real estate agents are still asking 8 million in Park Slope or 3 million in Ft Greene 1.7 in Clinton Hill is a deal.
This house would not have gotten $1.75 in PEAK bubble times. What makes anyone think it will get it now?
many years ago, I could get to court sq. from FG/Clinton Hill, door to door in 20mins, so 53d and Lex in 30 is possible… Haven’t done that in yrs.
“for what it’s worth, it’s VERY easy to get to midtown from Clinton Hill. The G to Court Sq., then the E/V to 53rd and Lex/5th etc… 30 minutes tops. Much faster than from PS”
I guarantee you I can get to 57th and 7th via the Q train at 7th Avenue (a 3 minute walk from my house) faster than you can get there from Clinton Hill. It’s 7 stops from my house with no transfers. 6 to 42nd Street.
I also think I could probably get to Midtown on the 2/3 (also a 3 minute walk from my house) faster than you could taking the G, switching to the E, switching to the A.
You are also not factoring in wait times (which for the G can sometimes be horrible) and the fact that on weekends, the G is downright spotty.
No way you are getting from this house (including a walk and wait times) to 53rd and Lex in under 30 minutes.
Not a chance.
But I digress…
Just one comment: the washer/dryer is on the 4th floor!!!! What gives???
for what it’s worth, it’s VERY easy to get to midtown from Clinton Hill. The G to Court Sq., then the E/V to 53rd and Lex/5th etc… 30 minutes tops. Much faster than from PS. Everyone likes to hate on the G but since it connects with the A/C, the L, the E/V and the 7 it’s actually better than living near only one direct line like the F and nothing else.
Wasder…we’re pretty much coming to a close on this one and I’m probably beating a dead horse, but I feel as though Clinton Hill will in fact drop more than other areas, just like the “fringe” areas of Los Angeles, San Diego, Phoenix etc have dropped more than the more prime areas.
Look at Riverside, CA and Gilbert, AZ as examples. Drops of 40-50% while Los Angeles downtown has seen half that. Same with Phoenix.
You know I love Clinton Hill, but I stand firmly that I believe prices there rose too fast and too much, when compared to other areas of Brooklyn. As I said…Park Slope homes have doubled in the last 10 years while those in Clinton Hill have more than quadrupled. In some cases, even more.
I don’t think that the gentrification of the neighborhood equates with the price increases. I think it’s a tremendously better neighborhood than 10 years ago, absolutely. But I don’t think it’s a 1.5 – 2 million dollar a house neighborhood. I just don’t.
Either way…this will all pass, and you don’t need to worry because it sounds like you bought for the long term. In the end, I believe Clinton Hill will continue to improve, and that’s really all that matters. I’m really just speaking about today. This price, this house, this location and this economy…today.
11217–I do agree that a 20% trim on this house would be fair enough. That would bring it to about 1.4 which sounds in line with what is happening in the market.