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
No, NYC prices have drops 7.5%. 20% was the national average.
Hey Wasder, you made me think of something when you wrote about how “others may want more excitement”. In terms of the feel of neighborhoods –
Clinton Hill and Fort Greene (except for the blocks of FG close to the intersection of Fulton and Lafayette) will probably always be a bit more quiet than other areas because of the way the main avenues/commercial streets are spread out. The primary commercial strips are Myrtle, DeKalb (both of which are well developed and continue to do so in terms of amenities etc.) and Fulton Street (which is developed in FG, but has a way to go in Clinton Hill before it is fully utilized). Even assuming Fulton is fully developed, the streets of Clinton Hill and much of Fort Greene are predominantly residential with block upon block of houses. I personally like this, but what it means is there is quiet feel and one has to walk a few blocks from most locations to get to the commercial streets, unlike say Park Slope where 8th, 7th, 6th, 5th and increasingly 4th Aves are commercial strips. Anyway, random thought. Happy New Year.
Wasder,
Brownstoner also pointed out 2 weeks ago (perhaps via the NYTimes?) that Manhattan prices have dropped 20% since September, yes?
Since this is not only Brooklyn, but considered not prime Brooklyn (can we at least agree on that?) or not “blue chip” Brooklyn maybe, wouldn’t it stand to reason that this house should be trimmed by at least that amount too…?
I really appreciate you and your comments (and your love of your neighborhood is awesome) but I think you are a bit blind to what’s happening.
I bought in 2006 and if I needed to sell right now, I’d FULLY expect to mark down my place by 20% MINIMUM. Fringe or not.
Things are that bad.
Clinton Hill is awesome, but it’s still Clinton Hill. The people who bought a lot of these homes were wealthy and coming from Manhattan.
ps I love Clinton Hill and would live there before Park Slope.
basically the only place (besides Clinton Hill itself) where clinton hill is not considered fringe is Brownstoner. In the world of brownstoner, I think the only neighborhoods that can be labelled fringe safely are brownsville and east new york (oh – and all of Queens).
brownstoner points out that 298 Lafayette sold for 1.85 in August. Pre-Lehman yes, but a less desirable location too.
$1.750 MM off of $1.995 MM is only 12%. If it hasn’t sold in 6 months and they haven’t had an offer in this range it indicates that it should probably be market down 20% from the original $1.995…which would be $1.596MM…probably still $596,001 too high!!!!
Fair enough 11217. I disagree with your opinion, especially considering how small both Clinton Hill and Fort Greene are, but hey, life’s short and plenty of people seem to like the area. I just wish everyone security and happiness in the next year, including all the amenity providers in the various neighborhoods (sounds like a PC term of nefarious people, lol), and hope that things don’t get too bad for everyone before things settle down and we as a country get back on track.
Fringe is an awfully loaded word. I think that is the issue here. But nobody has gotten their panties too far in a knot over it. We all have our needs and desires in a neighborhood and not every neighborhood is right for everyone. As 1842 says, if you have kids this is a great location. Others may want more excitement.