House of the Day: 111 Clifton Place
As much as the seller would like to claim this house at 111 Clifton Place is in Clinton Hill, it ain’t; but it is only a few feet from the borderline. That’s the least of her problems though: The major one is the asking price of $1,385,000. The seller bought this place back in 2005…
As much as the seller would like to claim this house at 111 Clifton Place is in Clinton Hill, it ain’t; but it is only a few feet from the borderline. That’s the least of her problems though: The major one is the asking price of $1,385,000. The seller bought this place back in 2005 for $599,000. Now we all know that prices certainly aren’t any higher now than they were in 2005, so even if you give her $400,000 in credit for the renovation (which we suspect would be overstating the issue), that only gets you to $999,000. More evidence that she’s barking up the wrong tree: This was unsuccessfully listed for about the same price back in the boom times of late 2007. So how could it possibly sell for that now?
111 Clifton Place [Corcoran] GMAP P*Shark
On a strictly tile-basis, I also have to admit the tiles are kind of nice…sorry…just me.
Well, even though the renovation looks very nice in the photos and they right by the G-train which, yes, *does* get you to places you need to go…or to stations where you can change trains, the price they have on the house is too high.
At this point, if they’re serious about selling, be it a family or a flipper (or whatever you call it), they should price the house at or below the total of their costs and try to get their original investment out in the best shape they can (i.e. a net loss but not a total loss). They’ll certainly never get the asking price or even slightly below that.
Unfortunately, lots of people got wrapped in the frenzy and overpaid for houses in Bed-Stuy the last bunch of years. I was upset when one of our friend’s kids took the plunge. I told them to wait a couple of years because everything had been run up too high. It was awfully apparent at the time. Maybe it was easy enough to get financing and there was so much hype people were truly operating under some sort of suspended logic during the “boom”.
Overpriced or not, I adore the renovation! I’m a big fan of Mexican tile too, so there!
blowfish, Bed-Stuy is so named not for its borders, but because two separate neighborhoods (Bedford and Stuyvesant Heights) began to be referred to by a combined name around the 1940s and 50s.
The area around this block is notoriously drug-riddled and seems to have a shooting every other month. If the seller keeps trying to hold out, they’ll be lucky to get $600,000 for it this time next year.
Also, for what it’s worth, I don’t think the “rich” would even consider buying on this block. I seem them getting suckered into the Toren or one of the waterfront digs in Williamsburg, but $400 per square foot (which is what this would be lucky to go for) is, sadly, hardly what goes for “rich” in New York.
The Adelphi Academy was once very famous. Now the old buildings serve as the architecture school for Pratt.
I assume you’re joking, but Corcoran didn’t even know where Ft. Greene was on a map when the Clinton Hill historic district was carved out of Ft. Greene and Clinton Hill. My wife and I have an old map where the neighborhood is called Adelphi, just like at the Fulton Ave. post office.
The so-called worker housing is smaller than this, narrower and no question that the basement is a basement.
Yeah, that “garden floor,” that is THE problem here. If it’s not a proper garden floor, then everything is skewed.
I like the house. I like that the owners put in what they liked, not what was resellable (luckily only tile, though tile’s not so “only”….). It’s a nice SMALL house. It should be sold and priced as such.
But these things are complicated and emotional. We don’t know the story here.
Clinton Hill use to end on Washington from what I understand but Corcoran has pushed it out.
I didn’t think these little two stories count as “townhouses”…I thought it was formerly “worker housing.”