House of the Day: 329 Adelphi Street Reduced
The beautiful but crumbling wood frame house at 329 Adelphi Street has a new broker and a new price tag. The shingled corner house started out asking $950,000 last May. According to a few people we know who’ve now been inside, though, it needs so much work that that price was unrealistic. The new asking…
The beautiful but crumbling wood frame house at 329 Adelphi Street has a new broker and a new price tag. The shingled corner house started out asking $950,000 last May. According to a few people we know who’ve now been inside, though, it needs so much work that that price was unrealistic. The new asking price of $795,000 is still more than the pricing widget called for last go-round, which normally wouldn’t be an issue given the widget’s track record of underpricing by 15 percent or so. In this case, though, we suspect the masses may have some wisdom: An architect we know said you’re looking at a million bucks of work here.
329 Adelphi Street [Ahrlty.com] GMAP P*Shark
House of the Day: 329 Adelphi Street [Brownstoner]
“What is the contradiction in beautiful but crumbling”
You ever check out Liz Tylor recently? Not so much on the beautiful anymore.
I’d go somewhere more along the lines of
“This once quite attractive listing on Adelphi has recently hit the wall at approximately 60 MPH…”
What is the contradiction in beautiful but crumbling?
ML, I had a look at the house. There is absolutely no way to do it for less than 500K, there is not much of the house that is currently usable. 1M is probably for a beautiful top-of-the-line renovation. 600K-700K is doable, add in a year of work and this is why it hasn’t sold yet. The buyer needs to have 1M in cash and no need for housing for a year. There aren’t that many people in this category, and they probably would want a sweet deal.
Look at 405 Clinton, also charming, also inhabitable (read unmortgageable), it is 3X the size, and a mansion on Clinton Avenue and sold for 1.675M. Before seeing it in person, I thought 550K. Now I’m thinking 500. It’s pretty sad, because another winter will cause even more damage.
Anyone here see the Money Pit?
Hysterical movie.
Any NYC architect can easily spend half a million dollars on a new kitchen. The idea is to approach an architect and say this is my budget, $375,000 make it work.
“beautiful but crumbling”
Mr B, this is a joke right?
Listings like this make me feel like I’ve logged into The Onion. Certainly the humor value is right up there.
isn’t this the one that you checked out DIBS?
Minard, I find that comment offensive to architects and sailors. The house looks like it has significant structural and cosmetic problems (not to mention landscaping). It would be difficult to fix it up for the number you throw out. If it was so easy, would be sold by now – what a steal. $1M might be too high, but not so off base as to categorically dismiss.
Agreed, Minard, though your figure may be a little low (depending), a million is way too high unless you MUST have it look like something out of Architectural Digest when it’s done–as in, I haz six toilets and they’re all Toto!!
600K cash anyone?