House of the Day: 65 South Elliott Place
We hadn’t realized that this house at 65 South Elliott Place was on the market until it popped up as one of the early listings in the Brownstoner Marketplace. (We did know from this post that the place has been sitting empty for the last couple of years.) For the right buyer with the stomach…
We hadn’t realized that this house at 65 South Elliott Place was on the market until it popped up as one of the early listings in the Brownstoner Marketplace. (We did know from this post that the place has been sitting empty for the last couple of years.) For the right buyer with the stomach and the cash for a major renovation, this pre-Civil War era woodframe house could be pretty interesting: There are lots of original architectural details and its on one of the best park blocks in Fort Greene. The asking price is $869,000. What do you think this would be worth fully-restored?
65 South Elliott Place [Filmore Real Estate] GMAP P*Shark
Kitchen too updated for mopar. (Sorry, can’t resist.)
“I had coal bins in my basement when I bought my previous house. I ripped them out. Sorry about that, brownstoners. Had I known, I would have marketed them as vintage peep-show booths.” (benson)
Nice. Would there have been vintage ladies to peep?
(I like the sad wistful blue in those crumbling rooms.)
The place that was listed in Friday’s “Open Houses: Six Month Later” thread at 786 Putnam sold for $775k. That’s about peak comps for most places in bed Stuy.
My point, DIBS. 825 to 850 for a three story, right? 4/3 (proportion still valid if same stories but “a lot smaller”) brings us well over a mil. It’s bait.
Suprise suprise. Price a move-in Stuy Heights limestone at 1/2 mil and voila! 12 bids at or above. Return of peak comps!
***Bid half off peak comps***
BG…I’d love to meet them and see the progress. It’s a great project and will be a spectacular house.
that adelphi place sold a little above the 799k ask – ie sold maybe at 825 or 850k
DIB – you are right about the Adelphi/Lafayette place. It sold for a bit more than that I think. I know the owners and they are just getting started with the reno now. I think it’s going to be pretty amazing once it’s done. But not for the faint of heart…
benson,
Your Omaha point is an interesting one. Back in ’06 or so, before I found this site, I used to read blogs on houseblogs.net. Much more DIY, much more focused on south and midwest. It occurred to me that it is the very scale of our pricing that makes the cost of renovating relative dumps worthwhile. In Omaha, let’s say this house goes for $250k. You wouldn’t put another $250k in because you could never double the value by renovating it in its existing form. Here, You’re only hoping the house is worth 20-25% more finished than as a wreck, because our pricing scale is so much higher. Much easier to justify to bank because it is easlier to find comps, e.g.
Benson, those folks also cant believe lawyers and bankers make gazillions here either