House of the Day: 306 Clermont Avenue
This Fort Greene Neo-Grec-slash-Italianate brownstone has some pretty marvelous original details, including elaborate ceilings and wedding cake plasterwork, a boldly carved marble mantel, and an unusual transom with what appears to be hand-cut wood applique decoration. There is also a wood burning fireplace. From what we can tell from the photos, this house appears to be in pretty good…
This Fort Greene Neo-Grec-slash-Italianate brownstone has some pretty marvelous original details, including elaborate ceilings and wedding cake plasterwork, a boldly carved marble mantel, and an unusual transom with what appears to be hand-cut wood applique decoration. There is also a wood burning fireplace.
From what we can tell from the photos, this house appears to be in pretty good condition on the inside, although it is in need of some work. A few big-ticket items are a new facade and windows, according to the listing. There’s an open house scheduled for Sunday.
The property has been on and off the market for years, and finally sold in a foreclosure auction in May for $1,700,000, as BK to the Fullest has detailed.
We’re sure it will be glorious when restored, but do you think the asking price of $2,600,000 makes sense?
306 Clermont Avenue [Corcoran] GMAP
So if contractor’s prices have gone up 50-100% in the past few years, how is that legal?
Maybe Lamb is right about generally higher bids this year. We are paying $54 K just for electric on our project, lowest of 4 bids. Over $100K for plumbing, but that includes some elaborate HVAC upgrades. Our house has structural issues that will add at least another 100K to correct, as well as outstanding Landmarks violations. Millwork, all new windows and floors, two kitchens, three full baths, laundry and powder room, deck. Then there’s the architect’s and GC’s percentages. I wish we could keep the whole job well under a million, but, even with moderately nice finishes we know we’re in for more, including materials.
NeoGrec, I’d love the name of your mason (even if that means he’ll be less under the radar!) We’ve gotten an estimate of around 60K for our facade restoration.
The building is in terrible shape! The reno will run north of $750k, a building across the street sold for $1.08 million in 2009, new owners budgeted $500k and went over budget by $250k, and their property was in much better condition. Anyone with a brain will see that the current owner paid $1.7 million less than a year ago and will balk at handing over a $900k windfall to someone who didn’t even replace a single window, much less address the structural, electrical, and boiler issues. Add in landmarks approval and you have a nightmare on your hands!
Just an insiders input into this building. I lived in the parlor level apt about 7yrs ago, here is a short list of things that need to be fixed.
Electrical: if a hair dryer was used in one apt it would blow out the circuit(s) for the entire building.
Bricks Pointed: during a hard rain our panty collapsed due to a leak in the back of the building towards the roof . Oh and the black mold will need to be cleaned.
Septic: often the yard would fill with septic tank over spill that would permeate the entire building with a horrible smell.
Odor: There was a smell coming from the basement apartment due to an overrun makeshift dog kennel.
Floors: The hardwood floors will need to be completely replaced due to neglect and bad paint jobs.
Exterior: The entire exterior face will need to be done, he had the original face removed and never replaced. Not sure what type of structural damage the building has sustained having the front exposed for 8+ years.
But hey, anyone that has $2.6million to spend and then completely gut renovate probably doesn’t care about these sorts of things.
How much would this renovation have cost 5 years ago? Who is pocketing the difference?
Thanks, NeoGrec!
We have four stories, Cate, plus cellar.
That’s not really true. There are a lot of ways to save money it just depends how much you want to get your hands dirty. I don’t think most people getting ready to spend 2.6m are of the mindset to pick up a hammer and start whacking.
My brother had new hw floor put in on one of his places. Estimate was 26k, he asked how much it would cost if he did the demo/disposal and the price came down to 18k. He tore it out used a demo pick up service for 800 they took it all away.
His bg is as an elec. engineer, (not lic electrician) so he did most of the wiring and paid an electrician to review the work and submit permit paperwork. Instead of paying whatever it cost to rewire an entire floor he paid the guy 800 plus permit costs. Not sure what the savings would be but it was significant.
I just retiled my mudroom, estimates came in for about 2400; it cost me about 400 dollars and 3 days to do it. I did a decent job, here’s how it turned out: http://imgur.com/a/QRkby
Maybe your contractor read your crazy pricing on Brownstoner and decided to double the rate. I don’t know. But how about we test it- whoever buys this house gives me $600K- I’ll do a high end renovation and I get to keep the difference.