St. James Folly: You Want What For That House?
Speaking of posts writing themselves, here’s an open-house report from two weekends ago from someone you all know as Mr. Minerva. We just happened to have snapped a photo of the scene outside the open house, so we’re in business: I’ve been meaning to mention to you the craziest open house in the world. I…
Speaking of posts writing themselves, here’s an open-house report from two weekends ago from someone you all know as Mr. Minerva. We just happened to have snapped a photo of the scene outside the open house, so we’re in business:
I’ve been meaning to mention to you the craziest open house in the world. I really wish I had had a camera – and a tape recorder – for this one! It was 156 St. James, one of four super-narrow 12-foot wide houses just north of Gates on the west side of the street. The two southern ones have been beautifully restored with very high wood stoops. The two northern ones are TOTAL disasters. Property Shark puts the square footage at just under 1,700. The beautifully restored ones are probably worth about $1 million.
Number 156, however, was a DISASTER – 6′ 6″ ceilings on the bottom floor (not including where it’s even lower to accomodate plumbing drop-downs), cramped, stair-case railings made of hammered together 2x3s (bent over nails & all) and did I mention it’s cramped? One 4/5 bath (has a tub, but a 3/4 size one) and a 1/2 bath in the master bedroom – I’m talking literally a standup shower stall in the corner of the room and a sink by the bed. Nothing historical whatsoever. Vinyl siding that is falling off, etc, etc, etc. It was a total mess (filthy) and a disaster (do I need to say that again?).
The current owner paid $470,000 in 2003, but if he had done what his neighbors had done and put half a million dollars into it, he’d have a million dollar house. I nearly shit myself when I heard they were asking $950,000. The part where I wished I had a tape recorder? Many brokers in this market are quick to say that the owners are willing to consider offers. So was this guy, which briefly interjected a moment of relief into my thinking, until the broker quickly added that he was willing to consider an offer – so long as it is over $900,000. Oh. Okay. That makes all the difference!
Glad to see the bubble is alive and well. GMAP
Don’t believe there’s any truth to the A&H rumor; I believe you’re mistaken. The owner of that house is not involved in real estate in any way as far as I know. Also, she has a dog, as do the neighbors two doors down- maybe that’s what your dog is reacting to?
Why would an A&H agent hand over the listing to Weichert?
I live on St. James, and I understood that the house was actually owned by an agent or formoer agent for Agueyo and Hubener. His original plan was to rehab and sell high. Maybe he just decided not to bother with the hard part and go directly to pay day. Anybody know anything about that? Also, about the rats,my dog goes crazy everytime we walk by (and he has a nose for these things).
I’m betting on the 7-750 range, despite the fact that all accounts lead me to believe the place needs to be gutted.
You’re right Roberta, I typed too quickly. One block above 483 Washington. But still, I doubt there are rats!!
It would even go pretty quickly at 699-725K. I don’t think this is bubble pricing––more like bubblehead!
The back of this house could not possibly face 483 Washington since it’s on the other side of Gates. 483 Wash. is between Gates and Fulton; this house is between Gates and Greene.
I suggested that you review the NY Times listings as well. There you will find a multitude of 3 bedroom condos on the market in FG/CH for well below $900k (and a handful more throughout prime Brownstone Brooklyn). If small two bedroom condos were going for $900k then four to five story brownstones in the area would be going for $2-2.5 million plus which is clearly not the case. The Wheichert broker and the seller are clearly inexperienced and not in tune with current local pricing trends. $900k for a 12 foot wide house in need of major renovation is laughable! At $470k, you might have a nice fixer upper with upside potential. At $900k and “as is” you have a lemon..
Hey 3:38- what models, actors and rock stars? Spill the beans- my career as a paparazzo could use a jump-start!