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
Anon 1:49 must be the broker on the listing to think that this is fairly priced. And the condo comparison is absurd. In prime FG/CH, $900,000 gets you a large 3 bedroom condo in mint condition with top of the line appliances and finishes. From the sound of things, this house needs a ton of work so how could the price be “on target”?
anyone have a link to the listing?
as a close neighbor of the house in question, it might be of interest that the place has RATS. Not mice, mind you, but RATS. It seems to me that this place is good for a gutting and not much else. That said, it is a nice block and the houses to the side of it (the restored ones) look beautiful.
FYI: The open house was NOT 154, it was 156. And hey, it was originally priced at 1.3 FSBO in the NY Times last month!
158 and 160 are the ones with the restored landmark stoops. 154 and 156 have the old ghetto facads.
yeah i went to this open house 2 sundays ago…this broker must be fresh out of a licensure course with lot of time on his hands (lot of time on the owner’s hands too).
The price seem to be on target to me. That’s if you consider 1700 sq ft condos are selling for a lot more than that in the area. Plus you have outdoor space, the opportunity to install a roof deck or add more floors (depending on the FAR), etc. Plus you have less neighbors than you would in a typical apartment. I know we’re not supposed to compare apples with oranges but the prices of condos seem to justify this asking price.
The owners that rehabbed the other two townhouses did a really terrific job; lots of ingenuity. One man’s trash is another man’s treasure.
To clarify: yes Big Biz, you are correct (isn’t it always?). The houses are on the west side of St. James, thus facing east, back facing west. There are four similar houses in a row, going north to south, the one in question is the second one; the two restored ones are the two southern of the four. There. Isn’t that much more clear?
The reference is to houses to the North and those to the South of this shack.
Anon 12.40, that’s pretty funny.