Mysteriously High Price on Grand Avenue
Here’s a stumper right in our own back yard. According to Property Shark, the brownstoner at 354 Grand Avenue sold in December for a whopping $1.9 million. Even if this were one of the larger-scale brownstones on the next block this price would seem quite high. But this is a 13-footer across from a row…
Here’s a stumper right in our own back yard. According to Property Shark, the brownstoner at 354 Grand Avenue sold in December for a whopping $1.9 million. Even if this were one of the larger-scale brownstones on the next block this price would seem quite high. But this is a 13-footer across from a row of newish row houses lacking the charm that the neighborhood is known for. If accurate, there must be some development twist to the purchase. As far as we can tell though, the property is not contiguous with any larger lots or buildings. It also falls just outside the Clinton Hill Historic District line. Any theories?
GMAP P*Shark
A rundown house on our block recently showed up in Property Shark and Zillow as selling WAY above its value, but now it’s gone. Weird
Correction above: I mean banks make you buy mortgage insurance if your mortgage is MORE than 80% of the value.
Anonymous 9:02 pm: I don’t think any legit bank will give you a “construction loan” to renovate a building that is way beyond the value of the building. If 7:26pm is right, someone got a mortgage for one million dollars MORE than the value of the building. What kind of lending practice is that? There’s a reason banks make you buy mortgage insurance if your mortgage is less than 80% of the value — because it’s risky if you default — the bank can’t get it’s money back by selling the property.
I hope someone does report this.
I’m new at this but how can you guess the purchase price from the ACRIS records?
could it be a construction loan? the mortgage covers the sale price and loan to renovate the building?
Anon at 4.49, no one is bashing narrow houses, lol. Yes, central staircases, in more narrow rowhouses can leave rooms that are comparably wide to a wider brownstone. Plus, I don’t think brownstones are dark. I’ve rented and lived in three (and finally own one) and they all have had great light all day through the enormous windows. My current place faces north south so we get tons of sunlight all year, more on the north side (the front) in the winter, more on the south side, the back in the summer.
someone should report this to the appropriate people. that house should not have been more then 899K! i am a broker and i price these houses all of the time. i am also a brownstone owner and if that sold for that amount then mine is definitely work $3M too. should we sell brownstoner?
I’m’sure there is something wrong with this transaction and 13 feet is really small, but is about time for some of you to take a tour and get a clue about smaller houses, i own a brownstone in CH and 16.7 wide, the entrance on the parlor doesn’t have the staircase in front of you as you get in but a very welcoming hallway of about 10ft then it opens up to a grand foyer about 15’with, a left sided staircase, a front room with a giagantic window about 5′ by 10′ the back is an open room 23′ by 15.5’with a huge bay window to the garden 13 ‘ ceiling in this floor the upstair since is not a 20′ wide and has a central/side staircase is a completely open space of 15.5′ by 45’ 13’……
I actually bought this house because it was narrower than the 20 footer but a much better original layout the sunlight goes between the front to the back and viceversa since is all open, not a bad thing for the usually dark brownstones, anyway.
That’s the article from the link posted above!