House of the Day: 147 St. James Place
We wrote about 147 St. James Place in Clinton Hill in November 2006 when it had a tasty price tag of $800,000 but wasn’t getting sold; turns out there were major issues with SRO tenants that were holding things up. The four-story house finally changed hands for $995,000 last January, and the new owner wasted…
We wrote about 147 St. James Place in Clinton Hill in November 2006 when it had a tasty price tag of $800,000 but wasn’t getting sold; turns out there were major issues with SRO tenants that were holding things up. The four-story house finally changed hands for $995,000 last January, and the new owner wasted no time in getting cracking on a full-scale renovation. While we love the fact that he managed to preserve the killer detail on the parlor floor, we’re not so sure that aesthetic was carried out through the rest of the house. We wish the listing had included a photo of the rear facade which was completely ripped open and redone. (Anyone with a view care to send in a photo?) Anyway, the ask on the house is now $1,950,000. Seems like a stretch to us, though we wouldn’t mind seeing that kind of comp just a couple of blocks from our house!
147 St. James Place [Corcoran] GMAP P*Shark
HOTD: 147 St. James Place [Brownstoner]
I was away from the computer until now so I would like to address the 2 comments about no vested interest in the argument.
I am a realist; values on non-prime properties will come off their tops. 5% 10% 20% it’s not my job to price properties, even though I can tell you pretty much ballpark depending on the size, location, finishes etc what it should list for. Blue Chip neighborhoods with amenities will be fine. Population is increasing and people need homes.
Honestly, values that drop have some affect on my business but I will still continue to make loans. Values go up, values go down, and people still need loans either way. I have really busy these past few weeks with both purchase and refinance business. A lot of people WANT and CAN buy but are afraid of being left holding the bag after the party is over. I totally sympathize as someone who purchased property in 2008 (even though I was in contract since early 2007.)
PS: I am a mortgage banker, not a mortgage broker. I actually have to account for the loans that I make and it’s a lot more complicated than just brokering loans.
I still think that’s a fair statement. One may not like the G or C trains for whatever reasons but Clinton Hill does not have limited access to transportation. Not trying to be combative about this btw. Sorry if it feels that way.
Wasder – I completely agree with you that transportation is entirely subjective – “nobody can tell anyone else what train or what neighborhood works well for them” and yet you were so explicit in your post above: “To say this location has limited access to transportation is ludicrous.” Glad to see we can agree on something. peace
I am a G commuter, I find it fine in the evening but patchy at best in the morning. I can’t fathom why – it must be the easisest line to run. No express, no double use of tracks by other lines, just a straight line. Or a dog leg really. But they still manage to bunch up trains in the morning so that you’re waiting for a quarter hour on the platfrom and then two come along head to tail.
Pierre: You must have tried riding the G during track work if you had to switch to another train. happens on all lines but probably more on the G. Regardless, it is a day to day part of my commute and serves me well. You did say that “this leaves the C” as the only option but who cares. Its a silly argument in the end because nobody can tell anyone else what train or what neighborhood works well for them.
Schultz thanks for the tip maybe it has gotten better. I have used the G on a few occasions and my experience was horrendous because it took so long waiting and all passengers had to get out and switch to a second train @ Schem I believe. Now Wasder dont be “silly” I never said the G is not a day to day option. I only said it was severely limiting…see Russianoff’s study. The Straphangers Campaign reports that the G line has the worst breakdown rates (dead last) and one of the lowest amount of scheduled service in the MTA system….that is factual evidence based on objective data.
I prefer the numerous choices available @ Atlantic Terminal i.e FG but like you said to each his own.
Hellsbelles–thanks for linking to those articles. I remember looking at them when they first came out. I haven’t seen any follow up to them recently so I don’t know from a statistical standpoint whether those numbers have reduced but it feels like lack of news is good news on that front. At the same time I don’t think that Clinton Hill was much different than a lot of parts of the city that reported an increase in street crime this summer. Clearly I am not unaware of the possibility of streetcrime but I have lived here since 01 and I have thankfully been fine and I feel more comfortable in this neighborhood than I have anywhere else I have lived in the city (East Village, Williamsburgh etc). So I guess my point is that I have seen nothing to suggest that Clinton Hill is going to regress substantially on the crime front.
Pierre–I use the G train every day on my commute to the city and must agree with Schultz above that its a workhorse. It is an incredibly useful train, especially for us Brownstoners who are traveling amongst the neighborhoods of Clinton Hill, Fort Greene, Cobble Hill, Carrol Gardens and or visiting friends in Williamsburgh or the Slope. The G train figures into all of that. I can walk to the C as well but generally speaking I take the G to the A/C at Hoyt and it works great (30 minswork in Chelsea). So to say that is not a day to day transportation option is silly.
In re amenities, being as I am a parent of a toddler my amenities needs have somewhat shrunk over the years. Part of my attachment to Clinton Hill is because of what a great neighborhood it is for kids. That being said, I can get virtually any ethnic variety of food delivered to me, there are several good bars that I go to (less frequently than I would have before!) and several solid if unspectacular “nice dinner out” options. So for me amenities are not an issue.
To each his own though, that is for sure.
Pierre — do you regularly use the G train? It may not be obvious that the G can quite a workhorse with stops on Smith Street, linking to the A/C at Hoyt and linking to the L in Wmsburg with a quick shot into Manhattan on 14th St. A friend of mine that lives on South Portland calls it “the magic portal”.
Adam I was just going to point out what Snarkslope has succinctly indicated. Again it is your JOB to play down any predictions in price reductions…do you really believe that it doesn’t matter to you and your profession what home prices are? Especially in Brooklyn? LOL trop drole. Tu me fais mare toi!