New Year, Same Ol' Building, Same Price: 26 St. James Place

Here's a lovely brownstone in the heart of residential Clinton Hill, close to the C train, the G train, Choice, Pratt, and all kinds of amenities on Myrtle. 26 St. James Place was once listed for this same price of $1.35M with Brown Harris Stevens in the Fall of 2008, just after the crash. It was featured as one of Brownstoner.com's Open Houses of the Day. After a little hiatus (surely, it's taken us all a while to recover) suddenly it's back & vague-er than ever! A different broker we're not familiar with has the listing, and isn't giving us what's really needed: clarity on the occupancy status. The Certificate on Occupany has this place listed as a 6-Family. The listing calls out 6 bathrooms. It's unclear whether there are still tenants. Like yesterday's listing, we have lots of questions. Unlike yesterday's listing, the price isn't reflecting the issues the property has. And yesterday's listing was in a WAY more desirable neighborhood for some $150K less.

We have to give it up to 26 Saint James Place, though, for its great curb appeal and original details:







Throw in the huge block full of housing projects that starts right across the street from the property...



And there are certainly some pro's & con's to weigh. Everyone who's interested in this property will need to understand the occupancy issues, because it affects everything. We wish the agent would have addressed what's going on there. Lots of homework to be done for prospective buyers. That's where we come in!

Pro's: curb appeal, location, original details, lots of bathrooms (but at what price? =)

Con's: huge potential issues with occupancy, might need a commercial loan

Ideally: the agent can provide a little clarity and the issues aren't deal-breakers. Remember, there are some gorgeous 6-Family's over here than can't close at $800K!