Wednesday, January 12, 2011

Another Great Reno Under a Million: 137 St. James Place

Back in Clinton Hill, on a choice block, we have a great renovation play under $1M. 137 St. James Place listed for $899K on 12/7/10, after a short one-day stint at $1.2M in July of 2010. We were shocked to see a 20' wide brick 4-Family in Clinton Hill at this price. Especially once you see the interior pics:

You're racing to the phone lines to call this agent, right? But not so fast! This is the only renovated floor, the renovations needed have been estimated around $350K, and there were supposedly boiler problems that held-up access to the place a few weeks back. Now, we're told, there are offers in already above asking price. And we're not surprised. This place compares favorable to almost every renovation in the neighborhood, such as 26 St. James, 238 Lafayette, and 187 St. James.

Pro's: curb appeal, no SRO drama, delivered vacant, under $1M, REALLY exceptional-looking results can be seen on the one renovated floor, backyard

Con's: 1BR rentals, needs $350K in work, not a lot of clarity from the agent on the situation or scheduling, so good that someone's bound to overpay for it

Ideally: we could've gotten to this place in time to lock it in contract before it popped up on the ballers' radar.