Thursday, July 7, 2011

Back In Action on SJP: 103 St. James Place

We're back from a quick hiatus with a play in Clinton Hill that should be very familiar to our readers. 103 St. James Place is 20' x 40' 3-Family brick building in a nice stretch of Clinton Hill that's seen lots of activity. Par for the course is the $999K price tag, no interior pictures, only the Property Shark exterior picture, and little to no details about the place other than "HOUSE NEEDS TOTAL RENOVATION & IS PRICED TO SELL" on the listing and "SUBMIT ALL OFFERS". This could be a good sign that it's poised to sell. With the listing not even out for a month, and the other things that have managed to sell like this, we don't imagine it'll last long. Compare it to another fave of our, 137 St. James, which was in a similar price range and need of repair.

We like the location, the exterior, and the potential. As always with these, the devil's in the details. The expected renovation budget and availability of financing is going to determine the feasibility over here. But it's certainly a genie waiting to be unlocked from the bottle, with decent 3-Fam's over here fetching closer to $1.3M+.

The owner should be sitting on plenty of equity and they're calling for all offers, so any flexibility you can get in the price might open up more room in the renovation budget. And a buyer may be able to fit the whole thing into an FHA construction loan, with a little room under the 3-Family loan limit... as long as it's not a dang SRO (which even the best places sneakily sometimes are).

Pro's: legal 3-Family, price point, curb appeal, nice block, customizable, poised to sell

Con's: no interior pics or details, needs total renovation, financing is tricky

Ideally: If you've got the funds, there's definitely plenty of value to unlock here.

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