January 10, 2011

Albion Castle (881 Innes) Cuts To 151 Thrones

Albion Castle

While the $10,592 throne is still in place and the listing continues to advertise "seller financing available," the asking price for the Albion Castle (881 Innes Avenue) has been reduced another $200,000 to $1,599,000 (151 thrones).

Once again, the seller is a mortgage banker who purchased the property at auction for $2,090,000 in 2005, remodeled and renovated (enter said throne), and then returned the castle to the market in late 2009 asking $2,950,000.

∙ Listing: 881 Innes Avenue (4/2) - $1,599,000 [MLS]
The Albion Castle’s $10,592 Throne [SocketSite]
Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]
Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent) [SocketSite]
Another Cut For Albion Castle (881 Innes Avenue) [SocketSite]

First Published: January 10, 2011 9:15 AM

Comments from "Plugged In" Readers

I'm still up for buying it at $700k. Seller financing is a nice bonus.

Not quite sure what to do with the nuclear-waste-dump / artesian spring in the basement. Perhaps a secret lab to create a race of mutant amphibians with ninja superpowers?

Posted by: Jimmy (No Longer Bitter) at January 10, 2011 9:30 AM

I look at this place and all I see is a lot of work and a horrible location. It would be a burden in the best of times and a millstone in the current economy. Good luck.

Posted by: Owl at January 10, 2011 9:34 AM

Yes, it is undeniably cool -- but the first (and only?) rule of real estate is location, location, location. More than $1,000 per sf for an old, damp building, with small rooms, in this location??

Maybe somewhere around $1 million for just the right (eccentric) buyer.

Posted by: reguru at January 10, 2011 10:23 AM

Nice time stamp change. Now, why in the world would you do that?

C.u.r.b.e.d posts the same property a few minutes before yours shows in my RSS feed, but on your site, the time is before. hmmm

[Editor’s Note: No time stamp change on our part (and no idea what’s happening with your RSS reader). But you’re saying a story showed up on another site without any credit or links after we first published it? It’s funny how that happens.]

Posted by: D at January 10, 2011 12:43 PM

I expected it to be bigger. Some castle!

Posted by: jon at January 10, 2011 5:31 PM

Oops, accidentally posted this in the older thread.

A wooden-framed and wooden-seated throne? Wood absorbs moisture, so what happens if, on a drunken night, you . . . miss the mark . . . slightly or when you've just had a tad too much fiber and . . . uh, get a lil' "backsplash," shall we say? How the heck does one clean that off a wooden throne after it's been absorbed? That bathroom is going to be smelling quite . . . um, "peachy" in a matter of a couple weeks. Eeeeeewwwwwww.

Posted by: Oh_Yuck at January 11, 2011 1:31 AM

The list price for 881 Innes has been reduced again to $1,499,000, a cut of another nine thrones.

Posted by: SocketSite at January 13, 2011 12:22 PM

That's almost 1/2 the original expectation. This is one big money sucker.

Posted by: lol at January 13, 2011 12:33 PM

I'm sticking with my original $1.1M prediction which still results in what must be a record breaking $764 per sq.ft for that neighborhood. But this block is nothing like the rest of the much maligned Hunter's Point.

So for those keeping track, that's another 36 thrones to go.

C'mon buyers - the toilet has A BUILT-IN ASHTRAY ! What's not to like ?

Posted by: The Milkshake of Despair at January 13, 2011 12:56 PM

Post a comment


(required - will be published)


(required - will not be published, sold, or shared)


(optional - your "Posted by" name will link to this URL)

Remember Me?

(you may use HTML tags for style)


Continue Perusing SocketSite:

« Jackson Square For 34 38 Percent Less In 2011 | HOME | Polk Street Parking Lot Shuttered, Apartments Ready To Rise »