House of the Day: 215 Gates Avenue

WANTED:

Start date, ASAP, copy editor to check all my R/E lustings for speling erors.

Ability to correct idiom usage a plus. Must be able to hold nose when checking ask prices.

Posted by: Anonymous at July 23, 2007 2:09 PM

As a neighbor it is killing me the horrible job this RE firm is doing of advertising this house. They FINALLY have pictures (two) up on their craigslist ad. It's almost like they're trying to not sell this house. But it looks like it could be a good find, and the block is very nice.

http://newyork.craigslist.org/brk/rfs/377155641.html

I'm all for supporting local businesses, but this one (actually I'm just assuming it's local) is really doing a disservice to its client. I hope some nice buyer finds their way to this house, somehow.

Posted by: Anonymous at July 23, 2007 2:11 PM

I think the 350-400k number for renovation is a bit low. I would think 400k at least and that's only if there are no structural issues. Otherwise it will be more. But with a quality renovation this could be a lovely building.

Posted by: Anonymous at July 23, 2007 2:39 PM

2:27, I guess it is sort of "In other 'Under the Radar' news"...

Posted by: Anonymous at July 23, 2007 3:37 PM

The location is a little rough no?
Neither here nor there.

Posted by: Anonymous at July 23, 2007 3:41 PM

I actually looked inside this place last summer. I thought the details were nice and that it had a lot of potential. I laughed when they told me that the owner was asking $1million+. $600ish sounds about right for the amount of work it needs and that area is beautiful in terms of nearby brownstones. Definately an up and coming area. It's sad to see properties like this getting used and then spat out by flippers. As someone who is trying to carefully repair/renovate a brownstone, it makes me feel kind of sick just thinking about it.

Posted by: Anonymous at July 23, 2007 3:42 PM

To Pie in the Sky - I don't think 100k per floor is a lot of money if you want something that looks good and is quality work, I am paying that for my house - have you checked prices recenttly

Posted by: Anonymous at July 23, 2007 4:25 PM

Looking at acris - Looks like person who bought this in 2006 also managed to buy 2 other properties (smaller value) in 2006 also. All with 100% financing - totaling about $2M.

Whats that all about?

Posted by: Anonymous at July 23, 2007 5:19 PM

The owner took out 100% financing with two loans. The first loan for $721,600 is an ARM with an initial rate of 8.35%. This rate is to reset in April 08 to Libor + 6.42%. I believe the Libor index is currently about 5.4%. Using todays numbers his new rate will be just under 12%. The second mortgage looks fixed.

I think we can figure out why he's selling.

Posted by: Anonymous at July 23, 2007 7:31 PM

Please, get real.
who wants a decrepit old pit of a dump
in the outskirts of Beford Stuyvesant?
Have the cocaine-snorting classes lost so many brain cells that they are actually wondering why this ugly wreck is not selling for a million dollars?

Posted by: Anonymous at July 23, 2007 11:38 PM

July 23, 2007 11:40 p.m.

I purchased a two story brownstown fixer upper 7 years ago in proximity to the house on Gates ave. Purchase for low 200's now my home is worth low 800 easy, and will continue to increase in value. This property is in an area thats up and coming; near the famous "broken Ange", 5 minutes from prime Clinton Hill' 15 from Prime Fort Green and 20 from Downtown Brooklyn BAM Cultural district. Outskirt of Bedford Stuyvesant is what is happening,

Posted by: Anonymous at July 24, 2007 12:21 PM

I just called the number on the sign and the agent who answered the phone said the property is now going for 950,000 not $750,000 or $600,000. Are they serious? That place needs a total gut renovation. Guess they really don't want to get it sold!!

Posted by: Anonymous at July 24, 2007 7:42 PM