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February 3, 2009

House of the Day: 51 Cambridge Place

51-Cambridge-Place-0209.jpg
It can't be too easy to get financing for small condo conversions these days, but if you could get the dough together, 51 Cambridge Place in Clinton Hill is already teed up for you. Purchased two years ago for $959,000, the four-story brick house has been gutted and the owner has received approved plans from LPC for a rear extension that would bring the total square footage up to about 4,500. That said, a gutted house has limited appeal in this market so it'll be interesting to see if the $1,100,000 price tag sticks.
51 Cambridge Place [Corcoran] GMAP P*Shark




Posted by Brownstoner at 1:15 PM | Comments (19)
Categories: Clinton Hill, HOTD

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Comments

I bought a gutted house in Chicago once, many years ago. Financed 80% of it!!! Is that even remotely possible these days??? I know Community Preservation Corp will do it but only for a non-owner occupied investment property.

Posted by: daveinbedstuy at February 3, 2009 1:33 PM

Yeah, it's been gutted but it hasn't been restored. What is it with all these "renovation, interrupted" projects coming on the market these days?

Yeah, DIBS, you can do it with an FHA construction loan but only if it's conforming. Forget the limits, but it's somewhere around $500,000 to $700,000. Also not sure it applies to a whole building in a condo conversion -- I think it has to be a owner occupied single or small multi-family building.

Posted by: mopar at February 3, 2009 1:44 PM

Love the kitchen! But that bathroom is horrendous!

Posted by: shillstoner at February 3, 2009 1:47 PM

mopar....it does have to be owner occupied.

Posted by: daveinbedstuy at February 3, 2009 1:48 PM

Listing says the plans call for a triplex over a duplex. It's a four story building, including the garden level. What am I missing. Also, a triplex with a duplex or garden rental is a two family, not a condo development opportunity...

Posted by: 1842 at February 3, 2009 1:56 PM

Why do they need those bars on the windows and the door????

Posted by: daveinbedstuy at February 3, 2009 2:01 PM

How much would this sell for if it was in mint condition?

Posted by: bayridgegirl at February 3, 2009 2:07 PM

If this is worth $1.1MM then that large gutted corner property with the two garages from last week is worth $5 MM!!!!!!! I think they were asking $2.65 MM.

Posted by: daveinbedstuy at February 3, 2009 2:23 PM

Owner shows up as Metro United Properties aka the infamous Shaun C Anderson.

Posted by: WrathOfGates at February 3, 2009 2:26 PM

tee hee...now this is funny.

Posted by: TownhouseLady at February 3, 2009 2:35 PM

I would buy this if I had the money. Put about 500-700 into it and sell it for 2.1 It is doable. And the lot itself is worth at least 500 so duh don't expect it to go much lower.

Posted by: billyboomer at February 3, 2009 3:17 PM

Do tell, who is the infamous Shaun Anderson?

Posted by: mopar at February 3, 2009 4:35 PM

Is he the Broken Angel guy?

Posted by: bk14 at February 3, 2009 5:47 PM

Well do you folks think this is worth more than $900K? $1.1million for a wreak today is a touch delusional...(see Wykoff house in the Corcoran thread it is a nicer location and completely renovated for $1.2million). Now this place does have a descent size, okay location, and nice facade so it can make a nice place when renovated. Maybe Shah will drop price later to move it along but who knows....Man oh man when it rains it pours!

Posted by: pierre de taille at February 3, 2009 8:19 PM

"I would buy this if I had the money. Put about 500-700 into it and sell it for 2.1 It is doable. And the lot itself is worth at least 500 so duh don't expect it to go much lower."

Woah! Theres still idiots talking flip? LOL

Posted by: cornerbodega at February 3, 2009 8:38 PM

Bailout of the day.

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 3, 2009 9:21 PM

DIBS:
Hi......I'm new to posting, but I've been following this blog for a few months. I saw a brownstone at 165 Pulaski Street (cross street is Throop), asking $649K. I'm not familiar with this area of Bed Stuy. Any input is appreciated. Thanks much!

Posted by: LoveBrooklyn at February 3, 2009 10:30 PM

LoveBrooklyn...I don't really know that part of the neighborhood very well. it actually looks to be closer to the Gtrain and quite a hike to the A/C. $646k would depend how nice it is, 3 or 4 storey, etc

Posted by: daveinbedstuy at February 4, 2009 8:12 AM

Thanks for your response, DIBS. I'll keep exploring!

Posted by: LoveBrooklyn at February 4, 2009 8:16 AM

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