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April 24, 2007
Reliability of Property Shark
I am considering buying a 2 family frame house in Bed Stuy. They are asking high $400s for as is condition (needs a lot of work). I've been doing some research and Property Shark lists the house as recently sold in February for $285k. Is the flipping market really this profitable? Are they really asking for $185k more without doing ANY work? Is there any other source I can use to verify the price?
Any input would be appreciated.
Comments
google nyc acris and you will be taken to the actual site for all sales recorded with the county clerk.
Posted by: Anonymous at April 24, 2007 10:35 PM
Acris:
http://a836-acris.nyc.gov/Scripts/Coverpage.dll/index
Go to Find Addresses and Parcels
Type in your address and write down the BBL that is returned.
Go to Search Property Records and type in the BBL
Voila, you can see who bought for how much and see what amount the mortgage is on the place.
Posted by: Allyson Gray at April 25, 2007 1:31 AM
Property Shark is an excellent resource but it won't provide context for the sale. The house could have been sold between family members. Most likely it was an all cash deal that was sold to be flipped. Either way a house in 400s seems pretty decent in today's market. Without the benefit of a time machine we can't really benefit from the last sale price!
Good luck.
Posted by: Dave BS at April 25, 2007 9:43 AM
Dave is right you have no clue what the context of the last sale was. One of my neighbors died about a year ago and apparently someone she and her relatives knew snatched up the house for a very good price before it even hit the market. I imagine the relatives that inherited the house just wanted their cash and didn't want to wait around for the right price. Could be a situation like that or who knows. Just worry about whether the place is right for you. Good Luck.
Posted by: AnnaBee at April 25, 2007 11:24 AM
Allyson,
Acris only shows figures that are on recorded mortgage documents. Deeds don't show purchase amounts usually.
While Acris is a great place to help double check Property Shark, it isn't perfect and certainly is one-stop shopping as you seem to suggest.
Posted by: Anonymous at April 25, 2007 11:34 AM
Thank you for all your suggestions and advice. I checked Acris and it agreed with Property Shark. But I guess I was looking at those numbers as a black and white sale price and not considering all of the gray areas that go into selling a home.
Thank you again.
Posted by: anon at April 25, 2007 12:42 PM
i've been unable to use acris to get info on new construction condo units i know have sold w/in last year. can anyone explain what the problem would be?
Posted by: Anonymous at April 25, 2007 1:02 PM
It depends on where in BedStuy it is and also how big the lot is, but to put it into context, I've seen empty lots in the neighborhood going for around $300K or so.
In light of that, if the location is good $400K for something even slightly salvagable sounds decent.
Posted by: Anonymous at April 25, 2007 10:16 PM
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