I also saw this house at the open house last month. Given the amount of work that needs to be done, I cannot imagine paying more than 800K. Anything over 850K would be ridiculous. When will sellers finally realize the bubble has burst?!

Posted by: onefineday at November 21, 2009 9:57 AM in response to Habitable? Financing? Time-Bomb?

Permitadvisor, thank you for your advice. I will certainly check out the Zoning Resolution Section 52-60. I had a hunch this might require changing the C of O, but was hoping it wouldn't!

Posted by: onefineday at September 21, 2009 9:51 PM in response to 2 Years Revert to Residential?

This building has way more charm than the gut job on Wythe- I went to both open houses. That said, I think we can all agree that a lot has changed since the wythe house sold last summer/fall (there were two gutters on Wythe that sold in the 800's, actually!) and this house still needs a lot of work to make it ready for a young family, IMO. Still could be a cool, cute alternative to a condo, family or no...but it needs to be below a million. The thing to do would be to make the attic into a fourth floor with a master suite! But, whew, too much work for too much money for us.
Seller financing is really spelled out on the Virgin Money site- they help you register the seller held mortgage and organize a payment schedule. It seems like something that could work out very well for both parties, if traditional bank financing is not going to happen for whatever reason.

Posted by: onefineday at April 29, 2009 10:07 PM in response to Price Cut at 273 Berry Street

couldashouldawoulda, thanks so much for the scoop on Wells Fargo and FHA. I think I have also seen recommendations for Scott Cohen- will see what he can do! I will also definitely keep you posted if I come across any other programs. I hope you you can come to an agreement with the seller that fits into the structure of this loan so you can still fix up your new home. Wouldn't you fit into the three family or even 4 family category, since the property is a 3 family +commercial space and won't be a 2 family until after purchase and then changing the C of O? Best of luck!

Posted by: onefineday at January 12, 2009 8:16 PM in response to Financing For Mixed Use Property

Thanks, Johnny. Relating your experience isn't a downer comment, its simply the reality you dealt with and I appreciate the insight. In this case we are actually planning on changing the C of O to a single family and taking over the whole building for our personal use. I know it can be difficult to increase the occupancy for a building, but I am hoping its easier to go the other way from a mixed use with 2 residential units and a storefront to single family. At 2,000 square feet the building is on the "small" side , but we think it will be just right for our family of four. Of course, this is all moot unless we can get the right financing terms! Have a feeling we will need all the luck we can get.

Posted by: onefineday at January 12, 2009 7:05 PM in response to Financing For Mixed Use Property

Thank you bricktop and WBer for the referrals. I will certainly check out these leads. Given everyone's feedback this may be a pipe dream, but I appreciate the advice and would love to really explore all of our options here. We are in LOVE with this house. I think we actually have a very good idea of what is would take to (gut) renovate this property to suit our needs and while we'd be able to cut some of our costs since my husband will be the GC and has all his own crews lined up, we estimate it $200-250 a square foot. We very well may need to sit this one out and save, save, save for a future situation but I'd sure like to try and see if its possible to make it happen : )

Posted by: onefineday at January 12, 2009 1:41 PM in response to Financing For Mixed Use Property

I believe you are right, IronBalls. Maybe Brownstoner will throw a little "pitfalls and joys of SRO conversion" banter our way in the New Year : ) Curious about your defense of Century 21, particularly as the broker with this listing has received negative feedback in a past thread when this property was an open house pick back in July. Do you know this broker, or were you making a general comment on the fact that even big, "fancy" outfits can have slimy brokers and bad photos?

Posted by: onefineday at December 30, 2008 8:39 PM in response to House of the Day: 189 6th Avenue

Even though it has been used as an investment property and that might be the more obvious route to continue with, I was thinking it could be a great single family in the north slope...in the realm of possibility for my family price-wise. As a first time buyer, I obviously have no experience with converting an SRO, but it is possible, right? Then, of course, there is the whole financing dilemma (we are sadly not in the "all cash" camp). I second DIBS' request at 1:39- can anyone relate their experience converting an SRO to a 1 or 2 family? Thanks!

Posted by: onefineday at December 30, 2008 8:22 PM in response to House of the Day: 189 6th Avenue

How much are you asking? Also, do you know what kind of wood it is made of and when it was built? Is the partial bar (I think I see it partially pictured in the photo) also 12' long? Thanks!

Posted by: onefineday at December 29, 2008 8:57 PM in response to Antique Back Bar for Sale

Miss Muffett, I am also astounded by the overpricing on the Center Slope house, though have a hunch its not entirely the fault of Aguayo & Huebener since the same house was recently FSBO on Craig's List for 1.35. Can't imagine what they are thinking, since they have made no improvements to the place and anyone can log onto property shark and see what they bought it for! But this is not the first or last example of that kind of wishful thinking, I suppose. I was hoping a market correction would help me and my family get in the door as first time home buyers...we shall see.
As for the house of the day, although obviously overpriced it has some charm- I love the rafters and the idea of a huge front yard!

Posted by: onefineday at November 10, 2008 7:04 PM in response to House of the Day: 591 Union Street

Happy Birthday, Brownstoner! Hey, its my birthday, too! I began reading Brownstoner last January and it has become a daily obsession. Congratulations on your addictive and wonderful site!

Posted by: onefineday at October 13, 2008 11:29 PM in response to Closing Bell: Brownstoner Turns 4

Forgive me for the downer comment, but if you're in love with it, that may be a good sign not to do it. I looked into this a little while ago. A good mortgage broker can help you. My problem with the mixed use issue (aside from the mortgage-related stuff - bigger down payment, higher rates etc.) was the lack of flexibility.

Twice I've had to find new tenants for my 2-fam and it's taken literally days to get great tenants. With commercial space, you could be looking at quite a few months with no income. Granted the rents can be higher, but insurance costs, aforementioned higher mortgage rates and such can eat at that. And in down turns, an empty commercial space can sit for a while.

That being said, the right place at the right price, with the right financing terms, you only live once. Good luck!

Posted by: Johnny at January 12, 2009 5:26 PM in response to Financing For Mixed Use Property

Thanks, Johnny. Relating your experience isn't a downer comment, its simply the reality you dealt with and I appreciate the insight. In this case we are actually planning on changing the C of O to a single family and taking over the whole building for our personal use. I know it can be difficult to increase the occupancy for a building, but I am hoping its easier to go the other way from a mixed use with 2 residential units and a storefront to single family. At 2,000 square feet the building is on the "small" side , but we think it will be just right for our family of four. Of course, this is all moot unless we can get the right financing terms! Have a feeling we will need all the luck we can get.

Posted by: onefineday at January 12, 2009 7:05 PM in response to Financing For Mixed Use Property

hey onefineday -
im kind of in the same predicament - commercial space + 3 family c of o that i wnat to change to a 2 family. wells fargo is one of the only banks i found that could work the situation with their purchase and renovate loan program. don't know all the ends and outs especially based on your million plus price tag but i can get a loan w/ 3.5% down, it's an fha so the maximum loan limits do apply - for a 2 family the limits is $800,775. This amount must include the renovation cost along with property amount so if the owner and i can't see eye to eye on the purchase price - the renovations funds will be next to nothing. Also - they will take out 10-15% for a contingency reserve fund. Hope that helps. And if you hear of any other programs - drop a line.https://www.wellsfargo.com/mortgage/buy/loans/descriptions/renovation
ALso - people keep mentioning scott cohen of wells fargo. he seems to be highly recommended. wish i used him before contacting my wells fargo contact. couldn't switch once my preapproval was in the system.

Posted by: couldashouldawoulda at January 12, 2009 7:21 PM in response to Financing For Mixed Use Property

couldashouldawoulda, thanks so much for the scoop on Wells Fargo and FHA. I think I have also seen recommendations for Scott Cohen- will see what he can do! I will also definitely keep you posted if I come across any other programs. I hope you you can come to an agreement with the seller that fits into the structure of this loan so you can still fix up your new home. Wouldn't you fit into the three family or even 4 family category, since the property is a 3 family +commercial space and won't be a 2 family until after purchase and then changing the C of O? Best of luck!

Posted by: onefineday at January 12, 2009 8:16 PM in response to Financing For Mixed Use Property

thanks for lucky wishes - you can change the c of o to a 1-4 family. I am comfortable finanancially with the payments of the 2 family limits. 3 family would certainly get me the extra $$$ but that monthly nut would kill me. Also not digging the idea of dealing with more than one tenant in my home.

Posted by: couldashouldawoulda at January 12, 2009 8:38 PM in response to Financing For Mixed Use Property

Why on earth would you want to change a commercial mixed use building into a one family??

And similar to others above, my understanding is that for mixed use bldng you need at least 20-30% down.

Posted by: werner at January 12, 2009 10:23 PM in response to Financing For Mixed Use Property

couldashouldawoulda, how far into the 203K loan process are you? We're trying to decide whether to do one or pay cash for renovations. We're scared by all the wierd requirements - like using an FHA approved contractor. Don't know if any will be available, if they will be any good, if they will be honest, if they will be reasonably priced.

Posted by: mopar at January 12, 2009 11:31 PM in response to Financing For Mixed Use Property

couldashouldawoulda, how far into the 203K loan process are you? We're trying to decide whether to do one or pay cash for renovations. We're scared by all the wierd requirements - like using an FHA approved contractor. Don't know if any will be available, if they will be any good, if they will be honest, if they will be reasonably priced.

Posted by: mopar at January 12, 2009 11:31 PM in response to Financing For Mixed Use Property

couldashouldawoulda, how far are you into the 203K process? We have to decide between a construction loan and paying cash (can't really afford either). We're scared by all the wierd requirements of the FHA loan. We don't know if an FHA approved contractor will be available, honest, affordable, good.

Posted by: mopar at January 12, 2009 11:33 PM in response to Financing For Mixed Use Property

How much is this piece ? and how much to ship to Chicago ?

Posted by: Danl217 at January 13, 2009 1:05 PM in response to Antique Back Bar for Sale