Buying Advice
This may be naive but I am looking at a brownstone shell in Clinton hill. Asking price is 650K needs extensive renovations. I think its a huge deal, others say its not possible. Anyone have some basic figures? I am 28 years old, renter. This would be a dream come true and I think the…
This may be naive but I am looking at a brownstone shell in Clinton hill. Asking price is 650K needs extensive renovations. I think its a huge deal, others say its not possible. Anyone have some basic figures? I am 28 years old, renter. This would be a dream come true and I think the iron is hot to strike on a good buy with these economic situations. I have always had great real estate foresight with no capitol, and now I have some. if we could muster the buying price, what does a full house renovation look like>?
No offense Frudo, but thats a pointless statement really. I think my “memory” of areas changing and prices is as valid as anyone who is buying and renovating in Brooklyn, I’m just looking for some advice not general critique.
You say that you have always had great realestate foresight. But you are 28 years old. The only memory you have of the market is when is has been increasing. I am not advocating a dooms-day view, but just keep that in mind.
1842,
I tossed out the $100,000 number because the OP was not specific. If he had said it was a 15 foot wide, 25 foot deep 2 story with an English basement that was, and would be, a 1 family, then you could renovate on the cheap for $100,000.
(and those types of buildings exist in almost all neighborhoods – I looked at a 12 foot wide Carroll Gardens building, a 15 foot wide Brooklyn Heights building, etc)
A 25 foot wide, 60 foot deep, 5 story that would be gutted and restored to it’s original condition, detail and all, as a 1 family would be in the $2,000,000 range.
$100,000 was a low end with no knowledge if the specs of the property.
“we are talking to close friends” Don’t forget to add in lawyers fees when you talk to your “Close Friends” about half way through the job.
You can get a (perhaps poorly) renovated four story brownstone for about 700k on Putnam between Irving and Classon – there are three for sale, one listed with Corcoran. I think those numbers are crazy (I bought my 3 story for less than half in 2001).
Sounds like you are in dreaming stage – which is great. But unless you are really rich, the numbers don’t make much sense to me.
Yeah it is very much in Clinton Hill which is why I want it so much. I saw shells for upward to 999 in the same area.
christopher, how could a full gut renovation of a rowhouse ever be anywhere near $100K? A modest kitchen would run you $20K. A soup to nuts gut reno (new electric, plumbing, heating, demo/construction, roof, kitchens, baths, floors, windows, facade) would likely run you multiples of the $100k, even with a small house.
Also, has the OP actually found a shell in Clinton Hill for $650K? If so (and if it is not actually in Bed-Stuy or Wallabout, it could be a deal, but the carrying costs and costs of renovation would be significant if you want to do a reasonable and quality job..
Thanks for all the advice. Yeah i thought 650 was a lot too. The realtor said “Everyone wants it…” They are clearly paid to say that. I am going to see it friday and wil repost some of the info. As I can see form the street its a four story brownstone. It looks like a haunted house so I can only imagine what the inside is. I don’t think it is feasible as a one family with our current finances but we are talking to close friends about co-oping it between two couples and sharing the basement and backyard, So I guess two duplexes would be carved out. This is all speculation. I have had my eye on this place since I moved into the neighborhood two years ago and knew it would go on the market soon. I think the sign went up three days ago.
regardless of the price/condition, is this the house you want to live in? If so, and you can afford it, then definitely buy it. If not, I’d pass. As others have said, renovation costs can vary from modest (but always more than you figured) to way, way out there. If you feel like taking on the project, just make sure you have the cash to make it liveable (at least liveable for you), then relax and take your time fixing it up….