Judge Awards 306 Clinton Avenue to Highest Bidder
Local website HistoricBrooklyn.com is reporting that Judge Betsey Barros awarded 306 Clinton Avenue yesterday to the couple who had placed the highest bid of $1.5 million. Turns out Historic Brooklyn has been following the auction process (the background of which we detailed back on May 24) very closely because he was in the running himself….
Local website HistoricBrooklyn.com is reporting that Judge Betsey Barros awarded 306 Clinton Avenue yesterday to the couple who had placed the highest bid of $1.5 million. Turns out Historic Brooklyn has been following the auction process (the background of which we detailed back on May 24) very closely because he was in the running himself. He also took a ton of photos when he toured the house, many of which are posted on the site. So what happens now? The winners put down a 10% deposit yesterday and now have 90 days to close. The back-up bid, by someone who sounds like a developer, is $1,350,000.
House of the Day: 306 Clinton Avenue [Brownstoner] GMAP P*Shark
400,000 could make it livable, another 400,000 would make it beautiful.
A big investment but probably worth it.
it’s a big house with a very nice location. But reno costs now are through the roof, unbelievable.
1.5m to “get it liveable”? i don’t think you know much about construction costs!
$1,5 is a lot to pay for a place that has squirrels and rats running through it. They are going to need another $1,5 to get this place liveable. It is a mess inside, and the woman that lived there for many years had MH issues (remember the all day and night magazine selling from in front of the building?). Good luck with it.
Clinton is the right proximity from the downtown rush and Atlantic Yards to make this a steal in about 18 months.
where does the $400K for renovations come from? No way this can be done well for anywhere near $400K
“without regard to appreciation. ” I can understand. “without regard to value” I cannot.
Thank you, kuroko.
Here’s a novel thought. Some people buy houses because that’s where they want to live, without regard to appreciation. It’s about buying/building a home for some people and not a portfolio.
Yeah but add another year and a half worth of holding costs at $10K+ per month. Plus add all the headaches and aggravation of a renovation. I wish them luck. I did it and sometimes I wonder what is the value of the head aches, time delays, suprise damages etc…
We all know it’s worth it in the end, but how much value can one add to houses that are move in ready.