23 South Portland Avenue Still For Sale
The owner of 23 South Portland Avenue must not be in a big hurry, because the three-family brownstone has sat on the market for the last three years without a price reduction. (In fact, the price is now $100,000 more than the $2,500,000 price back in 2007.) That number may not sound insane for a…
The owner of 23 South Portland Avenue must not be in a big hurry, because the three-family brownstone has sat on the market for the last three years without a price reduction. (In fact, the price is now $100,000 more than the $2,500,000 price back in 2007.) That number may not sound insane for a five-story house on the most desirable block in Fort Greene until you consider this comment from the House of the Day thread from September 2007:
This house is currently completely demolished on the inside–there are no floors or walls. It is a shell, albeit a nice one, since the facade was recently redone. A buyer would have to build this house from scratch. About the nutty price, they’re trying to sell you a shell at move-in condition prices. There are a few details remaining on the parlor floor, a pier mirror, a marble mantel, and some cracked remnants of ornamental molding.
Has anyone been inside more recently or know more about the back-story?
23 South Portland Avenue Listing [Crewstown Realty] GMAP
House of the Day: 23 South Portland Avenue [Brownstoner]
I mean the brownstone, not the listing. Arrrgh!
***Bid half off peak comps***
BTW, Pigeon, it’s not about whatever little money banks are squeezing out of you. It’s the fact that they don’t have to take an ‘L’ on your loan. But I guess “modifications” do lead to a little pocket change here and there. The lender for 23 SP apparently is not letting it go for less than 2.5, 2.6 (those damn interest payments!).
Oh, one more thing, that listing for 22 SP is fucking immaculate!
***Bid half off peak comps***
Hey mopar! This thread’s for you! (problems in prime paradise)
“lis pendens filed July, 2009” – DIBS @ 12:23
Hardly “deep in the grapevine”. Give us more, DIBS. Like the whole brownstone belt. Or was this just a PShark click and you’re not conveniently privy to all others?
Nice take, bfarwell. Standard & Poor’s ran a nice story on this last month. Check it out, Pigeon.
“The Shadow Inventory Of Troubled Mortgages Could Undo U.S. Housing Price Gains”
http://tinyurl.com/ybbl7wz
Hmmm…how does the brownstone belt fare?
***Bid half off peak comps***
Well, it certainly sad that this kind of thing goes on. I wonder what the house looked like on the inside before they ripped things out. How bad can it be? Are there walls and floors at least? SROs certainly can get cut up and details can be lost… but not always.
Anyway, since similar houses have sold for 2++ to slightly over 3 million on this block, what would people calculate the renovation at. I guess you just subtract the renovation costs and all the associated time/energy etc. from the eventual purchase price, right?
bfarwell,
The forclosing game is interesting, but I know nothing about it.
When you say “if [a bank] can squeeze a little bit of money out of you in the meantime without actually realizing their loss, they seem to think that’s the wise way to go.” How are the banks squeezing a little money out? From where is the money coming? Are owners making partial payments or something?
“How long are banks gonna delay forclosing?”
As long as they can- they don’t want to own that stuff, and if they can squeeze a little bit of money out of you in the meantime without actually realizing their loss, they seem to think that’s the wise way to go. Since folks who are invested in the resultant toxic stew also make money as long as you haven’t actually foreclosed and are taking in some sort of payment, there isn’t a huge motivation from the financial industry to actually foreclose on stuff.
Or that’s my limited understanding. Certainly the building next to us has been vacant and un-anything’d for the last two years (after being purchased for an outrageous 800k at the top of the bubble) and there hasn’t been any visible movement on it.
What’s happening with forclosures?
How long are banks gonna delay forclosing?
Oh! I was thinking this was the same house as the shell that had finally been renovated but now I see the shell is 23 and the nicely renovated house is #22. Yes the shell owners are on crack.
wasder…it’s owned by an LLC so probably a spec reno or attempt at condo conversion.
Theree was a permit issued to convert this from a SRO to a 3 family. Since then there have been various DOB violations.
It is unclear but I think this technically is still a SRO.
Also, there was a complaint from the adjacanct property re: water in basement coming from this property.
Sounds like a real mess…on the nicest street in brooklyn!!!! LOL