A Red Hook Townhouse for $270,000? Yessiree Bob
It’s hardly a Pierrepont Street mansion, but a house in Red Hook was recently snapped up in foreclosure for the cool price of $270,000, less than half of what the bank was into it for. According to ACRIS, the 2,100-square-foot vinyl sided property went into contract on November 16 and closed on January 29. The…
It’s hardly a Pierrepont Street mansion, but a house in Red Hook was recently snapped up in foreclosure for the cool price of $270,000, less than half of what the bank was into it for. According to ACRIS, the 2,100-square-foot vinyl sided property went into contract on November 16 and closed on January 29. The lien on the house had been $598,021, according to Property Shark. How big a deal this was is unclear though: The place looks like it could use some serious work and the house next door looks like it’s about to fall down. Was this a good buy or not? GMAP
Or, we’re out enjoying our beautiful neighborhood and all the great waterfront access. I don’t have a car, and I love, love, LOVE living in Red Hook. No trust fund, not hip, slightly bitter… better stop there. Buffleheads, swingles, great sunsets, bike paths… just a few examples of the things you get when you live here.
The house is across the street from the PJs. RH doesn’t get any love on Stoner because let’s face, it’s totally overrated. A handful of slumming trustfunders, hipsters, bitter bohemians and some self-appointed environmental justice types that are more Ayn Rand than Rachel Carson does not a neighborhood make. Everyone’s a player, yet nobody gets anything meaningful done. They’re fighting over liquor stores for pete’s sake!!!
this type of sale is EXACTLY the solution to the entire
mortgage backed securities mess we are in.
Enough with the uncertainty.
Executive order to forclose on all the failing(non-producing) loans held by fanniemae/freddie mac.
Place loan portfolio into government managed auction/sales
entity.
Start selling homes to investors/owners who are properly qualified by new bank standards.
Another executive order prohibiting similar banking ploys with proper oversight.
Leave the capital gains alone.
Reduce taxes or at least leave the Bush tax cuts alone.
Watch the economy grow.
If this house had gone for $27,000 – a real possibility 30 years ago – then I’d think you were onto something.
———-
probably less than that, actually.
The house in question might not be a frame. It’s configured exactly the same as the brick next door, down to windows and size of stairway. More than likely, someone “modernized” it in the 40’s-50’s, took all of the ornament off, and put on siding. Same with the other one. Someone with some vision could do wonders with this place.
Does anyone else find themselves touched by nostalgia each time they see the old graving dock & sugar silo are still on the satellite view of Google maps?
This is not a great location, but there’s hardly much ‘waterfront’ residential in Red Hook, short of living above Fairway.
As for the possible reno costs, it’s idiotic to throw out numbers like $500K with absolutely zero info to-go-on…
I know that BHO and others are convinced the ‘mutant asset bubble’ has a long way left to deflate, but I’m not convinced it’s going to come down anywhere near what they’d like. I just don’t see occupancy rates dropping low enough, nor do I expect all the government incentives that favor of ownership to suddenly disappear. As a result, I think the improvements we’ve seen in the last 20 years across Brooklyn [call it gentrification, if you wish] will endure – and so will a hefty percentage of real estate values.
If this house had gone for $27,000 – a real possibility 30 years ago – then I’d think you were onto something.
There’s never any love for Red Hook on this site. There never seems to be even much of an informed opinion about the neighborhood. So no surprise there. This is a transitional block with good potential. And buying that house and fixing it up nicely as an investment to rent at the moment would be a smart idea. There’s a branch of the NYPL on the corner and what you can barely make out next to the gray house that’s so rundown is a really sweet little garden that’s adjacent to it. I often fantasize about buying the gray house and fixing that one up.
I can see the hipster appeal, but no way would I want to raise a family here – certainly not for the prices these places were going for until very recently. And truthfully, I still wouldn’t live in Red Hook if you handed me one of these houses on a silver platter. I just don’t like Red Hook. Yes, I go to Fairway, the pool, Ikea now and then – but am always happy to leave.
Jeez – no love for Red Hook?