House of the Day: 42 Sherman Revisited
We’ve featured this place a couple of times on Open House Picks since it hit the market in the middlle of the summer at $1.35 million and frankly we’re a little surprised that it hasn’t sold yet. Not that it’s a steal at its current price of $1.3 million, but it’s got lovely details and…
We’ve featured this place a couple of times on Open House Picks since it hit the market in the middlle of the summer at $1.35 million and frankly we’re a little surprised that it hasn’t sold yet. Not that it’s a steal at its current price of $1.3 million, but it’s got lovely details and sits on our favorite block in Windsor Terrace. Is it the fact that it’s only three stories high? Or maybe a sign of tougher times for FSBOs in this market? What do you attribute its failure to sell to?
Homepage [42Sherman.com] GMAP P*Shark
Open House Picks 8/4/2006 [Brownstoner]
Open House Picks 10/6/2006 [Brownstoner]
The people that own this house lived in it up until recently. It isn’t “gadget” ready but someone could definitely live in it (say the upstairs rental) while they renovated.
Re:gut reno.
You dont need too many pictures to know that a building needs updated MEP. In other words, if you want to be able to run a plaza TV, a computer and your AC all at the same time- you will need to update your electrics. If you want central AC- you will need to run ductwork. If you want non-lead pipes, a jacuzzi tub, etc, you got it- new plumbing. I am not saying these are things we must have, but that the fact that these “owners die in them” type buildings have ancient MEPs that do not hold up to modern demands. So, you can make an assumption about it being a gut reno based on that alone. Because if you are tearing up the Electrical, the plumbing and installing duct- it is a gut. Or you are blessed with lots of cash and can do a surgical install and keeep your details.
Or you can save money and live nicely circa 1940’s style (like me) and turn off your allpiances when you vacuum and use a fan in the summer.
‘gut renovation’ means rip everything out to studs plus all new electric, plumbing, mechanicals. Doubt very much this house would need so something so drastic.
But to many on this site – everything needs ‘gut renovation’ and cost 500K.
Don’t pay them any attention to them.
I’m curious–how do you know from the photos that it needs a gut reno? And, for folks who toured the place, how do you know? Were the kitchens and baths totally unusable? Floors or ceilings damaged? Plumbing or electrical shot? Roof leaking? I ask, because some places on this site are clean and well-maintained but with “home depot” kitchens instead of sub-zeros, and everyone howls “GUT RENO!”
We seriously considered this place but owners had an offer for $1.2 at the time and I didnt want to get into any kind of bidding war so we passed. I wonder if that offer fell thru or they are holding out.
They waited this long. They might get the last laugh if they get their 1.3 in exchange for patience.
they had several offers pretty close to ask but they fell through for one reason or another. Alot of the comments above show that these people know nothing about Windsor Terrace, the desirability of this block or the house itself.
A walk to the F train? Its less than 2 blocks away from the train and the stores on 9th avenue. There is also a full supermarket on the next block.
Say what you want about the house but this block is on one of the best blocks in the nabe. And these are the only limestones (aside from the parkside) so there is some value in that.
I cant speak to this particular street b/c there hasnt been a nicely renovated and restored home in Windsor Terrace for sale in quite some time (all places Ive seen are in need of renovation or renovated in poor taste).
It seems like now and in the past that the cost of renovation is subtracted from the sale…but the cost of the aggravation and time of that renovation is not discounted. This goes for just about every house ive seen pre and post “bubble”.
Any home that is beautifully renovated with care (rather than a flippers cheapo choices) go for absolute top dollar and fast. The rest are there for us common folk.
I toured this house over the summer when it was being shown by owner (it may still be – I didn’t look this time). It is on a very nice block, yes. But it in really bad shape – full double gut needed. Possibly more than 300K worth of work. No way to live in it while the reno happens, plus weaker market plus a walk from the 16th street entrance to the F train and only a bodega or 2 nearby…lower the price by 250K and they’ll have a bidding war.