House of the Day: 53 South Oxford Street
This four-family brownstone at 53 South Oxford Street is looking pretty darn expensive to us at $1,975,000 given the kind of renovation it just received. While not completely devoid of detail, the kitchen photo, complete with baseboard heating, doesn’t give us a high degree of confidence. Nor does the fact that the property just traded…
This four-family brownstone at 53 South Oxford Street is looking pretty darn expensive to us at $1,975,000 given the kind of renovation it just received. While not completely devoid of detail, the kitchen photo, complete with baseboard heating, doesn’t give us a high degree of confidence. Nor does the fact that the property just traded at $1,345,000 back in July. A couple layers of poly and some Home Depot cabinets later and the owner’s trying to mark it up 50 percent. We don’t think it’s gonna fly. He also made the strange choice of going with a brokerage firm called Prospective Properties that can’t seem to get its website under control. We’re thinking $1.6 million, $1.7 if he’s really lucky.
53 South Oxford Street [NY Times] GMAP P*Shark
That’s a pretty damn depressing garden.
fugly.
Huge mistake by the flipper do this crap reno. Who wants to pay for lousy work that will just have to be replaced? Unless it’s being bought as an investment property, this is a non-starter. Frankly, even as an investment it’s dodgy since to command top dollar (necessary to cover the mortgage at this ask), renters would be expecting much higher end finishes.
word.
I think it was a poor business decision. would have been smarter to simply upgrade the facade, leave the interior alone, and flip for $1.6M. He got a deal in the first place.
I also visited the property this past fall. It needs a lot of work. At a minimum the kitchens and bathrooms need to be completely re-done – there was some questions concerning the plumbing too. I think a fair price would be between around $1.55 million, especially considering that you would need at least $150,000 to fix it up. In terms of location though, you can’t get much better, so I understand how the owner believed he could flip the property for a quick and steep profit ($1.375 was a bargain). I also got some indication the owner was willing to negotiate, he had mentioned he was willing to listen to discuss the offer price when I indicated the $1.975 million price seemed high.
Keep in mind that if the current owner/investor wasn’t willing to fix it up before selling it, then it’s either because he wants a quick sale or that it would be a challenge to fix. Either way, a buyer has some bargaining power.
I toured the building this fall, during an open house, when Fillmore repre’ed it for around 2M. i agree with “darn expensive”, especially when it is just 4 lifeless/tasteless floor throughs and a cement backyard. If an investment we are at 20 times rent. If you were to live there, its a gut bc of the terrible reno job done the first time. condo/converter won’t pay more than. 1.4 and user should pay around 1.5
sure, it’s a nice block now, but just wait til that arena project gets underway…
It is 4000+ sq ft on great block.
But is that an iron railing on staircase from parlor floor? yikes.