HOTD: 53 South Oxford Headed South (Finally)
We don’t usually write about a house four times but the case of 53 South Oxford Street in Fort Greene keeps providing reasons to revisit its lack of success on the market. Let’s revisit the timeline: The current owner purchased the four-family house house for $1,345,000 in July 2006; in August, a few coats of…
We don’t usually write about a house four times but the case of 53 South Oxford Street in Fort Greene keeps providing reasons to revisit its lack of success on the market. Let’s revisit the timeline: The current owner purchased the four-family house house for $1,345,000 in July 2006; in August, a few coats of polyeurethane are applied before getting listed with Brooklyn Properties in September for $2,500,000. By January of this year, the listing had been moved to Prospective Properties and the price cut to $1,975,000. By May, Corcoran had taken over and the price was back up at $2,250,000. But not for long. The listing is now gone from Corcoran and the owner is now trying to sell it himself for $1,829,000. In retrospect, the first mistake this guy made was trying to do a flipper’s reno on this place; the second was not paying attention to the comments when this was the House of the Day last January. At that time, a consensus emerged that this was about a $1,600,000 house given the state of the interiors. Here’s what we said at the time: “We’re thinking $1.6 million, $1.7 if he’s really lucky.” And the clock ticks on.
53 South Oxford Street [NY Times] GMAP P*Shark
House of the Day: 53 South Oxford Street [Brownstoner]
Houses of the Day: Fort Greene Languishers [Brownstoner]
Open House Picks 9/1/06 [Brownstoner]
Walkin through this house is saddening. It’s as if it had been burned to the shell and completely redone inside. In the worst, cheapest taste possible. There isn’t one original thing left in it anywhere. Not the stairs, not the ceilings, nothing. And what there is is hideous and cheap. It’s expensive at $1.6.
No idea that S. oxford was a “very hard to find park block” let alone that this was a good thing.
I know this guy and he is very greedy he has a house on St. Marks in Prospect Hts that needs a ton of work he wants 2.6. The house is worth 1.7 tops its only a one family but he has it listed as 3…
Why does 4 boilers and 4 hot water tanks make it not suitable for a 1 family conversion. It can’t cost that much to convert to 1 boiler and you can leave the tanks so no one ever runs out of hot water.
Looks like he has other great deals.
http://newyork.craigslist.org/brk/rfs/353791740.html
Greedy + ignorant deserves to go broke.
Here’s the problem. Each apartment is too small to condo without a big extension. There is zero traditional detail in the building and the price has always been too high. I think I offered him 1.9 Million in September and he said no.
It also doesn’t stand out as a one family conversion because it has 4 separate boilers and hot water heaters in the basement. The guy was greedy and didn’t understand the market at all.
His loss.
still has stop work order from 1990 on DOB website. probably easy enough to get this stuff cleared up.
Also noticed that tax bill is over $10K. (easily twice what I would have guessed).
I would also guess guy is paying $6K month on mort. interest since show he borrowed $1.2 on this place.
I like the owner’s comment “the home is priced considerably below market value.”
Market value of what. . . a penthouse on Park Avenue? Give me a break!