House of the Day: 6 Third Street
Even if this house at 6 Third Street in Carroll Gardens is in as bad shape as we suspect it is, it’s still looking pretty darn cheap to us at the asking price of $975,000. It’s currently configured as a two-family, double-duplex house. The listing says it has tin ceilings, marble mantels and pocket doors,…
Even if this house at 6 Third Street in Carroll Gardens is in as bad shape as we suspect it is, it’s still looking pretty darn cheap to us at the asking price of $975,000. It’s currently configured as a two-family, double-duplex house. The listing says it has tin ceilings, marble mantels and pocket doors, so it sounds to us like someone could buy this place for asking, sink another $500,000 into it and end up with a great, finished house for under $1.5 million. It almost sounds too good to be true. Is there a catch we’re missing?
6 Third Street [Manzione RE] GMAP P*Shark
Photo by Kate Leonova for Property Shark
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Architectural question: was the top floor/dormer a later addition?
You ever here the deafening rumble of subways going over the Manhattan Bridge while enjoying the multi-million dollar views of the DUMBO waterfront?
You ever been in a 4 million dollar houses in Brooklyn Heights eating dinner and you notice the water in our glass is shaking from the subway below?
Ever be inside one of those 7 million dollar Brooklyn Heights town houses with the manhattan skyline across the way and the BQE rumble below?
Subways, BQE, traffic, etc are not able to hold the price of a solid building in a great neighborhood down.
Right, but if there’s a rent CONTROL tenant, they’ve been there for a long time. Wait it out and you’re golden. Since it’s 2-fam, it doesn’t enter into rent-stabilization afterwards. The only drag is if someone is co-tenanting with the elderly occupant. In that case, make a deal with the seller for cash after the sale to pay off the co-tenant.
I spoke to the realtor about this. It needs a total gut reno from top to bottom – wiring, plumbing, pointing. Remember that 4th street is half industrial so it is not the best location. If it costs $300 – 400k and 8 months + $75k in debt servicing, not sure if it is worth it.
Just think of all the good will you will generate in the neighborhood when you evict somebody’s granny. A good increase in equity just might cover the cost of new kneecaps.
1:48–yes, you can evict if converting to a 1-family abode, UNLESS the tenant is over 62 years old. At that point, you’re screwed.
Perhaps, but anyone who is thinking that they might be there for the long term, 10 years or more, has a pretty good chance of making some money and living in a great neighborhood.
“The catch is that after sinking 500k into it (and a good deal of time, and interest on the 1.5m) you have a house that stands a 50:50 chance of actually, in summer 2008, being worth less than your sunk cost.”
Some people’s brain’s have the capacity to think about farther down the line than 9 months from now.
I would say there is a 100 percent chance that in 10 years this home will be worth 3 million dollars.
There are a few people out there that buy homes to live in for more than a year.