House of the Day: 216 14th Street
We’d glanced at this listing at 216 14th Street in the South Slope before but hadn’t given it much thought based on the exterior. When we took a closer look at the interior shots recently, though, we were struck by how nice it is. The two-family house is clearly a flip-job, but, other than the…
We’d glanced at this listing at 216 14th Street in the South Slope before but hadn’t given it much thought based on the exterior. When we took a closer look at the interior shots recently, though, we were struck by how nice it is. The two-family house is clearly a flip-job, but, other than the Home Depot-esque doors, appears to avoid most of the pitfalls typically associated with that kind of thing. (It was purchased back in June for $1,150,000.) The floors, moldings and bannister were all maintained and restored. The cabinetry looks a whole lot better than one would expect from a flipper in this part of town as well. The big question is whether the sellers have added the $500,000 in value that justifies the $1,650,000 asking price. Waddya think?
Property #118 [Townsley & Gay] GMAP P*Shark
Good luck trying to finance this. In this market, banks are going to be very skeptical of a house that went up $500,000 in 6 months.
question: in the history of this blog, has there every been a property featured where more than 50% of the poster did not think it was “way overpriced”?
I smell false hope.
that is a nice house. I think even with the reno, its a bit steep given the location.
What is the public school? is it good enough to warrant that price?????
2.45 more money than President St because President st is such a narrow place, and a poorly done flip. This looks nice, is much wider and has a real back yard
3.24 More money because people will pay a premium to own on the basis that there could be future capital growth. A 30% premium seems almost cheap.
I smell a bidding war.
Nice reno, but I think this overly optimistic price is due to the fact that they seriously overpaid when they bought at the top of the bubble market.
So it’s a 1400 sq ft duplex with a deck and garden with a 700 sq ft rental which might get $2,500 per month. If you could maybe get $5,000 per month for the duplex then the return is $90,000 less say $8,000 in taxes, insurance and misc costs) = $82,000. At a 7% return that puts the value at just under $1.2m.
Why is it worth anymore than that?
$850K.