House of the Day: 150 Bond Street
We all know that Boerum Hill is hot (as hot as anything can be called in this market, that is), but is it really hot enough to justify a three-story gut job asking $2,495,000? Don’t think so. This is a nice looking house from the outside and all, and the three-slot parking garage is worth…
We all know that Boerum Hill is hot (as hot as anything can be called in this market, that is), but is it really hot enough to justify a three-story gut job asking $2,495,000? Don’t think so. This is a nice looking house from the outside and all, and the three-slot parking garage is worth a premium as well, but still…all the current owner has done is get the project approved by DOB and Landmarks and put in new steel beams. What are we missing here?
150 Bond Street [Brooklyn Bridge Realty] GMAP P*Shark
If you buy an old decrepit house you either have to gut it yoursef, or as in this case, someone already went through the expense of gutting it for you.
What’s the big deal? The place has been gutted, that means you are ahead of the game. And you can really look into the bones of the house to know how much structural work will be needed. Its less guesswork.
Unless you are looking to buy a property in move-in condition, buying one that has already been emptied and gutted is a plus in my book.
this is an amazing house in a terrific area.
still opportunity for major price appreciation in boreum hill.
once gowanus really takes off, this will be primo prime.
Cuople of posters talking up a $1 million renovation cost for this place. You can gut renovate at least two houses for that amount.
The banks appraiser would discount the value of the property by applying a cost to cure (aka cost to make habitable), which in this instance probably equals $1MM+, to arrive at a value. I think that gets you to a number less than what the current owner paid to acquire the property a few months ago. The stage the project is in is the riskiest phase of any complete gut rehab because the property has less value then when the project was started. Current market conditions do not allow for the absorption of seller mistakes such as this.
4:25= broker or moron
I love this house looks great on the outside. I would pay around 2.3 mill but it depends on how much work needs to get done.
Can you even get a mortgage on a shell?
I thought a place had to be habitable in order to get a mortgage?
These folks have some balls.
I live around the corner, and saw this place when it was priced at $1.75m and we thought it was a crazy price.
Now, I notice that this place has been fully gutted (i.e. its a shell with some floors), you can see it from the street). So you’re asking me to pay close to $1million more, plus, I have to shell out another 3-600k to finish the job.
In the end, when this is finished, it will never be worth $3m because of the small size of the house and the lack of a yard (the parking won’t really cover that extra million).
What happened here?
Yes, it is clearly brick, with brownstone stoop and trim, but in NY, the generic word for an attached non-frame house is “brownstone” – whatever it is made out of (brick, brownstone, limestone, sometimes all three) – due to the ubiquity of brownstone here. (In Philly, they’re rowhouses, in DC, townhouses, etc.)