House of the Day: 52 South Oxford Street
Um, no. An unrenovated SRO, five stories or not, on South Oxford Street for $2,500,000 in this market? Don’t think so. There’s some nice detail left and, according to the listing, 6,000 square feet of space, but given the headaches and delays associated with the SRO status and the time value of money, we think…
Um, no. An unrenovated SRO, five stories or not, on South Oxford Street for $2,500,000 in this market? Don’t think so. There’s some nice detail left and, according to the listing, 6,000 square feet of space, but given the headaches and delays associated with the SRO status and the time value of money, we think the sellers of 52 South Oxford Street are going to have to come down in price to get a deal done, especially given the unfortunate facades of its two neighbors (both of which serve as useful reminders of the importance of landmarking).
52 South Oxford Street [Clinton Hill RE] GMAP P*Shark
Thanks, 1:20. Very good to know. -1:04 a.m.
Thanks 3:18. This house obviously has other issues with it as an SRO – but these people that just make random statements about value without any evidence are just beyond annoying. Please 1:35/1:16, just show me one (or the many as you claim) example of the $2MM five-story places in comparable (price-wise, not your judgment-wise) neighborhoods – I really and truly would love to see them.
If these houses at these prices really exist on the Times website, then perhaps I just don’t know how to search correctly – but, since you think they do (and, to actually think that, you must have been on the site), please just send me the link.
1:35, You don’t appear to be paying attention. 1:16 is telling you that either your information is wrong, or he hasn’t heard about or seen said FIVE story brownstones for sale in FORT GREENE for 2MM. And I haven’t either.
He didn’t ask for sociopolitical commentary on other neighborhoods that other people (clearly not him being your implication) find acceptable.
I agree with 1:16 that there are few if any. The one on South Elliott and this one don’t count. The two on Washington Park are either well over 3MM or aren’t buyable for reasons I’ll not go into here.
the advertisement says the house is steps away from the Fort Washington Park. I’ve only lived in the nabe for 4 years, but last time I checked it was called Fort Greene Park.
1:16 If you want that street and only that street, make an offer on this house. If you only want fort greene, it’s a tiny few blocks, so again make an offer on this house. But given that 5 stories are sitting at prices like this and lower in nabes that many people do find to be acceptable, I wouldn’t pay this ask. I also suggest you check the Times again because as I wrote above there are others.
Here is some more info. I am in the process of renovating a former SRO. It took the owner 8 month to get the Certificate of Non-harassment, and the house was already empty. Yes, tenants do have to sign to get the CONH, but they don’t have to sign if they don’t want to. Also, you do not get a residential mortgage for an SRO, because you can’t change the status until you actually do a renovation or file. In the meantime, you get a construction loan. These can be harder to get. So, unless a property is already vacant, and has the CONH filed, I would be very wary.
Owners always think they can deliver properties vacant, but usually they can’t.
12:17 I have. Everything in the price range mentioned are four story houses, and they’re in MUCH less desirable areas. You honestly can’t compare South Oxford on the park versus Lefferts Place. If someone really knows about a 5-story in prime Fort Greene sitting for around $2MM, I really would be interested to hear about it.
9:22 Look in the Times. There’s one Prospect pl. still listed for more, one on Lefferts Pl., and one in Clinton Hill on maybe St. James? There are others too, but this should be a start.
Some good posts in this thread.