House of the Day: 189 6th Avenue
For the millionth time, why do sellers use brokers with crappy websites! This four-story brownstone at 189 6th Avenue in Park Slope is an interesting listing though. At first glance, the asking price of $1,395,000 seems absurdly low for the neighborhood. Look a little further and the explanation makes itself known in the form of…
For the millionth time, why do sellers use brokers with crappy websites! This four-story brownstone at 189 6th Avenue in Park Slope is an interesting listing though. At first glance, the asking price of $1,395,000 seems absurdly low for the neighborhood. Look a little further and the explanation makes itself known in the form of the capital letters: SRO. The listing says it will be delivered vacant, but that’s barely half the battle when it comes to converting an SRO. The real battle is getting HPD to sign off on a Certificate of Non Harrassment, which can take the better part of a year. Meanwhile, your carrying costs are burning a hole in your pocket. SROs are also much harder to finance. Still, a cash buyer could probably end up doing well with this.
189 6th Avenue [Century21] GMAP P*Shark
I believe you are right, IronBalls. Maybe Brownstoner will throw a little “pitfalls and joys of SRO conversion” banter our way in the New Year : ) Curious about your defense of Century 21, particularly as the broker with this listing has received negative feedback in a past thread when this property was an open house pick back in July. Do you know this broker, or were you making a general comment on the fact that even big, “fancy” outfits can have slimy brokers and bad photos?
Brownstoner converted his house from an SRO, I think.
But he’s too busy to comment much on his own blog of late.
In the good old days, he used to banter more with the common folk.
Even though it has been used as an investment property and that might be the more obvious route to continue with, I was thinking it could be a great single family in the north slope…in the realm of possibility for my family price-wise. As a first time buyer, I obviously have no experience with converting an SRO, but it is possible, right? Then, of course, there is the whole financing dilemma (we are sadly not in the “all cash” camp). I second DIBS’ request at 1:39- can anyone relate their experience converting an SRO to a 1 or 2 family? Thanks!
I just want to respond to Brownstoner’s initial claim that Century 21 has a bad website and that he can’t understand why anybody would use them.
The broker’s website includes more photo’s than most listings, and I don’t understand this broker elitisism that Brownstoner seems to spout every once in a while.
Love brokers or hate brokers, the “firm” they’re associated with makes no difference. It means absolutely nothing and is just a form of advertising to the moronic masses that might actually believe something they read on the side of a bus.
I’ve worked with agents at the biggest name firms and ones from firms so small you folks have never heard of them, and can say with 100% confidence that there’s ZERO relationship between the diligence and honesty of an individual agent and his respective broker.
It all depends on the individual representing the property you’re either buying or selling.
DIBS, I agree that if 100k would get it done it’s an still an attractive price. Look, to my thinking, almost any full-size house in North or Center Slope is still worth at least $2 million if it’s in move-in or rentable condition.
Crappy website = lower commission.
Imagined savings for the seller = the only reason people go with these schlock outfits.
That said, I picked up my last house through Fillmore. Sometimes properties with a lot of potential (usually in fringe areas, say Ditmas Park 6 years ago…)sometimes slip through the cracks.
Bolder…if nise17 has seen 35 existing violations somewhere deeper within the DOB that he has access to then it’s Game Over for the average homeowner/non-professional landlord.
Although even if it costs $100,000 to clean it all up and get a 4 family C of O then its still worth it on those numbers.
Thanks, I do see the point about having to deal with old violations, including long-term illegal use as a four-family. I wonder, however, how many illegally converted SRO’s have been restored to that use, esp. in a place like Park Slope. My guess is not many. Also suppose there are probably title issues.
If this is an illegal 4-family, would it be playing with fire for a new owner to continue its use as one? Put another way, what would your chances of getting caught be?
You’re a fool what. There’s no loss of equity if you keep this as a rental property jackass.
What gets PWNED so easily these days.
And you want us to believe that you were a broker. probably you were, but a stupid one at that.