House of the Day: 735 Decatur Street Revisited
When 735 Decatur Street was House of the Day back in December of 2997 2007, it was asking $630,000 and we called it “by far the most charming house for the money on the market right now.” Well, now its asking price has fallen to $469,000 and the same statement still holds. We just hope…
When 735 Decatur Street was House of the Day back in December of 2997 2007, it was asking $630,000 and we called it “by far the most charming house for the money on the market right now.” Well, now its asking price has fallen to $469,000 and the same statement still holds. We just hope that whoever buys this place is able to negotiate a price that leaves them enough money to redo the facade! For lots of pics, check out this Flickr page from someone who almost bought the house.
735 Decatur Street [Corley Real Estate] GMAP
735 Decatur Street [Brooklyn Properties] P*Shark
House of the Day: 735 Decatur Street [Brownstoner]
I think the buyer is already underwater, and likely to stay there. The bank will sell it for whatever they can get.
Yes, Babs, we had it inspected by an inspector (not an engineer). He recommended getting an engineer in to take a second look at the foundation. We got to the point where we were sending contracts back and forth. Our lawyer didn’t like the sound of all the repairs.
We decided we’d have a second inspection, mostly for the termite damage, and go ahead if it didn’t reveal problems on more than the back part of one floor.
I spoke to an engineer, who said the inspector’s note about the foundation was probably just CYA but he’d have to see it to be sure, and that he couldn’t ascertain anything further about the termite damage.
The seller wouldn’t allow a second inspection. We withdrew our offer.
Can someone tell me what the criteria is for a house to be “the HOTD”???
I’m not going back to find it, but I think Mopar has had an inspector in already.
Mopar, are you handy? Would you feel comfortable doing the work yourself and living in a construction zone for the next few years? You can get the mechanics and rental unit done and take your time with the rest of it. It’s no fun, but it’s possible. It’s how I’ve been living for the last 15 years.
I don’t want to speak on Mopar’s behalf, but she’s been going back and forth about this house and even posted about it on B’stoner a couple of times and at 2:19pm she stated that she had an inspection.
“The seller will be underwater if it goes much below $439,000. He bought it for high-300s from the estate”
Wow, he probably bought it when times were good. He’s going to have to take a loss on it. There’s no way it’s worth $469k now and requiring 100k worth of work.
Inside deal?? Even people on the ‘inside’, know what houses are valued at.
Babs is exactly right. Could turn into a short sale, so don’t go by the 439K figure quoted. And the engineer’s report would help you make up your mind. Worth the money.
If this house were in the middle of Brooklyn Heights or Park Slope I suppose it would make sense to sink half a million dollars into it to transform it into a period gem. But it hardly makes sense on Decatur Avenue. It is awfully depressing in its current state, and so are the neighboring houses. I can’t imagine this house would be worth more than 200,000.
Mopar, have you had the home inspected by an engineer? It might be worth it for you — it would certianly let you know exactly how much you’d need to put into it immediately and what items could be potentially deferred. It would also give you some ammunition in negotiating a price. I understand that the seller may not have much flexibility; however, if he/she defaults on the mortgage the bank may allow a short sale. If you are this obsessed by the house you should definitely get it out of your systmem, one way or the other — either by deciding you definitely don’t want it (this could be the conclusion you reach after reading the engineer’s report) or else by going for it.
Good luck in any case!