House of the Day: 52 South Oxford, Reduced and Revisited
Fifteen months and a million dollars later, the seller of 52 South Oxford Street is finally getting real. When the 6,000-square-foot brownstone hit the market in April 2008 asking $2,500,000 we had the following to say: “Um, no. An unrenovated SRO, five stories or not, on South Oxford Street for $2,500,000 in this market? Don’t…
Fifteen months and a million dollars later, the seller of 52 South Oxford Street is finally getting real. When the 6,000-square-foot brownstone hit the market in April 2008 asking $2,500,000 we had the following to say: “Um, no. An unrenovated SRO, five stories or not, on South Oxford Street for $2,500,000 in this market? Don’t think so.” According to the current listing, the “property has obtained a permanent exemption regarding the Certificate of Non-Harassment” and will be delivered vacant, which is good news for both the seller and potential buyer. Based upon the video (which is a very effective tool in this case) that the current broker has made, it actually looks like an amazing project for someone with patience and money. Fantastic bones. Who’s gonna go for it? The seller’s motivated!
52 South Oxford Street [Burkesworks] GMAP P*Shark
House of the Day: 52 South Oxford Street [Brownstoner]
I used to live in this building. I can tell you that no one has lived in the parlor floor for decades, which explains why the details are so well preserved. The owner, who inherited the house from her mother, lived in the garden level and the parlor floor was packed with furniture but unoccupied. The parlor ceiling may have had water damage long ago, but the place never leaked while I lived there (1993-ish). What’s sad to me is that the coolest thing in the house is now missing– it was a large (brass? bronze?) statue that was mounted on the newel post at the base of the stairs. If memory serves, it depicted Robert the Bruce and he was holding a large staff or spear that was topped with a light fixture.
Ha ha ha, jdlcnm, good point.
BHO are you an ass or do you just play one on the internet? I was making a comment on that financing is the same for 2 through 4 unit properties. ASS. 4 unit properties are not a field day for taxation. Taxes are random at best for properties in Brooklyn. Just opening a permit will affect your taxes.
Why don’t you crawl under a rock and wait for your 50% off. I don’t own a brownstone and I would love one but I’m smart enough to realize that blabbing about half off prices isn’t going to affect the Real Estate market.
NEWS FLASH WALTER CRONCRITE…. You ain’t going to move the market honey.
Peace
5-storey houses in need of this much work can be problem. Too expensive for a gdn fl rental + 4 fls for owner. But cutting it up any other way would butcher the place. Lots to love here but lots o’ work too: new windows (restored to the original size), new facade (I’m guessing $75-100k if done really well), wiring, plumbing, bathrooms, kitchens etc etc. So probably $750,000 – $1m all in. And then you’re still left with the ugly neighbors. That’s the deal breaker to me. Even if money were no issue, I’d be tempted just for the joy of bringing this old gal back to her former glory but I’d pass.
btw no matter how motivated the seller is, it’s hard to move if the brokers don’t call you back (i made 4 attempts)
What do you all think a comprable deal in PS, CH, CG, OR bklynHeights would draw?
This is a fantastic opportunity folks and as Adam has pointed out the 203K would work well here if one can muster about $250K in cash for closing costs and down payment. That facade is plain but spending about $20K on a roof cornice and palor floor ledges alone will dramatically improve it. We remember seeing it a while ago and true it will need a complete mechanical and electrical overhaul including a new roof but the bones are awesome. Modest renovation budget is however @ least $650K to bring things up to code.
The comparison to 190 and 202 Clermont is laughable given the size and location of this property. Much closer to transportation, the park, lots of amenities, and almost twice the size…..matters big time!
Maly @ 3:50 is spot on. 4 fam C of O is a feeding frenzy for taxation. Another leg for home values. Is that why you haven’t responded, DIBS and AD?
***Bid half off peak comps***
David,
That was very funny. Listen, just move to Fort Greene already. You can get the same internet hook up in this neck of the woods so you can comment away your day from FG as well. This house might be a good project for you.