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]
She wasn’t talking about income tax, but real estate taxes. At the time we were looking at a 5 story house in Clinton Hill, and she mentioned that 4 family houses are harder to finance and that changing the C of O to a 4 family after renovations could bump the property taxes by a very large amount.
4 fam may have higher property taxes but why does he/she get invloved in that?
Why would the broker have any knowledge of your tax situation and advise against a 4 family because of it???
I must be talking to a bad mortgage broker then. She’s been telling me to stay away from 4 families for both financing and tax reasons.
Maly- No difference in refinancing a 2 fam than a 4 fam other than you get higher loan limits on the 4 fam. Same Rates and Programs.
I don’t remember any water damage. Now I saw it once, and it was months ago, and I have seen at least 40 or 50 houses, so I can’t be completely sure.
It could work if you could buy it for under a million in an all cash deal. You wouldn’t want to make it into a 4 family, your tax bill could jump very high, and it would be harder to refinance. An owner triplex and 2 floor through rentals, that’s 3 kitchens, 5 or 6 bathrooms, new mechanicals, facade and garden work, careful renovations of the details, you’re probably looking at another $800,000 to $1,200,000 depending on the level of workmanship and how many surprises along the way. It would take someone with deep pockets and I am not even sure it makes sense financially.
If they still have funding, this would be a great project to have funded by Community Preservation Corp…it must be NON-owner occupied though.
This is an FHA 203(k) loan waiting to happen. Keep it as a 4 unit property. Owner Duplex with garden and 3 floor through rentals. Max financing $1,403,400.
Put a couple hundred in and finance 6 months of payments while you do the work.
Dave, you write it better than Shillstoner!