House of the Day: 58 6th Avenue Revisited
Here’s a cautionary tale: Developer buys old house in neighborhood where people generally like old houses, strips house of character, renovates house in characterless nouveau traditional style, tries to sell for a lot of money, ends up changing brokers three times and cutting prices 23 times. This has been the experience of 58 6th Avenue,…
Here’s a cautionary tale: Developer buys old house in neighborhood where people generally like old houses, strips house of character, renovates house in characterless nouveau traditional style, tries to sell for a lot of money, ends up changing brokers three times and cutting prices 23 times. This has been the experience of 58 6th Avenue, which we featured as a House of the Day back in April 2008 when it was at $1,695,000, down from the initial ask of $1,850,000. Since then, Corcoran’s had the listing and now Weichert has recently been giving it death by a thousand price cuts. Desperation has surely set in, as last week’s reduction brought the current asking price to $1,275,000. At some point, won’t this work as a rental property?
58 6th Avenue [Weichert] GMAP P*Shark
House of the Day: 58 6th Avenue [Brownstoner]
I know that I would be drinking heavily if I bought this place.
“at this precise location in order to liver(sic) there.”
Does that mean drink too much?
This is a great example of why not every listing can be used to gauge the market. The price drops here definitely reflect some softening for sure. Even more so though it reflects a terrible idea by someone with too much money or too little knowledge, more than likely a combo of both.
Weichert. Speaks volumes.
***Bill Thompson For Mayor***
It reminds me of that other Home Depot showroom (174 Clinton?); pretty unattractive cheap reno, questionable location, and overpriced for an investor. Those are the unfortunate leftovers of the speculative boom.
Yeah, the police station is not the friendliest looking building, but besides that it’s also right around the corner from a fire station, and a very busy/loud playground.
I used to live right around the corner from here.
Also believe it’s zoned for PS 20 all the way on the other side of Atlantic, which is kind of a hike across a super busy street w/ your little ones.
There is also 0 street parking in this area because of police/fire station. And lets not forget the whole AY thing.
Too many drawbacks, not enough of a charming house to make it worthwhile.
“…won’t this work as a rental property?”
Sure. I’d buy it at a 6 cap rate. If you could get 4500 a month for 2 units with renters paying their own heat/hw/elec/water (is that plausible?) and expenses aren’t much more than the taxes then my offer is 900k cash.
It’s the wrong side of Flatbush (sb tagged as propect heights not PS) – agree w/ other poster that it’s not a great location for owner / user. Convenient to subway and a fine location for renters.
But won’t this be worthless once AY is built?
(to revive an old riff from bstoner comments pages 🙂
WoG is right about the mortgage – $1.495M in May 2007. That’s on top of a pre-existing $350K mortgage (maybe that one’s been paid off, but if so its satisfaction isn’t recorded in ACRIS). Mortgage was assigned from MERS to HSBC in June, which strongly suggests that HSBC was/is getting ready to foreclose. In any event, this looks like a short sale.
Horrors — Mediterranean tile and arches do not belong in a brownstone entry hall. I don’t care how lacking in original detail the place was when they bought it.