Is It Bottom-Feeding Time Yet?
Have any readers been out there looking to buy properties in fringe areas with desperate sellers? How about working directly with banks to take distressed properties off their hands? This Bushwick listing on Craigslist caught our eye. The bank owns it and is asking $349,000. Our guess is that it’ll end up going for a…
Have any readers been out there looking to buy properties in fringe areas with desperate sellers? How about working directly with banks to take distressed properties off their hands? This Bushwick listing on Craigslist caught our eye. The bank owns it and is asking $349,000. Our guess is that it’ll end up going for a lot less, given its condition, but we don’t have a sense of where the real bottom of the market is. Why not $200,000? Or $100,000? Thoughts?
$349000 Bank Owned 2 Family [Craigslist]
mopar – I didn’t say Bushwick was a bad neighborhood. I just said I don’t want to live there. It’s not near any of my friends and isn’t particularly convenient to my job. It’s also a little too industrial for my taste. Or at least, big chunks of it are.
$25,000 in Buffalo (fully detached). Lots of artists there.
mopar, don’t blow it for us bushwick people! i’d rather keep the good aspects a secret and keep out the wusses! anyway, this part of bushwick has little to do with the arty lofty part on the other end of the neighborhood.
as for the house, i’m mildly excited to hear about relatively affordable properties out there. it’s the people with less money who usually have the necessary gumption to fix a place up. rich folks want everything on a silver platter, let em have it. we might actually see some real estate parity finally.
oh come on now mopar, bushwick is a great neighborhood? i don’t know. the only people who seem to move there really are people pushed out of other hoods cuz the rent is slightly cheaper and still relative closer to the manhattan and williamsburg. if youre into the underground art scene, then yeah it’s definintely a great neighborhood. if you need a place to rent for cheap with a bunch of other people, then it’s a great neighborhood. other than that i can’t think of anything else it really has going for it. im not hating on the neighborhood at all, it was my number once choice (maybe not so much a choice as more of a need really) of a neighborhood to move to last year before i decided to bite the bullet and pay a little more and rent to have a better quality of life for me and my dog living someone else.
that said, if and when i do move again, and my financial situation does not change, bushwick will be back on my radar as a potential place to live.
*rob*
Arg. Yes, we are looking in Bushwick (which is a great neighborhood, you people are crazy). The problem is everything is in terrible, terrible condition. It’s sort of like we cannot afford to buy a place this cheap, if that makes any sense.
Houses like this might be a good option for contractors sitting on piles of cash. Total cost of purchase and renovation cannot exceed $400,000 to $430,000 or so (for a two-family with one three-bedroom rental and one owner-occupied duplex), given the rents in the area.
i know it’s no one’s cup of tea for the most part, but i think it’s a cute house with some rusty charm. i like that fireplace grey walled room. 250K would be good. two middle income couples bought it together and each pay 125K.. why not?
*rob*
if you could add an addition on top and back, then perhaps, you make floor one a rental and live in the top two?
the rental market for bushwick will continue to grow.
this would come down to inspection of course. if there’s not extensive termite, water, etc… damage, then maybe it’s not too much money to fix up.
A boarded up house for $350K? Totally bonkers. They should be happy to take $1 and get it off their books.
I’m interested in foreclosed properties, but not in bushwick. I do feel kind of like a vulture tho whenever I look over the lis pendens on realtytrac or propertyshark.