Price Cut at Neglected Lefferts Beauty
[nggallery id=”40093″ template=galleryview] 1860 Bedford Avenue has been sitting vacant and derelict for several years now, after a boneheaded miscalculation by the current owner who had wanted to move his medical practice into the building only to find, after buying it, that commercial uses are prohibited in Lefferts Manor. That was his first mistake. His…
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1860 Bedford Avenue has been sitting vacant and derelict for several years now, after a boneheaded miscalculation by the current owner who had wanted to move his medical practice into the building only to find, after buying it, that commercial uses are prohibited in Lefferts Manor. That was his first mistake. His second was to be greedy on the resale back when the market was still strong: Back in the first half of 2008, when it was a House of the Day, the asking price was $900,000. As of the beginning of this year, the price tag has been reduced to $650,000. The potential is obviously amazing, but is the price still too high? Probably, but getting closer. At this point, the neighbors would probably be willing to kick in a few bucks just to get rid of this guy!
1860 Bedford Avenue [Fabrikant] GMAP P*Shark
House of the Day: 1860 Bedford Avenue [Brownstoner]
What’s Up with 1860 Bedford Avenue [Brownstoner]
So what is everyone’s guess on the final selling price gotta be a lot lower then 650k since no bank will finance a shell these days and a couple of hundred thousand to renovate probably without financing again. Need a ton of cold hard cash.
As others mention, this is a shell and must be priced accordingly. The facade is nice, but there is not much history to be saved here.
I think that’s the rationale chicken, but I really don’t know. Maybe if the whole thing falls down they’ll let him build a new medical office or something in its place. I really wish they would just sue him. There’s another house on Sterling St near me, also in the historic district, in even worse shape. The owners have the money to fix it up, so that’s not the issue. Just burns me up!
One only needs to look one block over to the house on the corner of Rutalnd and Bedford to see what could be done with this house. As far as the schools are concerned, folks from the Maple Street School just got approval to put an new charter elementary school in the nabe. Very exciting time to own in this neighborhood.
Maly, you may well be right, but realistically, if the owner absolutely just wants to unload it, and is no longer interested in financing the remainder of his life in style, then maybe it will go for high $500k’s. Despite its condition, we’re still talking New York City real estate here. Upstate, where I grew up, you could pick it up for about $75K, in this condition, but it’s in Brooklyn. I still think it’s a good investment for someone who wants to someday have what will no doubt end up being a multi-million dollar house.
Maly, you may well be right, but realistically, if the owner absolutely just wants to unload it, and is no longer interested in financing the remainder of his life in style, then maybe it will go for high $500k’s. Despite its condition, we’re still talking New York City real estate here. Upstate, where I grew up, you could pick it up for about $75K, in this condition, but it’s in Brooklyn. I still think it’s a good investment for someone who wants to someday have what will no doubt end up being a multi-million dollar house.
Sold for $450,000 in 2007. Taxes are $3,800.
if that’s true babs, what is the owner’s motivation to let the place get even further run down? Are they waiting for it to be such an eyesore that Landmarks gives in and allows the change of use? Presumably they are having to pay taxes on the place so it’s actually costing them to do nothing, no?
And you’d also need Landmarks approval to add the deck, although it probably wouldn’t bee too difficult to get, so long as it didn’t really change the look of the place.