House of the Day: 215 Gates Avenue
In response to last Thursday’s post about the under-the-radar house at 182 Washington Avenue, the folks at the site Historic Brooklyn brought today’s HOTD at 215 Gates Avenue to our attention. After changing hands for $900,000 last year, the house came on the market several months ago for $1 million. After failing to get any…
In response to last Thursday’s post about the under-the-radar house at 182 Washington Avenue, the folks at the site Historic Brooklyn brought today’s HOTD at 215 Gates Avenue to our attention. After changing hands for $900,000 last year, the house came on the market several months ago for $1 million. After failing to get any love, the price was cut officially to $750,000, though HB reports that a bid as low as $600,000 could get the deal done. Here’s what HB had to say about it:
The home is normal size 20×40 on a lot 20×70. It’s a four story home, pretty spacious inside, boasting some original details. The pocket doors are in tact but the glass panes need replacing. The parlor doors are there looking magnificent. The mantles need some paint removal but look ok. On the 4th floor, the back room has had the entire fireplace removed. The hole in the wall remains.
Does this tickle anyone’s fancy?
215 Gates Avenue [Historic Brooklyn] GMAP P*Shark
Looking at acris – Looks like person who bought this in 2006 also managed to buy 2 other properties (smaller value) in 2006 also. All with 100% financing – totaling about $2M.
Whats that all about?
I have another, more plausible theory: These speculations about what the seller would accept are wrong.
It looked like an individual owned it up until some corporation took over. Could it be that the indivual bought it below 600k, sold it to their corp. for 900k, and taking the loss on the corp side as a deduction against other projects that may have profited the business? An idea. HB
To Pie in the Sky – I don’t think 100k per floor is a lot of money if you want something that looks good and is quality work, I am paying that for my house – have you checked prices recenttly
Yeah–I dont’t get how you can make money when you bought at 900K and selling at 600K. Smells like funny math to me.
3:23, can you explain what you think happened? How did they make money if they bought it at 900K and are selling at 600K? Is there a scam going on?
I’m seeing more and more of this.
Is it a trend or a blip?
I actually looked inside this place last summer. I thought the details were nice and that it had a lot of potential. I laughed when they told me that the owner was asking $1million+. $600ish sounds about right for the amount of work it needs and that area is beautiful in terms of nearby brownstones. Definately an up and coming area. It’s sad to see properties like this getting used and then spat out by flippers. As someone who is trying to carefully repair/renovate a brownstone, it makes me feel kind of sick just thinking about it.
The location is a little rough no?
Neither here nor there.