Posts categoriezed as REAL ESTATE
Construction Workers at WTC
Buying a Country Home. Or a Commune.
Here we go again! It’s a vicious cycle for me. City home. Country home. City home. Country home. After losing my shirt on the Beacon home during the market downshift, I vowed never to invest anywhere other than the 5 boroughs again. I also vowed that would be my last renovation.
But I am an addict. I’m itching for a renovation even though I know it’s bad for my physical, mental and financial health. And right now, upstate New York is one big bargain basement!
Good thing I don’t even have the savings for a bargain right now.
But…
Now is the time to buy. There are plenty of second homes on the market. The economy is depressed. Towns are even more depressed. Interest rates are as low as they get. Passing through Stone Ridge last week, it looked as if every other house was for sale. In once completely unaffordable Rhinebeck, there were actually a few places under $200k. People are nervous and can’t do the second mortgage and high taxes. They are purging.
Ah, we didn’t get to see that Millbrook property I wanted to look at. Decided not to schlep to Millbrook when we saw that there’s already an accepted offer. Somebody is making a good move.
What *I really want is an entire bungalow colony. A house? Been there. Done that. Borrring. I need more of a challenge. I’m bringing back the Catskills, baby! (*Notice I say “I”, not “we”.)
We looked at two abandoned colonies in Ellenville (see below for listings). The town didn’t seem as run down as it did a couple of years ago, but maybe that was my rose colored glasses. There were some active colonies that had been taken over by Hasidic Jews. It was nice to see some life up there even though those people wouldn’t play with me. My idea is to make a colony for the oughts. I hate to say it, but a hipster colony.
The reason the Catskills faded was that people were able to fly to distant destinations. Although that still remains true, the staycation has become more popular since flying is a pain in the ass now. Less money, less time, more responsibilities means staying closer to home looks better.
The idea is exciting. Probably a helluvalot more exciting than actually restoring an entire colony. I have some peeps who may be interested in doing this with me and we’ll probably look into it more seriously come September. A cooperative thing would be easier than going it alone.
Ping me if you want in. What’s the worst that can happen? You’ll learn to renovate and have a place to go for the summer.
Camp Road. 21 units on 7 acres. $284,999.
Katzman Road. 13 units on 35 acres. $218k.
Small Home Investment
Small Home investment means greater sustainability for our earth.
It’s a common theme in homebuyers to look for the house with the most space. Understandably, the biggest house tends to offer the most amenities and certainly yields a status symbol, right? Traditionally, most experts would say yes. But…
People don’t yearn for that extra room or large basement anymore because it’s simply too expensive. And as of late, it’s highly encouraged to invest in a small or modular home for many reasons, not just money.
It’s true that investing in a smaller house or property will result in lower mortgage payments, but what a lot of home buyers don’t realize is that less space = less occupation and therefore less energy consumption. Congruently, this all means that utility and cleaning costs will be much cheaper. And although it’s also encouraged to invest in pre-built homes, many companies (i.e. – Excel Homes) have already jumped on the bandwagon and plan to introduce what they like to call “Prairie View” homes.
Much like the kit style homes of the 1950’s, the prairie view homes are split or two level ranches with a couple of bedrooms that sit just under 100k a year. And much like their affordability, all environmental standards are met, and then some.
Sure, homes like the Prairie View offer less kitchen and living room space, but they come fully equipped with all the amenities of a regular home, including a yard. Most of the time, these homes are actually built on water front property, which is favorable amongst most buyers. It’s often said that small construction sometimes leads to obscure geometric design, thus leading to decreased efficiency in air circulation and heat loss. This is not the case however with these kit style homes as they are built with an open floor plan in mind.
These newer, modular homes are very much built with recycled and low embodied building materials that create an eco-friendly environment. Yet, it’s still just as much encouraged to purchase second hand homes as this supports the idea of renewal.
Nevertheless, yard maintenance, indoor cleaning and utility costs are amongst some of the things that are made easier by investing in small home. Small houses always use less resources, particular in their construction. As we progress farther into this green movement, it’s unreasonable for anybody to push for added space over quality or green standards.
Courtesy of Douglas Elliman, New York City Real Estate.
Diamond in the Rough, Millbrook
This had me at hello. I was perusing the Dutchess County MLS yesterday, just because, when I found this beauty. Call it what you will: Diamond in the Rough, Handy Man Special, Fixer Upper. But I’m in love.
The abandoned home sits on nearly 2 acres in chichi Millbrook. It was built in 1976. Yeah, 1976! Doesn’t it look like an old farm house? I know!
There were other houses up in that neck of the woods that have been better taken care of, but I’m always attracted to the underdog. Is there something wrong with me? I mean, I look at it and want to save it. I look at it and see an awesome friggin bargain. But then I wonder if my elevator doesn’t go to the top floor.
So, here’s the thing…For $159k (Oh yeah, did I mention that?) you’re not buying the house as much as that incredible property. Have a look at the photos below so you know what I’m talking about. Huh? Huh?
Seriously, I’m up there all next week and I’m gonna have myself a look at it. Wanna come with? Contact me. I might need help fighting off the family of raccoons living in the bathroom. (Just kidding! Maybe.)
Buy The Red Apple Rest Stop
Me and The Moms took a trip upstate for a couple of days last week. We drove the Old 17 Route so we could pass the Red Apple Rest Stop. The Red Apple was THE place to stop before the NY Thruway was built. Back when it took 5 hours to get to Sullivan County. It was still open up until 2007 when it became condemned.
While we stopped to get pictures, there was someone else swinging by to have a look, remembering the place from his childhood. I wonder how many people go out of their way to check out the old rest stop. Could be a great restoration project and business venture.
The number is on the “For Sale” sign below. Just sayin’.
2011 Building Brooklyn Awards
Last night the Brooklyn Chamber of Commerce honored 13 construction and renovation projects that “enrich Brooklyn’s neighborhoods and economy”. Since Hubby works on the “Newtown Creek Waste Water Facility” Skanska project that won in the Civic and Institutional category, I got to attend the 2011 Building Brooklyn Awards.
There were two honorees of the evening. Deb Howard, Executive Director of Pratt Area Community Council and Jed Walentas, Principal of Two Trees Management Company were recognized for their achievements.
Winners were rewarded not only for design and building but for completing projects within or under budget and bringing jobs to communities. Architects, Engineers, Developers, Builders and Contractors were all recognized as integral parts of each project.
Some interesting winners:
184 Kent Avenue in Williamsburg won for Adaptive Reuse. The 1915 Cass Gilbert building was headquarters of Wild Turkey bourbon manufacturing. The redesign of the 340 unit now-residential building was redesigned by SLCE and SLADE Architects and features an interior courtyard .
The winner of the Education category went to Pratt Institute-Myrtle Hall. This is Brooklyn’s first LEED gold certified academic building.
Erasmus Hall High School won for Historic Preservation. (My dad’s high school: Woot!) This NYC landmark is listed in the National Register of Historic Places. Architect Charles B.J. Snyder increased light and air to the interiors of the Gothic structure.
Mixed Use winner was Brooklyn Ecopolis on Warren Street in Cobble Hill. The acceptance speech was most interesting to me because it wasn’t a bunch of industry people standing up there, it was a female nurse. Ecopolis is a family owned, built and operated project. The building houses a sustainable cafe on ground level and a non-profit sustainable resource center on the second floor. The owners live on the residential floors above. This is a LEED Gold project.
If you’re a Brooklynite, you can probably guess the Open Space winner. Brooklyn Bridge Park, of course! Piers 1 & 6 represent 18 acres of the 85 acre East River park. 6,000 to 8,000 people visit on weekdays with up to 12,000 on weekends. When there’s an event, the number rises to something like a gazillion. (author’s guestimate)
The Affordable Housing win went to The Domenech in Brownsville. Common Ground Community developed a 72 unit LEED silver-certified building devoted exclusively to the needs of the chronically homeless and low-income seniors. The complex features a courtyard, natural light and central heating and cooling systems.
Please check out the other wonderful winners and nominees on the Chamber’s website.
Public Real Estate Auctions
Hubby and I hit our first real estate auction in the County of Kings earlier this week. We know folks who’ve bought at auction before, but we were always suckers for paying market value.
So, here’s the rundown. The auctions of real property are run by the Public Administrator of Kings County. Go to the government website to see when the next auction is and which properties are listed. There’s a preview the weekend prior to bidding, or at least that was the case with the June auction.
If you want to bid you’ll need a certified or bank check for 10% of the opening bid. Bring a blank check to pay the rest of the deposit because chances are the opening bid is not the final price. If you win the bidding that means you go into contract immediately. This is NOT contingent upon inspection or mortgage. You must have all of your little ducks in a row before bidding or else you stand to lose your deposit. No joke.
Auctions are not for the faint of heart. It’s a risky business and you may be bidding against investors and developers whom have been around the corner before. Know what you’re getting yourself into….
You may inherit tenants. The property may even be an SRO. The two places we looked at in Bed Stuy had senior women living there for 30-40 years. Who wants to kick them out? Not me!
Who knows what’s up with the previous owner? Some of these are estate sales of folks who didn’t have wills. Family members sometimes expect something. I’m sure they chill once the property is sold, but I’ve heard some crazy stories about what happens leading up to the auction.
Take your time with the previews because you don’t get an inspection. If you don’t know what you’re looking at, it might be a wise choice to hire an inspector for the day of previews. Or a contractor or architect. Or a friend who knows something about houses. This will cost a good few hundred bucks (not the friend-buy them pizza) so be sure you’re serious about bidding.
If you end up buying at auction, don’t expect the place to be broom swept. The city and the tenants will probably leave a bunch of crap behind. I’d also imagine it’s a safe bet to go the legal renovation route by filing with the DOB as the city will know you just purchased a fixer upper. Am I being paranoid? I dunno.
So, why do it? Here’s a partial list of properties and what they sold for.
582 Bainbridge St. Sort of east Bed Stuy/Ocean Hill/Bushwick. Opening bid: $290k. Sold: $300k
163A Halsey St. Bed Stuy, right around the corner from moi! House needed updating and restoration but had some fabulous detail! Partial SRO status was a bit off putting. Opening bid: $325k. Sold: $400k.
2633 Hubbard St. Sheepshead Bay single family. Opening bid: $300k. Sold: $390k.
1130 Brighton Beach Ave. 1 BR coop apartment. I really wanted to preview this one because the opening bid was $65k, but we just couldn’t make it out to Brighton over the weekend. It ended up selling for $130k. A studio coop apartment on Brighton 1st went for $155k. That was a more modern building (1960’s/70’s?). A 1BR in Bay Ridge didn’t sell at $180k. With coops, you have to deal with the board and then there may be flip taxes and transfer fees.
174 Lincoln Place. Opening bid: $1.75. Sold: $ 2.675. The highest priced “sold” property of the day. An Albee Square property that was going for $3.6 did not sell. Oooh, there were lots of bidders on this prime Slope mixed use building! Four ground floor commercial units and up to 6 residential units upstairs with only a single tenant remaining. Property taxes on this baby? $28k. Ouch! Rent roll? A gazillion dollars.
69 Sterling St. I believe this is Prospect Lefferts Gardens. Opening bid: $499k. Sold: $499k. Looks like someone got a sweet deal, although I didn’t see the interior.
4628 Beach 46th St. This place was getting bid up and we were like “Where the F is that?” I thought it was Dyker Heights or somewhere near there. Looking at the map, it seems to be Sea Gate, a gated community at the tip of Coney Island. Interesting. Opening bid: $$320k. Sold: $425k.
331A Stuyvesant Ave. This was the other house we actually previewed. A 2 family with older tenants that kept the house in decent shape. Some details remain, but the house needs updating and restoration. Really, not major work. A friend of a friend wanted this but got outbid. 🙁 Opening bid: $315k. Sold: $350k.
151 Prospect Ave. Interesting, I thought there would be some crazy bidding on this house because people are going gaga for the South Slope these days. (Yeah, I know…it’s really Gowanus over here.) Starting bid: $250k. Sold: $350k. I’m thinking the buyer could probably do NOTHING and turn around and flip it for $500k.
155 Berry St. First photo above. I saved this one for last because had us floored until we figured out just how much Williamsburg property is worth to developers. Opening bid: $695k. There were maaannnnyyy bidders going nuts. This little shack actually went for $1million and change. Surely, it’s a tear down.
Fascinating, no? Oh, and the nicest thing? Everybody applauds each time someone wins a bid.
Brooklyn Hand Made Bagels
Bed Stuy. Do or Goodbye
Well, this just sucks. After 4.5 years, Petra (aka The Changeling) has decided to terminate Bed Stuy Blog. Guess she wants to have a life or something.
Bed Stuy Blog launched shortly after I moved into the neighborhood and about six months before I started my own blog. Petra alerted us to retail openings, events and even crime warnings. She feels the blog is no longer necessary because Bed Stuy is being represented by other blogs now in a way that it wasn’t 4.5 years ago.
I disagree, but what what are ya gonna do? Petra and her small team of writers (Where the F is MY team?) put a personal face on the blog. Posts and comments were always friendly and never snarky like you might see on other sites. The blog was a microcosm of the neighborhood. A place where everyone looks out for one another and says good morning.
Guess this site is going to have to get more neighborhoody to pick up some slack.
On a bright note, we still have Bed Stuy Patch and Bed Stuy Gateway.
Sullivan County Homes Under $30k
Think you can’t afford a second home? What if I told you you can grab one for as low as $15k? Yup. I’m not saying it’s the most desirable house in the most desirable area, but you can make it a sweet getaway.
Don’t even THINK of grabbing that house above for $15,000. I want that one. Looks like an old farm house but it was actually built in 1970. This could be a plus, as it sits on 2.31 acres and old farm houses are almost always right on the road. So it’s possible this house is set back a bit. It’s located in Monticello. Last time I was in Monticello, I was about 12. No kidding. It was kind of crappy back then, although it’s a beautiful landscape. Anyway, who cares about any of this? The. house. is. $15k.
This listing doesn’t give much detail. I guess the agent couldn’t be bothered to even take a picture for her commission on the $29,900 list price. Looks good from that angle. It’s a 2594 square foot four bedroom in Hurleyville, NY. I think I have an idea of where that is. Nice hikes and all, but not much going on culturally. In fact, I do believe that if you’re not an orthodox Jew, you may feel a bit out of place. On the other hand, if this is a flip, a 4BR would be a selling point.
Yeah, I know. It looks like a trailer. But hear me out. It’s actually a 1950 ranch on 4.9 acres. divided into 2 parcels. Still with me? Good. Take a look at the interior shots. There’s something to work with here. Can you see your mid century fab getaway? Are you seeing the fifties kitchen? Oh, I didn’t mention that it’s in Neversink and includes lake rights and three outdoor sheds.
**When you’re looking at distressed properties, please keep in mind that you may encounter wildlife living INSIDE of the house. Try not to freak out. Where boots and bring a flashlight (although, if the realtor doesn’t have a flashlight for abandoned homes, they should be fed to the wildlife).
The House as Art
A psychic once told me that I was going to become an interior designer. She said I see the way the fabric in a curtain hangs and I look at that as art. I was like “No, you’re nuts. I’m a photographer.” Well, about 25 years later, I realized that she wasn’t so far off.
There are two kinds of people in life. Those who want a completely finished home that just needs furnishing and those who see a fixer upper and get excited over the possibilities.
Up until a few years ago, I thought everyone wanted to have control over their own renovations. Sure, it takes up your entire life for a few years, but you forget all about it once it’s over. I wouldn’t want a nanny raising my (non-existent) baby. Why would I hand my house over to someone else?
Someone recently asked me “Why”? What is it that makes me walk into a chippy paint, crumbling, derelict home and fall in love?
Hmm.
Each home is a history lesson. Much like the Tenement Museum is one of the most fascinating places to me, a home forgotten in time takes me back to that era. These home are over 100 years old. Perhaps it’s my mission in life to preserve the past before some eejit rips everything out and installs sheetrock, engineered flooring and Home Depot molding. (I just puked in my mouth thinking about that.)
It’s a blank canvas. I can’t remember a time when I wasn’t a “creative”. I always see things and want to change them. I still have difficulty comprehending that not everyone is right brained. Is it like being psychic, where you have to develop that skill? If so, I should be working on my left brain capabilities because I’m sorely lacking in those areas.
Anyway, blank canvas. So, I walk into a house and I see the finished product. It’s kind of like being a photographer. I envision the end result and work backwards from there on how to make it happen.
“But HOW? HOW do you just walk in and envision everything finished?”
I don’t think I’m creative genius who comes up with completely original ideas. My memory sucks, but I must retain visuals from homes, museums and magazines that my brain recycles for each potential project. Well, there ya go! That’s something everyone could do. Start visiting house museums, go on house tours, travel, save images (the 2011 version of magazine clippings).
Adding, not taking away. Lookit. Say you buy a place that has been renovated, but it’s not your taste. You choose this place because the house that needs too much work scares you. But now you’re stuck ripping out that pink granite countertop and those hollow Home Depot composite doors. And what are you going to find underneath it all? How do you know the previous owner didn’t cover up rotting wood or leaky pipes? You don’t. And you’re adding NEW materials to the landfills.
With a fixer upper, you can look at the bones of the place. The original lines of the building. The intricate details and plaster curves that are no longer produced. Try to salvage that stuff! Something can’t be saved? Yeah, it goes in the landfill, but it was made 100 years ago, not 10.
Any questions??
Brooklyn Film Festival. Battle for Brooklyn
The Brooklyn Film Festival commenced this year with a documentary called Battle for Brooklyn. No, that’s not Sarah Palin’s take on the Revolutionary War. It’s the story of love, power, greed, deceit and dedication in the shadow of the Atlantic Yards project.
Power. Unless you’ve been sleeping under a rock for the past 8 years, you know the whole Atlantic Yards/Develop Don’t Destroy story. Personally, I WAS sleeping under a rock in Upstate, NY so although I was reading about the AY news, I wasn’t living it and therefore not following it closely. Basically, it’s the story of a big bad developer (Forest City Ratner) vs. residents of a neighborhood (Prospect Heights) where he wants to build his Nets basketball arena. He used the power of eminent domain to get them out even though this was a private venture.
Greed. Bruce Ratner seemingly had just about every New York City politician in his pocket with the exception of Letitia James. Mayor Bloomberg and Brooklyn Borough President Marty Markowitz went far and beyond their obligations to ensure the stadium gets built. To be clear, the film didn’t say they were getting a kickback from Ratner. I did.
Which brings me to
Deceit. Wow. Okay, here’s what I didn’t know until I saw the movie. B.U.I.L.D. (Brooklyn United for Innovative Local Development) is an organization that backs the stadium project as it will create jobs for the community. Fair enough. As I watched the film, I was sympathetic towards them. At first. Here’s the deal….B.U.I.L.D. received money to the tune of $5million to promote Ratner’s cause. They organized church groups and minorities to fight for their right to bring jobs to this part of Brooklyn. I’m not sure how the volunteers feel about it now knowing they’ve been duped. Now that Ratner’s plan has been severely scaled back, the 15,000 construction jobs that were promised is in reality, about 115.
Dedication. The hero of the film is Daniel Goldstein, the one guy who held out until the end. For seven years, he fought the project while staying in his empty apartment building where all of his neighbors had been bought out. He went to protests, court proceedings and had to have lived every single day of his life under severe stress not knowing where he was going to end up. He got a decent settlement in the end once there was nothing left to fight over. Funny that some people say he did it for the money. I don’t think any amount of money in the world would make me want to live like that. Someone has to fight for people’s rights and he had the chutzpah. Seven years.
So, where’s the Love? At the start of the documentary we see Daniel with a fiancee who shies away from the camera. It’s clear from the start that this woman has no interest in fighting this thing and Daniel makes it known that it’s causing friction in their relationship. By mid movie, we see that activist Shabnam Merchant has moved in with him. They get married (yeah, I cried during that scene) and have a baby all while living alone in the big apartment building that will eventually be torn down.
So, it’s happily ever after, really, because the couple never would have met had it not been for Bruce Ratner. The matchmaker. As momma always told me…there’s a reason for everything.
Rooftop Films will be showing Battle for Brooklyn on June 9th in Ft Greene Park.
Indie Screen in Williamsburg will be showing it on June 11th.
Opens June 17th at Cinema Village.
Adoptapalooza!
Are you thinking of adopting a pet but don’t know where to start? Well, come on down to Adoptapalooza! The event takes place in Washington Square Park tomorrow. The Mayor’s Alliance for NYC’s Animals is holding the shindig and a number of rescue shelters will be on hand with their cats and dogs. Among them, Sean Casey, where I got my bratty Shayna.
If you can’t bring a pet home with you, you can always volunteer or donate, ya know.
Adopt-a-pal (ooza)!
Country Dream Homes Under $300k
Staatsburg. $185k. Nice detail in this 1900 Craftsman on a quarter of an acre. 1764 finished square feet and I can’t figure out if the extra 906 unfinished is the attic or basement.
Oh, my. Hyde Park. $240k. It’s a short sale, meaning it may be a pain to get a loan. If you have $200+ floating around in your pocket, you could make a sweet cash offer. The Culinary Institute is located in Hyde Park. Also, an antiques center and a drive in.
Red Hook. $299k. 8 acres. Need I say more? Oh, the house is cute too.
Red Hook. $299,900. You think the house is nice? Check out the in ground pool. All this on 5.9 acres. I’ll go in with you.