House of the Day: 1234 Dean Street
The exterior of this house at 1234 Dean Street in Crown Heights is interesting, and the interior is probably in bad shape but full of old details. Unfortunately, however, the house is still classified as an SRO, even though it’s being used as a one-family residence. Why does that suck? It’ll be hard to finance…
The exterior of this house at 1234 Dean Street in Crown Heights is interesting, and the interior is probably in bad shape but full of old details. Unfortunately, however, the house is still classified as an SRO, even though it’s being used as a one-family residence. Why does that suck? It’ll be hard to finance and a pain in the ass to change the certificate of occupancy. It’s doable, for sure, but we suspect the asking price of $849,000 will need a big old haircut to compensate for the extra hassle and risk in the deal. In its defense, though, this is a really nice block with lots of beautiful houses on it. Still, that’s a lot of dough. What do you think?
1234 Dean Street [Douglas Elliman] GMAP P*Shark
Crown Heights feels gritty to me.
I’m going to purchase this house and use it as a residence for formerly homeless, mentally-ill drug addicts. As we all know, Crown Heights does not carry its share of social service agencies 🙂
Actually, the facts about this house are pretty skimpy, period!!!!!!! So why is everyone jumping to assumptions?
with 1265 dean at 995 or whatever, seems high
again, cool block though
No one said the “one family” living in the building aren’t tenants!!!!!!
My other question about this house would be: can it work as an SRO? That is, if you were going to continue to rent rooms out would a bank finance that? It’s not something I’d personally consider, but in West Philly where I grew up there were a ton of houses like this.
The house is used as a one family- so how hard should a certificate on non-harrassment be without tenants still in the building?
From the looks of the floor plan it looks like the house may not have been horribly reconfigured. Houses in this neighborhood becames SRO’s with a minimum of money put into them. So instead of ripping out details, they often just covered them up. And again, there seems to be a lot of speculation about how bad the interior is or isn’t- since we don’t know, it doesn’t make sense to write scenarios.
That siad- I’ve lived around the corner from this house for years. I love the neighborhood and owuld point out again, this neighborhood has been attractive because of the many long time residents who are homeowners and who worked hard to make it a good neighborhood.
“See, THIS is the part of the market that makes no sense to me.”
As if any part of the market makes sense.
***Bid half off peak comps***
“What do you think?”
$849K(1-fam SRO, are you serious?)/2 = $425K
***Bid half off peak comps***