I grew up in Bedstuy or as some are currently calling it, Stuyvesant heights (please!). There are many beautiful brownstones and you can most likely find another property without the hassle. Good luck.
There's alot to consider financially, so you have to take be extremely careful.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I'm with Mark Kerr on Bed-Sty, the area has so much going for it. From an investor's viewpoint, you want to buy low and sell high, not the other way around, which is why this strikes me as such a good purchase--*potentially*.
The key is this: You must, must negotiate strongly on this purchase price because the adjacent house affects the value of the one you are interested in. This will also apply to you, of course, when/if you become the owner.
But-- if you buy at a price as if that dumpy house weren't there, you are overpaying. You don't want to do that.
You are, I hope, looking for a long-term investment as well (at least 5-10 years of ownership).
The other thing is, you want to research the house next door as thoroughly as you can. I would knock on the door and speak to the tenants, find out the underlying story. Hang on the block at various hours, see if there are parties on the stoop that you couldn't live with. You can even stop by the local police precinct and ask about the house. Sometimes there's a simple explanation for the DOB problems and you know it's not something that's going to last forever.
I say all this because, if Bed-Sty is the up and coming place a lot of people think it is, then the economic pressure will ultimately force the house next door to improve, one way or another. It will get sold, or fixed up.
Karla Harby VP
Rutenberg Realty NYC
That sounds a little scary to me and I have several thought to share with you. First of all did you make an offer and did it get accepted. If you have not made an offer and/or it has not been accepted it is a moot point because without first having an accepted offer you will not be buying the house anyway. If you did make an offer or will be making an acceptable offer, here is my thinking....
1) You need to hire you own inspector to check out the house, Don't go by what the previous buyers inspector said because obviously they did not buy the house anyway and besides you do not know the inspectors qualifications. When you hire your own inspector they are obligated to protect your best interests. Make sure they are licensed and it also helps if they are licensed engineers.
2) You can go to the NYC Department of Buildings web site and punch in the address to see if there are any outstanding violations on the property, here is the link to take you there:
3) If you do buy this house any problems with the neighboring property will increase ten fold once you move in! Be very, very careful!!
If you want to give me the address I can do more research for you. If I can be of further assistance please let me know. Feel free to contact me anytime and good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
I suggest a couple of things:
1. Did you actually see a copy of the potential buyers inspection report or are you going with what the listing agent says about the property? I would suggest conducting your own inspection as there may be other issues with the home which you are not aware of.
2. If this property has been neglected for a number of years, it probably will not be recitified anytime soon. Think of your quality of life there; would you be willing to put up with neighbors who appear not to care about their property? Who lives there currently? Maybe you might wish to walk around the street and if there are any neighbors outside, inquire with them about the neglected property to obtain more information and learn what the neighbors think.
Hope this helps.
Prudential Connecticut Realty