Sienna, Home Buyer in Brooklyn, NY

I am searching for a $400-$450K one family townhome in the 11215,11216, 11213 areas. Can a foreclosed property be found and restored in this range?

Asked by Sienna, Brooklyn, NY Sun Jan 31, 2010

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You mean a total cost of $450,000, including renovation? For a brownstone or Federal townhouse? (We don't call them townhomes in New York, we call them townhouses.)

I don't think you can buy a whole multi-story townhouse AND renovate it in any of those areas for $450,000 total. 11215, Park Slope, is the most expensive of the three zip codes--so, especially not in Park Slope.

Construction in New York City is really expensive compared with other parts of the USA. Your reno costs could easily be $400,000 for a whole townhouse. This is an easy area to get into money trouble with, so I hope you proceed with caution.

However, you can sign up for REO/lis pendens filing info from propertyshark.com and monitor what properties are available, and see what you think. Hard money loans are out there, as Barry suggests.

Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty, LLC
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell and text messages
(212) 688-1919 fax
kharby@rutenbergrealtyny.com
http://www.rutenbergrealtyny.com/agent_details.aspx?agentid=51888
0 votes Thank Flag Link Sun Jan 31, 2010
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