The townhouse at 465 West 147th Street, between Convent Avenue and Amsterdam, is one of the lowest priced homes in West Harlem but has had a problem moving off the market in the past two years (even though it has been listed as low as $380K). The first major issue for the 19 foot wide, 3,268 square foot home is that it is a fully occupied SRO building. The second major problem is that it will probably need a complete gut rehab to get it converted into a 1-4 family home. The location is slightly outside of the Sugar Hill historic district and there's not much to do in this part of town. Transportation-wise, the express A,B,C,D train is only a block and a half away. The asking price is now at $500K and has actually gone up in the past week. Did anyone look at this one? Photo by Ulysses
Thursday, May 13, 2010
☞ DWELL: 465 West 147th Street Townhouse
The townhouse at 465 West 147th Street, between Convent Avenue and Amsterdam, is one of the lowest priced homes in West Harlem but has had a problem moving off the market in the past two years (even though it has been listed as low as $380K). The first major issue for the 19 foot wide, 3,268 square foot home is that it is a fully occupied SRO building. The second major problem is that it will probably need a complete gut rehab to get it converted into a 1-4 family home. The location is slightly outside of the Sugar Hill historic district and there's not much to do in this part of town. Transportation-wise, the express A,B,C,D train is only a block and a half away. The asking price is now at $500K and has actually gone up in the past week. Did anyone look at this one? Photo by Ulysses
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The other problem with the property is the broker. Their broker flat out refused to show it to us because we came through another broker. You can't do that and be part of REBNY. The seller needs to get a new broker.
ReplyDeletePlus, I'm sick of seeing this townhouse come through as a "new listing" EVERY WEEK...
Personally, I wouldn't touch that place with a 10 foot pole.
This is going to be a tough one .... location is not great, and one has to wonder one would even get one's money back after you put the money into it - the legal hassle of trying to get the tenants out + rehab costs. If it were in a prime location maybe, but it'll be tough here.
ReplyDeleteI have walked past this house on a regular basis. I have seen the Parlor floor window fixed a couple of times now. You have to wonder what is going on that the window is shattered on a regular basis. Is it a crazy tenant, or is it the kids in the apartment building across the street.
ReplyDeleteWithout seeing the interior, just knowing it needs a tremendous amount of work plus that it's a fully occupied SRO- I put the value somewhere in the 200-250k range. There is no way it would sell for that if the Broker's Price Opinion (BPO) required for the short sale says the place is worth 600k or more. If they want to sell this- have them do a new BPO and I bet it sell fast if it was valued appropriately.
FYI- since I have been watching this property for awhile from the internet- it was once priced at $250,000.
ReplyDeleteApologies- I should have wrote it was priced at $250,000 within the short sale period of the last year or so.
ReplyDeleteThey should just sell it at auction. The owner bought it for $1.5 million in 2007 and my guess is the bank owns it now.
ReplyDeleteThe building is not fully occupied. Only half of the building is occupied. Two floors were locked down by the City to get the drug merchants out. It's not owned by the bank, yet. Short sale remains an option - although the prospect is unattractive to the average buyer without experience with the various issues presented to get the place up and producing rental income.
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