This is the most fabulous pick ever — 1105 Jefferson Avenue is on a tree-lined block with no crappy new houses, near lovely historic Bushwick Avenue, and is packed with original interior details. It’s a huge two-family with perfect moldings, trims, thresholds, and look at that fireplace! With some elbow grease and a good plumber you could turn this into a decent place to live in a short time, and at this price it’s a genius move. And three baths might mean it has a finished basement apartment. Extra cashflow.
1105 Jefferson Avenue | $325,000
3600sqft | 20ft-wide | 2-family, 3ba | frame
Halsey J
andrei April 15th, 2009 at 11:39 am
beautiful – the potential is spine-tingling – any chance to finance this gem with no job and no down-payment???
Jeremy Sapienza April 15th, 2009 at 11:48 am
Yeah, you could talk to some fat dudes that wear gold chains up in Ridgewood.
Jimmy Legs April 15th, 2009 at 1:45 pm
aw, this was just bought in 2006 for $450K. damn that price now is $90/square foot, supercheap! did they have squatters or something? seems to be a lot of garbage piled up, but there does seem to be a lot of detail intact. i hate admit it since i paid way more for my house, but it’s good to see prices heading down this way, more people can afford houses (if they still have jobs). one wonders what the sweet spot will be for prices in this area.
Bushwacker April 15th, 2009 at 4:24 pm
Bonafide crack den.
mopar April 16th, 2009 at 4:35 pm
Definitely has potential. You can put down 3 percent and get an FHA construction loan. Wonder how much work it needs. If this has plumbing, electricity, and a boiler, this is a good buy.
I like the blue and white paint job in the parlor. That might be the original faux marble painting on the slate fireplace.
mopar April 26th, 2009 at 10:30 pm
We saw this one. It is absolutely gorgeous. Original layout, decorative plaster paneling decorations in every room, at least three mantels, all in perfect condition. The bathrooms and kitchens are ripped out but that’s ok. There’s just one problem. The roof is full of holes and the water damage is everywhere and has reached the parlor floor. I don’t know what this means — total tear down, maybe? It’s so sad. If this place had a roof we would want it. It’s perfect otherwise. The contrast between the beauty of the building and its ruination is heartbreaking.
Shari December 12th, 2009 at 1:46 pm
A new roof would probably cost about $5000 (for a new membrane) – $7500 (totally new everything) and the water damage inside might be reparable with some new or refurbished flooring, as long as the beams are solid. The key is to remember that as long as the bones are good, the rest can be fixed (even on a budget). And sometimes less previous reno can be a blessing in disguise. I’ve found that properties tend to be more easily fixed when they’re in fairly original condition. $325K is a very, very reasonable price for an entire property in these parts at this point, especially if you’ve got a few units that will provide some cash flow.
I’m a local Bushwick broker and will be getting some new listings soon and setting up a website to show them, so check out Outerspace Realty once you see my ads show up on BushwickBk.
P.S. I think the first time home buyer tax credit program is still happening, so if you have a small down payment and can get a conventional mortgage, you just might be able to get in there for less than $50K.