Bushwick House of the Week: 1372 Madison
1372 Madison is a pretty little two-family on a cute, leafy block right near the imposing gothic Bushwick High. I believe the reason this block and the one next to it are so short — about half a normal block — is that the Long Island Railroad Ridgewood Depot once stood across Ridgewood Place. It has an “accessory unit” *wink* in the basement, like almost every house in Brooklyn. I’m surprised this is a short sale at this price — someone definitely got in way over his head. It’s still a huge house for $540K, and in a very convenient location for commuting.
1372 Madison Street | $540,000
2700sqft | 20ft-wide | 2-family, 9br/3(?)ba | brick
Myrtle-Wyckoff LM
July 30th, 2008 at 4:54 pm
Why are the brokers that list these houses so lame. She’s got six exterior pictures where one would suffice and one interior shot that shows nothing. The description sounds like it was generated by a computer and is littered with spelling and gramatical errors. If this sells whe walks away with something like $25K for her efforts. I just can’t see why anyone would give this broker a listing when she so obviously counldn’t be bothered to do a decent job.
July 30th, 2008 at 6:25 pm
But her name is “Gloria Soria”!
I figure only exterior shots means the interior probably looks like (you guessed it) a “hep of poop”!
July 30th, 2008 at 6:26 pm
I think that brokers are actually all other worldly beings, entirely disconnected from realities–realities which include grammar, spelling, theory of mind, and taste.
July 31st, 2008 at 2:12 am
I think brokers are amazing, people who hate brokers envy the self worth it takes to command a high commission, they are people who think small and feel small but God bless them because it’s the ones that think small who make room for the ones who think big! God bless you!
July 31st, 2008 at 3:59 am
Hmmm, regarding lack of useful photos -
Dr. Photo-Freud surmises that the picture-taker was unable to gain access to the apartment interior because they are currently occupied.
Yah, und the picture-taker’s frustration was so overwhelming, they overcompensated by taking an overwhelming number of photos of the limited area to which they had access.
Ah hah! No charge.
There you go. No charge!
July 31st, 2008 at 9:19 am
I bet Dr. P-F is correct (is he ever wrong?) and don’t you just love his accent (”yah, und …”).
And that being said, I also bet the original lender accepts a bid from a qualified buyer (but are there any left?) quite a bit lower than the asking price to prevent having to foreclose on yet another property in our area.
August 1st, 2008 at 10:49 pm
you guys are in HEP OF POOP for posting this! and on that note, whatever happened to janet corona? i want to know more.
August 2nd, 2008 at 11:11 pm
No interior pictures=the rooms are either a teenie or need a total rehaul. Are we sure this isn’t Janet Corona’s exclusive? She probably has to rep places on the sly since her “embarrassment”.
August 3rd, 2008 at 10:38 am
The broker is bilingual, hence the spelling errors. The sellers are Spanish speakers. They have owned it for 20 years.
August 3rd, 2008 at 10:55 am
Then again, I just checked Property Shark and according to it, the house was sold in Aug of 2005 for $545,000 and the lender was….Indymac. (The bank that went under and the government took over, for those of you not paying attention.)
August 3rd, 2008 at 10:58 am
Maybe not. Prior sales history for this address show it was sold for $410,000 in Sept. 2004 and then sold again for $545,000 in Sept. 2005. Somebody made a killing and now somebody is gonna get killed.
August 3rd, 2008 at 11:01 am
Sorry, mopar. I posted to your response #9 while you were posting your response #10 making my response #11 redundant.
August 3rd, 2008 at 2:30 pm
Sounds like they bought it at the height of the market when properties were overpriced and then the real estate slump started and the value went down.
Add in that maybe it’s bad inside or needs some expensive work done (boiler, electrical, etc.)and the rent barely or doesn’t cover the 545K mortgage.
So their only hope is to just put it back on the market asap before it drains them completely even if it represents a loss.
August 4th, 2008 at 4:00 pm
Well, the owner’s wife told me they’d lived there 20 years. So maybe the “sale” in 2005 was a refinancing? Not sure. But I can tell you the total rental income for the building is $2,500 a month.