Ironboundian t1_j51cr6b wrote
Very gorgeous except it will need a gut renovation of probably $400k
GhostOfRobertTreat t1_j51jhuh wrote
And it won’t be worth $1 million. The highest a single-family has sold for, all finished inside and ready to move in, was $832k last year. With interest rates where they are now, it’ll be a while before any of the corner mansions break that.
Professional_Heat_73 t1_j51oaet wrote
So I’m wondering if the ppl buying these homes over $800k are paying cash, and if they’re immune to rising rates. The house on the corner of Ballentine and Lake St just sold for $800k and is in way better shape than the house that sold for $820k on the corner of Delavan and Parker. I don’t have the answer here, but I could see a contractor paying $500-600k for this one and remodeling it.
Look at the brown house on Elwood, it sold at the start of Covid for $350k (total remodel needed); it sat for a year or so and was sold for $600k with no work being completed on it. Interesting to watch!
Ironboundian t1_j5209pz wrote
look at those outlets IN SIDE OF the beautiful decorative molding near the floor in all of the rooms. A dead giveaway that the electrical is original knob and tube and needs to be totally gutted.
OpportunityPlayful70 t1_j5mybrn wrote
Although I think you’re right, its possible that it could be BX; I’ve seen both installed in baseboards
gearheadsub92 t1_j52d7ll wrote
That’s it?
I’d really love to see what it could look like in the hands of someone with 800k extra to throw at after purchase. Won’t happen, but damn it could be beautiful.
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