Monday, January 10, 2011

What a Killer SRO Can Fetch: 52 South Oxford Street

52 South Oxford is one huge place with lots of potential. Especially with all the over-priced SRO's running around out there, and over-priced fixer-uppers like 137 Adelphi. Although it sold for $1.34M in November of 2009, we had to take a look at this exemplar SRO.

On a quaint, tree-lined block in prime residential Fort Greene, this house has plenty of justifiably $2M+ neighbors. 43 South Oxford, for example, closed in July 2010 for $2.54M. It looks like 52 South Oxford was bursting with original details throughout the 6,000 sqft. The interior photos indicate a complete gut renovation may not have been needed, although with that much square footage it's bound to be expensive:

While it is an SRO, the listing claimed it would be delivered vacant and that the "Property has obtained a permanent exemption regarding the Certificate of Non-Harassment". Potential buyers would certainly have wanted to clarify how that's supposed to work. However, given the huge size and potentially-simpler SRO status, this may still compare favorably to 138 Prospect.

A Lis Pendens in '08 was followed by a listing for sale at $1.895M in April of 2009, before dropping to $1.5M in August of 2009 and closing in November.

Pro's: size, great neighborhood-y block, lots of original details, roof deck possibilities, many neighbors are way pricier

Con's: SRO status needed resolution, looks like an apartment building to some - rather than a home, hefty renovation budget needed

Ideally: this is a good archetype to follow for those distressed, pricey places out there.

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