Don't Panic...

Problems Unknown

Mrs. Reno and I are all about buying fixer-uppers for a couple reasons: they're still somewhat affordable by NYC standards, and there are some real gems out there. Before the subprime mess, the easiest part of buying a fixer-upper was getting the financing and closing.

But fixer-uppers are a challenge. After you close, the house is in your hands with all its defects--known and unknown. Most people imagine that they're going to hit the ground running and begin renovating ASAP. But, typically, it's not so easy. Usually you'll find that there are plumbing, heating, and roofing issues that your engineer and inspector conveniently missed. You'll also find that the seller didn't leave enough money in escrow to cover the problems you've discovered.

Resolving these problems will eat up your time and a whole lot of your money. If you're trying to renovate quickly for rental income, prepare yourself to pay your mortgage for a couple months before you can take a break. For example, when Mrs. Reno and I brought our brownstone we discovered that the roof, which the seller agreed to fix, was leaking because they used large nails to fasten the asphalt roof. Never assume that what you agree to at closing will actually be done as you asked. Our assumption about our roof cost us about $1500.

When unexpected issues pop up, don't panic. Take your time to resolve them even with the threat of months of mortgage looming over your head. In the long run, it'll pay off.

Cheap Links

1. A Tour of the Shaker House Condominium (Bed-Stuy Blog)
2. Remodeling Shakes It Up in Bed-Stuy (NY Daily News)
3. Video: Fixing a Clogged Drain (Brownstoner)
4. Which Blocks in Bed-Stuy Are the Nicest? (Brownstoner)
5. How Can I Hide These Security Bars? (Apartment Therapy)

Halsey Street, Condo Haven?

The Condo-ization of Halsey Street

Over the past few weeks we've noticed two browstone/townhouses turning condo on Halsey Street, between Bedford and Marcy Avenues. Over the weekend, we saw 83 Halsey Street, and today we noticed an ad for 145 Halsey Street. Both these buildings were featured and discussed on the Bed-Stuy Blog.

We went to an open house at 83 Halsey Street on Saturday. This four story brownstone has been divided into four condo apartments listed at market prices: $499,000, $445,000, $655,00 and $625,00. Prices aside, each apartment featured some pretty nice perks: gas burning fireplaces, stainless steel appliances, decks for the higher floors and private backyard entrances for the lower floors. The investors also went to a lot of trouble to preserve the wood detailing, such as the original sliding doors and stained glass windows. However, there was a downside: the bathrooms were really small, and the garden apartment features a standing shower. The tiling and fixtures in the bathrooms were no show stoppers either. According to Property Shark, 83 Halsey Street LLC, brought the building for $630,000 on February 23, 2006. The apartment on the top floor, a two bedroom, two bath, is already under contract at $499,000.

145 Halsey Street (http://www.145halsey.com/ ) which was purchased in 2005 for $710,000, boasts that each sun-filled condo has three rooms, eleven foot ceilings with elaborate crown moldings, modern chandeliers with original plasterwork medallions, original fireplaces, pine flooring, a restored original bathtub, stainless steel appliances and cherrywood finish cabinets in the kitchen. There's a showing this weekend from 12:30 to 3:30 p.m.

What does this mean for long time residents on this street? Will these condos help boost property values? Will renters be priced out?

83 Halsey Street is between Bedford and Nostrand, where some of the largest and most well-kept brownstones in this part of Bedstuy can be found. My guess is that many of the owners on the block could care less, and probably welcome the condo and the change it represents as it will only increase their property values and the likelihood that they will recieve top dollar for their homes.

145 Halsey is on a nice, but different block: the brownstones are slightly more narrow and several of the owners are new. There are also several kinds of browstones on this block-- some are traditional brownstones, others are brick/brownstone combos and there's a really big conversion project going on at the corner of Halsey and Marcy. Time will tell what change will bring to this strip of Halsey Street, but either way, I'll be around to let you know the deal.

145 Halsey Street

Cheap Link: Make Those Wires Disappear

Try this trick from Instructables and your desk will be clear of wire clutter in no time.

Slideshow: A Walk Through Prospect Park

The Fall Colors in Prospect Park

A few weeks ago I took a walk through Prospect Park. The fall colors were so beautiful, I had to take pictures to share with you.

Click here to view the Prospect Park slideshow.

SlideShow: Prospect Heights

Click on image to view the Prospect Heights slideshow.