Buyers sacrifice location for large homes

New York /
Jun.June 18, 2009 09:16 AM

Some buyers have found large homes in their price range because of the properties’ undesirable locations. Kathleen Hulser, a curator for the New York Historical Society, bought a four-bedroom summer house in Cornwall Bridge, Conn., for $255,000. However, about 20 feet away from her house are train tracks, where a freight train passes every morning, and next door to the home used to be a Superfund site. Hulser said the train is no worse than the air and noise pollution in Harlem, where she lives during the week. And Eridania Diaz bought a crumbling 10-room home with a wrap-around porch, fireplaces and spiral staircase for $350,000 in 2004. The catch is that Diaz had to spend almost as much as the sale price to renovate the home, and it sits in the Bronx neighborhood Highbridge, one of the city’s most unsafe areas, according to the police department. Diaz, a landlord, recently put the home on the market since the downturn has left many of her tenants unable to pay their rent, and she plans to move into a smaller home in the neighborhood when she sells.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
Innovo Property Group CEO Andrew Chung and 1110 Oak Point Avenue 1110 Oak Point Avenue. (New York Expo Center, Innovo)
Innovo Property Group aims to raise $140M for Bronx industrial site
Innovo Property Group aims to raise $140M for Bronx industrial site
G&M Realty's David Wolkoff (Getty, 5Pointz LIC)
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Greenwich, CT closed 200 transactions in the first quarter. (Getty)
Greenwich home sales double and hit 16-year high countywide
Greenwich home sales double and hit 16-year high countywide
132-05 Avery Avenue, 902 55th Street in Borough Park and 750 Grand Concourse. (Google Maps)
Three landlords slapped with six-figure fines for carving up buildings
Three landlords slapped with six-figure fines for carving up buildings
Brookfield’s Bankside rendering and CEO Brian Kingston (Brookfield, ArX Solutions)
Brookfield’s $190M loan for Bankside tops February outer-borough list
Brookfield’s $190M loan for Bankside tops February outer-borough list
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...