This is a great home in a great location that has been really beat up over the years. A lot of people have had their eyes on this property, but never have had the chance to look inside until now. Time has not been kind but these old houses are strong. There are plenty of details that remain that could really shine with some attention. Just next door is the Fullerton Mansion and across the street is the Monell Mansion, now being called the Orchard House. It is very unlikely that a rehab loan could be obtained for this property. You will need cash, and that is why it is so difficult to see these homes restored. Hopefully the right person will come along.
295 Grand Street, Newburgh NY (Foreclosure)
Asking Price: $64,900
Year Built: 1835
Size: 3,892 sq ft
Neighborhood: MGL
Taxes: $
Distance to NYC: 55.7 mi, 1 hr 2 mins
Public Transportation: MetroNorth to Beacon, then take ferry across
Closest Roadways: 9W, I-87, I-84
Google Map
This sold a couple of weeks ago. The new people have already moved in.
Thanks, still a treat to see inside
Rehab loans require that the borrowed amount allocated to the actual rehab will increase the property’s value by the same. The ‘City’s assessment of this property in its current condition at $247k is counter intuitive to the rehab loan’s initiative in that it artificially inflates the value in order to obtain tax revenue while it sits rotting. If you’re a loan institution you want to know that the buyer can cover taxes on a newly assessed $347k property and, if they can’t, can you recoup. As well, the rehab program requires a licensed contractor(s), a fee that the city manager has expressed is an added inhibitor.
Btw, what’s up with the “Orchard House”? All is quiet.