Real Estate: 95 Overlook Place $34,900

95 Overlook Place Newburgh NY

This house in the Heights is in foreclosure. It is about three blocks away from the bluff, but still worth a look of you want to be within walking distance. The price is also eye-catching since the home sold for $120k back in 2005. Everything needs to be replaced, and this is another 2-family home that will probably do better as a 1-family home. For a person who is handy this could be worth a look. It looks habitable while you do the work.

95 Overlook Place Newburgh NY (Brian Smith, River Realty)
Asking Price: $34,900
Year Built: 1900
Size: 1,908 sq ft
Neighborhood: The Heights
Taxes: $5,722
Distance to NYC: 58.1 mi, 1 hour 9 mins
Public Transportation: MetroNorth to Beacon, then take ferry across
Closest Roadways: 9W, I-87, I-84
Google Map




7 Comment

  • It’s not a matter of price any more in Newburgh as the carrying costs has surpassed the principal and % of the average mortgage. A home which up until just a few years ago had a cost advantage relative to other areas and/or renting has become a liability as the return on investment for the individual home owner, aka taxes relative services provided, has diminished. The large ‘own to rent’ funds and the small spec buyers are bailing as well because even the smallest profit margins have diminished and there is a realization that their capital has become a money grab. Watching the work session meeting last night, I expect things to get worse as the ‘City just doesn’t seem to have the energy nor the will to make the numbers work. When there are diatribes on whether or not the ‘City needs a ‘tree count’, ‘journal subscriptions’, ‘4g vs 3g’, etc. without meaningfully addressing the ‘big ticket’ item, well, we’re toast imo.

  • I Agree.
    Does anyone in City of Newburgh realize that with taxes this high, the homes are not viable? Paying taxes is not a sound investment and will lead people directly into poverty!!!!!
    I suppose that the home needs a lot of investment. Guess what? That is not available as a bank loan. That requires your cold hard CASH. And it is not the best investment.

    Why should a home with no plumbing inside not qualify for an IMMEDIATE tax holiday. None of this waiting til May to get the taxes adjusted. If the home is historic and no kitchen or bath or if it has been abandoned, the taxes should be reduced AT CLOSING. The sale just proved that the market price used to value it for tax purposes was not correct. I think that people who have bought at low prices and had to pay taxes for months at inflated values should class action sue for the over charging. Makes me furious that the NYC billionaires pay a fraction of what is asked from City of Newburgh residents and businesses.

    • Why a tax amnesty to a few, and why a ‘claw back’ ? The issue is the disconnect between the price paid (taxes) in exchange for services received. A buyer of 89 Overlook receives the same level of services as I do and the tax is fully disclosed before the sale. An amnesty for newbies only offers accessibility in the short term and does not address affordability in the long, it’s just another means of fast-tracking a segment of the populace into the tax rolls.

  • Edit: 95 Overlook

  • This is what is really keeping me from “diving into” the real estate market there. I have a fear that the taxes will end up being a complete drag for me and that those monies would be better spent making more improvements to property. I thought that there was supposed to be incentives to buy in Newburgh to restore the city? Has this gone by the wayside? Or is there so much red tape that it is practically impossible for someone (unless they have alot of time and patience) to go through the process?
    My initial posting was regarding advice about living there and the transporation to and from NYC (weekdays). Is there such a scenario where it is viable to buy a property there and not have to go through the process and be left with a bitter taste in one’s mouth?!!!

    • Why look to move the ‘goal posts’ ? The lack of a real demand for individual housing has many municipalities passing the costs of operating at a bare minimum to an increasingly smaller pool of willing and able payers. Inflated legacy systems never adjusted to reality, so prices, depending on locale, will eventually ‘correct’ further as the market reacts to this. Newburgh’s demographics exasperates the condition, i.e. the 20% decline in tax collections (one thing propping up the City’s property values is the floor set by .gov subsidies, imo). It’s a double-edged sword that offers deflated prices to the potential home buyer but leaves municipalities with no choice but to adjust their cash flow to the realities of ‘the game’. “Incentives” only ‘work’ on the way up and to date they’ve only been a futile attempt to ‘push’ demand forward. The “process”… that’s a heads-up to what is an equivalent of gathering pennies off the track.

  • Newburgh really has to change the tax system and completely redo the structure of public services.