Staten Island House for Sale (Brighton, Henderson: apartment, to rent, houses)

[amtsoccer318]

We have an opportunity to buy a home on Staten Island for 300K. The home is energy efficient, brand new construction.

Details:
3 Bedrooms (Master has walk in closet)
Living Room
Dining Room
Kitchen
1 and 1.5 bathroom
Attic
Small Yard
In addition, the home has a side apartment to rent out which is:
1 bedroom
1 bathroom
Living Room
Kitchen

This home is worth about 400K but due to subsidies for the house the cost comes down. Also, they are covering closing cost. The reason they are giving subsidies, this is a project on Staten Island to try to bring a not-so-great neighborhood up. Across the street from these houses is a huge park with brand new fields. Behind the houses though are newly build NYCHA homes (with stronger requirements to move in one of these NYCHA homes compared to other NYCHA homes).

Just wanted to see outside opinions..

[PortRichmonder]

This is just a wild guess, but is this the Markham Homes-West Brighton area? If not, what area is it?

[amtsoccer318]

Originally Posted by PortRichmonder

This is just a wild guess, but is this the Markham Homes-West Brighton area? If not, what area is it?

Yes it is.

[bluedog2]

How do you know the house "is worth $400,000" and that the adjacent NYCHA homes "have stronger requirements to move in compared to other NYCHA homes" ?????

A house is only worth what someone is willing to pay for it.If you pay $300,000 for it it's worth $300,000,not $400,000.

[Henna]

I imagine the subsidy comes with some stipulation that you stay for 10 years before selling? Or something like that? Have you checked the contract?

[PortRichmonder]

Originally Posted by amtsoccer318

Yes it is.

There's a handful of these kind of house offers around where I live that nobody has touched for years and counting.

As far as this house, I mean, everything sounds decent from a size and money standpoint but it all comes down to perspective. West Brighton as a whole isn't the worst neighborhood (a few would disagree) but it's far from the best, and that specific area (Henderson, Broadway, Alaska, Castleton, etc...) is by far the worst part of the neighborhood. With that said, I personally don't think the area is the absolute pits, but that could just be because I live in a just-as-bad, if not worse area.

If you can tolerate the social issues that plague the area and feel you and your family can lead a peaceful, happy existence there then go for it. But don't do so thinking that all these subsidy offers are going to bring the neighborhood up and in 10 years you're gonna have a real gem on your hands. A lot more poor people are moving on to Staten Island than are moving off (or so I've read) and 90% of them cluster in North Shore neighborhoods like West Brighton.

I hope I don't scare you. Again, I don't think the area is hell on Earth, I just don't want you to be expecting something that isn't going to happen. Best of luck though. Keep us posted.

[NYChistorygal]

PortRichmonder makes some very good points. This area has always been rough and always will be. If you can live with it just the way it is, then fine. Do NOT expect the neighborhood to get better. It won't.

[jcoltrane]

Originally Posted by bluedog2

How do you know the house "is worth $400,000" and that the adjacent NYCHA homes "have stronger requirements to move in compared to other NYCHA homes" ?????

A house is only worth what someone is willing to pay for it.If you pay $300,000 for it it's worth $300,000,not $400,000.

Never more truer words said!

[Clare M]

Be Wary

[DaddyJM]

I have lived on the Island for 25 years and know that area very well. I will put it like this... If i was spending 300k that area would not even be considered. Not bottom of the list, I'm talking not on the list. I wish you luck on your search,