Insta-sale

Brother Gideon listed 40 Halsey Drive last week for $995,000. It’s an old (1948) Havemeyer original on 0.39 acre in the R-7 zone, with a FAR of 6,000 sq..ft., so he expected builders to come in, but he reports that most of the many prospective buyers who viewed it over the weekend intended to renovate. That speaks, I think, to the lack of inventory in this price range.

Anyway, demand was high, it went to “highest and best offers” Sunday night and multiple bids came in, most of which were above ask. The winner was declared on Monday and signed contracts finalized today.

Of interest, perhaps, is that this house sold for $797,000 in 2003 (and yes, back then, Gideon sold his own listing to his own client, and has now sold it again — this place is an annuity for the kid) and that buyer’s been renting it out ever since. So decent rental income for 17 years, plus depreciation; it worked out well as an investment property.