The first foreclosed home renovated by the city under an innovative neighborhood-stabilization program has come on the market for a modest $280,000 — but it’s in a Staten Island area where even that price might be a tough sell.
The two-family unit at 8 Grove Place in the Port Richmond section is one of dozens that the city’s Department of Housing Preservation and Development plans to fix up as part of a $58 million project announced last year and funded partly by the federal government.
Four years ago, at the height of the real-estate frenzy, the home changed hands for an astonishing $590,000.
“We had to do mostly cosmetic work,” explained Salvatore D’Avola, executive director of Restored Homes, the nonprofit overseeing the renovations for HPD.
The city bought the house in foreclosure for $230,000, below the appraised value.
Just two doors down, at 12 Grove Place, another home with the same square footage on a larger lot is for sale at $325,900. But next door, at 6 Grove Place, property records show a home with an estimated value of $309,000 went for a measly $155,000 in February.
Lou Berardocco, a broker at Dynasty Real Estate, said the sale price is “about average” for the neighborhood and should attract interest “as long as they’re negotiable.”
A list of all the available properties can be found online at http://www.neighborhoodrestore.com/homeowner.html.
