elgato
Joined: 24 Feb 2005
Posts: 17240
Location: Texas
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| Posted: Fri Feb 18, 2011 2:30 pm Post subject: Craigslist used in real estate scams |
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THOMAS WARNKE found his house on Craigslist, and he knows how odd that will sound to some people. "Normally one goes to Craigslist for used bikes and rentals, not properties in the hundreds of thousands," said Mr. Warnke, 43, an architect who moved here from Germany 11 years ago. "And, of course, I was aware that for some other things it could be seen as a little sketchy."
But Mr. Warnke had become frustrated with more-conventional means of finding property -- looking with brokers and searching real estate ads -- particularly after seeing a deal fall through when the sellers decided at the last minute to raise the price of a house he was buying. And the standard real estate listings offered nothing near the area he had his heart set on: the still-undeveloped waterfront in Red Hook, Brooklyn.
So three years ago, when he saw an ad on Craigslist for a "Charming 2 Story Carriage House" for $775,000, two blocks from the water in Red Hook, he was intrigued. And because he was an architect, the cautionary phrase "needs TLC -- get your architect ready!" only served as further enticement.
When he went to see the 1899 building, he was equally undaunted by what surrounded it: the vacant lots on either side, the large expanse of overgrown land behind and the neighboring house that appeared to be collapsing.
He quickly made an offer, buying the 2,000-square-foot house for $760,000, and moved in.
The ground floor, an open garage, was uninhabitable, but the cramped apartment on the second floor was livable enough while he completed plans for the renovation -- most of the time. "There were three nights when the roof was open and it poured with rain," he said. "So that was unpleasant."
The idea he came up with was simple: a contemporary version of a vacation cottage in the city. "Since I can't afford a summer house, I thought, why not do it right here?" he said.
The work cost about $200,000 -- $100,000 less than it would have if not for the discount offered by a young contractor eager to land the job.
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