New York Property Hits Market at Attractive $330K Price Point, but Includes Unique Conditions

A property in New York has recently hit the real estate market, priced at a striking 55 percent below the area’s median price for single-family homes, which stands at over $735,000.

Listed at $329,900, this Selden home, located in a central Long Island suburb with a population of around 21,000, is unique for not having a designated bedroom. However, it offers a bathroom, kitchen, dining room, a cozy backyard patio, and an unfinished basement.

Denise Beckman from HomeSmart Dynamic Realty highlighted that the absence of a bedroom hasn’t deterred potential buyers. She emphasized that the volume of offers she’s received indicates buyers are willing to overlook what might typically be seen as a significant shortcoming.

Beckman mentioned that a diverse array of interested parties, including investors, first-time buyers, and those looking to downsize, have shown interest. Most of the prospective buyers considering living in the property are singles or couples.

“Some people just drop by out of curiosity, having seen the listing online, and want to take a look,” Beckman added.

And because of the home’s relatively small profile – 446 square feet of living space – it has an estimated property tax bill of $3,750 per year, according to the listing. 

The home, built in 1930, is laid out in a straight line, with the front door opening into the dining room, followed by the living room, the kitchen and, finally, the bathroom. 

Excluding the outdoor space and basement, the home is roughly the size of a typical New York City studio apartment, usually between 300 and 600 square feet. 

This home, located in Selden, New York, was listed this month for $329,900. It does not have a dedicated bedroom, according to the listing

The 446-square-foot home is laid out in a straight line. The front door leads into the dining room, which is connected to this carpeted living area with a fireplace

The next room in the house is the kitchen, complete with a full-sized fridge and an oven

The last room in the house is a bathroom, which has a door that leads into the backyard patio

For those who feel the space is still too small, Beckman said it would likely be possible to set up a bedroom in the basement. 

To do this legally, the homeowner would have to get a building permit from the Town of Brookhaven, where Selden is located.

To convert the basement into a bedroom, it would need ceilings at least seven feet tall and windows that can be used as an emergency escape. Beckman pointed out that the basement has multiple windows that lead out to the ground level. 

One potential downside of the renovation is that the town would need to reassess the added living space, which would almost certainly increase the home’s property taxes. Beckman said the added value would outweigh any potential tax hike.

‘With a little bit of money in that house, you could really make it quaint. I see it more as the type of house for, say, a medical professional that works 80-hour weeks since it’s maintenance free,’ Beckman said, pointing out that there is no lawn to cut.

Investors interested in the property are particularly keen on adding a bedroom to increase its appeal on the rental market.

Beckman said a landlord could get at least $2,500 per month with that added bedroom. With a consistent tenant at that monthly rate, the owner could recoup the sale price of the house within 11 years.

The current owners, a couple who have lived in the house for years, are hoping the right offer comes from someone looking to start a new chapter in life, not necessarily an investor. 

The home also has an unfinished basement, which could likely be remodeled into a full bedroom, according to Denise Beckman, the listing agent

Beckman, of HomeSmart Dynamic Realty, said renovating the basement would be an easy way to add resale value to the home

Pictured: The fenced-in backyard area of the home

‘They want to see that home go to somebody that wants to have a nice place just for themselves, whether it’s a single or a couple,’ Beckman said. ‘They want nice, fresh young blood and people that are going to love it as much as they did.’ 

Beckman and her fellow agents have shown the house numerous times this week to clients. She will be hosting a second open house this weekend.

‘There’s a lot of naysayers online. The people that say it’s ridiculous didn’t walk through it. They’re those keyboard warriors. When other people walk through it, they understand what they’re getting,’ she said.