All Forum Posts by: Paul Bergagna

Very valuable information gentlemen; many thanks!

Yes, per my numerous conversations with Zoning and Planning officials, it is permitted.  Granted it's not formally approved yet, but the code has provisions for the change of use given the age of the structure (over 50-years old) - it's grandfathered in.  

Hmmmm, I haven't looked at it as you are.

The primary home also has a garage.  The free-standing building is can currently be used as a garage or storage shed.  Regardless, it's in rough shape and requires some structural upgrades, and a new roof in the near term.  Figure $30,000 renovate/upgrade it as a garage/storage unit.

So what you're saying is that the house would be more valuable/marketable if the ADU was a useable garage (figure all in basis of $780k) rather than if it was a livable space/rental or studio (all in basis of $850k)?

 Just trying to see this from all angles.

With respect to comping it, yes I think that may be difficult. I do however, think that it would present a very unique opportunity for a buyer with children whom wants to relocate from the city (easy commute in) and perhaps have additional rental income, OR move the in-laws into the ADU. I see lots of this in my condo in Brooklyn where many young families relocate their parents from abroad to help with the children. Just a thought there.

As a rental, even on the low side, figuring $2,000/mo for a $100k investment in Greenwich, ain't too shabby IMO.  No?

I'm located walking distance to the Greenwich train station, right around the corner from Equinox.  

I have an 880-sf free-standing garage that I can legally convert to a separate unit.  Lot is about 0.25-acres with plenty of FAR.  Conversion of the structure to this new use is permitted as the structure is grandfathered under the code.  I'm guessing when all is said and done it will cost around $100k for the conversion, perhaps a bit more should I run into issues with rock in the ground when running utilities. I could turn it into say a nice 1-BR with garage or smaller 2-BR apt.  I'm still conceptualizing all of this.  

I'm thinking about a few options:  1) Airbnb it, 2) rent it out, 3) sell my house (with this new unit) or 4) convert both structures to condominiums (if even possible).

I'm also considering renting out my own house too (single-fam), ~1,500-sf, 3BR, 3BA. 

For those familiar with this enclave, what do you think these could rent for, and what premium do you think that it would add to the value of the property? I closed 6-months back at about $750k.

Thanks in advance!

Hello - I am looking for a an Architect and Contractor to quote a the remodel of an existing free-standing garage into living quarters.  It's a one-story structure, about 880-sf.  The renovation is permitted under local zoning with a special permit.

Thanks in advance!

Well for most of these the house would have to be owner-occupied to get to 100%; lower for investment or second homes. And technically, you'd only be able to get one HELOC per asset. Most require no closing costs, so I don't see any downside.

I'll soon be closing on a 100% LTV HELOC and thought it might be helpful to the community to list a few lenders whom are doing these. Rates below are generally for credit over 720. Most of the lenders below lend across the US.

• Tower FCU (MD) - No closing costs, P + 1.00%; IO payments
• American Eagle FCU (CT) - No closing costs, P + 2.25%; IO payments
• Nutmeg State (CT) - No closing costs, P + 1.50%; IO payments
• KeyBank - No closing costs, P + 1.86%; IO payments (able to lock in fixed rate on draws)
• Palisades FCU - No closing costs if line is open for 3-years; P + 0.90%; IO payments
• Quorum 
• UBI
• FInex
• Transportation FCU

Thanks for the invite, I'll do my best to attend, however I work in NYC so I'm not sure I'll be able to make it up there in time.

Thank you all, I look forward to networking.  

Amanda - Richard Shapiro in Wilton, CT is the man.   I couldn't recommend him more.