{"id":15872,"date":"2013-04-24T14:00:34","date_gmt":"2013-04-24T18:00:34","guid":{"rendered":"http:\/\/upstater.com\/?p=15872"},"modified":"2013-04-24T11:02:15","modified_gmt":"2013-04-24T15:02:15","slug":"buyer-beware-the-pitfalls-of-buying-castles","status":"publish","type":"post","link":"https:\/\/upstater.com\/buyer-beware-the-pitfalls-of-buying-castles\/","title":{"rendered":"Buyer Beware: The Pitfalls of Buying Castles"},"content":{"rendered":"\"1894-armory-amsterdam-ny-ext\"\n

We’ve written about this property several times, each time wondering about the backstory. What’s a renovated, 36,000 square foot armory like you doing on the market for so long? In fact, it was first listed at $2 mill, went down to $1.5 million, and then to one mill when we last wrote it up in January<\/a>, and is now on sale for $895,000.<\/p>\n

The NY Times recently wrote about the family<\/a> that bought it. They expected that they’d be able to unload it, post-renovation, and make a profit, living every New Yorker’s dream.<\/p>\n

“…they moved back to New York, bought a three-bedroom place in Park Slope, Brooklyn, for $565,000 and four years later, in 2005, sold it for $1 million.<\/p>\n

“That\u2019s when the Phemisters decided the time was right to buy a castle \u2014 a 36,000-square-footer in classic red brick, complete with 2 turrets and 134 windows \u2014 for sale at what appeared to be the low-low price of $800,000. They spent $400,000 on renovations, which won them a preservation award, and in 2007 put it back on the market at a price fit for a king, $2 million.”<\/p>\n

And then…the crash. “Unfortunately, as is now widely known, that was when the American economy took a downward turn, and, as Ms. Phemister said, ‘The market for castles in upstate New York dried up completely.’<\/p>\n

“In the five years since, the castle has been taken off the market and put back on several times \u2014 for $1.95 million, $1.25 million fully furnished (including a mounted bison head and 20 stuffed pheasants), $1 million and now,\u00a0for $895,000<\/a>.”<\/p>\n

ThePhemisters still live there, hoping that soon someone else is ready to live like royalty in Amsterdam, NY.<\/p>\n

“We love living here,\u201d Ms. Phemister told the Times. \u201cIt\u2019s just that it\u2019s someone else\u2019s turn to live in a castle.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

We’ve written about this property several times, each time wondering about the backstory. What’s a renovated, 36,000 square foot armory like you doing on the market for so long? 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