Home for Sale at 7550 N Broadway, Red Hook, NY 12571

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7550 N Broadway
Red Hook, NY 12571

Karen Volino with Houlihan Lawrence, Inc. - Rhinebeck, original listing - 473-9770

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Property Details

List Price:	$1,200,000
Beds:	--
Baths:	½: 3
Status:	Active
SqFt:	1679 Square Feet
Agency:	Houlihan Lawrence, Inc. - Rhinebeck
Agency Phone:	876-4443

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Description/Comments

Lot Size:	0 acre(s)
Property Type:	Commercial Sale-Other
Year Built:	1927
Notes:	The Historic Village Diner is a well-known local landmark that has been continually operating for over 40 years. An original Silk City Diner, built in Patterson NJ in 1927, that is a prime example of early-twentieth century American roadside architecture. This American icon was the first diner to be placed on the National Register of Historic Places in NYS and the 4th in the country. The sale is turn-key and includes the business, furnishings and fixtures. The attached kitchen has plenty of storage, a walk-in refrigerator and freezer, basement with office, private parking lot with 18 spaces. Seating for 70 includes the separate dining room. Very well maintained, in the village center, close to Taconic Parkway, Kingston, Rhinebeck, Bard College, parks and many points of interest. It's been featured on numerous local and national publications, Food Network, Transatlantic Diner show, TV shoots and commercials. Very strong numbers, good cash flow, and room for growth. Connected to newly expanded sewer district, new HVAC system and compressors. An opportunity to become a part of a vibrant community that is rich in history with deep roots and own a piece of Americana.
MlsNumber:	--
ListingId:	156544

Listing Provided By:	Houlihan Lawrence, Inc. - Rhinebeck, original listing
Phone:	473-9770
Office Phone:	473-9770
Agent Name:	Karen Volino
Disclaimer:	Copyright © 2025 Columbia Greene and Northern Dutchess MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

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Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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