House of the Day: 81 Bainbridge

Mr. B,
I don't think you meant to insert "May 13 Open House Picks" as the link you want us to pursue. Not only does the Bainbridge house not appear there, but that thread got completely blitzed with spam.

If the two are common, what's the implication: that the police are dealing drugs? Don't take the bait folks....

Just a warning there is a lot of drug dealing in the area, buyers be careful with that and the unstable market

Duh! Thanks for stating the obvious!

it is worth $500k, which is what the owner paid for it in feb 2005. Not a dime more.

This is a tough market to justify buying an expensive fixer-upper in unless the location is spectacular and the purchase price is really low.

I've been in the renovation business for ten years and my most recent "flip" took much longer to sell than I'd expected.

Unexperienced buyers can expect their renovation costs to be at least 50% above their initial estimates and that it will take them about two years from start to finish to complete a total gut rehab.

In this market, one needs serious cajones to buy a 1 million dollar fixer upper in a borderline neighborhood. I sure as hell wouldn't do it.

I totally agree with you the house is worth what he paid $500k not a dime more the area is not that good

I think this house is worth $175k. Now sell it to me!

okay I do think this house is priced high but I pretty much think that about everything. however, my opinion has nothing to do with "a lot of drug dealing in the area" or it "not being that good of an area" because thats a lie. I think the neighborhood is great and thats a nice street. get over yourselves. by the same token I live on macdonough which is arguably the best street in stuy heights in a beautifully maintained brownstone and there's no way I'd pay 1495 for rent. whoever it was that was pulling those numbers lucked up on some foolish tenants. maybe they'd just moved here from europe or something and didn't know the difference. as far as the rent question I'd say if you make the rental nice you can get 1350 for a 1.5 bdrm and more for a 2 bdrm obviously. rentals are not cheap in stuy heights, obviously they're lower than ft greene but don't fool yourself thinking people are pricing homes near the million dollar mark and getting 1100 for rent thats just ridiculous.

Why would somebody pay over a million for a townhouse in a borderline area like Bed Stuy? The difference between the cost to buy and the cost to rent is so enormous, it doesn't make sense.

There's a direct relationship between a property's rental income and its price. That relationship has been temporarily forgotten in the soaring real estate market of the last couple of years.

this area isn't priced over a million dollars so that arguement is highly irrelevant and the reason you'd pay top dollar in bedstuy is because you're not going to find anything comparable anywhere else for a decent price with the same amount of detail.

"And there is this nasty problem of violent crime, that nobody wants to talk about...."

Donatella, you've obviously lost your senses today. Crime is all we ever talk about when the discussion falls on areas like Fort Greene, Clinton Hill, Bed-Stuy, PLG and Crown Heights. It's so redundant and boring at this stage. Everyone knows that crime is a problem in these nabes - has been for decades and if you don't know then you need to get your head examined. Further, who doesn't factor issues like crime and schools when making decisions on where to raise one's family? It's so retarded that folks on this board think otherwise. Do you think that people have not contemplated these issues before investing $750k-$1mm into these communities or are you simply smarter than everyone else? Don't insult people's intelligence and don't pretend that you or anyone else is providing insights into anything else but the very obvious. Crime and schooling is indeed an issue in these nabes; not always as big as some people would make it and not always as small. With that being said, these nabes are improving fast and many homeowners have done remarkably well by placing smart bets on living in architecturally significant communities that are rough around the edges. When buying in Brownstone Brooklyn, you simply have to weigh the pros and the cons and so far the cons have not dissuaded new families from moving into these communities. Granted, it might be far too great of a risk for you or I to take but it doesn't mean that we are right and they are wrong. To each his own....

We ARE getting those rents in Bed Stuy and it is a lovely area. Period. Have you been there recently? I see more and more hipsters every day, whether that's for better or worse. Obviously, the word is out about Bed Stuy and there is no turning back.
The house looks gorgeous from the photos, but of course the photographer was trying to make the house look good. I just looked back on my "before" shots of my own renovation and it doesn't look like the place needed anything more than a paint job. Of course, it needed to be gutted. My point? You have to see it in person.

That was very well stated Anon 4:51. Thank you.

this raises another topic that is obviously inaccurate in the mind of the masses. you're getting 1495 for rent in bedstuy? who the hell is paying that? I am bedstuy's biggest cheerleader and happiest resident and but as I stated before I'd think someone is a fool to pay 1495 for a 1 bdrm in bedstuy. I've seen 2 bdrm garden rentals for 1400 but I don't consider that comparable. having sole access to a garden and considering the ground floor layout on most of the brownstones you cant compare that to the upper rentals. I just can't believe someone would pay almost 1500 to rent a 1 bedroom in bedstuy. not that its not a great neighborhood but that's just not realistic. although I think using an agent to rent an apartment is just stupid (unless its no-fee), I use the real estate spot on stuyvesant and macdonough to give me a broad idea of what is acceptable in the neighborhood and what's going on around the area and I've yet to see someone posting 1495 for a 1 bedroom even if they're using a broker... that said, I could be wrong. that's just my opinion. if you're getting over on someone so nicely in bedstuy good for you I'm all for making top dollar.

there is a lot of crime in fort greene!? wow thats news to me

Over a million includes the cost to renovatate . . . I guess my argument is perfectly valid.

I don't mean to diss Bed Stuy, but it other suburban parts of this country a nice house on a good sized lot can be purchased for less than 300k.

Why pay huge bucks to live somewhere that's potentially dangerous after dark and as of yet has few ammenities?

Do you really think the neighboorhood will change that fast?

In "other suburban parts of this country a nice house on a good sized lot can be purchased for less than 300k."

This comparison has absolutely no role in this discussion. It compares apples to oranges.

"There is a lot of crime in fort greene!? wow thats news to me"

Get your head out of the sand and stop living in La La Land. Though somewhat isolated, Fort Greene has a serious crime problem. Who are you kidding? The Whitman and Ingersol Houses are two of the most crime plagued housing projects in the city. Attend the 88th Precent Community Council meetings and get informed. Ignorance is not an excuse. With that being said, despite these drawbacks, FG is a great community. My favorite in Brooklyn.

I agree whitman/ingersoll houses better know as Ft.Greene projects are the worst in the City so anyone who does not think so should walk down Myrtle ave cross carlton and let me know what think if they don't get shot.

mcteague - I don't own I rent and I pay 1350 for a 1.5 bedroom so your rant about not knowing the rental market and will and blah blah blah is for the birds. I think 1400 is the ceiling. I don't believe what you are renting is representing the norm in the nabe. my apartment is GORGEOUS to say the least two WORKING fireplaces, beautifully restored wood floors spacious with loads of details and obviously macdonough is tree lined (the greenest block in brooklyn for years, in fact). I stand by my initial comment, your tenants are fools to say the least to pay you 1495 for rent. you're either lucky, lying, or proving to us all that there's a sucker born every minute.