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January 30, 2007
Whisper, Whisper: Decatur Is For Lovers (Not Haters)
When we wrote about 100 Decatur Street last week, we said it would be something of an indicator for the Bedford Stuyvesant market as a whole. If there was any truth to that statement (and, hey, we could have just been full of it) then The Stuy is doing just fine thank you very much. According to a tip we got yesterday, the house has received multiple bids, two of them over the asking price of $899,000. Not too shabby (just like those sweet interiors). Word is, though, that the broker's considering holding one more open house to see if she can do even better.
UPDATE: Looks like our earlier tip about the number of people at the open house fell short. It was, in fact, 167 detail-hungry gawkers. There were six offers. The broker has decided not to hold another open house and has asked for best offers by Friday at 5 p.m.
100 Decatur Street [Corcoran] GMAP P*Shark
HOTD: 100 Decatur Street [Brownstoner]
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Comments
The interest in my neighborhood is nice to see. The greediness of the broker (another open house?) is not.
Posted by: Anonymous at January 30, 2007 10:29 AM
The job the broker was hired for (by the seller) is to get best price for the property for the owner.
The brokers self-interest is getting a sale done... another $50k to selling price means much more to the client than the broker.
Quit blaming the broker for doing a good job. If the client has accepted an offer different story - but so far they are just offers.
Posted by: Anonymous at January 30, 2007 10:38 AM
The person who said it will sell quickly and above asking thought s/he might be crazy to even suggest such a thing. I guess s/he was right after all. Congratulations Bed Stuy!
Posted by: june at January 30, 2007 10:39 AM
"The greediness of the broker (another open house?) is not."
Holding another Open House is up to the seller. I wish more people here knew more about RE sales and stop mouthing off on things they know nothing about. If the seller wants to see if they can get more its up to the broker to make that happen. I am certain the broker has more interest in getting a contract signed and moving towards closing instead of trying to squeeze a few more dollars out of a buyer while risking other very good offers.
Stop the agent hatred!
Posted by: anon at January 30, 2007 10:50 AM
I said it would go mid $900s and quickly. I still feel it's better than 371 Hancock. http://www.brownstoner.com/brownstoner/archives/2007/01/371_hancock_get.html
I hope they do have another open house, and someone who hasn't had the opportunity, gets to see how lovely a house it is. And the Seller gets what they deserve. Congratulations to the seller for not trying to push the envelope, but just trying to get "true market value" for their home.
Posted by: NewStoner at January 30, 2007 11:00 AM
371 Hancock? No competition.
Good for the seller! Good for the broker! And, good for me. Comps, baby, comps.
Poor renters - another open house = evicted or raised rent.
Posted by: Bed Stuy's got good cribs at January 30, 2007 11:11 AM
Why shouldn't they try to get the best price they can? Seems they have a wonderful home. Good for them.
Posted by: Anonymous at January 30, 2007 11:38 AM
Dynamite! Good for them. I love that place. So much for the doom and gloom, real estate bust. People want Brooklyn houses - the prettier the better.
Posted by: donatella at January 30, 2007 11:39 AM
for the newbies to the site...like me...can someone tell me what the exact house would trade for in PS, CG, PH, etc..just an indication, of course, so we can understand the perceived value of a particular neighborhood. thank you.
Posted by: Anonymous at January 30, 2007 11:50 AM
i know of several houses in bed stuy that have recently sold for well over the asking prices-with multiple bids. one on greene ave, another on lexington...it's happening-wake up people!!
Posted by: anon at January 30, 2007 12:01 PM
PS=$2.8m
CG=$2.6m
PH=$1.8m
FG=$2.5m
just my rough guesses. A lot depends on the condition of the upper two rentals. And is this the best part of the slope, or lower slope, the best blocks of FG, the front garden blocks of CG, etc.
Those spending $2m will probably want it to be a single family.
Posted by: Anonymous at January 30, 2007 12:01 PM
Lovely house in many respects. But I'm not crazy about the layout. Those floor-through apartments are not self-contained. You have to walk through the common hall to access all the rooms.
Posted by: NeoGrec at January 30, 2007 1:22 PM
most brownstones have a common hallway. i.e. railroad style.
Posted by: Anonymous at January 30, 2007 1:31 PM
"So much for the doom and gloom, real estate bust."
Yup. For the next five years, you won't lose in the brownstone market.
Posted by: Anonymous at January 30, 2007 1:55 PM
I love the beautiful wood, and I'm happy for the seller and the comps for the 'hood, but I agree with you, NeoGrec--the lower duplex is a great example of how difficult it is to carve up these buildings into apts. I hate garden level bedrooms, but in this case I would prefer to have two bedrooms (more rental $$ too, obviously) and the bath in the garden level, and the kitchen/living/dining on the parlor level. As it is now, there's only one bedroom, plus you have to carry all your food for every dinner party up a flight of stairs. Careful with that soup, Eugene.
Posted by: Bob999 at January 30, 2007 2:44 PM
""So much for the doom and gloom, real estate bust."
Yup. For the next five years, you won't lose in the brownstone market."
As dumb a statement as the people predicting total downfall.
Posted by: Anon at January 30, 2007 3:01 PM
It's number 1 most viewed property on the corcoran web site again .. This place is SOLD baby
Posted by: eletricgreek at January 30, 2007 5:05 PM
electricgreek.
how do you know how many hits a property has gotten? is it visible on the corcoran site?
Posted by: NewStoner at January 30, 2007 5:34 PM
YES .. Go on the site and look right under the palm beach properties .
Posted by: eletricgreek at January 30, 2007 5:37 PM
1 Decatur Street, Bedford-Stuyvesant
2 East Hampton, East Hampton
3 HARRISON, Tribeca
4 1 IRVING PL, Gramercy
5 115 Mercer Street, Soho
HERE'S THE LIST
Posted by: eletricgreek at January 30, 2007 5:39 PM
Mo equity and Mo equity and Mo equity!
Posted by: Anonymous at January 30, 2007 5:48 PM
The easiest $ those brokers have ever made. Too bad they are splitting it.
Posted by: Anonymous at January 30, 2007 5:48 PM
Bob999, install a dumbwaiter.
Posted by: Anonymous at January 30, 2007 5:59 PM
I agree with bob99, the wood in the house is beautiful but the layout is strange. The kitchen contained a large granite counter/table. Moving the kitchen to the palor floor would be nice but ripping out the ground floor kitchen would hard and expensive( the cabinets were really nice). If you intent to use the house as a one-family , the layout is great, convert the bedroom on the groud floor into the dining room and keep the two top floors as the bedrooms and den. Compared to 371 Hancock , this place is bigger, the block is better and the palor floor has better details , however, overall the interior of Hancock was better with updated bathrooms , orginal hardware, and the woodwork at Hancock had a nicer look. Howvever, 100 Decatur is a beauty but it requires some polishing.
Posted by: anonymous at January 30, 2007 6:20 PM
hahaha all you bed-stuy naysayers. this house is a beauty and you losers looking in "pristine" neighborhoods, well good luck when you hit the lotto!!
Posted by: Anonymous at January 30, 2007 8:16 PM
" Seriously, just a year or two ago it was DO OR DIE, BED STUY! "
That was a yr or two ago is right . Now it's Bed Stuy buy, buy ,buy
Posted by: eletricgreek at January 30, 2007 11:02 PM
"Seriously, just a year or two ago it was DO OR DIE, BED STUY!"
And now it's too late for your broke ass to buy!
Posted by: Anonymous at January 30, 2007 11:08 PM
Folks, lets show some civility here. This is neither the time to gloat about rising property values in Bedford-Stuyvesant or bitch and moan about being priced out of some of brownstone Brooklyn's most coveted neighborhoods. Let the market speak for itself.
Bedford-Stuyvesant is an extraordinary community; rich in culture, history and architecture. However, parts of the neighborhood (e.g., north and closer to Williamsburg and Bushwick) are also plagued with some serious social issues that are slowly being addressed by the city and community. The neighborhood is not quite there yet but it's getting there. With that being said, in ten years, Bedford-Stuyvesant will look very similar to Fort Greene, Clinton Hill and Prospect Heights. Buyers are simply making a forward looking "bet" and I believe that time will prove them to be correct. I just don't want prices going up too high too quickly because it ultimately prices out of the market many of those families who are most receptive to living in a fringe nabe and willing to "wait" things out a bit as the neighborhood improves and attracts more amenities and a better mix of goods and services.
In a community that has the largest number of Brownstones (close to 6,000) in the United States, I'd rather see 2,000 brownstones sell for under $750k then 100 over a $1M mark. I think turnover is good and change is good. It's more about class then race in that I find mixed income communities to have the "proper" mix; rather then separating, it brings people together - it humbles those who have and inspire those who don't. The great thing about Bedford-Stuyvesant is, and will continue to be, its diversity. Some black middle and upper-middle class families have deep roots in the neighborhood and will continue to maintain a solid presence and more and more affluent blacks on Wall Street and such are increasingly viewing the neighborhood as an attractive place to raise their families - for some, the suburbs were a rude awakening.
Both the Decatur and Hancock properties are very nice but I don't understand why people are doing back flips. These sale prices are not high water marks for the neighborhood. There have been a slew of properties in the area that have sold north of $1M. Currently, there are two magnificent limestone Mansions on Stuyvesant Avenue (offered by Halstead and L. Nelson) that are priced at $2M and $1.6M. Both will surely sell and set neighborhood highs. I'm happy to see that the neighborhood is finally getting the attention it certainly deserves.
Posted by: Anonymous at January 31, 2007 5:49 AM
Not just Bedford Stuyvesant but many Brooklyn neighborhoods are getting the attention it deserves. For that matter Brooklyn in general is. It seems like many people sound off because they are frustrated and are praying for economic downfall. The truth is the market has been cooling off and for necessary reasons to meet the current income of most potential new buyers. That being said, the economy (job rate) has not exactly toppled and unlike the late recession of the early "90's" the foreclosure rate will not motivate sharp downturn in prices, nor will interest rates hike anytime soon. The conclusion here is that this is a great time for blog warriors to excite the present condition but they are actually helping the market move to its correction faster. When the yards come to Brooklyn and are no longer "planned" or "protested" the market value is going to zoom here and frankly all this back and forth will be just that forgotten scripts of useless comments. A good home is for those who can afford it Decatur is such an example. Sorry for bursting your "hysteria" bubble. But as you all know on this site bubbles do burst.
:)--- My townhouse is worth 1/2 dozen times more than when I bought it.
Posted by: anon at January 31, 2007 8:21 AM
@ anon 5:49
People expect the houses in Stuy Heights proper to go for those prices. Not too many people blink when a house around Stuyvesant and Lewis is sold around those prices. I think some of the amazement (for lack of a better word) is that this price range is now being extended beyond the "pristine" district.
Posted by: Anonymous at January 31, 2007 11:30 AM
barker 5:39
Small Cute Apartment" paying rent lol
thats okay every society needs it shares of renters or morons willing to 850k for 900 sqft of living space, just as every society needs individuals such as Henry Ford , risk taker innovator" Visaion of Putting a car in every garage in the U.S".
Things change do or die is no longet the bedstuy mantra it is too late to buy.. bought a year ago in the mid 500's renovated prestoring amazing details,the r.e company that sold me the house would list it in the mid 800's., so you do the math.The moral of the story never be afraid to help play apart in bringing about change..
p.s how does it feel to hear your neighbors annoying kids running above your head at 5 in the morning?
Posted by: anon at January 31, 2007 1:10 PM
"What's the point of living in Brooklyn and not living within short walking distance of Prospect Park?" from barker 10:54pm
Is this the question from the final round of jeaopordy. ok ill play alex...
what is because homes in walking distance of the park are theoretically out of financial reach and unaffordable for those making less than 100 k a year. (the masses)
But I take it you live in walking distance to the park correct.. right before you take the elevator down or walk by your LANDLORDS APARTMENT. Get Real
Oh, yeah did I win?
Posted by: anon at January 31, 2007 1:23 PM
Interestingly, as of 14:07, the open house is still be advertised for Sunday, Feb 4 @ 2pm (Superbowl Sunday)
Posted by: Anonymous at January 31, 2007 2:08 PM
Barker, most people who would rather live in a "cute, small apartment" in a "happening neighborhood" (and I'm sure there are plenty) probably do not also have kids who would go biking out on the street alone (where is it in NYC that kids are biking on the streets alone anyway?). As for being in Brooklyn and not being short walking distance from PP, well, that my friend is about 95% of of the borough, so there are obviously a lot of people who are very happy to do so!
Posted by: Anonymous at January 31, 2007 2:37 PM
Barker Obviously doesn't have a clue. Or perhaps, thinks that only people who are homogenous with her/him. White, single, without kids, etc. And a total Zenophob!. i.e. terrified of black people. (they're from another country!!!)
Posted by: Anonymous at January 31, 2007 4:12 PM
barker lives in prospect park.
Posted by: Anonymous at January 31, 2007 4:19 PM
Is "Barker" a stray dog that lives in the park?
Funny enough, I actually see more kids playing out on the sidewalk in Bed Stuy than I did all those years I was living in Park Slope.
Posted by: Anonymous at January 31, 2007 4:27 PM
Barker get them damn bikes out my hallway.
- Your landlord
Posted by: Anonymous at January 31, 2007 4:44 PM
that was hilarious 4:44
Barker get them dam bikes out my hallway
Posted by: anon at January 31, 2007 5:08 PM
The lasting negative that I hear about the stuy is that there are not enough services rendered and eateries. I'm throwing this out there what type of service and restaurants are people looking for? Can we try to be specific info would be very helpful. thanks
Posted by: anon at January 31, 2007 5:10 PM
What I want in the Stuy?
(1) I am tired of taking my dry-cleaning to downtown brooklyn if I want it done right and at a reasonable cost.
(2)I want to get a drink at a decent lounge. Sorry Appleby's doesn't do it for me. I do appreciate the places that we have on Lewis. The Coffee Shop is cool, too.
(3) I would prefer non-lazy postal carriers besides those clowns that we have delivering the mail now (but I don't think that you can do anything about that)
(4)I would love to see a butcher. There was one on Fulton and Throop. I am not sure if it has closed down, but I am sure that no one knew it was there.
Posted by: Gimme da Loot at January 31, 2007 6:06 PM
I get my Dry cleaning picked up and delivered. The Dry Cleaning Company is called Bubbles and I do beleive it is in Clinton Hill. The service has been great
Posted by: Anthony at January 31, 2007 6:25 PM
Services needed in BS:
a green grocer, a place with fresh bread (hey Bread Stuy: how about some good baguettes on hand for the after-work crowd?)
a "don't feel like cooking" place to get dinner -- not too fancy, not too expensive fresh food
a nice place to get a glass of wine
Posted by: Anonymous at January 31, 2007 6:27 PM
Services needed in bs (contd)..
Organic market, good reliable hairdressers, cafes and bakerys, places with wifi, wine shops without plexiglass, butcher, italian deli, local restaurants, brunch places, florists, pet supply stores, home decor, antique furniture, green markets (I can go on).
Basically, to paraphrase the bent cop in femme nikta with a taste for classical music, "bring EV-RY-ONE"
Posted by: Anonymous at January 31, 2007 7:17 PM
"Huh? If I can afford a $1mm dollar townhouse in Bed-Stuy that I ultimately plan to convert into a one family then I can surely afford a car and drive my ass five minutes to.."
Yeah you can AFFORD a car but believe me, most people in the slope etc don't WANT to own a car (without a garage). It is a complete waste of time, money and thought. Services should be local. If everyone had cars and used them for every little thing, then we should just give up, and live in vegas or texas, and take potshots at al gore while the earth warms up. Part of the reason people like "bococa" and the slope and the upper west side and soho and so in is you can really truly do without a car.
Posted by: Anonymous at January 31, 2007 9:15 PM
to those who speak of the entertaining problem, kitchen to parlor. In most of these houses there were dumbwaiters from ground floor to the 3rd floor (houses with 4 floors had servants living on the top floor). Most of the owners long ago turned the dumbwaiter into closets, however, it would not be so hard to turn it back. The home on Decatur may still have it, since it has the wooded ice box. Either way, the parlor is huge and many do have their kitchen on the parlor floor, not that hard to do since the ex-dumbwaiter can accommodate plumbing. Most kitchen cabinets aren't that hard to remove and place elsewhere. We have had to do that since the kitchen was downstairs when we moved in and it is now on the parlor floor. But, we don't have as much original wood detail, so there was no sacrifice there.
Posted by: cc at January 31, 2007 9:17 PM
I went to check out the open house yesterday. It's beautiful. I was really tempted to jump in and make an offer. But there are some drawbacks that made me pause. First, the layout of the double duplex did seem to be a problem. The main issue seems to be the bathroom, located in the rear extension. Probably this extension was originally a shed. It's the only way to get to the back yard. I can imagine the comic foibles of trying to host a party with that set up. One could build a deck and add a door from the parlor floor but than lose light on the garden floor and mar the lovely interior of the parlor. Also, the kitchen (think kitch-en) is a wonder of bad taste: i'd rather have real stone than the fake granite (formica) counter-tops I've seen in some pricey reno's. But with stone floors, counters, a table and island, they really went over the top here. Lastly, the proximity to fulton is an issue in terms of traffic noise. I was there on a nice quiet sunday and standing in the yard, the noise from fulton was pretty blaring. Even with these drawbacks it's an amazing house, but given the negatives, I'll be interested to see what happens with the price.
Posted by: a.e. at February 5, 2007 10:26 AM
I was friends with a tenant there once. The place always made me swoon. Sure, you could hear Fulton Street, but it still made me swoon. And the neighbors were nice.
Posted by: nosy at February 8, 2007 3:02 PM
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