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March 9, 2007

The Cheapest Old House in Brooklyn?

The flier for this house caught our eye for two reasons — the old wooden cornice and the $450,000 price tag. In reality, there are a few houses on the market for less in Brooklyn, but they are further out in places like East New York and Canarsie, not the increasingly-popular Bed Stuy. Nor do they have the potential to be restored the way this one does. Since the listing's not on the Massey Knakal website yet, we emailed the broker to get our hands on some pics, which confirmed our suspicions that the house has some salvageable architectural charm, renovation choices from the last several decades notwithstanding. The location is fairly central Bed Stuy, though the Fedders house to the right does not bode well for the character of this block. And, to be fair, at 1,260 square feet, this ain't a huge house. The upside of its diminutive size is that it wouldn't be particularly expensive to renovate, meaning you could have a charming, fully renovated house for under $600,000. We hope that's what happens, as opposed to a schlocky developer tearing it down and maxing out the FAR with a POS like the one next door. To that end, we convinced (okay, we didn't exactly have to twist his arm) the broker to hold a Brownstoner-only open house. It's tomorrow (Saturday) from 11:30 to 1:00 at 461 Quincy Street and you won't see it listed anywhere else. How much cooler would it be to buy this than some cookie-cutter one bedroom condo? And how great would it be for someone who cared to buy this place and fix it up than for a developer to tear it down? Oh, and don't forget the secret handshake and password. (Hint: Seven letter word for an architect who's lost his self-certification rights.) GMAP P*Shark

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Comments

It's adorable. I love small houses. Another upside is it costs less to heat. The front yard is cute. Is there a backyard too? The front yard reminds me of something I've always wondered about NYC ordinances - can people put a wall at the front of a property when they have a front yard like that? So they can create a more private patio in front? It's very popular and common to do that to L.A. houses that are close to the street but I've never seen it in Brooklyn.

Posted by: Anonymous at March 9, 2007 11:36 AM

Is the password, "asshole"

Posted by: Anonymous2 at March 9, 2007 11:39 AM

Looks insteresting, though your 150k renovation estimate is optimistic. Obviously the front, aside from the cornice, needs to be replaced. Assuming the bathrooms and kitchen also needs replacement, and most likely all plumbing and electricity as well, I'd say 200k for renovation is more like it.

Personally, I'd rather keep saving and get a larger, classic brownstone, but for somebody on a limited budget, this could work -- though it doesn't seem that cheap for a tiny clapboard house. Then again, prices are insane everywhere.

Posted by: Anonymous at March 9, 2007 11:49 AM

I understand this building needs a ton of work. I like the faux-stone-facade-chateau look.

The question is whats does this house appraise for after full renovation.

Posted by: mida at March 9, 2007 11:54 AM

Now THAT is a smart idea for growing Brownstoner--exclusive open houses. Maybe there a a few clever agents out there who could recognize the potential for partnering with the site on other properties--the idea being to encourage quality development. I wonder if you'll get any attendance? Would love to have a report after the fact.

Posted by: Bob999 at March 9, 2007 12:00 PM

Fabulous idea to have a Brownstoner only open house for such properties! Great from a preservation perspective. Brokers will only care so long as the $ work out in their favor.

Posted by: Anonymous at March 9, 2007 12:06 PM

plus you can get everyone in early to point out everything that is wrong with the house!

Posted by: Anonymous at March 9, 2007 12:08 PM

Wow, looks great. Wish I could afford something like this. Even though it IS small and needs a lot of work... owning a HOUSE in Brooklyn is a dream of mine thats looking more and more impossible on my truly limited salary...

Posted by: Brooklyn Zoo at March 9, 2007 12:09 PM

what is the address?

Posted by: anon at March 9, 2007 12:15 PM

I like the house, the only problem really is the Location. Central Bed- Stuy is One of the worst parts in Brooklyn.
The Stuyvesant Gardens Housing Projects are located in Gates and Stuyvesent, 3 short blocks away.
The Louis Armstrong Housing projects (infamous for the documentary "Bullets in the Hood: A Bed-Stuy Story."[http://www.dctvny.org/bullets/]) are located in Lexington Avenue and Nostrand Avenue, 4 Blocks away.
Not to mention the trains are also pretty far. Not calculating the $100,000 in restoration. This is clearly not the deal of the century. I wonder how much I have to pay Mr. Stoner to have an Open House published in this site? I hope is not the 4% Corcoran is charging. See you at the Open House....

Posted by: Denny Henriquez at March 9, 2007 12:23 PM

No small single family house like this one will ever be sold again in Brooklyn. This house will be purchased by a developer and torn down. Guaranteed. The land is worth way more than the house.

Posted by: Anonymous at March 9, 2007 12:35 PM

$450,000!! I wonder if the'll take my personal check.

Posted by: Hal at March 9, 2007 12:40 PM

Is around $500 a square foot the going rate for a renovated house in central Bed Stuy? Is it the opposite of the volume discount?

Posted by: linusvanpelt at March 9, 2007 2:56 PM

I think a person would be insane to pay almost half a million dollars for this dogpatch horror. You may as well put a giant sign on it that says "loser".
Your friends from out of town will be really impressed (with themselves for not living in Brooklyn).Talk about diminished expectations!

Posted by: serge at March 9, 2007 3:30 PM

aAnon 12:35 you hit it right on the nail. We will see a shiny new fedder's building by sept. I only hope that repair and reuse the cornice at least.

Posted by: Stoneface at March 9, 2007 3:44 PM

Are there seven letters in Robert?

Posted by: Shahn Andersen at March 9, 2007 4:16 PM

I live on the 300 block of Quincy, and I think the location is okay. The real downside is the distance to the nearest train (the G). The Stuy Gardens projects are 3 LONG blocks away, and one wouldn't have to venture east of Throop if they didn't want to pass them. The Louis Armstrong houses are smaller buildings spread around between this place and Nostrand, and are both architecturally ugly and do exude a somewhat grimey vibe. But are fears for one's safety well-founded? I don't think so. Getting mugged could happen anywhere, and getting caught in the crossfire is just not that likely. All of that said, a tiny frame house that is potentially rotting with ancient wiring and plumbing and only 1200 sf might not even be worth $450K.

Posted by: Drew at March 9, 2007 4:31 PM

True, getting mugged could happen anywhere, but it's far more likely in this neighborhood.

Posted by: Anonymous at March 9, 2007 6:49 PM

I like the front facade. Really. It's uber Brooklyn and in a few years will be worthy of preservation status.

Posted by: Nan at March 9, 2007 7:03 PM

I lived around the corner from this house for years and was never the victim of a crime. I think it's a good starter house for Brooklyn even though it needs work. The house is a good walk from the Kingston Throop C stop or you can take the bus from that station - free Metrocard transfer. I think this will go fast.

Posted by: anonymous at March 9, 2007 7:49 PM

there are just too many people out there who don't "get it" good for you, mr. b...bed stuy is a wonderful place, and it's trolls like 6:49 and yasir who will never understand. lucky for us.

Posted by: anon at March 9, 2007 8:32 PM

Yeah, Yasir, trying to save an old house from being torn down and replaced by an ugly POS. How terrible!

Posted by: brownstoner at March 9, 2007 10:01 PM

Just did a little IP search and, lo and behold, Yasir and Genius are the same person. Actually, this same person has made over 30 comments in the past couple of months, all of them uniformly negative and rude. Thanks for playing.

Posted by: brownstoner at March 9, 2007 10:06 PM

What a great idea, Mr. B! This could be a great house for the right person, and a thousand times better than most condos in the 600K range.

I wish you luck in getting more exclusive open houses in the future. I will try to go as a show of support.

Posted by: tinarina at March 9, 2007 10:45 PM

yeah, I think you are really paying for re-development possibilities, not really the house. what is the FAR?

Posted by: smitty at March 9, 2007 11:42 PM

I think it's a great house for someone to start a "pioneer" act to renovate old homes like this and attract more young singles/families to do the same. It just takes one to get the ball rolling. Many parts of Brooklyn will see great change in the years to come that will suprise us.

Posted by: Yvonne at March 10, 2007 2:52 AM

It's true, Yvonne. For $600K, a buyer can't even get 1000 square feet in a condo or co-op. And it certainly wouldn't come with roof or garden access, for that price. Whereas here you get a cute garden. This house should be marketed by the realtor as "condo alternative" for a young couple. Or, and though I'm all for saving old houses, it's not just Fedders that can build a new construction building there. Some buyer could build a really cool, modern house on the lot, to live in not sell. Something experimental. Like a totally "green" built house.

Posted by: Anonymous at March 10, 2007 11:20 AM

I like it. I hope the open house went well. I don't like the front, the blue shingles, but definately fixable and the interior is cute. Sounds like a walk to the train, but for 450,000, looks like a deal. From the outside, there doesn't appear to be rot on the cornice so maybe the interior doesn't have water damage/rot. Cute little place.

Posted by: donatella at March 10, 2007 2:56 PM

why the hell would you want to live in bed stuy? maybe you yuppies should go back to wyoming, BTW don't forget to duck when you hear the gun shots at night.

Posted by: anonymous at March 10, 2007 5:13 PM

why the hell would you want to live in bed stuy? maybe you yuppies should go back to wyoming, BTW don't forget to duck when you hear the gun shots at night.

Posted by: anonymous at March 10, 2007 5:15 PM

why the hell would you want to live in bed stuy? maybe you yuppies should go back to wyoming, BTW don't forget to duck when you hear the gun shots at night.

Posted by: anony at March 10, 2007 5:59 PM

why the hell would you want to live in bed stuy? maybe you yuppies should go back to wyoming, BTW don't forget to duck when you hear the gun shots at night.

Posted by: smith1 at March 10, 2007 6:01 PM

Why even come to this site if you don't "get it" that some people buy old houses in borderline neighborhoods, to fix them up? It's like, then entire purpose and theme of the whole website, dude. Go somewhere else. You're in the wrong place.

Posted by: Anonymous at March 10, 2007 6:03 PM

I had a dream last night that I met the owners of this house and they were really nice. Never found out why they were selling, though.

If they're at the open house, tell them that the plaid elephant the Minerva statue told us about already gave the photograph to Mister Ampersand, so we'll need to tell Robert Moses ourselves.

Posted by: cheney's meat grinder at March 11, 2007 7:21 AM

Hilarious, Cheney. Great to have a good laugh so early in the AM.

Posted by: Anonymous at March 12, 2007 4:08 AM

You can find homes for $600K in better condition and in better areas. There aren't many but I know of at least one on my block right now in WT.

Posted by: Anonymous at March 12, 2007 8:27 AM

That is f***ing ridiculous, you could buy a beautiful giant house in philly for $400k. Brooklyn's great but there has got to be a limit.

http://www.trulia.com/property/33213678-1008-S-49th-St-Philadelphia-PA-19143

Posted by: Anonymous at March 12, 2007 11:08 AM

Sooooo...did anyone go to the Brownstoner open house on Saturday? That's the topic of this thread. How many people showed up? How did it go?

Posted by: Anonymous at March 12, 2007 4:30 PM

I think that Bed-Stuy is wonderful community. I am a teacher in Bed-Stuy and many people automatically assume that all youth that live in the projects are criminals. Everyone in Bed-Stuy is not a criminal and I am sick and tired of the nasty posts of people on this site about the Bed-Stuy community. JUST MOVE TO GREENWICH OR RYE NEW YORK and leave the city. Then again, if you were so well off, you would already be there. I think this house has a lot of potential. Many of the block associations in Bed-Stuy are very active in this part of Brooklyn, which is a great resource for homeowners! I would offer 400K since the renovation may be a bit more than 150K. Happy house hunting folks and give Bed-Stuy a chance. This community has a lot of promise, spirit, and community that thrives with or without newcomers!!!

Posted by: jahrell at March 12, 2007 6:21 PM

Anyone willing to drop a half a mil on this shithole deserves whatever they get. And it's going to take another 20 years for BedStuy to recover from decades of being known as one of the most heinous, dangerous last place on earth you would want to live
ghetto hell-holes made famous by crack dealer hip hop shillers from the 90's. Fix it up and flip it for a sucker but don't tell me you would spend more than an hour there.fools.

Posted by: hyme at March 13, 2007 5:45 AM

there are dozens of nicer houses in better and safer areas of Brooklyn for less money. why would anybody want this dump?

Posted by: anonymous at March 14, 2007 5:47 PM

« Development Watch: 431 Warren Street Farm-Fresh Produce Coming to Carroll Gardens »

March 9, 2007

The Cheapest Old House in Brooklyn?

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