Corco Cutting Prices East of Classon

decatur or greene you mean.
not sure if it's a trend.

Posted by: Anonymous at June 26, 2007 10:22 AM

A lack of enthusiasm for the more risky areas must be obvious to the corcoran brokers.
At this rate the only sellers market remaining will be center slope, carroll gardens and cobble hill.

Posted by: Anonymous at June 26, 2007 10:24 AM

Why not discuss (or "notice") the price cuts in your own neighborhood, Clinton Hill? The constant shielding of your backyard is what gives this site ZERO credibility.

Posted by: Anonymous at June 26, 2007 10:31 AM

I am surprised about the crown heights property on Eastern Pkwy but not by the Sterling one, that is in the less nice part of Crown Heights... The pad on Carroll Street is a great house but it's a one-family that needs to be renovated... so even with the price cut, it's going to cost over a million when it's redone...Can't speak for Bed-Stuy

Posted by: Anonymous at June 26, 2007 10:31 AM

summer doldrums?

Posted by: Anonymous at June 26, 2007 10:34 AM

I am pretty certain that 1300 Carroll was originally listed at 899 and then reduced to 849.

Posted by: Anonymous at June 26, 2007 10:40 AM

10:31am I agree with whole heartedly. This site is so biased in some many ways (Neighborhood, Architecture, Politics). I think the site is a great resource, but it sure supports the notion that blogs are so far away from being anything journalistic or credible.

I hope Mr. B has a open door policy to return to his old day job, because sites like this will fall out of favor. What stops someone else from creating a blog that just spews subjective viewpoints and doesn't create real unbiased dialogues.

Posted by: Anonymous at June 26, 2007 10:43 AM

I also think these are markets that Corcoran is not as familiar with. They do a limited amount of business in these areas at this time and don't have local offices there so their pricing is going to be a little off. Of course if they are going to err it will be on the high side rather than the low side.

Posted by: Anonymous at June 26, 2007 10:49 AM

We just bought in Crown Heights and had a difficult time finding something realistic. The few properties available in the area were overpriced and still needed significant renovation. This neighborhood will change, but the truth is that not every brownstone in Brooklyn is worth 1 million. We bought from Corcoran and the realtor constantly reminded us of what a "bargain" we got. At the end of the day we paid what we thought the house was worth it and with the intention of remaining here for a long while.

Posted by: Anonymous at June 26, 2007 11:00 AM

What price cuts in Clinton Hill? Just curious

Posted by: Anonymous at June 26, 2007 11:07 AM

Even with the cuts, I still think the prices are too high.

When I read CH/FG crime reports, most incidences occur on Classon Ave. I shudder to think what goes on east of Classon.

Posted by: Anonymous at June 26, 2007 11:08 AM

Stoner, its you that should pay attention. I understand it’s in your best interest to "talk up" your 'hood. Especially after paying silly money for a gut building and then spending, what another $500K to renovate; leaving your Wall Street job; one failed web project; etc. You cannot afford a "hiccup." BEST.

Posted by: Anonymous at June 26, 2007 11:23 AM

Stoner, its you that should pay attention. I understand it’s in your best interest to "talk up" your 'hood. Especially after paying silly money for a gut building and then spending, what another $500K to renovate; leaving your Wall Street job; one failed web project; etc. You cannot afford another "hiccup." BEST.

Posted by: Anonymous at June 26, 2007 11:25 AM

Brower Park:

It's not BS bashing, it's just a reality check. Maybe long time residents are not as shaken up by the crime in their neighborhoods but new buyers looking to drop $800K are probably not used to living in BS conditions. People think that just because real estate values have gone up, a place is safer. That's far from the truth.

Posted by: Anonymous at June 26, 2007 11:34 AM

I don't agree with 10:31, however I don't disagree either...

I doubt there is any sort of insidious plan to hype Clinton Hill while bringing down Bed Stuy, but there are huge holes in this post, Mr. B and you did conveniently miss Corcoran's price cuts in Clinton Hill.

First of all, it's not like price cuts are anything specific to Bed Stuy - Natefind currently shows price cuts on townhouses across the board both in Brooklyn and Manhattan: Bay Ridge, Boerum Hill, Brooklyn Heights, Carnegie Hill, CLINTON HILL (more price cuts here than Bed Stuy - considering Altantic & Williams isn't Bed Stuy by anyone's definition - and they're ALL Corcoran listings, also up to $100k reduced), and the neighborhood list goes on...

The only trend that you can extrapolate from this is that the market EVERYWHERE has gone a bit softer than Corcoran's expectations (I would hate to think of what they promised the sellers when they signed on).

While I don't think Mr. B is filtering things deliberately, I also don't think this is very responsible or thorough journalism.

Posted by: Anonymous at June 26, 2007 11:45 AM

brownstoner,
don't feed the trolls. i'm shocked that you let that guy get to you. you have a wonderful site.

Posted by: Anonymous at June 26, 2007 11:47 AM

11:36 - This is a blog; a discussion forum. Just because I might have a different perspective from the Stoner does not mean that I have “anger.” These type of discussions are healthy and necessary. You are SILLY.

Posted by: Anonymous at June 26, 2007 11:47 AM

well said 11/45

everybody got that? prices are down all ovr the place. it's summer!

Posted by: Anonymous at June 26, 2007 11:51 AM

Brownstoner, if you're going to do this for a living, you need to get a thicker skin. I don't recall any examples of your diving into the IP addresses when several anonymous posts agree with you, only when they criticize you. (Go ahead and check: I didn't post earlier, and I'm otherwise a fan.)

As for the price cuts, it makes sense that the last nabes to jump sharply are going to be the first to fall if the market softens.

Posted by: Anonymous at June 26, 2007 11:51 AM

PH mom:

The border between Bed-Stuy and Clinton Hill is Classon Ave. RE agents would like us to believe that it's actually Bedford Ave. (What's next, push to border to Nostrand?)

Posted by: Anonymous at June 26, 2007 11:52 AM

11:47 - I am not a troll. Just voicing my view. It seems if you’re not falling over the Stoner on this site, you're a troll. I like this site very much, but you have got to be able to question, contradict, debate, etc the issues. We should not have to agree on the issues to avoid being called a troll. Please show some maturity.

Posted by: Anonymous at June 26, 2007 11:53 AM

I'd also like to point out that when someone refers to "Bed Stuy" they're referring to an area much larger than any other neighborhood in Brooklyn.

For instance, Stuyvesant Heights is very different in character than North Stuy and very different from Ocean Hill.

Don't forget the name "Clinton Hill" was scoffed at until recently - it used to be considered the shabby part of Ft. Greene. "Williamsburg" was actually the "Northside", and so on.

These are all distinct neighborhoods with their own character (or lack thereof in some cases) and shouldn't be treated as a singular neighborhood just because it makes a nice clean triangle on a map.

Posted by: Anonymous at June 26, 2007 11:54 AM

*the" border, not "to border"

sorry

Posted by: Anonymous at June 26, 2007 11:54 AM

The border is either Grand or Classon, depending on with whom you talk.

Posted by: Anonymous at June 26, 2007 11:56 AM

Pretty soon the border is going to be the East River. It keeps moving west. Ha ha...

Posted by: Anonymous at June 26, 2007 11:58 AM

What's funny is both the Monroe properties are marketed by Corcoran as being in Clinton Hill presumably to justified the inflated prices; but when the price is cut it is counted against Bed-Stuy. It ain't right.

Posted by: Anonymous at June 26, 2007 11:59 AM

only white people or people from outside of brooklyn thought of clinton hill as "the bad part of FG." that statement is nuts. Clinton Hill was beautiful in the 1970s. Beautiful w/ a little heroine thrown in.

and the FG / CH distinction was not some big deal to people until recently. we just were happy to have wonderful majority black (with cool others) community of brownstones that was affordable. our restaurant was two steps down on dekalb and we VALUED it all.

Posted by: Anonymous at June 26, 2007 12:12 PM

Actually I said "shabby" not "bad" and yes it was seen that way.

It's not a racial reference in any way. I'm referring to property values and local amenities. Just like how FG was seen as "shabby" in the 70s and 80s. BS was extremely "shabby" previously and still is in some areas, but that is changing quickly much as it did in CH with all the cafes, boutiques, etc. opening up in the past couple years.

Please don't inject racial overtones where there are none. It's a disservice to this forum and only reveals your own biases and assumptions.

Posted by: Anonymous at June 26, 2007 12:18 PM

this is largely racial. most of the displaced from FG and CH are black. this is a fact. wanting it not to be so doesn't change the fact that this is the truth. and the people who have displaced these black people talk about the old shabby CH. as i said, clinton hill was beautiful in the 1970s. the main drags like fulton and myrtle have continued to improve i will grant you that. but clinton ave, washington, st. james, adelphi, so. portland were all beautiful in the 70's.

Posted by: Anonymous at June 26, 2007 12:25 PM

Hey - you said it yourself:

"Clinton Hill was beautiful in the 1970s. Beautiful w/ a little heroine thrown in."

I'd say "a little heroine" is enough to qualify a neighborhood as "shabby".

Stuyvesant Heights has transitioned from being "shabby" to being mostly middle class black with primarily black owned businesses, which is why I said it's changing... it's not due to any racial elements. All of the businesses I know of here are black-owned in fact (ie: Bread Stuy, Solomon's, Brook's Valley, Ebo Landing, Afro Art Designs, Petit Bassam, Bush Baby Coffee, and so on).

It's no coincidence that insurance rates are lower in Stuyvesant Heights than they are in "East Williamsburg", which is MUCH shabbier and largely Hasidic, Puerto Rican, Dominican and Chinese.

This sort of assumption and rhetoric is immensely damaging to everyone of all races and delays any sort of betterment for everyone. I'm not saying it shouldn't be a subject or a consideration in things, but that it's not always the ONLY factor in things.

Posted by: Anonymous at June 26, 2007 12:40 PM

Would like to put my two cents in for Crown Heights. We bought a 2-family there a year and a half ago and are very happy. We bought a two-family for $685,000 that needed 2 bathrooms redone and that was all. We have a duplex and top floor rental and we feel like we got a deal. And it is NOT the crime ridden fest so many fearful people are describing. There are so many beautiful homes here and families who have lived here for generations.

Posted by: Anonymous at June 26, 2007 12:43 PM

Back to the topic at hand...

Corco is cutting prices because the NYC housing market in softening.. Inventories are rising, sales volumes are failing, time on market in increasing. All the signs of a softening market.

In the hood, they call that "Keepin' it Real".

Posted by: Anonymous at June 26, 2007 1:01 PM

when speaking of clinton hill and fg you are talking about black / white. i get that you want it to be more complex. and it is in that some of the people doing the displacing are black too.

fulton street and myrtle ave had a heroine problem. (not unique post Vietnam) that is why i made the distinction between those blocks and the always already beautiful residential blocks of CH and FG.

Posted by: Anonymous at June 26, 2007 1:02 PM

when i went to underhill i too cried because it used to be black, not black nannies and their rich white charges. america is predominantly white and hostile to non whites. this has been documented in countless books and everybody knows this. look at the vitriolic immigration debate or listen to the vicious way (mostly white) people talk about undocumented latinos.

ch/fg was a black and proud neighbrhood. we knew what we had an we loved it. we didn't have the money to make it fancy but we loved it nonetheless. and i mean passionately loved it just as the newcomers do now. and if we were nannies we were nannies on the ues or park slope and then we came home to ch/ fg. this is a kind of nostalgia that people on this board do not want to hear because it is not about them. it is about longing and loss for those forced out. i know, get over it. i'm trying.

Posted by: Anonymous at June 26, 2007 1:17 PM

why is this bad news. It is good news and further price drops will be great news. Do you not care about affordable housing or are you just interested in developer profits.

Posted by: Anonymous at June 26, 2007 1:48 PM

We would be paranoid to think that it's a sweeping command from up on high to cut prices in particular neighborhoods, but we would also be immensely naive to believe it's just a case of market forces exerting pressure on these neighborhoods.

Corcoran is notorious (among some of the other brokers) for inflating prices in "hot" neighborhoods.

Not long ago, there was an NY Times article about how Bushwick is the new boomtown with quote after quote from Rudy Lucchese, who mentioned later that he just happens to own in that neighborhood.

This could all just be an adjustment to their inflated prices, or it could also just be their way of A) hooking the sellers by telling them they can get a lot with a high asking price and then B) starting a bidding war with the price reductions.

Also, I thought the summer is usually when the market heats up? Why would prices be dropping if it weren't a cooling market (as much as I wish it weren't the case).

Posted by: Anonymous at June 26, 2007 1:51 PM

You mean people with $800k+ don't want to live in Crown Heights or Bed Sty.

Shocking!

Posted by: Anonymous at June 26, 2007 1:56 PM

"Is this a coincidence, do you think, or could there have been some word from on high that drove these cuts? Taken as a whole, do the cuts signify anything about the market in those neighborhoods or is this bad news balanced out by bidding wars at places like 100 Decatur?"

No coincidence. More and more townhouse prices are showing up reduced on Natefind. It signifies a crash in slow-motion (real estate declines take years to work themselves out) that is headed towards Clinton Hill. Reduced asking prices don't lie but Corcoran does (For Clinton Hill border, see http://www.nyc.gov/html/lpc/downloads/pdf/maps/clinton_hill.pdf). Bidders like those for 100 Decatur are born everyday. Anybody paying anywhere near (within 25%) prevailing asking prices for a brownstone right now is either very wealthy (wouldn't buy in Stuy Hts.) or very mis-informed. The mis-informed outnumber the wealthy by many to one. Read people.

www.nychousingbubble.blogspot.com
www.youdovoodoo.com/80sbubble.htm
www.stock-market-crash.net

Posted by: Anonymous at June 26, 2007 2:15 PM

Fixed link from 2:15.

http://www.nyc.gov/html/lpc/downloads/pdf/maps/clinton_hill.pdf

Posted by: Anonymous at June 26, 2007 2:18 PM

"Supply and demand, baby."

EXACTLY. TAKE A LOOK AT THE SUPPLY AROUND YOU. "DEVELOPMENT WATCH" ON BROWNSTONER ALMOST EVERYDAY. MEANWHILE, SUBRIME MORTGAGES ARE BEING DAMN NEAR OUTLAWED AND LENDERS ARE TIGHTENING STANDARDS IF THEY'RE NOT FAILING http://ml-implode.com/ . JUST BECAUSE YOU YELL "I DEMAND A MORTGAGE" DOESN'T MEAN YOU GET COUNTED AS PART OF THE DEMAND POOL. UNLIKE 2001-2006, YOU HAVE TO QUALIFY AND VERIFY.

"Buy while you can, or you'll never be able to."

WHY CATCH A FALLING KNIFE?

Posted by: Anonymous at June 26, 2007 2:39 PM

why not just move your child out of the way.

Posted by: Anonymous at June 26, 2007 2:48 PM

It's always interesting (if a tad boring) to watch these threads disintegrate. I have to imagine that most people, like myself, believe there will be bumps along the way but are happy that they bought (for the long run) and don't fear the sky falling in. But the pride and joy and yes hard work of improving it make it worthwhile to me. Oh and having three floors and a backyard to call my own.

Posted by: Anonymous at June 26, 2007 3:13 PM

I disagree, Brower Park/Crown Heights Proud. 99% of Bed-Stuy residents would leave if they ever hit the lotto. Stop dreaming...

Posted by: Anonymous at June 26, 2007 3:48 PM

These buildings are hideous, at least those that actually show interior pics. (Except for 1300 Carrol Street).

What's all this discussion over nothing? Corcoran tried to scam people and they failed.

This has nothing to do with bed-stuy, except perhaps the fact that there's very little inventory of nice buildings left.

Whenever there is a decent Bed Stuy building on the market, there's a fever to by it, and the place is immediately No. 1 Most Viewed on the Corcoran site.

Posted by: Anonymous at June 26, 2007 4:15 PM

So now people (actually, one person) are dissing a neighborhood because they think if people won the lottery they would move. Getting pretty desperate!

Well said, 4:15.

Posted by: Anonymous at June 26, 2007 4:17 PM

I've been reading housing blogs like these since 2003 or so. All this time people have been predicting a housing crash and saying to sit on your savings and wait. And guess what, someday that crash will come, and prices will drop to what they were in, oh, 2005 or 2006. And all those people who didn't buy in 2003 when things were even cheaper? Oh, I'm sure they'll feel like geniuses!

Posted by: Anonymous at June 26, 2007 4:19 PM

by = buy

sorry

Posted by: Anonymous at June 26, 2007 4:21 PM

Mr. B, sorry for reposting but there's so much bullshit on this board that I need to respond but don't have all day to debate with these fools.

It's the same retards so I'll repeat it again:

"I don't get some of the posters on this blogsite. If people choose to spend their hard earned money and live in an area that is slightly more dangerous than other areas in brownstone Brooklyn simply because they like the homes or feel that they can get more bang for their buck there, what difference does it make to anyone else? I seriously do not get the condemnation and overblown hysteria on this board with respect to great communities like Bed-Stuy, Crown Heights North, PLG and Clinton Hill. Six years ago Fort Greene would've been on this list too. But if you spend any time on Dekalb Avenue at Chez Osker, you will see people who live in the neighboring public housing complex strolling throughout Fort Greene like anyone else. All of the neighborhoods east of Flatbush Avenue are predominantly black and have some serious social and economic issues. Nonetheless, these nabes are being integrated/gentrified. Some of the poorest of the poor live in these housing projects but for the most part we've been able to coexist. Why should Bed-Stuy be treated or looked at any differently. I don't get it.

I bought brownstones in both Fort Greene and Clinton Hill at a time when both nabes were considered undesirable and dangerous by many of my white friends. And quite frankly, I couldn't care less what they thought of me or where my home was located. At least I owned and wasn't renting, like 100% of them were doing at the time. Now I'm sitting on over $4M dollars of equity and both of my properties which are multi-families are being paid for by my tenants. Recently I've purchased homes in Bed-Stuy because that is where the value is (Crown Heights North being the other). Why do some people on this board seek to knock down nabes where other people choose to make their homes or their living? What difference does it make to you? Is there an opportunity cost that I'm not aware of?

All I can say to anyone looking to live in Bed-Stuy is that they should do their research. However, I would say the same thing to anyone looking to buy in Park Slope or anywhere else. Bed-Stuy is the largest neighborhood in New York City. It's the size of Brooklyn Heights, Park Slope, Carroll Gardens, Boerum Hill and Cobble Hill combined. The same way that there are differences and variations in these nabes there are differences in Bed-Stuy too. I would agree with the above poster that there are sections of Bed-Stuy (e.g., Stuy Heights and Bedford Heights) that are as safe as the best areas of Fort Greene and Clinton Hill.

In terms of proximity to housing projects, as someone already stated, there are a slew of housing projects in brownstone Brooklyn and none of them have had any significant adverse impact on the surrounding brownstone communities. In the case of Bed-Stuy the notorious and dangerous Marcy, Sumner and Tomkins projects are located on the other side of the Bed-Stuy on the Bushwick/Bed-Stuy border. IMHO, unless your townhouse is located smack dead in the middle of a public housing complex (very unlikely) most people, with the probably exception of those homes that sit directly across the street, have nothing to worry about. The Pfizer mansion on Washington Avenue just went into contract for $3.2M and it's located two blocks from the Lafayette Houses on Classon. There are homes surrounding Fort Greene Park that fetch north of $3M and are located one or two blocks away from Ingersol and Whitman. Despite continuous reports of drugs and shootings at the Gowanus and Wykoff houses, property values in neighboring Boerum Hill and Carroll Gardens continue to soar.

Yes, there is crime everywhere in NYC and yes, some neighborhoods are more dangerous then others -- the market obviously reflects this fact. Yes, Bed-Stuy is not for "everyone" but no neighborhood is. Don't like it? Don't live there. Period."

Posted by: Anonymous at June 26, 2007 6:48 PM

Sorry. Another repost but there's no choice. Too much ignorance out there. MMMMMMuuuuussstt stop them! LOL!

Corcoran got a wake up call. I have friends at the firm and from what I know upper management finally pulled brokers aside and gave them a version of this:

"I agree that greedy brokers are killing the momentum in upcoming nabes such as Bed-Stuy and Crown Heights North. To quote a comment from one of yesterday’s thread on CHN, “Fort Greene is successful because prices stayed low enough for a long enough period of time to bring into the nabe a critical mass of gentrifiers to really make a difference. Newly minted fringe nabes are having a more difficult time keeping up with the gentrification momentum because prices have risen too high too quickly.

If a buyer is paying $1M to move into Bed-Stuy, Crown Heights North and PLG then that property should be in mint/move in condition. What's holding up and coming neighborhoods like BS, CHN and PLG is greedy brokers who are gasing up the heads of sellers by telling them that their homes should command Clinton Hill/Fort Greene prices; nabes which are also predominantly black with equally superior housing stock.

But the problem is BS, CHN and PLG is about 5 to 7 years behind the curve. No one paid 2003 prices in Fort Greene in 1998. But folks are being asked to pay 2012 prices in BS, CH and PLG in 2007."
I couldn't agree anymore. I love Bed-Stuy and I think that it's a beautiful community with major upside but what the fuck is going on with management at Corcoran? Why price out the very same people who have taken Bed-Stuy to the level where the nabe can command $1M for a single family home? Bed-Stuy has about 6,000 brownstones, more than any other community in the country. Wouldn't it make more sense to sell 1,000 homes at $600k-750k as opposed to 25 above $1M. At a certain point, you will shut out everyone looking to move into the neighborhood.

Let's be realistic here, there is a threshold breaking point where folks with money will not live in an area that is predominantly black and still riddled with issues of crime, drugs and poverty. For the right price, people will live anywhere, but let's be mindful of the fact that growth and development should occur slowly and organically. Yes, Bed-Stuy brownstone are equal to the best townhouses found in Park Slope and Brooklyn Heights. However, Bed-Stuy is still undeserving of even Fort Greene and Clinton Hill prices until the nabe further improves.
Is this fair? Yes. Not everyone is planning to take the money and run in Bed-Stuy (as was the case in Fort Greene). There will still be some longstanding homeowners who will not sell - just yet. For example, those who needed the money and sold $25k brownstones for $750k in Fort Greene still made out like bandits. On the flip side, those who didn't need the money held out and now have properties worth over $2M. That's life but still everyone wins.

The real estate boom in Brooklyn is the greatest form of income redistribution in favor of people of color in the history of our nation. It's allowed relatively low income black families to reap substantial windfalls in real estate. However, the natural progression of this phenomenon can only continue to occur and help thousands of black families if pricing occurs sensibly and intelligently. Again, current pricing models used by the big brokerage houses are killing this momentum by putting the wagon in front of the horse.

If 1,000 brownstone trade at $650k-$750k in Bed-Stuy thereby creating a critical mass of new entrants who will bring about new energy and a different level of commitment into the community, the next 1,000 homes easily sell between $750k and $1.25M, if not higher. However, Corcoran appears more interested in seeing 1 or 2 homes trade at the $850 - $1M mark and immediately pricing all subsequent homes above $1.25M. What's the justification for this practice? Shouldn't hundreds of homes trade within range before up ticking prices to the next level of demand?

However, selling two or three homes in an area for about $900k does not justify raising prices to $1.2M for an average BS home. we are not talking about a substantial number of sales to insist that demand is so high that it dictates that prices go up 20% every year. Only a small handful of brownstones are coming up for sale on Bed-Stuy's prime areas (e.g., Stuyvesant and Bedford Heights), yet with each passing sale (after languishing on the market for months at a time) home values are being raised by $100-$200k. That's insane. At this rate when the 100th brownstone trades hands in prime BS since 2000 (probably about 2010), by logical extension you can expect the seller to get north of $3M for the house which would leave the remaining 5,900 homes in BS worth north of $2.5M. Do you really think this makes any economic sense? Bed-Stuy has too many brownstones and the area is too far behind other more established hoods to command these prices. I live in the community and I want prices to go higher as much as the next guy but I understand that it must happen in an organic and pragmatic way - slowly overtime. At 800k+ this house would be priced accurately. $1.175M is retarded. If that is indeed the market then the grand homes on Stuyvesant Avenue should be worth about $2.5M.

If you bought you house for under $100k and are looking to sell a townhouse for $1M+ in less than perfect Bed-Stuy then I expect the house to be in triple mint condition with a well appointed kitchen and modern baths with state of the arts appliances and amenities. But typically you don't get this in the hood. What you get is a great house on a beautifully kept block but with a kitchen and bath that hasn't been upgraded in over 30 years (if lucky, you get 1990's Home Depot).

Fort Greene and Clinton Houses command the prices that they do because those coming to market now have traded hands two or three times since 1990 and many are being sold with awesome original details, professional kitchens, modern baths and beautifully done outdoor spaces. It's only now that new buyers in BS are spending $500k+ on top notch renovations. When those buyers sell I can indeed support those homes trading at a high premium but now is not the time. $1M+ for an average home in a relatively tough community, hell no (unless in Stuyvesant Heights).

For $1M+ and for all of the headaches associated in being a high paying pioneer in an upcoming nabe, I expect central air and all of the bells and whistles. If not, I expect a deep and substantial discount compared to homes in FG and CH which would put this house at around $800k. In FG and CH the trailblazers got a "first to market" discount advantage, in BS you're expected to pay above market.

In today's Bed-Stuy where newcomers comprise well under 3% of the current nabe, there is no critical mass of gentrifiers in the nabe to justify these prices. Yes, the nabe is getting there but it's a long way away. And for those who will complain that it's racist to demand that black homeowners NOT get prices close to FG and CH then I will offer you this fact: the people who are paying $800k for those townhouses in the hood are not other residents in BS - it's newcomers and yes, trailblazers. If left to those indigenous to the area, we wouldn't pay more for a brownstone then what the rent roll would cover - that's old school BS economics! Just keeping it real....."

THIS IS FOR ALL BROKERS: REAL ESTATE 101 - BROOKLYN STYLE!

Posted by: Anonymous at June 26, 2007 7:16 PM

Yes, most of us love Bed-Stuy but let's give the nabe a fair chance and allow it to grow slowly and more organically. Yes, sellers name their price but brokers should also give them a shot of reality too.

A cooling market in the hood is only in the nabe's best interest.

Posted by: Anonymous at June 26, 2007 7:49 PM

8:37PM, for your edification:

Nabe = Neighborhood
Hood = Neighborhood
Therefore, Nabe = Hood

Dumbass!

Posted by: Anonymous at June 26, 2007 10:57 PM

Not if the goal is to offend.....

Posted by: Anonymous at June 27, 2007 5:56 AM

"Pleae keep your comments down tyo a matter of lines. They are too boring."

So don't read them! Who died and made you boss anyway?

This is a forum and as such ideas, thoughts and opinion must be vetted out and sometimes debated. At times, this can not and will not occur within a "matter of lines."

But then again, given your lack of spelling, reading something of depth and quality might be too hard for a 5th grader with ADD.

Posted by: Anonymous at June 27, 2007 10:05 AM

I agree with 8:21, the above post is much too long-winded. It sounds like something that Norman Oder would write.

Posted by: Anonymous at June 27, 2007 12:20 PM

I hate Norman Oder.....

Posted by: Anonymous at June 27, 2007 1:28 PM

Escape Brooklyn:

"Although they have a nice backyard, their apartment and the neighborhood are *trash*."

Considering the fact that you spent almost every weekend in Bed-Stuy, that's not saying much for Ditmas Park or your own apartment.

Posted by: Anonymous at June 27, 2007 5:50 PM