HOTD: Price Cut at 408 Stuyvesant Avenue (Again)

Not terribly surprising.

Bed Stuy is not a place where people are looking to buy property at this time.

I believe prices there still have a ways to fall. They should come more in line with services in the neighborhood, which are certainly not in line with 1.5 million dollar homes. Yet.

Posted by: guest at October 9, 2007 1:31 PM

agreed...all the cool people are moving to crown heights north......bed stuy will never get over the lack of subways.

Posted by: guest at October 9, 2007 1:44 PM

it may go at this price. This is a pretty unique house.

I'm stunned at the greed of the seller (or am I).

Posted by: guest at October 9, 2007 1:53 PM

I still think the price is too high considering there is a rent stabilized tenant in place.

Posted by: guest at October 9, 2007 1:57 PM

Lack of subways??? This house is one short block from the A train (Utica Ave stop). That's a very easy and convenient commute to Manhattan.

The mansions on this block are amazing. Recently I went to the open house at 404 Stuyvesant, a huge, beautiful house in fairly good condition, with great details inside. The surrounding blocks are beautiful and quiet (such as McDonough between Stuy and Lewis, which won the Greenest Block in Brooklyn this summer). In terms of service, the area is slowly improving, we now have a good wine store, and a few restaurants and cafes.

That being said, I'm not convinced the house is worth 1.55M at this time. But at least 1 or 1.2M, that's for sure.

Posted by: guest at October 9, 2007 2:19 PM

Hmmm. I wonder if they are having trouble selling it because it's more than the 3-4 unit threshold that banks use to distinguish between commercial and residential property.. All sorts of things change when you have more than 3 units, more cash down and all sorts of fire code issues.. Otherwise I think for $1.3-1.4 million this should sell if reality supports the pristine condition the pictures show...

And this quote at 1:31pm:
"Bed Stuy is not a place where people are looking to buy property at this time."
What are you talking about?

Posted by: guest at October 9, 2007 2:23 PM

In case you haven't noticed, 2:23...there have been some housing problems over the last year...

Bed Stuy has a HUGE uptick in foreclosures and people don't want to spend large amounts of money on a fringe neighborhood right now.

Does this not sound familiar?

Posted by: guest at October 9, 2007 3:00 PM

"...especially considering the tenant who's looking pretty comfortable in that sixth unit."

LOL

Posted by: guest at October 9, 2007 3:03 PM

And the slow motion crash continues...

...coming to a neighborhood near you.

Posted by: guest at October 9, 2007 3:09 PM

This listing shows the perils of over-pricing. They've already cut 25% off, so why not wait until they're really desperate? At this point, you'd have to be an experienced r.e. investor who knows the B-S market to even consider making an offer. Also, interesting point about this possibly being considered a commercial property. If true, that would also rule out most homebuyers in favor of investors. All that said, I would guess the rent roll might be over 8K a month, which with enough down would cover a 700k mortgage and upkeep pretty comfortably. So at $1.3 mil. or so this might go.

Posted by: guest at October 9, 2007 3:25 PM

Now that the bubble has popped, and mortgages harder to get, these 'jumbo' class units will be a thing of the past, especially in Bed Stuy that is getting so much bad press on the foreclosure and sup-prime debacle. I'd say this unit will sell form $500k to about $700k and no more. Heck, it's old and probably in need of pipes and roofing.

The age of the million dollar brownstone is a thing of the past.

Posted by: guest at October 9, 2007 3:43 PM

Wow, I can't believe how people can still make ignorant comments and keep a straight face. We all knew this place was overpriced from the gate. This place is bigger and better looking than 100 Decatur and that wen for $985K. So I'm think $1.2 will get 'er done. But I wouldn't. and I LOVE BED-STUY and my $550K/3-family purchase back in '05 ( I thought I was dumb THEN!! )

Posted by: guest at October 9, 2007 4:06 PM

agreed...all the cool people are moving to crown heights north......bed stuy will never get over the lack of subways.

I live in Bed Stuy and I am one block from the A/C on Nostrand and less than two blocks from the Shuttle and C on Franklin and if you go toLafayette you have the G so you obviously have your head lodged up your ass. By the way Fucktard the people in Crown Heights North come to Bed Stuy for the A train and the LIRR as well.

Posted by: guest at October 9, 2007 4:23 PM

Oooooo! Crown Heights - Bed Stuy war! Bunga bunga bunga!

Posted by: guest at October 9, 2007 4:59 PM

Is it absolutely necessary to make a profanity laced comment to make your point heard? Good Grief. Anyone that says, "bed stuy will never get over the lack of subways."

Is either
A: being facetious,
B: trying to get a rise out of you, or
C: completely unaware of what Bed-Stuy is and has to offer

Either way, its a comment worth being ignored, yes? Now, let's make room for insightful comments...

Posted by: guest at October 9, 2007 5:05 PM

bed stuy. do or die.

Posted by: guest at October 9, 2007 5:14 PM

Oh no, I can't post comments? Where is the love??
Well it's a vehicle for open class warfare. But the crash is coming....
I hope you stay in the neighborhood during this time of depression. It's going to be fun. I will watch the value of your homes go up in smoke.
I'm "The Twat" and I will be here for ever, do you understand that?!!

FOR EVER
The Twat

Posted by: guest at October 9, 2007 5:32 PM

WHERE IS "THE DUMP????"

WALL STREET HIT A NEW HIGH TODAY, THE WHAT!!!

Posted by: guest at October 9, 2007 5:34 PM

Oh no, I can't post comments? Where is the love??
Well it's a vehicle for open class warfare. But the crash is coming....
I hope you stay in the neighborhood during this time of depression. It's going to be fun. I will watch the value of your homes go up in smoke.
I'm "The Warts" and I will be here for ever, do you understand that?!!

FOR EVER
The Warts

Posted by: guest at October 9, 2007 5:47 PM

393 Stuyvesant is right across the street and listed at 975k - this thing is simply beautiful - but needs work! The variance in price between these two properties is quite strange.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1084183&ohDat=10/14/2007%2012:00:00%20AM;

Posted by: guest at October 9, 2007 6:31 PM

Yes! Not only is 393 available at a much lower price, BUT 404 Stuyvesant Avenue (featured in Bricks and Brownstone , p. 252) is also still on the market at $1.55, WITHOUT the rent-stabilized tenant, and set up as only a 3-family. I cannot fathom how the same house only two houses over can be asking the same $$ with a rent-stabilized tenant.

Posted by: guest at October 9, 2007 7:20 PM

I smell the blood of a RE broker, me does!

Posted by: guest at October 9, 2007 7:53 PM

October 09, 2007

Good as Gold
by Oliver Velasquez

Gold has rallied to a 27-year high and continues to make headlines. It seems like just yesterday Gold was trading around $300 oz. It has more than doubled to $750 per/oz in the past five years. It's obvious we are in the midst of an upward cycle in relation to Gold, and for that matter all precious metals. These commodities thrive in times of uncertainty, and times are sure uncertain. There are several reasons, but the most recent has been the credit-crunch. There is also a terrible trade deficit within the U.S. and geo-political tensions that continue to escalate. It becomes clearer and clearer why Gold is rising. It is impossible to predict the ultimate high for gold, but if things continue the way they have, I assure you we'll surpass the all time high of $800 per ounce set back in 1980.

The American monetary policy is out of control. The last ten years I've witnessed two bubbles, both in stocks, during the late 90's, and more recently the present day housing bubble. The thing to realize, of course, is that the housing bubble is many times more dangerous than the stock market bubble, because it affects the whole banking system. This is why interest rates were sliced half a point on Sept 18th, trying to fuel our economy. There is huge liquidity in the asset markets, but unfortunately it is all based on credit not cash. This is an illusion. This is liquidity that could easily turn into a savage deflation tomorrow. How much more can we continue inflating assets? When this does stop and liquidity is gone, if there is a lot of leverage in the market, it can collapse. It has not happened yet, but someone is going to have to pay the piper. The effects can be felt today as credit is becoming more expensive and difficult to obtain. But who needs credit when we having savings, right. No, it seems the average American has abolished that a while back. Clearly we are a consumption nation and this is weighing heavily on the shoulders of our trade balance, especially when our manufacturing sector is disappearing and technical jobs are being lost to overseas competitors. So it's no wonder the dollar is weakening compared to other currencies like the Euro and Canadian dollar, which has traded one to one with the US dollar, sad to mention. The bottom line is a weaker economy, a probable recession, and more uncertainty.

No wonder gold and all precious metals have roared, and in my opinion will continue to do so throughout 2008. From a fundamental perspective, time's being what they are, the weakening dollar, the geopolitical instability, global energy crisis with crude at all time high of $80 per barrel, to the conventional Econ 101 imbalance of supply and demand make it clear that gold should have a definite place in your portfolio. This is an asset you want to own for protection against risk, and things are getting risky. Also, what better hedge can you have against a falling dollar. The rest of the world seems to have notice as there is plenty of demand from the flourishing middle classes in China and India, and from central banks in countries that have enjoyed gains from foreign trade, like Russia, the Persian Gulf states and, again, China. China has been buying gold with US dollars, and there are more than 1.3 billion Chinese. If investors buy the arguments for gold, they must then decide how to buy access to it. They can acquire the physical metal but that entails costs for storage to guard against theft and the hidden cost of holding an asset that does not pay interest or dividends. If you are interested in learning more about alternative ways to invest in gold and the strategies I use please request information here.

Oliver Velasquez
eMail: oliver@wisdomfinancialinc.com
Metals Market Strategist
Wisdom Financial Inc.
888-397-9184

Futures and options trading can involve substantial risk. News and Information that affects the market may have already been factored into the current price of the market.

Copyright ©2007 Oliver Velasquez

Posted by: guest at October 9, 2007 7:56 PM

Oh my goodness! Thanks a lot Oliver. Let's all sell our homes and run to Oliver to buy gold certificates.
Oi vey... I thought the ads were down the sidebars (mostly) on this blog... ;-)

Posted by: guest at October 9, 2007 8:06 PM

Jesus, between the anti-Bed-Stuy trolls,the misinformed doomsdayers and the obnoxious gold salesman I don't know what to say. Guess I should look at the proliferation of naysayers as a sign to go buy. When this many people are sure of one thing, you know it's time to do the opposite.

Posted by: guest at October 9, 2007 9:12 PM

And guess what they sold it!!!!

Posted by: guest at March 20, 2008 7:06 PM

i live in bed stuy and if you find one with the old charm in it then it's a deal because you will not find (or hard to find) what some of these brownstones or greystones have. Right now I still have the original PILLARS OR PILLERS (i am a horrible speller) in my home along with the fireplace. We still have the maid quaters. when you say the lack of subways you must be crazy the A train is a 1 minute walk thru a lovely park (fulton park) and we all know the A train connects you to anywhere you need to go, the sidewalks are lined with marble and the city is putting the old fashioned light posts up. everyone has a dog and you have a store open just about on every corner, some even open all night. You also have the neighborhood bar, and some nice lounges opening up. Let's not mention alot of homeowners are really opening their own businesses in the neighborhood, my neighbor opened a child store. You will almost always see a patrol car of 4 to 5 police officers patroling the neighborhood at any giving time. You have the neighborhood book store and coffee shop (without starbucks prices and they offer damn near the same thing) so anyone that say's bed stuy or stuyvesant heights ( where I live) is not the place to live then you have not been here yet. Buy the way I know someone selling theirs for 910,000, but if that's too high then ask around you never know most home owners that want to sell do not put up postings anyway

Posted by: guest at March 20, 2008 7:29 PM