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September 29, 2008

House of the Day: 2777 Bedford Avenue

We included 2777 Bedford Avenue in our Open House Picks back in January when it was listed at $649,000. It still hasn't sold and the price is now down to $599,000. (Judging from the differing sets of photos in the new Mary Kay Gallagher listing versus the photos in the original Brooklyn Properties listing, the sellers have already moved out, suggesting there may be some urgency to the sale now.) We have a little crush on this house Colonial charmer and hope someone who appreciates its historic details comes along and buys it. For those readers who complain about there not being enough lower-priced houses featured, this is as nice a house as you're going to find in the $600,000 range. Of course, it requires that you want to live in the Brooklyn College area.
2777 Bedford Avenue [Brooklyn Properties] GMAP P*Shark
2777 Bedford Avenue [Mary Kay/NYT]
Open House Picks 1/25/08 [Brownstoner]

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I have wondered for a while as to why this house still hasn't sold. People are always kvetching about the lack of (relatively) affordable housing in Brooklyn, and then there's this gem on a beautiful block in South Midwood, a genuine Victorian Flatbush neighborhood, virtually ignored.

I'm betting there's a story here, but I don't know. Maybe not. Maybe it's just been waiting for the Gallagher golden touch. She seems to be the only broker still moving houses in that area.

Posted by: Architerrorist at September 29, 2008 1:11 PM

Somebody sure likes pink. The furniture has a late '50s / early '60s vibe, right down to the twin beds a la Rob and Laura Petrie that are so naughtily pushed together.

Other than that, seems to have potential and I like the charmingly quaint looks of it along with the homes next door.

Posted by: Biff Champion at September 29, 2008 1:14 PM

This is really nice block. The Federalist Revival houses (there's quite a stretch of them)are always singled out in the Victorian Flatbush House Tour Guide. There are no scary exterior renovations to them whatsoever.

Also, Bedford has the grandest houses in the South Midwood area. Unfortunately, some of these have not been as well preserved as their brick neighbors. But still, the best block in South Midwood.

Proximity to Brooklyn College is not a bad thing either. I believe neighborhood residents can use the facilities there for a fee - gym and pool.

If this was my price range, I'd be looking here. But like I said, maybe there's a story here that I don't know and that's why the place is sitting.

Posted by: Architerrorist at September 29, 2008 1:20 PM

Looks great to me. One could easily move in and take projects one at a time. The whole house looks perfectly livable now. Updating the kitchen wouldn't be that hard, and could be phased in. Removing the wallpaper and painting improves it tremendously without breaking the bank. Ditto with the rest of the house.

Maybe there really is something wrong that is not apparent. I would think at this price, it should get sold pretty easily, even in this market.

It's a charming little house.

Posted by: Montrose Morris at September 29, 2008 1:31 PM

Sure the retired owners would love to sell their house tonight if they could but there is no urgency to sell. After not selling while it was listed with Brooklyn Properties they decided to move on anyway. They have no mortgage on this home but they don't intend on giving it away. Hopefully at this price, which seems fair, Mary Kay can move the house for them. As Architerrorist said she's still moving houses in Victorian Flatbush. I don't know who's buying but I guess despite the current financial crisis, people are still looking to own their homes.

Posted by: Chaka at September 29, 2008 1:32 PM

My wife and I saw this a few weeks ago. There was water in the basement after a rain. Don't know how big a deal that is.

Posted by: crimsonbug at September 29, 2008 1:38 PM

Nice to see a lower priced home featured.

However, at $600,000, it still requires a buyer or buyers with a combined income of $200,000.

Question: Is this a home or area that will appeal to a person or couple who makes that kind of money?

Posted by: SnarkSlope at September 29, 2008 1:41 PM

We almost bought a house like this...in Bay Ridge. It needed more work than this one. There was a leak in the roof that damaged alot of the bedroom ceilings. It had a garage in the back too. It was so cute.

I say almost, because we made an offer, someone else offered more, we offered more, they offered more...and I said I'm out of here. I'm not getting into a bidding war. Not in this climate. There will be others. BTW...it sold for 585K.

yes, there's still deals out there.

This house is really nice for a couple or a small family. And as Montrose said, easy fix. I bet there's nice wood floors under that carpet.

Posted by: bayridgegirl at September 29, 2008 1:45 PM

A little water in the basement after a heavy rain is a common problem. There are a number of fixes. It almost scared me away from purchasing my house but after living with it for a year or two we had the problem abated and the basement refinished without any further leaks. Of course an engineers report is a must to find the source of the problem before purchase.

Posted by: Chaka at September 29, 2008 1:58 PM

Brownstoner,
Why did you pull the topic on reduced price condos?
Was the info inaccurate?
bg

Posted by: BrooklynGreene at September 29, 2008 2:00 PM

Snark-

"However, at $600,000, it still requires a buyer or buyers with a combined income of $200,000."

Really?

Independent of money put down on it?

Posted by: Prodigal_Son at September 29, 2008 2:01 PM

500k sounds more realistic.

if we get out of bizaro world it will go for 300k

Posted by: Santa at September 29, 2008 2:06 PM

I agree that $500k is the right selling price, but I don't think it will ever sell as low as $300. The owners don't need to sell. The house is been on the market almost a year. Owners would be better off renting it out, leaving it to their kids or grandkids.

Posted by: Architerrorist at September 29, 2008 2:17 PM

Posted by: Architerrorist at September 29, 2008 2:18 PM

Prodigal: I was assuming 20% down.

"To arrive at an 'affordable' home price, we followed the guidelines of most lenders. We've allowed a total debt-to-income ratio of no more than 36 percent. And we have assumed a housing payment-to-income ratio of 28% for our conservative estimate, and 33 percent for the aggressive one."

- http://cgi.money.cnn.com/tools/houseafford/houseafford.html

Posted by: SnarkSlope at September 29, 2008 2:24 PM

SnarkSlope...I haven't heard that kind of talk out of a lender in many, many years. Nice to see things are getting back to normal!!!!

Posted by: daveinbedstuy at September 29, 2008 2:27 PM

A little late to be slamming the barn door, but better late than never?

Posted by: SnarkSlope at September 29, 2008 2:33 PM

It is a cute house but you could get the same size house for the same price with more property in the real burbs, as opposed to the fake burbs in the heart of Brooklyn. The communte from many non-boro burbs to midtown is shorter than from Brooklyn College.

Posted by: sam at September 29, 2008 3:24 PM

People always bring up the "real burbs" comparison. But honestly, I looked at houses in the burbs, and prices were just as high anywhere I'd consider living. Also, people who choose Brooklyn over the burbs do so largely because it just doesn't have that "burb" vibe. Sam, when "burb" neighborhoods would you cite as comps for this one?

Posted by: Architerrorist at September 29, 2008 3:33 PM

Now that the banks are being rational again, the only people who can afford 'brownstone Brooklyn' are those who are selling property and have $$$ for a huge downpayment or those with mega incomes. As Snark says, it is a little hard to imagine a couple earning 200K wanting this sweet house in the Brooklyn College area. I know people who would happily buy it--but their max budget is 450K, which is why they are buying outside of the city.

Posted by: shillstoner at September 29, 2008 3:39 PM

Sam, the other issue is that there are so many people living in Brooklyn who work in Brooklyn. From the looks of what is happening on wall street and in congress there may be a decrease in the jobs available on both Wall Street and in Midtown.

Posted by: Chaka at September 29, 2008 3:41 PM

I'd be a buyer of that at $350k, which might sound crazy at the moment given what else is on the market for that today but give it a few months.

Here's a list of banks that have effectively gone under today:
- Bradford & Bingley
- Fortis
- Glitner (+ another icelandic bank I can't remember the name of)
- Wachovia
- the three largest Irish banks
- Sovereign Bancorp
There might be others that I've missed.

Of course, just because that's what I'd offer doesn't mean that's what the seller would be willing to accept - which leads us to the other sticking point. Transactions are made only where the buyer and seller can agree a price. If buyers can't get the funding, or sellers aren't willing to lower then you don't get a deal - and the property juts sits on the market indefinitely.

Posted by: the chicken at September 29, 2008 4:17 PM

Chaka, I hope you are right, that a lot of people who live in Brooklyn work in Brooklyn. This blow-out may actually work in their favor as housing will deflate significantly and allow middle-class brooklyn folks to buy homes again.

Posted by: sam at September 29, 2008 4:18 PM

it would have to be a couple making 200K and DAMN certain that they will keep making that much through this cycle.

Posted by: jingle mail at September 29, 2008 6:51 PM

I could see a prof couple who work at Brooklyn College buying this.

but for no more than 450k

Posted by: Santa at September 29, 2008 9:01 PM

Some here can quote the 20% down formula all they want (and they do it a lot) but it won't apply to many serious buyers of brownstones. I don't know anybody who bought a house in NYC with only 20% down. We had a coop to sell and were able to put 50% down. And we're not rich or in finance; we're freelancers. Most people we know owned and sold apartments first. Another friend sold a company before buying their house. But that said, how much one can sell their condo or coop for now will affect how much a down payment they have for a house and how much mortgage they will need. Of course if house prices drop too that evens out and helps them.

Posted by: traditionalmod at September 30, 2008 10:46 AM

« Condos of the Day: 525 Clinton Avenue Brooklyn Bargains? Condo Price Cuts »

September 29, 2008

House of the Day: 2777 Bedford Avenue

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