« Co-op of the Day: 314 Clinton Street, #3 Streetlevel: 216 Flatbush Restaurant Revealed »

April 16, 2009

House of the Day: 501 Bainbridge Street

There something a little funky about this listing at 501 Bainbridge Street. First some history: The house was purchased for $570,816 in November 2007 and then sold again in January of this year for $290,000. It came back on the market in March for $559,000 and was just reduced to $525,000. There are some original details intact, but much of the house has been on the receiving end of an el-cheapo rental renovation. We'd say they've still got a ways to go on the price.
501 Bainbridge Street [Prospective Properties] GMAP P*Shark

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/9300

Comments

Especially THAT FAR east.

Posted by: daveinbedstuy at April 16, 2009 1:17 PM

So was this a shortsale in 2007
did the owner then have to sell it for that low of a profit?
just sad really and the some investor picks it up,lays low and then just tries to flip it for close to the price paid in 2007...

Posted by: gemini10 at April 16, 2009 1:21 PM

oh lord - again - who put the widget at 735K???

Posted by: gemini10 at April 16, 2009 1:28 PM

"Done with exquisite taste"
Aaah, No it wasn't.

Move it west a mile and ask this price.

Posted by: bayridgegirl at April 16, 2009 1:30 PM

An idea: to avoid the skewed average appraisal price that results from someone entering a ridiculously high amount, why not use median instead of average?

Posted by: citykitty at April 16, 2009 1:30 PM

The HOTD is so utterly unappealing in so many ways (to me).

Posted by: 11217 at April 16, 2009 1:38 PM

50% off sale is pretty rough... maybe the current owner should ask, "Hmm, self, why did I pay $290k and not $525k back in January?"

Maybe, just maybe, because $290 was the RIGHT price for the market, location, property.... Ridiculous even trying to sell at a price higher than $325k. It's been 3 months!!!

Posted by: tybur6 at April 16, 2009 1:46 PM

A better way to get the average, is to take off a number of the lowest and highest appraisals and average the rest. So, if there were 20 appraisals, as there are now, you would ignore the lowest 3 and the highest 3 and average the rest.

Posted by: tippingpoint at April 16, 2009 1:54 PM

In a word..YUCK

Posted by: scarter at April 16, 2009 2:00 PM

lmao @ "done with exquisite taste"

I don't think the house is that bad, but it is far from "exquisite". Also, that peachy paint is horrid...and it seems to be everywhere!

Posted by: Opinionated at April 16, 2009 2:05 PM

I know this area, and the house is indeed in good condition compared to other properties, and if you go by comps, the price is not unreasonable.

That said, I am not interested, and if I were I would start by offering a lot less.

It does look like the Jan sale was a short sale to a flipper, but who knows. If it was, they either didn't do very much or they worked very quickly.

Wood frames in this area were going for $600,000 in 2006. The most recent comp I remember is $470,000 in November. I assume it was not in especially good condition because few are. I see foreclosures for $300,000 and less but they require a year-long gut renovation because the plumbing has been ripped out of the walls. So figure $100,000 premium for the stone, minus whatever discount for deteriorating market conditions.

The vast majority of houses I have seen in this area are either completely original and falling apart, or horribly altered -- walls ripped out -- with shlock finishes from the 50s and Home Depot kitchens far worse than this installed by unskilled labor. At least these people appear to have done the installation correctly (as far as one can see in a photo).

Now, if the place had updated mechanicals and a sound structure but had all the original details intact with the original 2.5 (not three) bathrooms, woodwork, plaster walls, etc., and none of this sheet rock and tile, then I'd be happy to buy it. Probably for $440,000.

Posted by: mopar at April 16, 2009 2:10 PM

To whomever keeps posting the ridiculous high votes,
We can track the votes by IP so if you keep it up you will lost your commenting and voting privileges.
Thanks

Posted by: brownstoner at April 16, 2009 2:10 PM

"$570,816 in November 2007"

Ouch! Now, they can't give these away.

***Bid half off peak comps***

Posted by: Brownstones Half Off at April 16, 2009 2:19 PM

House is not beautiful but not ugly or terrible condition either. take a $100-150k off and all of a sudden it looks much more appealling.

Posted by: more4less at April 16, 2009 2:22 PM

re: high votes.....it wasn't me

Posted by: randolph at April 16, 2009 2:45 PM

I agree with you more4less. This house is not bad but not great either. This house is kinda in no man land kinda Bedford Stuyvesant, Ocean Hill and Bushwick. I think the price should come down a lot because you can go on the other side of Howard and get a house for the same price or less with tons of detail.

Posted by: Amzi Hill at April 16, 2009 2:46 PM

Is this area safe?

Posted by: 11217 at April 16, 2009 2:48 PM

While I wouldn't go as far as saying this house is uck or utterly unappealing, it's definitely not the typical brownstone house featured here most days. However, it’s not as bad as one may think. While the kitchens and bath are not to ‘my’ liking, but they are new and in working order. There are some details left in this house. The living room has what looks like interesting wainscoting and the window casings are nice. Strip away the layers of paint and you might be surprised the difference. The facade is kinda cute with a great cornice, and it’s on block of similar brownstones, some nicer.

It’s unfortunate it’s priced what I think on the high side for this area. But then again, I still think that a lot of listings, even in ‘Prime’ areas are overpriced. Houses like this should be priced so first time buyers have an opportunity at home ownership.

Posted by: bayridgegirl at April 16, 2009 3:05 PM

$525 is comedy gold. There are houses this size in the nicest areas of Bed Stuy priced around that much.

This is the type of house that should cost like $250-$300k, and would have back in 2000 when prices were still halfway sane.

Posted by: cwbuecheler at April 16, 2009 3:10 PM

This house is in Ocean Hill.

Posted by: mopar at April 16, 2009 3:11 PM

"Is this area safe?"

Not for someone from Park Slope.

Posted by: bayridgegirl at April 16, 2009 3:11 PM

cw, are there houses in good condition with original details and a top floor three-bedroom rental and three-bedroom owner's duplex in Stuvyesant Heights for $525?

I'm not defending this price but I want to know because if there is we need to buy one.

The great advantage of the houses in Ocean Hill is that they are original two family houses.

Posted by: mopar at April 16, 2009 3:20 PM

mopar -

Examples from a quick search follow. Note that all of these are in a nicer area, just off the A/C line, most in the landmark district, and all BELOW the price of this HOTD.

http://www.trulia.com/property/1076069165-131-Decatur-St-Brooklyn-NY-11216

http://www.trulia.com/property/1071318745-192-Decatur-St-Brooklyn-NY-11233

http://www.trulia.com/property/1076238794--Brooklyn-NY-11233

http://www.trulia.com/property/1059052738-147-Chauncey-St-Brooklyn-NY-11233

Posted by: cwbuecheler at April 16, 2009 3:30 PM

"Is this area safe?"

Not for someone from Park Slope.

*
As usual, you've contributed so much to the conversation.

And I'm not from Park Slope.

Again, you really should stick to the OT where you're more popular and can talk about your expertise on cat poop.

Posted by: 11217 at April 16, 2009 3:40 PM

This house should be at a price that a first time buyer could easily get. I know of a good five houses in Landmarked Stuyvesant Heights that are cheaper than this house. Local churches, friends that are not Realtor etc.. are trying to sell these properties... These 500K houses will never be a houses of the day because they never make the web or the papers... You just have to know the right people in Bedford Stuyvesant.

Posted by: Amzi Hill at April 16, 2009 3:41 PM

There are three houses on Decatur btw Lewis and Stuyvesant that are for sell.. This is one the only ones listed with a real agent... http://www.corleyre.com/address.php?property_ID=255

Posted by: Amzi Hill at April 16, 2009 3:44 PM

11217,
With all due respect (okay maybe not all)
What makes you think that comment was directed at YOU. Are you that egocentric? Or maybe you're the mayor of Park Slope?

And if you read all posts, not only ones referencing Park Slope, you'll notice that my post prior to the one before the one 'to you' did contribute something to the conversation regarding HOTD.

And if you don't read the Open Thread, how do you know I'm so well versed in cat poop.

Next.

Posted by: bayridgegirl at April 16, 2009 3:52 PM

So if it wasn't directed towards me, then it was directed at the entirety of Park Slope.

Much better.

As for the cat poop, I don't generally read the OT, I just know from life experience a lot of women who make a lot of nasty and bitter comments seem to know a lot about cats. That's all.

If you can generalize about a neighborhood, I can about women.

Please don't respond to my posts any longer. They take away from the topic at hand and interrupt those who actually want to talk about the threads.

Posted by: 11217 at April 16, 2009 3:59 PM

cwb, thanks for listing those...will go through them.

Mopar, check out the listing Amzi linked. That entry foyer is NIIIIICE!
Amzi, I'm definitely going to pick your brain when we're ready to look again.

Posted by: bayridgegirl at April 16, 2009 4:00 PM

Sorry all I have to do this.

11217 this is my last response to you.
My generalizations about an entire neighborhood are to irk a certain someone. But yet I fear your generalizations about women is not the case. My my, you are a misogynist

Btw, thanks for stopping by the OT today and mentioning Real Housewives of NY....again if you don’t read the OT, how do you know it’s discussed. You should stop by more often; we’ll get you a cake.

For the record I don’t have a cat. My nasty and bitter comments are in response to annoying posts/posters. The thing that is taking away from the threads is the incessant and ridiculous Park Slope boosting.

I’m done addressing you now, at least until the next time I read another annoying pro Park Slope post, which shouldn’t be long in coming.

Posted by: bayridgegirl at April 16, 2009 4:29 PM

oy gevalt

Can't we all just get along?

Posted by: cwbuecheler at April 16, 2009 4:53 PM

Amzi, I've been trying to view that house on Decatur for two weeks. The agent is not calling me back. The owner of Corley said they were having trouble with their message system. But notice it's listed at $700,000 -- considerably more than the HOTD here.

Do you think the houses on Decatur between Lewis and Stuyvesant are two rooms per floor? Thanks very much.

Posted by: mopar at April 16, 2009 4:54 PM

BRG is an interior designer and I thought her comments here today were helpful.

Posted by: mopar at April 16, 2009 4:55 PM

I'd like citations where I brought up Park Slope in this thread before BRG made her "not if you're from Park Slope" comment...

BRG comes across as a psychopath to me. And to quote another poster from a couple days ago:

"Bayridgegirl: You got some serious issues to cope with, Medical help usually does the trick."

I'm clearly not the only one who has a problem with her.

Posted by: 11217 at April 16, 2009 5:11 PM

Hard to say, 11217, since this is all virtual.

cw, thank you for those listings. The first one looks especially interesting. Are you still considering Bed Stuy -- if/when you should be in the market again?

Posted by: mopar at April 16, 2009 5:23 PM

mopar the two houses on Decatur are right next door going west to that one I posted earlier and I they are asking 600K. BRG I am thinking about meeting on Sunday in front of the old Girls High School at 2pm. I will confirm this all tomorrow.

Posted by: Amzi Hill at April 16, 2009 5:26 PM

Okay Amzi, I’ll try to get out of the insane asylum and meet you there.

Posted by: bayridgegirl at April 16, 2009 5:31 PM

mopar -

If/when we're back in the market, yes, we will still consider Bed Stuy. Basically anywhere we can afford that's a reasonable commute to Manhattan is an area we're interested in. If we can get an owner-duplex-over-garden-rental situation in Bed Stuy at a reasonable price, that's great. If we can do it in Prospect Heights or Carrol Gardens or Park Slope (sorry, brg), well ... we'll do it there. Better commute, and more stuff around. :)

Posted by: cwbuecheler at April 16, 2009 5:38 PM

Very interesting, Amzi. Thank you! Maybe we should try to see them. We are looking for a three bedroom rental over a three bedroom owners duplex, original everything, and solid structure/mechanicals.

And very interesting, also, cw. Well, maybe waiting will prove a blessing in disguise. Who knows, but I wish you the best of luck.

Our landlady said today she wants us to sign a year lease and I am practically having a heart attack and desperately want to buy something immediately.

Posted by: mopar at April 16, 2009 6:52 PM

Amzi, if you're still reading, remember the HOTD on MacDonough between Ralph and Patchen? It wasn't for us but the block was so amazing. I would love to live there. I don't know exactly where this Decatur place is, but I imagine it's close. Do you know any more places for sale around there? Thank you so much!

Posted by: mopar at April 16, 2009 9:26 PM

BRG struck me as a perfectly normal human being at the last Brownstoner get-together.

Posted by: sixyearsandcounting at April 16, 2009 10:16 PM

mopar the houses I talking about are in the landmarked section of Stuyvesant Heights. I saw a house on MacDonough two weeks ago that was load with detail btw Howard and Patchen I think. It is a beautiful block... The house looks better than the photos:
http://www.century21.com/property/index.jsp?ref_code=C21TruliaDL&id=35083795&WT.trulia_state=NY&WT.mc_id=Organic

Posted by: Amzi Hill at April 17, 2009 12:47 AM

That's the one we saw. Doesn't work for us, but very pretty and love the location.

Posted by: mopar at April 17, 2009 11:45 PM

« Co-op of the Day: 314 Clinton Street, #3 Streetlevel: 216 Flatbush Restaurant Revealed »

April 16, 2009

House of the Day: 501 Bainbridge Street

Trackback Pings

Comments

Post a comment

Latest Restaurant Additions