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August 24, 2009

House of the Day: 141 Quincy Street

This 1890 house at 141 Quincy Street in Bedford Stuyvesant is a charmer, to be sure. In fact, the renovated kitchen is the only real downer about the two-family (configured as one) house. The porch, plaster moldings, pier mirrors, etc. are all very impressive. As the listing takes pains to point out, the house is also pretty close (a block and a half, actually) to the Clinton Hill border. Given all this, and the fact that you could move right in, the asking price of $795,000 seems pretty reasonable to us. We bet it goes for within 5 percent of that number.
141 Quincy Street [Douglas Elliman] GMAP P*Shark

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Looks like a beautiful house. Kitchen unfortunate, but price is reasonable, I agree. Widget currently ridiculously under. This place is a find.

Posted by: Nomi at August 24, 2009 1:43 PM

Looks like an awesome house.

Seeing amazing houses like this at these prices makes me feel like it might be possible for me to afford a home in the city one day, should I need or want more space.

Posted by: 11217 at August 24, 2009 1:50 PM

Goodness, this house is perfect. Agreed, price is very reasonable.

Posted by: mopar at August 24, 2009 2:04 PM

Ditto to all above. It has the bones I love...

Posted by: hooky at August 24, 2009 2:11 PM

House is nice but the price is unreasonable. It is unreasonable to believe that a couple making $200K will move in here. Given the median of the neighborhood it would be a gentrifying step if a couple making 120K moves in here. This puts the price at $500K. Unless they find an italian sucker. Italian suckers are hard to find though, when one comes up NYT runs an article.

Posted by: bklplebe at August 24, 2009 2:16 PM

House looks very nice. Agree the kitchen is unfortunate, and I'd want to see what's under all that wall-to-wall carpeting.

Posted by: CarrollGardened at August 24, 2009 2:22 PM

Hate to break it to you, bklplebe but the NYTimes is not on the cutting edge of real estate news in NYC.

I can absolutely see a couple making 200K move here. 100K each is really not batshit crazy money in NYC.

Posted by: 11217 at August 24, 2009 2:23 PM

Couples making 200k ARE moving here.

Posted by: Nomi at August 24, 2009 2:24 PM

17' plus X under 35'. Smallish. And a loooooooong block and a half from the border. And all I see is carpet and tile (indicative of what lies beneath). Looks nice but comps for this puppy bottom at no more than $400K (they want double). An appraisal thread for this one may end up in the forum. REDLINE REDLINE REDLINE...(values take a slight dip between prime BS and prime CH, no?).

But then again, Minsky's got it!

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 24, 2009 2:26 PM

"Couples making 200k ARE moving here."
not any more. They cannot afford elsewhere.

"100K each is really not batshit crazy money in NYC. "
which nyc are you talking about?

Posted by: bklplebe at August 24, 2009 2:26 PM

"italian sucker"

A metaphor growns in Brooklyn RE.

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 24, 2009 2:27 PM

Hmm... this house is okay location look great but I can not fall in love with this house or say that it magnificent with looking at just 3 pictures.

Posted by: mysideofstuy at August 24, 2009 2:29 PM

Too far from a good subway. The G is not a good subway.

Posted by: daveinbedstuy at August 24, 2009 2:32 PM

quote:
100K each is really not batshit crazy money in NYC.

lol

*rob*

Posted by: PitbullNYC at August 24, 2009 2:34 PM

You can LOL all you want, but for those people in NYC interested in buying a home, 100K is on the low side of the income spectrum.

Please get out more, people.

Posted by: 11217 at August 24, 2009 2:40 PM

perhaps i should stop associating with riff-raff who make under 100,000K a year. you know.. like 99 percent of people who live in nyc. :-/

*rob*

Posted by: PitbullNYC at August 24, 2009 2:42 PM

Rob, I don't think you understood the point. HOME BUYERS, by and large in NYC aren't making 35K a year.

It's not about riff raff, or putting people down or up, it's about the facts of life.

People looking for a home to purchase in NYC make good money. Why is that so difficult to comprehend?

As I've said before a couple times, my friend, who is a waitress makes 80K a year and another friend who manages an Urban Outfitters in Manhattan makes 85k. Some of you really need to start looking for a new job once the economy picks back up. If for nothing else than to realize that most people MOVE to NYC to either A. Do what they love or B. Make a ton of money.

If you're doing neither, I'm not really sure why you've chosen to live in the most expensive city in the U.S.

Posted by: 11217 at August 24, 2009 2:47 PM

Just to give you a clue, here are a few tidbits:

"In 2006 the average WEEKLY wage in Manhattan was $1,453, the highest and fastest growing among the largest counties in the United States"

"Since 2000, the number of children under age 5 living in Manhattan grew by more than 32%.[37] The increase is driven mostly by affluent white families with median household incomes over $300,000."

Manhattan
Median Household income $64,217
Mean houshold income $121,549

Posted by: 11217 at August 24, 2009 2:51 PM

i choose to live in nyc because it's the blonde wig capitol of the world.

*rob*

Posted by: PitbullNYC at August 24, 2009 2:52 PM

We were earning less than $80k combined when we purchased our Park Slope house.

Ah, but that was a long, long time ago.....

Posted by: rh at August 24, 2009 2:54 PM

quote:
"Since 2000, the number of children under age 5 living in Manhattan grew by more than 32%.[37] The increase is driven mostly by affluent white families with median household incomes over $300,000."

barf

*rob*

Posted by: PitbullNYC at August 24, 2009 2:55 PM

hey wiggy, youre also only quoting MANHATTAN figures

*rob*

Posted by: PitbullNYC at August 24, 2009 2:55 PM

"Mean houshold income $121,549 "

that's what I said. a couple from Manhattan with household income 120K cannot afford currently the far from subway bed stuy townhouse.

Now if the price falls to 500K the couple from manhattan might afford it if they are not threatened with unemployment. Of course when they have a kid they will still not afford it because the need to pay daycare/nanny as they both have to work.

Posted by: bklplebe at August 24, 2009 2:56 PM

don't forget private school! don't want muffy and chandler fraternizing with the riff-raff of the neighborhood.

*rob*

Posted by: PitbullNYC at August 24, 2009 2:59 PM

I think 11217 is right about the market for this house. It IS NOT the population as a whole that can afford it but only those making above a certain amount. All others rent, or buy things in the $200-300,000 price range.

Posted by: daveinbedstuy at August 24, 2009 3:02 PM

well I assume fraternizing with the neighborhood riff-raff must be a selling point because this riff-raff is what makes this neighborhood special. Muffy and chandler will still need a nanny though :)

Posted by: bklplebe at August 24, 2009 3:05 PM

"It IS NOT the population as a whole that can afford it but only those making above a certain amount. All others rent, or buy things in the $200-300,000 price range."

Of course it is not the population as a whole. What we established is that the MEDIAN MANHATTAN couple cannot afford it. The are millions earning below that.

Posted by: bklplebe at August 24, 2009 3:08 PM

I have to admit I clicked on the link and looked at Jerry's ad. Yes, it looks okay from the photos but there really ARE too few. Honestly. I guess it needs work or updating and they want to get people to schedule an appt to see the house...and once in the door, Jerry and company can handle it.

One thing that struck me: "Seconds to all the restaurants, shops and hype of Fort Greene and Clinton Hill yet located on a manicured and truly original historic block. Excellent neighbors."

Now, isn't that quote from the ad a bit ridiculous?

Posted by: BrooklynGreene at August 24, 2009 3:14 PM

Two thirds of New Yorkers rent. And 80% of homeowners own apartments. It's a small minority of people who buy houses. That's why median income doesn't work as measure of affordability in NYC.

Posted by: Maly at August 24, 2009 3:15 PM

Of course it is not the population as a whole. What we established is that the MEDIAN MANHATTAN couple cannot afford it. The are millions earning below that.

Posted by: bklplebe at August 24, 2009 3:08 PM

And there are millions earning above that, maybe fewer millions but millions just the same.

If you split the market of housing stock between owner occupied and rent, there are far more rental units.

We are comparing apples & oranges here. This house, despite it's low price vs. the rest of brownstone Brooklyn, is way above most people's affordability. It is also was below what thousands and thousands of people are looking for.

Posted by: daveinbedstuy at August 24, 2009 3:17 PM

Bklplebe:

Only 33% of New York City residents are homeowners.

I bet most of them are nearer to the top levels of income than they are to the bottom.

That's all I'm saying. Those with it enough to have 20% down for a HOUSE (not a studio) are making 200K or above. It's really not that odd.

Couples in PS, FG, CG, etc are making 300-400K to be able to afford the HOMES there. Again, not 1 bedrooms, but houses like this one.

Posted by: 11217 at August 24, 2009 3:17 PM

for this price point, rather buy in Stuy Heights. When gentrification was rampant, close to clinton hill border helps a lot - ie as mkt anticipates the $$$ would overflow across the border. Currently, the area on both sides of the bed-stuy clinton border hasn't change much recently so that gentrification angle carries less weight on pricing. That said, one might as well go spend 800k in Stuy Heights which has much nicer blocks, houses, subway access,...

Posted by: more4less at August 24, 2009 3:21 PM

11217
Thank you for lumping Fort Greene in with the likes of Park Slope and Carol Gardens. Humph! ;-)

Posted by: BrooklynGreene at August 24, 2009 3:21 PM

I'm not getting this argument.

Posted by: Nomi at August 24, 2009 3:23 PM

BKGreene...

Of course! Ft. Greene ROCKS! I know some seem to think I'm only all about PS and it just isn't true. I'd be equally happy in nearly any of the amazing brownstone neighborhoods, with Prospect Heights and Ft. Greene right up at the top of the list with PS and the rest!

Posted by: 11217 at August 24, 2009 3:24 PM

I think BrooklynGreene was saying the opposite -- Fort Greene is better than Park Slope and Carroll Gardens. I think .. .

Posted by: Nomi at August 24, 2009 3:27 PM

Oh woops.

Ok, well BkGreene can't always be right.

Posted by: 11217 at August 24, 2009 3:28 PM

Yes, I have to agree, Fort Greene is becoming Destination Dining nexus of downtown Brooklyn. It makes parking harder certain evenings in the week but spots seem to open up at about 10:30 when people start leaving. It's quite remarkable. Park Slope has so-so dining with a couple of good places.

It's interesting how the average age of diners in Fort Greene seems to fit in between the young of Williamsburg and the fuddy-duddies of Brooklyn Heights. I guess it's sort of the 30-something crowd with a smidge of 20-somethings and 40-somethings. Is this an accurate breakdown?

All I can say is, there are a lot of people coming to Fort Greene trucking back and forth, forth and back. It's quite remarkable. A good number of years ago, I used to joke that it must be parents' weekend if I saw a red-faced "gentleman" shambling along in a blazer gold buttons...usually accompanied by a granddaughter, etc. Now, frankly, these visiting family groupings (often now with Baby in tow) are so common promenading hither and thither I barely register their presence anymore.

Weekends in Fort Greene are a bit of a riot.

Posted by: BrooklynGreene at August 24, 2009 3:35 PM

Kids...it was a joke! I was joking that 11217 (can you change that to an actually name?) "should" include FG in with the rabble...just a joke. I assume you all were just extending the joke for a little while longer, no?

Why I laugh is that no one would have included Fort Greene in any sentence with Park Slope in my "recent" memory (i.e. all my short-term memory seems wiped out each fresh morning and I only remember things from 10 years ago and before with any sharpness!).

:-)

Posted by: BrooklynGreene at August 24, 2009 3:38 PM

fort greene is wear bert and ernie lived right?

*rob*

Posted by: PitbullNYC at August 24, 2009 3:40 PM

And Queen Latifah on TV. I guess it's the air or the water.

Posted by: BrooklynGreene at August 24, 2009 3:43 PM

It's not that couples are making 300K-400K when they move to Fort greene, prospect, bed stuy. What happens is one of the following:

1. Bought before the bubble
2. Bought but are landlords in order to afford
2. Leveraged above their income

Posted by: bklplebe at August 24, 2009 3:44 PM

1 & 3 are not happening though

Posted by: bklplebe at August 24, 2009 3:45 PM

"perhaps i should stop associating with riff-raff who make under 100,000K a year. you know.. like 99 percent of people who live in nyc. :-/"

No, you should should stop associating with people who buy houses! lol.

Posted by: denton at August 24, 2009 3:46 PM

BTW I like the 'excellent neighbors' quote. Kinda weird. Possible litigation.

Posted by: denton at August 24, 2009 3:46 PM

Taking the median Manhattan income is silly. Manhattan goes to 225th Street. You have a whole lot of people above 96th Street that drag it down, not to mention the LES.

Look at the NYT RE section is any community. The median income can never afford the median home. But there is a subset of the median who can.

Posted by: denton at August 24, 2009 3:49 PM

quote:
No, you should should stop associating with people who buy houses! lol.

hahahah. yeah sometimes i question that very same thing

*rob*

Posted by: PitbullNYC at August 24, 2009 4:01 PM

"Taking the median Manhattan income is silly. Manhattan goes to 225th Street. You have a whole lot of people above 96th Street that drag it down, not to mention the LES."

you don't understand the concept of "median". The "whole lot of people above 96th" do not bring it down. yet you call it "silly".

If people were able to throw millions in neighborhoods such a bed-sty, clinton or prospect is because of overleverage.

Posted by: bklplebe at August 24, 2009 4:02 PM

If people were able to throw millions in neighborhoods such a bed-sty, clinton or prospect is because of overleverage.

Posted by: bklplebe at August 24, 2009 4:02 PM

bklplebe seems to know everyone's financial situation.

Do I really need to dust off my "thousands and thousands of one-bedroom condo owners in Manhattan that can afford a Brooklyn brownstone if they want to sell" speech??????

And yes, even at prices that have come way down on those condos.

Posted by: daveinbedstuy at August 24, 2009 4:10 PM

I really need to see this Stuyvesant Heights place sometime.

Posted by: Heather at August 24, 2009 4:15 PM

Oh yeah, I think this Quincy Street house is adorable and I love the location. Too expensive for us though.

Posted by: Heather at August 24, 2009 4:17 PM

"Seconds to all the restaurants, shops and hype of Fort Greene and Clinton Hill"

So, this house is seconds away from the HYPE???

Posted by: East New York at August 24, 2009 4:21 PM

Yeah, "hype" was not really the word they meant there.

Posted by: Nomi at August 24, 2009 4:24 PM

"you don't understand the concept of "median". The "whole lot of people above 96th" do not bring it down. yet you call it "silly"."

Plebe, it does. The median income of Manhattan would go up considerably if you cut it off at 96th Street. Tell me I'm wrong.

Posted by: denton at August 24, 2009 4:26 PM

bklplebe - I've read most of your comments here and appreciate your insights. You seem to be spot-on with your views. Something we may learn from and I'll certainly consider.

Posted by: prezanon at August 24, 2009 4:26 PM

Plebe, denton is right. It's like cutting off Brooklyn east of Clinton Hill.

Posted by: daveinbedstuy at August 24, 2009 4:30 PM

College should be mandatory

1000K, 198K, 110K, 110K, 110K, 20K, 5K, 2K

median: 110K

1000K, 198K, 110K, 110K, 110K

median: 110K

Posted by: bklplebe at August 24, 2009 4:34 PM

Why is median better than average. It doesn't paint a true picture, ESPECIALLY with an arguement like this where we are trying to ascertain what % of the population may be able to afford something.

Posted by: daveinbedstuy at August 24, 2009 4:51 PM

argument

Posted by: daveinbedstuy at August 24, 2009 4:55 PM

Do you understand that people who buy houses are at the 95th percentile of their hoods? NYC houses have never been affordable to half the population. I think insulting posters' supposed lack of education is a bit rich ( pun intended) when you refuse to acknowledge that your measure of affordability is deeply. Median schmedian.

Posted by: Maly at August 24, 2009 4:57 PM

Yes, Maly, the whole country thinks NYC is ridiculous. But not Tokyo, Hong Kong, London and a few other places!!!!! people actually live quite well and quite cheap in NYC vs. those places!!!!

Posted by: daveinbedstuy at August 24, 2009 5:05 PM

"bklplebe - I've read most of your comments here and appreciate your insights. You seem to be spot-on with your views. Something we may learn from and I'll certainly consider."

This is your only comment on brownstoner!

LOL.

Good one, bklplebe.

Posted by: 11217 at August 24, 2009 5:07 PM

Keep in mind you can always bid 10 or 15 percent off. It might really be $700,000 or so. With the average house around here probably going for $600,000 or so, that sounds about right.

The only thing about this house that might be a stretch for the typical buyer is there is no rental to offset the mortgage. That's one of the reasons it's in such pristine condition.

Posted by: mopar at August 24, 2009 5:09 PM

"Why is median better than average. It doesn't paint a true picture, ESPECIALLY with an arguement like this where we are trying to ascertain what % of the population may be able to afford something.

Posted by: daveinbedstuy at August 24, 2009 4:51 PM"

Median is better than average where the extremes can unduly distort the result.

If one extremely wealthy person moves to NYC (say, Bill Gates), it's enough to move up the average income by a significant amount but median will only go up by a small fraction.

Similarly, with house transaction prices, a sale of a trophy house will skew the average price but not so much the median.

Posted by: the chicken at August 24, 2009 5:34 PM

There are 3 more photos--click under the thumbnails where it says page 1.

Posted by: rf at August 24, 2009 5:36 PM

Hello, 11217, I am not the bkplebe, just cannot post 9-5. Don't mean that you do, either, but there seem to be several who do and much of it is about personal lives. I appreciate a poster with some knowledge as well as those with humor. We don't all have to agree on a point of view, just because there are several represented here. We take what seems fitting to us and go with that.

I cannot refute a viewpoint unless I can study the matter a bit - some of these issues would take some googling and I'm sure the info is out there without arguments. There is plenty of study that must go into large financial decisions. There are many fine points of view on this blog and many posters have much experience saving me time and pointing to resources I may not find alone.

Posted by: prezanon at August 24, 2009 5:45 PM

And yes, I agree with the Chicken at 5:34 PM. That posted while I was still writing. Thank you.

Posted by: prezanon at August 24, 2009 5:51 PM

"bklplebe - I've read most of your comments here and appreciate your insights. You seem to be spot-on with your views. Something we may learn from and I'll certainly consider."
Posted by: prezanon at August 24, 2009 4:26 PM

"I am not the bkplebe, just cannot post 9-5."

Since you haven't realized that 4:26 is between 9-5, I didn't really care to read the rest of your post.

Posted by: 11217 at August 24, 2009 5:53 PM

People who may or may not be one person:

Cornerbodega
Brickoven
Prezanon
Bklplebe
What
BHO

discuss.

Posted by: 11217 at August 24, 2009 5:55 PM

Cornerbodega
Brickoven
Prezanon
Bklplebe
What
BHO

discuss.

BHO and WHAT are the same--he may not remember but he acknowledged it a while ago after he posted one name under the other login.

I have my suspicions about Shillstoner.

Posted by: rf at August 24, 2009 6:00 PM

The Return of the What is definitelty not ye olde original "The What" who used to post. It seems as though his identity was hijacked by someone who is younger with a different writing style: vocabularly and syntax.

Other than that, I have no idea who's who...just an idea of who's not.

Posted by: BrooklynGreene at August 24, 2009 6:10 PM

"Since you haven't realized that 4:26 is between 9-5..."
by 11217

Dear 11217, was my post negative to you in any way? My meaning is that I usually cannot post multiple times in one day and 9-5 is a figurative expression for a day. My writing is not negative to you in any way. I think I expressed my meaning if you will read the rest. It is really rather benign and general. I have no desire to tussle with you as I respect your writing and your concerns. Please accept my apology if I have offended you. It is just that I am not the bkplebe. Let us not offend the bkplebe.

Posted by: prezanon at August 24, 2009 6:20 PM

Diabolical...

Posted by: jack slade at August 25, 2009 12:29 AM

For what it's worth, my partner and I make a combined $130K. We chose to rent on Quincy Street just a block or so from here because of the great apartment, but we have quickly come to really like the neighborhood. If we could afford to buy this house we would seriously consider it. But we can't. Not even close. A pipe dream. So continue to rent we shall. So many people posting about real estate on this board have no freaking clue. If you've bought a home in NYC in the past 10 years, you are affluent, whether you think you are or not.

Posted by: bultrey at August 31, 2009 8:56 AM

« Co-op of the Day: 385 Argyle Road, #3J StreetLevel: New Men's Shop Coming to the Slope »

August 24, 2009

House of the Day: 141 Quincy Street

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