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December 5, 2007
Four Stuyvesant Avenue Mansions
Four Stuyvesant Avenue Mansions have been for sale now for a number of months:
404 Stuyvesant Avenue (1 family) Halstead Reality at 1.475 million loads of original details including wallpaper remain renovation needed.
http://www.halstead.com/detail.aspx?id=1464380
408 Stuyvesant Avenue(6 family) had been listed by Corcoran by disappeared. Carved up into small apartments but totally renovated.
Address? 3 family - L. Nelson again nicely renovated.
http://www.lnelsonassociatesrealestate.com/houses.html
399 Stuyvesant Avenue (Realty?) Total gut renovation needed, house a total wreck.
Anybody know if anything is happening with any of these? What happened to 408, Corcoran is no longer listing it but they never said it went into contract or anything? Although these buildings have some problems, small gardens and renovation needed in some, they are incredible. Is the problem the Bed Stuy market, are they overpriced, what's the deal or explanation or the lack thereof?
Comments
It might be a mansion but its still in the ghetto I cant see them selling for more than 450k tops,but if it was in PS where i live they woulg go for 2 to 3m easy ( with work ).
Posted by: guest at December 5, 2007 10:18 AM
10:18,
It's so painfully obvious that you're looking to start a race war. But I won't take ALL of the bait. The houses are a bit over priced in my summation, but I'm not sure if that's the only issue holding it up. 100 Decatur obviously moved for close to $1MM, so clearly the neighborhood isn't that much of an issue.
In terms of neighborhoods, Bed-Stuy has some good and some bad parts. I happen to live in a Good part. I can say that with out the overwhelming attitude of my area is better than yours, etc.
Posted by: guest at December 5, 2007 10:27 AM
10:27
Jeez Lousie, why would you assume that I'm looking to start a race war? I've been to open houses at 404 and 399 because I might be buy in Bed Stuy. The fact that you think it's "painfully obvious" that I'm looking to start a race war speaks volumes, about you and your own perceptions. (You can rant all you want and have the last word because I won't bother responding.)
Posted by: Brooklynnative at December 5, 2007 10:33 AM
I think the 10:27 poster was intending the "race war" comment to apply to the 10:18 responder... am I wrong? I'm in Bed-Stuy too and it just seems to be getting better and better every day. I don't know where all the negativity comes from!
Posted by: guest at December 5, 2007 10:38 AM
My bad, 10:27 was speaking to 10:18. My apologies.
Posted by: Brooklynnative at December 5, 2007 10:42 AM
Back to the original question. Why aren't any of these selling? How low would they have to be priced for a sale to go through? There are truly very few examples of such fine archiecture in the entire city.
Posted by: Brooklynnative at December 5, 2007 10:44 AM
Well, regarding 404 Stuyvesant, seems to me the owner should have taken the high $1.4 bid when he first put it on the market at auction. See previous thread at:
http://www.brownstoner.com/brownstoner/archives/2006/10/details_on_the.php
These mansions aren't selling because they're still priced too high. The Corcoran listing @408 Stuyvesant was most likely taken off the market for now.
Posted by: guest at December 5, 2007 11:21 AM
I agree with most of the above. Although beautiful, and in the primo section of Stuy Heights, they are too high. Because of past sales in the area, I can see them getting a million, maybe a bit more for some, which still is a lot of money, in spite of the way we throw figures around on this site. I think the market is stalled on properties of this price in places like BS and CHN, but they will eventually sell. These neighborhoods are still on the rise. That rise just needs to be slow and sure.
I wouldn't even bother responding to the first poster, he's just trying to get a war going, and for us to get defensive. Not playing today.
Posted by: Montrose Morris at December 5, 2007 11:38 AM
bed stuy is like oakland, california.
homes don't sell for a million dollars.
it's insane.
these homes will sell for 800K. TOPS.
Posted by: guest at December 5, 2007 11:46 AM
There are many listings for normal brownstones (not extra-wide limestone mansions) in BS for around $1M. I've seen several and they don't have the potential that 404 has - which I've also seen inside. The problem is that even if you have this much money and you like the area, you don't want to buy into the neighborhood for so much more than everyone else. Buying into park slope or clinton hill for 20-100% more than you neighbors paid is one thing. Paying 400-500% what your neighbors paid in BS is another. We constantly read in the comments here about how little Putnamdenizen and Montrosemorris paid for their houses. Who wants to buy in at the top of the market even if they have the money only to have your new neighbors - even the other (presumably) white gentrifiers - make you feel foolish.
Posted by: guest at December 5, 2007 12:14 PM
If you buy this mansion at $1 mill+, you're a target. Everyone will know what you paid and who you are.
Posted by: guest at December 5, 2007 12:39 PM
OP since you have all of the details on the properties as well as the listing agents why don't you call them and get an update as opposed to your assine methond here?????
Such a JERK! Or is it that you are saddened by the reality that even if these houses were in the bargin price range that you still could not afford one. Get off the forum and Get A JOB!
Posted by: guest at December 5, 2007 12:52 PM
Are you one of the brokers or owners, 12:52? Otherwise I can't see why you'd be so upset. I'm not the OP, btw. Nothing wrong with discussing the market, especially when it involves beautiful mini-mansions that have been on the market for a while.
Posted by: guest at December 5, 2007 1:00 PM
"If you buy this mansion at $1 mill+, you're a target" I don't think the common street criminal is combing property shark for targets - street crime is usually a crime of opportunity. Anyway, you spent that money so you prob. don't have much left. I have lived in BK many years and am pretty well off, but no one would target my house because I I don't have expensive jewelry, electronics, art that a thief would want and one look at my home would convince you of that.
Posted by: guest at December 5, 2007 1:09 PM
12:52
I thought this was a real estate forum, I guess I misunderstood what Brownstoner's all about. You seriously need some anger management counselling.
Posted by: Brooklynnative at December 5, 2007 1:09 PM
12:52 = broker frustrated that these homes ARE NOT SELLING. So obvious.
Posted by: guest at December 5, 2007 1:29 PM
Isn't the answer to this question from Malibu to Bed-Stuy always the same? The price is too high. If buyers think there is value, they will buy. If they don't, they won't.
It's basic econ.
Posted by: nosleeptil at December 5, 2007 1:43 PM
Add today's HOTD Crown Heights house on Dean Street. These five houses, plus that other one in CH on Park Place, are the best 5 houses that I have ever seen on the market at one time. They're all incredible, the prices are coming down, but they are still not selling.
Posted by: Brooklynnative at December 5, 2007 2:07 PM
the prices on all of them need to be halved.
this is crown heights and bed stuy we are talking about here.
one step up from the south side of philly.
Posted by: guest at December 5, 2007 2:09 PM
Brooklynnative, when I went to see 404 Stuy, the broker made it clear the owners were ready to talk about the price. They've had it on the market a while and know things have softened. I think they leave it listed high because that can actually draw those looking in nearby areas out to Bed-stuy to see it. The high price makes it stand out from all the other listings.
Posted by: guest at December 5, 2007 3:18 PM
The prices listed above are never going to be halved, unless the prices everywhere else are also halved, and I wouldn't hold my breath waiting for that happy day. They may need to sell for less than list, but it won't be that much less, certainly not half.
For the record, by the way, I have never said how much or little I paid for my house. I also bought it seven years ago, much longer ago than most people here, so the price will naturally be less, no matter where it is.
Posted by: Montrose Morris at December 5, 2007 3:53 PM
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