Two Bed Stuy Open Houses Tonight
287 Halsey is a four-story, three-family brownstone with quite an elegant facade; we’re always a little worried when we see something like this with no photos advertising the fact that it has been recently renovated. But for $745,000, could be worth the subway fare to check it out. Open house tonight from 5:30 to 7….
287 Halsey is a four-story, three-family brownstone with quite an elegant facade; we’re always a little worried when we see something like this with no photos advertising the fact that it has been recently renovated. But for $745,000, could be worth the subway fare to check it out. Open house tonight from 5:30 to 7. Do you think either of these places sound like they’re worth it?
287 Halsey Street $745K [Craigslist] GMAP P*Shark
477 Willoughby is a four-story, four-family brownstone that is, allegedly, “filled with original detail” but in need of renovation. (That front door doesn’t augur particularly well, does it?) The asking price is $800,000 but the seller is motivated. Open house tonight from 5 to 6:30.
477 Willoughby Avenue $800K [Craigslist] GMAP P*Shark
Viewed 287 Halsay last weekend. Broker is owner/flipper. Not very professional (rehab and broker). Top unit was redone (but strangely they did not update the tiny bathroom), i’m guessing $1100-1300 for rent. Second floor needs a total reno – had drop down ceilings, this aweful stucco type material on walls and ceiling (like giant “popcorn”) – currently rents for $640. Needs cosmetic updates to make it rentable – I’m guessing it could rent for $1250-$1450 (maybe). Duplex unit was not available for viewing, but was told it needs updating. Depending on size and renovation, i’ve seen nice duplexs in BS rent for $2350
Observations: This was a cheap rehab to sell building. There is no cornice (which is noticable compared to the other houses around it – also makes it look cheap). For $745k you still need to do a little work, I don’t believe the plumbing or electric was upgraded. Numbers could work if you want to own/live/rent or buy/rent. But not by much. Rent 2 units and live in duplex for less that $2000/month.
Blended 5/1 IO at WAMU: $700k at 6.85% is about $4000/month.
(ps – i’ve been looking for the past 10 months and have seen nearly 100 buildings. I talk to tenants, landlords and brokers about where rents are). ’nuff said.
287 Halsey — stopped by last night. Could not see lower duplex as tenant was not home and broker apparently needed tenant there to show apartment. Middle apartment is unrenovated but habitable. Top apartment is renovated. New flooring in top apartment and hallway — unattractive wood tile. Hallways painted unattractive yellow. Building would be delivered vacant.
Fran, some of your information is good but some is plain wrong. So far there is no indication that either of these buildings has a rent-controlled or rent-stabilized tenant of any kind and for you to say unsubstantiated things like “Oh, those guys sitting on the stoop are your rent-controlled tenants” is just insane.
anon 7:49 wrong on couple points – RC tenants also receive rent increases just as RS do.
And if RC tenant leaves apt in building otherwise not subject to RS (less than 6 units) apt is decontrolled.
And who ever said any of these houses have a RC tenant? It is rather rare to have any rent control in this size house at this time although it is possible.
My husband was inside 287 Halsey a few months ago. The broker, Jeanne (she pronounces it Jeann-e) was not very professional and couldn’t even get into a couple of the apartments to show them. Actually, I believe she only showed him one floor. It was partially renovated with only few remaining details. She talked about doing more renovation — I believe she is the owner as well as the broker — and perhaps she has done so before hosting the open house, but I wouldn’t expect it to be a quality job. She’s not from Bed-Stuy, by the way, and didn’t seem to know the neighborhood (we’ve been here two years, and, yes, Halsey Street has good subway access and there are good eateries on Halsey and Throop as well as the trendy shops of Tomkins).
That’s an interesting analysis 9:27, never heard anything like that before. I admit my calling Bed-Stuy a marginal hood was disparaging to the fine people who have worked hard to raise the neighborhood from the ghetto that it once was, but the wave of foreclosures is not going to help it. I think its going to set the neighborhood back ten years, unfortunately. But I hope I’m wrong.
I love it! More foreclosure means more gentrification in Bed-Stuy! Yes, bring it on and let’s weed out the “less capable”!!! A massive foreclosure wave in Bed-Stuy is just the what the nabe needs after ten consecutive years of rapid appreciation. The subprime mortgage crisis will bring prices down a bit but not as much as some would like. Nevertheless, it will definitely bring about more gentrification which is in the long term interest of the nabe and the stable homeowners who can ride the temporary downturn in the market. I’m excited. There’s nothing better for a “marginal neighborhood” than more turnover!
Let me confuse you further, many houses that originally housed one family were altered to house six or more rental tenants. Any tenants left over from those days, even if it is only one, is still rent regulated.
There are obviouly realtors or other interested parties on this blog who want to lessen the negative consequebecs of buying a house with regulated tenants. Don’t believe them.
As I wrote in my first posting, the price you pay has to correspond to the rent roll and to whether the tenants are rent regulated. These prices are way too high if these houses have rent regulated tenants. I’m sorry if I’m annoying the seller or whoever, but it’s the truth.
fran clearly does not know what she is talking about and is confusing everyone that is reading her posts. rent stabilized tenants are usually found only in buildings with 6 families and above built before a certain date (info easily googled). rs tenants are subject to rent increases, although this rate is regulated by some government agency. the latest increase was 7+ percent for a two year lease. these tenants are incredibly hard to evict and nearly impossible if they are 62+ years of age.
rent controlled tenants are much rarer compared to rent stabilized tenants and must have resided in their apartment since the 1950s? Again, all this info can be googled. RC tenants cannot be evicted, although i’m hoping someone can prove me wrong. RC rents cannot be increased, although once the tenant leaves, the rent can be boosted to market value, while for a RS tenant, the rent can only be increased 20%. there are a bunch of loopholes for RS tenants, but too lengthy to discuss.