Wednesday Links

Bed-stuy: I usually see the sales backward, after they get listed at $400-500K I can see the sales 6 months to a year earlier for 200K-300K (or sometimes less, I saw 10K once, and it looked like an arm’s length, legitimate sale on ACRIS.)
Anyway, with the clarification it makes more sense if it’s per unit. The very low sales do happen, but they’re out of REO/foreclosures. By the time they are listed they’re usually higher.
The cheapest house in Bed-Stuy right I can find now is 31 Sumpter St, listed at $225,000. In past months, I’ve seen listings as low as $199,000. 368 Marion just sold for 201K, and looking at houses now kinda fixed up, I can see sales around 170-185K last year (of course, no guarantee they were vacant then.) A 2-family on Madison, with rent-roll of $2,500/mo. just sold for 305K.
My recommendation, if you are serious is to go on Zillow, and search by zip for multi-family, and sort low-to-high price. You’ll see the same realtors, and I bet if you keep at it, there are great investment opportunities.

Maly-

My sister has been actively looking for a place in Bed Stuy for the past year.

NOTHING is less than $200,000. Dibs and Mopar are right; the majority of homes sell for $300,000 on the low end to $800,000 on the high end. Even if you look on zillow, you will find that that is true. One of zillow’s main flaws is that they don’t distinguish coop and condo sales from the 1 – 4 families when you look for comps (nor do they identify refinancing/ heloc transactions, or family transfers properly). But even with that, the math wouldn’t work to bring the average down to under $200,000.

If anyone can point me in the direction of a 1-4 family in bed stuy for less than $200,000 please do (No Joke)

Good point, Dave. I think I will go find a Detroit blog and comment on it.

There must be something wrong with these numbers. Maybe they are included apartments even though they say 2 to 3 family houses. Three-story houses in good condition in non-landmarked areas of Bed Stuy go for about $500,000. Houses in need of serious renovation go for about $400,000. Those that are uninhabitable and cannot get financing go for about $300,000.

In any case, be that as it may, I agree with the overall conclusion of Bed Stuy Patch: House prices have gone down in the last year while rent prices *in the landmarked areas* have gone up. This is based on sales and houses for sale I am familiar with, as well as discussion on this blog as to what is fair market rent now in Stuy Heights. It’s definitely higher than it was in 2008 when we were looking. That may reflect the fancy new amenities there.