House in Bed Stuy
there is a gorgeous house i’m seriously considering buying on monroe between classon & franklin – it has been on the market about 2 months, is priced in a rational, value-oriented way (NOT CHEAP mind you) and i can’t figure out why no one’s snapped it up! it’s beautifully restored, no tacky suburban-ness, and it’s…
there is a gorgeous house i’m seriously considering buying on monroe between classon & franklin – it has been on the market about 2 months, is priced in a rational, value-oriented way (NOT CHEAP mind you) and i can’t figure out why no one’s snapped it up! it’s beautifully restored, no tacky suburban-ness, and it’s in what seems to be an amazing neighborhood…..meanwhile i saw another house that was a MESS in south slope that went for way OVER what they were asking – completely outrageous/crazy pricing/bidding war….etc….etc…
i guess i’m asking – is there a catch i don’t know about here? will ratner be buying up the lots across the street in 5 years or something?
any insight you have would help me make an informed decision, thanks!
hello,
so it’s still there..same price…made offers but no bites, they want asking. not sure it’s worth pursuing?? we love it so but it seems like a bit much, in spite of the AMAZING work they did on it….
There is a whole other set of things to think about. Only a professional can determine these;
The status of the building with the RGB; is it stabilized or controlled with rent? You may want to live there but the status affects what the property is worth.
Get a property inspection; the pipes may be old iron and need replacing, the roof may be worn, the electric may need replacing or upgrading – these three things could cost you $25000 alone – and there are so many more conditions that may be present.
Hire a lawyer to find out everything about the property. Spending $1500-$1800 on a lawyer is worth every penny. I suggest Sisi Kaghida, she’s an ACE!
What are the taxes and is an increase due?
Will a bank give you a loan? There are many reasons they may not…
Are there any planned projects in the area?
The list goes on, but a good lawyer will know what to look for if you’re serious.
I think by fringe, people mean whether the corner store is (i) a front with maybe some less than common brand cookies/candies for sale (completely fringe),
(ii) not completely a front, but with limited selection that is geared toward Chef Boyardee and/or fruity drink products (fringe),
(iii) basic selection of numerous goods that are only somewhat overpriced (maybe a little fringe-y), or
(iv) fancy-schmancy brands (expensive but worth it, mais oui?) with some decent selection of basic stuff on the bottom shelf (definitely non fringe).
It may also refer to the frequency with which people appear to be running open-air markets for narcotics within two blocks (after last week’s big bust over on Irving, this may not be such an issue), or the frequency of streetwalking (more of an issue over on Third Avenue in Boerum Hill/Gowanus/South Slope than this part of Bed Stuy.)
Two months is not a long time to be on the market. A year is more like it.
and yes, it is the corcoran house.
thanks for all these thoughts. i am going back tonight to hang (been to vini olii once last week!) and also seeing the house & having another ramble thursday.
when you say ‘fringe’, what does that mean? it’s obvious it’s a pretty much residential area, especially compared to what i’m used to; do you mean that it’s not quite got a lot of ‘stuff’ in it yet? stores etc.? we are both walkers in my family so as long as there’s a corner store to get necessities in a pinch – which there is – i think that part is ok….?
The catch is probably just cautious buyers reluctant to buy into a neighborhood where values increased so dramatically in such a short time. Isn’t “Last Up, First Down” one of the well-worn but oft true cliches of real estate — along with “Location, Location, Location”? So maybe Bed-Stuy hasn’t hit bottom yet whereas there’s a perception that homes will hold their value better in an area like the Slope.
Serpentor 2 words.. Yo Joe!
I was being freindly with the 3 stories comment and Im sorry to hear what happened to you :/
Three story Fedders, Jackslade? The lot across from me is now a twelve story building, and it wasn’t vacant when I moved here. There was a working body shop there. I’d gladly trade for a three story Fedders special.
As for prices on Monroe … I think most of the buyers in the area are waiting for prices to come down more. Everything else in the vicinity is decidedly down from the ’07 highs and going lower.