Is this really where the market is?

I am seeing houses listed at over $3mm, like today’s HOTD

https://www.brownstoner.com/listing/TERRAHOLDINGS-18242430/593-jefferson-ave-bedford-stuyvesant-ny-11221/

in relatively deep bed stuy / stuy heights. Has anything actually changed hands at this sort of price? I remember 1 verona place going for around that much but that is a much different part of the neighborhood.

randolph

in General Discussion 7 years and 2 months ago

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soundhoner | 7 years and 1 month ago

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Yeah, when you cross Broadway. It’s still Stuy Heights just west (and the southeast piece of that triangle is Ocean Hill.) I was responding mainly to the train access comparison. Southern Stuy Heights and Northern Stuy Heights have pretty drastic train access conveniences.

randolph | 7 years and 1 month ago

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> @soundhoner
> northeastern Stuy Heights near the Myrtle-Broadway JMZ trains
isn’t that ocean hill and or bushwick if you cross broadway?

soundhoner | 7 years and 1 month ago

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Off the discussion map on this forum is northeastern Stuy Heights near the Myrtle-Broadway JMZ trains. There’s a ton of new luxury developments and more amenities than ‘deep bed stuy’. Dodge a few of the dodgy characters and you’re 20 minutes door to door to Wall St. area (J and Z) and about 30-35 to midtown along 6th ave (M). The houses aren’t as pretty as further south in ‘deep’ bed stuy but the subway access is WAY better. I am convinced the L refugees and the huge lux developments nearby (along Bushwick Ave, Broadway and just north with the Rheingold) will make a large difference. I’m confused at 2M+ houses in the (IMO much scarier and less gentrified) southeast Stuy Heights area. The closer you get to Broadway Junction, the scarier the world seems to be and the more people stare at you if you’re not from there (unless this has changed since last year).

cate | 7 years and 2 months ago

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Agree!

randolph | 7 years and 2 months ago

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LOL i think we are all saying the same thing

slopefarm | 7 years and 2 months ago

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I think what NP is saying is that if the upgrades in a home offered for $3M look no more than “serviceable” on the outside — fixtures, appliance, kitchen, bath, etc — it is likely that the upgrades are somewhat less than “serviceable” behind the walls, where it really matters.

randolph | 7 years and 2 months ago

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> @no-permitz
> what do you mean by serviceable upgrades?
she means what you are saying – the upgrades they have made make the house “serviceable” (functional rather than attractive) but it falls well short of a full restoration which could command such a high price tag.

yudashasom | 7 years and 2 months ago

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cate, what do you mean by serviceable upgrades? yeah sure certain parts of it looks nice, but i would bet everything that it is held together with tape, soda can junction boxes, scratch and dent appliances, and layers of lead paint. it needs a complete restoration to be a $3M house.

eperry60 | 7 years and 2 months ago

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Properties on MacDonough also seem to command premium prices. I’m by no means a Bed Stuy expert, but it appears to be a “prestige” address.

cate | 7 years and 2 months ago

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I keep seeing more high asks. Probably related to the start of the spring season and the relatively low inventory of historic townhouses. Like this grand Bed Stuy brownstone with only serviceable updates asking $3.7 million, which will set a record for the neighborhood if they get it. https://www.brownstoner.com/real-estate-market/brooklyn-homes-for-sale-bed-stuy-105-macdonough-street/ I have been expecting prices to plateau but last week saw a $4 million Park Slope townhouse get into contract in 1.5 weeks, before we even had time to write about it. (Listed March 22, contract April 4.) New construction makes up a high proportion of sales now (despite the fact that new construction is mostly rentals).

chemosphere | 7 years and 2 months ago

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I wonder if some of this is that Bed Stuy is a victim of its own grandeur. Sunset Park, Windsor Terrace, Kensington or East Williamsburg doesn’t have 4000 sq ft grand 4 story + cellar houses. PLG has just a few. Most in these areas are in the 1500-3000 ft range. Those neighborhoods now have houses priced at $1m and up.
What are you to do with pricing a huge fancy 4000 sq ft house? It’s got to be commensurate. So the result is very expensive, very large houses, with a further out commute.

randolph | 7 years and 2 months ago

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F the F train

jserpico | 7 years and 2 months ago

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I would rather spend 5 more minutes on the train than living in a neighborhood without enough amenities

daveinbedstuy | 7 years and 2 months ago

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I agree with Adam on the A. I took it from Utica and it was always quick and efficient unlike the complaints I always heard from everyone coming from Park Slope.

adam_dahill | 7 years and 2 months ago

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And there will be more 3mm houses closing this year.

adam_dahill | 7 years and 2 months ago

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I just want to comment on Subway Access. Although it’s crowded I still love the A train for heading into Manhattan. I’d take it any day over the F from Park Slope or the trains from Grand Army Plaza or Windsor Terrace. Significantly fewer stops.

NeoGrec | 7 years and 2 months ago

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Randolph, Coincidentally I commented on this very subject in the HOTD thread. In my opinion the issue is that Bed-Stuy pricing is out of line with neighborhoods with better subway access, that are closer to Manhattan, and that have significantly better local amenities. The pace of gentrification in Bed-Stuy is beyond reason and socially disruptive. Other nabes will comparably expensive townhouses have been gentrified for decades longer!

randolph | 7 years and 2 months ago

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In defense of NYC public school system, it is a massive bureaucracy that services over a million students. It is sort of impossible for it not to be a mess, what government agency of that size isn’t a total clusterfuck?

daveinbedstuy | 7 years and 2 months ago

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What a pathetic commentary on NYC public schools.