Is this really where the market is?
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.
soundhoner
in General Discussion 7 years and 1 month ago
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randolph | 7 years and 2 months ago
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I am seeing houses listed at over $3mm, like today’s HOTD
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.
EJR | 7 years and 2 months ago
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There are always outliers, so it’s hard to know. 3 month trailing sold comps help, though they obviously reflect a slight delay in the current market. They are more accurate, however, than current listings which can be aspirational.
cate | 7 years and 2 months ago
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Good question — I’ve been wondering the exact same thing for the last two weeks. Not only about townhouses but co-ops and rentals too. FWIW the most recent market reports still show slight gains.
randolph | 7 years and 2 months ago
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> @cate
> recent market reports still show slight gains.
$3mm on Jefferson and Lewis would be more than a slight gain!
randolph | 7 years and 2 months ago
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> @EJR
> 3 month trailing sold comps help
is there an easy way to view such data?
stuyheights | 7 years and 2 months ago
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I happen to live in the immediate neighborhood as well and notice a lot of 3s on this seasons inventory. That home happens to be quite grand. I am always amazed on what some people are willing to pay for something and why. Block to block prices can vary 3/4 of a million. I couldn’t believe 458 Hancock sold for what it did. That is hands down, the worst renovation I have ever seen on any home, anywhere. The workmanship and materials were absolutely awful . 2+M . I think we are going to see more and more 3+ million sales this season with rates creeping up and little inventory.
When I was looking for a home in Bed Stuy in 2014, I was getting off at the Nostrand stop for a month or so before I decided to take the additional stop to Utica. As soon as I got off the train and walked through Fulton Park I knew that is where I wanted to be. Although Nostrand has more going on, close to Manhattan, more grand and built up- Utica certainly has its selling points. It is s o calm and quiet over there. I can see why some people would prefer that area over Nostrand. I certainly do…
EJR | 7 years and 2 months ago
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Property Shark is the best source, but it’s not free. You can piece it together on StreetEasy for free, but it’s not as intuitive.
slopefarm | 7 years and 2 months ago
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If you kick zillow just the right way, you can make it show you tons of properties that might be comps and then you can dig deeper and decide which ones are actually relevant. Heraclitus must have had Zillow in mind — it is never the same twice.
yudashasom | 7 years and 2 months ago
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You can count the $3M sales in the area on one hand.. and this building is not on the same level.
yudashasom | 7 years and 2 months ago
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103 Hancock, 1 Verona, One on Gates off Franklin.. what else??
stuyheights | 7 years and 2 months ago
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There is a lot on the market with a 3 in front of it. They are coming…I bet that number hits 10 by the end of the summer.
cate | 7 years and 2 months ago
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You are right there are not many. There were two or three that sold around the $3 million mark some years ago, all close to Classon. Plus something that sold for around $2.8 or so near Malcolm X or Patchen recently.
catboot | 7 years and 2 months ago
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Am I the only person that is annoyed by the “deep in BedStuy” definition?
randolph | 7 years and 2 months ago
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it is “deep” bed stuy in terms of proximity to manhattan or other parts of the neighborhood that have seen $3mm real estate transactions. No reason to get annoyed about it or make it into something it isn’t. For whatever reason everyone wants to twist everything I post here into some debate about gentrification.
cate | 7 years and 2 months ago
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It’s in Stuy Heights, which commands a premium. Traditionally, anything east of Malcolm X would trade for less.
randolph | 7 years and 2 months ago
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Stuy Heights is pretty but it just isn’t there yet in terms of amenities (how long will brokers be putting Saraghina and Peaches on listings?!) and if you care about public schools LOL.
slopefarm | 7 years and 2 months ago
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No one says “deep in Windsor Terrace” or “deep in Sunset Park” as a way of connoting the parts of the neighborhood that are further from the City.
randolph | 7 years and 2 months ago
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Because all parts of those neighborhoods are far from Manhattan. Derp.
chemosphere | 7 years and 2 months ago
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have Bed Stuy school gotten any better since people with $2m+ have started buying houses there?