This Olde House Gives Nod to Stuyvesant Heights
In its current issue, This Olde House picks its top 51 neighborhoods for old houses. Among its top six Editors’ Picks is none other than Stuyvesant Heights, which gets the nod for being the “Best Place for Brownstone Buffs.” Here’s what they have to say: This culturally rich nabe is shedding its high-crime rep as…
In its current issue, This Olde House picks its top 51 neighborhoods for old houses. Among its top six Editors’ Picks is none other than Stuyvesant Heights, which gets the nod for being the “Best Place for Brownstone Buffs.” Here’s what they have to say:
This culturally rich nabe is shedding its high-crime rep as restaurants, bakeries, and cafes open their doors to new and longtime residents, all of whom want a distinctly Brooklyn lifestyle for themselves and their families…While prices for townhouses were creeping into the millions a few years ago, they’ve come down of late. Some fixer-uppers are going for as low as $475,000. It won’t stay that way.
Sweet!
Best Old House Neighborhoods [This Olde House]
Photo by gkjarvis
You are absolutely wrong, DIBS. Bear market volume has to peak first. It hasn’t. The FHA kickstand is still in place. By summer, you will find that you were gravely wrong.
***Bid half off peak comps***
Mopar – $1,200/mo and falling seems reasonable: 10 x annual = $576K, close to bottom.
As if you, or DIBS, had a choice to buy a townhouse in Manhattan below 96th street. Are you filthy rich but somehow prefer Bed Stuy? Disnification of Manhattan will only spill over in Brooklyn (i.e. Whole Foods, Sea, etc.). Brownie going gaga every time a celebrity moves in or a movie shoot goes down in the BK.
Foreclosures for $300K +/- and we’re nowhere near bottom (CS YOY still deep in red). This should tell you guys something.
Bed Stuy is great! Just overvalued right now.
***Bid half off peak comps***
brownstones bottomed already, BHO
“your post implied that $250K was going to be more of a norm than an anomoly”
MM – This Olde House said “as low as $475K”. So I implied as low as $250K, not the median/average/norm.
DIBS – You already now how long I’ll wait: NY CS YOY approaches zero. Half off or not, I’ll call bottom then and only then. What’s your new prediction, bottom by summer? Fall? 2011?
***Bid half off peak comps***
Great that Bed-Stuy got a nod from TOH! That’s a cool show. The whole article is fun though, not just the bit about Bed-Stuy. And even though, if given the choice between renovating another house and a slow, miserable death I’d choose the latter (same thing though, now that I think of it), I enjoyed perusing the pics of those fixer uppers a little too much…
And to all the naysayers, scensters and cynics, Bed-Stuy IS a terrible neighborhood! You’re 100% right, IT’S THE WORST. Lucky for everyone you don’t have to be encouraged to stay away 🙂
Wow, Stuy Heights recognized in a national magazine for its gorgeous architecture. Fantastic, who would have thought it?
BHO, Rob, you have no idea what you are talking about.
Rob, $1200 rent for a top-floor one-plus-bedroom floor through with all original details and really nice kitchen and bath in Stuy Heights is an excellent price compared to the rest of New York.
I like Brooklyn because of its small buildings and greenery. At this point, I vastly prefer it to Manhattan, which is overrun with celebrities and tourists.
BHO, there are already plenty of foreclosures in the larger Bed Stuy area (haven’t seen any in Stuy Heights, though I’m sure there are some) and they go for about $300,000 or so. They can’t fall any lower unless rents do too.
BHO, you’re as annoying as stevieB & rob with your posts today. The only Ponzi scheme going on is you asking mom & dad for money so you won’t be homeless. How long are you going to wait before you realize your dream price just ain’t happenin????
You may not have said 90%, BHO, but your post implied that $250K was going to be more of a norm than an anomoly. I totally disagree with that, and I don’t think you’ll find too many people who think you are right. Will prices continue to drop? Who knows, but even if they do, not that much. Prime blocks of Bedford Stuyvesant, including Stuyvesant Hts, will not fall that low, in fact I doubt they will fall below $700K for a 4 story row house on a better block, and there won’t be too many that low, especially if they are on great blocks, and have a lot of period detail. Exceptions for foreclosures or fire sales not included.
The Ponzi Scheme: Paying off old investors (a flood of them near peak comps) with new investors (at near peak comp prices), all on borrowed money with easy terms (the other collapsing Ponzi scheme). It’s getting less and less possible each day/month/quarter/year because the system is broken. That’s why prices are falling and volume is rising (as sellers head for the exits). Intrinsic value is way down there somewhere.
***Bid half off peak comps***