A Successful Buy-and-Hold Strategy on Hoyt Street
What is it about stories about people who scored beautiful houses in Brownstone Brooklyn three decades ago that are at once so irresistible and envy-inducing? Whatever it is, The Times served up another dose this weekend in its Habitats column. In this case, the lucky owners are a charming couple that met at Pratt in…

What is it about stories about people who scored beautiful houses in Brownstone Brooklyn three decades ago that are at once so irresistible and envy-inducing? Whatever it is, The Times served up another dose this weekend in its Habitats column. In this case, the lucky owners are a charming couple that met at Pratt in the late 1960s before nabbing their 22-foot-wide brownstone on Hoyt Street in Boerum Hill in 1973 for a cool $49,500. Of course, there’s the requisite context of urban grittiness to smudge our rose-colored glasses. Wyckoff Street was an open drug bazaar, with guns and hookers everywhere, said Frank Cusack, one half of the pioneering real estate couple. Decades of block association work and one celebrity couple neighbor later, of course, Hoyt Street is a whole different animal, though Ms. Cusack still conducts her exercise classes for neighborhood ladies in the parlor floor living room. The couple just finished a renovation (a conversion of the garden floor to a rental), the last of many in the 36-year span they’ve occupied the house.
Shrink or Expand to Fit [NY Times]
its 200k according to the inflation calc.
and my roommate informed me that you can buy similar houses in shitty areas of Baltimore and Phili for around 200k.
$237,000, wasder.
Thanks Dave. I was just trying to figure out how much the Wyckoff street house would have to depreciate for BHO’s wet dream to cum true.
My old landlord bought his house on West End Avenue on the Upper West Side for 450K and sold it for 8 million.
An even better investment.
$237,000, wasder.
http://www.measuringworth.com/ppowerus/?redirurl=calculators/ppowerus/
BHO:
OK, so forget people like Bob (or those in the NYT piece) who bought low in the ’70s. How about someone who bought at the peak in 1988? If they bought and held until today, were they foolish?
What is 49K in today’s terms? Anyone have a guess?
***Team Reasonable we go reasonably***
A friend bought his house on 24th btw 9th/10th ave (across from London Terrace) in mid-1970s for 40k. Even a better investment.
BHO–when you say “we go hard” what does that actually mean? Serious question. I am trying to understand the philosophical underpinnings of your mantra. Go hard implies some form of control that you think you have on the price of houses.
Now you’re being foolish, BHO.