404 Stuyvesant Avenue: Missed Opportunity, Happy Ending
18 months and almost $400,000. That’s what the former owner of 404 Stuyvesant Avenue lost by not striking when the iron (or the market) was hot. As long-time readers may recall, the owner allegedly turned down at least one offer in the neighborhood of $1,500,000 in favor of a no-reserve auction. According to one commenter…
18 months and almost $400,000. That’s what the former owner of 404 Stuyvesant Avenue lost by not striking when the iron (or the market) was hot. As long-time readers may recall, the owner allegedly turned down at least one offer in the neighborhood of $1,500,000 in favor of a no-reserve auction. According to one commenter who attended the auction back in October 2006, the bids topped out at only $1,200,000. In retrospect, the owner should have taken that price…We got a tip last week that the house had finally been sold for $1,115,000. Since we needed a new photo of the building anyway, we drove by this weekend. As we were snapping a photo, two heads popped out of a second story window and shouted, “Hey, it must be the Brownstoner guy.” Busted. Anyway, it’s a happy ending for the beautiful, historic house. The nice couple who had just bought it came down to say hi and were clearly over the moon about their new purchase. Good luck to them!
Update: As a commenter points out, 408 Stuyvesant is now in contract.
HOTD: 404 and 408 Stuyvesant Avenue [Brownstoner] GMAP
Paddle Time: 404 Stuyvesant to Hit Auction Block [Brownstoner]
“Perhaps the term ‘auction’ was mis-used”
It was. Classic desperation move when the market turns. ‘Auction’ creates the illusion that the highest bid will absolutely be accepted. This draws a bunch of would-be buyers to nothing more than a glorified open house. The most powerful tool in business is deception.
Let this should-have-struck-while-the-iron-was-hot story be a lesson to all distressed owners and prospective sellers in higher income nabes (Park Slope, Fort Greene, Carrol Gardens, etc.). Nowhere is immune.
by “fringe” you mean mainstream I presume?
the auction wasn’t no reserve it was no minimum bid.
They look so “fringe.”
Great for them and great for the neighborhood. We welcome them with open arms. Dave, are you baking them a pie?
who wants to live over there. park slope is better.
who wants to live over there. park slope is better.
who wats to live over there. park slope is better.
thats great, I saw her (the lady in the pic)while I was walking to the train on friday morning. she was standing on the stoop while the moving trucks were backing in and I wondered to myself if they were the new owners. as I passed I thought to myself ‘they look nice, I hope they weren’t stupid enough to pay 1.5’ and looky I was right! congrats to them – I really wanted that house but I’m just as happy that someone else got it who look like they’ll spend a few years in place and not flip it.
I would be “over the moon” as well. Beautiful house on a Beautiful block. Glad to see some good “folks” got the place. Welcome to the hood.
As a former Bed-Stuy house tour participant, I encourage the new owners to get on next year’s tour. It will be a two way reward.
Congrats again!!