House of the Day: 226 Hancock Street
Any of you peeps who’ve been moping around complaining about how there’s still nothing decent to buy despite the market pullback would do well to stop your sobbing and get yourself over to Hancock Street. This 3,600-square-foot is dripping with details and in rarified company–it’s just a few lots over from the group of Montrose…
Any of you peeps who’ve been moping around complaining about how there’s still nothing decent to buy despite the market pullback would do well to stop your sobbing and get yourself over to Hancock Street. This 3,600-square-foot is dripping with details and in rarified company–it’s just a few lots over from the group of Montrose Morris houses on this block that we’ve mentioned several times on the blog. You may recall that one of them, Number 242, recently sold about 5% above its original asking price of $879,000. So watcha doing still sitting there reading this post. At $865,000, we think this is priced to sell, even though it’s gonna need some work. By the way, who the heck is Jack Mangra?
226 Hancock Street [Jack Mangra] GMAP P*Shark
242 Hancock In Contract: We Still Got It! [Brownstoner]
A Final Look At Hancock Street Glory [Brownstoner]
corcoran just sold a house a two family on hancock for 1.2M. ill dig up the address and post later. two on stuyvesant sold for just below and above 1.2M last month.
If anyone’s wondering about safety, I’m a white woman and I live near this house and I walk around at night all the time. The subway is close, and the way to and from it is well-lit and usually well-populated. I actually feel a lot safer in this part of Bed-Stuy than I do in certain parts of Clinton Hill.
“where are all these supposed bed-stuy homes being bought for similar prices. I am yet to see evidence that homes are being sold in bed-stuy for anywhere NEAR this asking price. you pump it up like its the next fort greene. mind you only .5 sq. m. of FG has peaked interest.”
Anon, you’re a fool. No need to answer you since you’ve obviously havne’t done your homework. Do some research and then you’re entitled to have an opinion.
Anon @ 4:11 — apparently Number 242 on this same block recently sold about 5% above its original asking price of $879,000.
Bob Marvin — I had no intention of dissing your nabe. Thanks for the correction.
SP’ER,
There are quite a number of “completely brownstone block” in PLG.
where are all these supposed bed-stuy homes being bought for similar prices. I am yet to see evidence that homes are being sold in bed-stuy for anywhere NEAR this asking price. you pump it up like its the next fort greene. mind you only .5 sq. m. of FG has peaked interest.
I won’t be in a position to take on a house for a couple of years, so I’m more fantasizing (learning?) here. But I do have a friend who is seriously looking and I sent her this listing. She is interested in another house in SP which needs cosmetic work, not mechanical/structural/gutting. That (brick) house is being offered at around 925K and it is smaller and nothing like as gorgeous as this one. The upside in SP is that District 15 is a good district. Not having kids, I have no idea what the situation is in BS as regards gifted & talented classes, etc.
400-700K? I don’t think prices are going to drop that far! But if I were actually in the market, I might well sit on the fence to see what happens in the spring. Having been on this block of Hancock, and near it, every day as I commute by bicycle from SP to BS, I am sure this house will hold its value over the long term. But I do wonder if prices still have a little ways to drop. There are definitely people who would contemplate a house like this but then decide they’d rather go for the amenities and familiarity and, frankly, whiteness, of gentrified neighborhoods where lots of new condos are being built. The prices on those condos are going to be soft, so those of us who can probably only carry a 500K mortgage on our own (without rental income) will hopefully have more options in the coming year or two.
sp’er, it’s hard to say what it would cost to restore this house without seeing it in person and knowing more info from you. The photos and realtor’s description tell us nothing. A proper inspection would be needed. As for you, are you willing to do the work yourself or even GC the job? Can you do your own designing? DIY saves a significant amount of money. Even if you’re going to hire a contractor, it helps to know a thing or two about houses, so they don’t take you for a ride. Finishes can run the gamut also. My most expensive restoration has been $200k for a 2600sq ft house. It needed mechanical upgrades, structural work and partial gutting. There was alot of detail to restore. If it was a simple renovation, it would’ve been less. I see people on this board saying their renos cost anywhere between $300k-600k, but I think that’s architects and contractors taking care of everything for you. Is that correct? I can’t really speak for others.
My comments above are not as a developer or a condo owner, but as a realistic brownstone owner who bought 5 years ago. It’s not about hating any area, it’s about the fact that $900,000 is still a huge amount of money to spend, and people here act as if it is a “bargain”. Well, the only reason it is a bargain is because all the other so-called “established” neighborhoods are selling brownstones at 1.6 – 2 million. I happen to think those prices are wildly inflated as well. And the ridiculous prices for condos are laughable — I agree they will probably not sell.
But most people I know bought their homes when those brownstones were $400,000 – $700,000 (and we thought we were overpaying when we bought something for close to $800,000). The only reason most of us regular folks could buy those is because the rental income defrayed most of the mortgage, while allowing us to live on 2 or 3 floors, much more space than a co-op. and we bought in a neighborhood that ALREADY had decent schools and amenities.
If you are saying that neighborhood in Bed Stuy already has the amenities (especially schools) that would allow a buyer to easily raise a family there, than I completely agree that price is a bargain, assuming you could duplex and have 2 rentals bringing in around $3,000 total, without spending much more than $125,000 in renovation costs. That’s what all the middle class people that I know can afford, not million dollar places. Yes, there are a limited number of wealthy people who can spend a million dollars for a home, but most neighborhoods that are now desirable for their amenities are that way because middle class folks could also buy there.