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]
I’m curious — could the experienced renovators here tell me what the least amount of money you think someone could get away with to get this house up to speed as an owner duplex plus two rental units? Not to make it home beautiful, but to maximize the rental income without spending a fortune and to make a comfortable enough apartment for oneself? I have zero experience and wonder how one figures out whether buying such a property will work out financially.
I’m very drawn to the idea of living in of Bed Stuy/Crown Hgts — fringe neighborhood life works for me –I’ve lived in a Finnish coop in Sunset Park for over a decade. I’m happy enough to take a short trip to get to PS or FG or Smith Street. I would also consider PLG, especially to be on the Park, but wonder about the large rental buildings over there and whether BS’s stretches of completely brownstone blocks might not have greater potential to become a more middle class neighborhood. Sunset Park is great for the fact that it’s an immigrant/working class area — keeps things from getting too crazy in the way that things do get crazy when too many people are not going to work.
loser: no one said the prices are the same or that they should be. In fact I noted that prices are still lower and for a reason. Lower prices are part of the reason the area is an attractive alternative.
anon 6:24: get real.
Buyers are not stupid; they will investigate nabes, compare like properties across the housing supply, look into schools and seek easy transportation. Why do folks find it so shocking and unblieveable that more and more families, after doing their due diligence, are relocating to areas like Bed-Stuy. It might not work for you but it works for them. Leave them alone and worry about the state of your own affairs. The more I read this site the more I tend to agree with the above post.
All the hating is from either (1) folks who are looking to buy in Bed-Stuy but are hoping to keep the competition away; (2)folks from either other “fringe areas” in Brownstone Brooklyn or folks outside the Brownstone Belt who wished that buyers would look in their nabes rather in Bed-Stuy; and (3) condo owners in “established” Brownstone Brooklyn who want to drive up the prices of their overpriced units by encouraging buyers to avoid relatively low cost areas Bed-Stuy, PLG and CHN.
MORE IMPORTANTLY, there’s thousands of unsold condos sitting on the market in Brooklyn and Manhattan. These developers, many of whom frequent this site, are starting to sh*t bricks! What do they do? They crap on fringe areas in Brownstone Brooklyn in the hope that they can encourage buyers to consider their condo developments instead of relocating their families into bigger homes in up and coming areas . If buyers suddenly stopped looking at areas like BS, CH, CHN and PLG then the slew of development projects in Dumbo, Park Slope, Boerum Hill, Williamsburg would stand a much better chance of being successful. But as it stand now, most will fail or convert into rental properties because of unrealistic prices, shoddy construction practices and units that are too small for growing families. Please do not think that for one second the developers or listing agents are not on this site attempting to persuade potential buyers into a direction that suits their own personal interests!
We tried to buy a brownstone on Hancock about 3 yrs ago, $575 asking price, owner kept upping it and it got way out of hand, anyway, it is a beautiful block but…neighbors did not seem very friendly at the time, perhaps time has changed things. We really wanted the house but too many negatives, mainly to do with the owner at the time. Also, a 4 family is VERY hard to get a mortgage on, most places wouldn’t touch it. Unfortunate because we planned on turning it into a 2 or 3 family but couldn’t get a mortgage and like some of you we didn’t have all cash. House was between Bedford and Nostrand.
To me, this argument isn’t about whether Bed Stuy is or is not a great place to live — I’m willing to concede that this block is beautiful. However, what still amazes me is that any house at $865,000 needing work is still considered a bargain. 5 years ago, we saw houses in prime Park Slope and Carroll Gardens for under $800,000 (yes, needing renovation). And, we bought one of them, when we realized our rental income covered nearly all our mortgage. Those neighborhoods already had decent schools, shopping, restaurants, etc.
Yes, these same houses are now worth twice as much, but they may not be for much longer. But plunking down nearly a million dollars (including renovation costs) is simply a huge amount of money. Especially when you can buy a pretty nice house in the suburbs for $600,000 – $700,000. five years ago, that wasn’t the case.
I realize the brownstone market is unique, but the idea that prices can keep rising indefinitely at the crazy rate they have done in the last 5 years just isn’t going to happen. The market has already slowed down significantly. And I think that’s why people question the attitude that $865,000 is considered a bargain, when just a few short years ago those houses were a fraction of the price. It feels as if people are speculating about future changes to the neighborhood, instead of the neighborhood as it now is. That really wasn’t the case 5 years ago in other places, where people bought because they liked the neighborhood amenities already there, not as speculation.
I’m not a bitter renter, but a beneficiary of the inflated prices. I’m just not counting on them staying inflated over the next 2 or 3 years, but I don’t care, since I’m here for the long haul anyway.
Yes, BS is just as great as other brownstone neighborhoods, there’s no good reason the prices are lower there, and the people who bought up there are the only ones in on the secret.
Although we all live in alternative realities, the market price in BS is still below most other brownstone hoods. For a reason.
Whenever I’m in most parts of BS I am looked at funny, made fun of, or asked for money. Just not an acceptance of them wanting me there.
I do mind my business, but that’s just how it is.
2:40, $1500 for a small 1 BR and $2400 for a 3 BR. They commute to the city and are all young/not yet professionals, but working in their desired fields. I’ve been seeing more young hipsters around lately Not that my tenants are uber trendy, but they are young (well..compared to me).
CHP, thoughtful and well stated as usual. Thank you.