Brownstone Breakfast: Price Cut on Hancock
After being reduced from $1.1 million to $995,000 earlier in the summer, this absolutely gorgeous brownstone at 371 Hancock, which was HOTD in early July, has just gotten another price cut to $935,000. The architectural details in this place are stunning but evidently people are shying away from dropping a million bucks in Bed Stuy–even…
After being reduced from $1.1 million to $995,000 earlier in the summer, this absolutely gorgeous brownstone at 371 Hancock, which was HOTD in early July, has just gotten another price cut to $935,000. The architectural details in this place are stunning but evidently people are shying away from dropping a million bucks in Bed Stuy–even on one of the nabe’s best streets. Think this’ll find a buyer at this price?
371 Hancock Street [Corcoran] GMAP P*Shark
HOTD: 371 Hancock Street [Brownstoner]
I actually agree with the majority of what SuperAnon says, Jennyanne. He thinks for himself and doesn’t buy into the cookie-cutter NIMBY position. Keep it coming SA.
SuperAnon is right on point. The smaller agents definitely have some great opportunities. Why bother with a condo if its a Brownstone you want? There are some things out there to be had. and they don’t have to be gut renos. Live in the top floor of a 3 family and you can conceivably get $3,000 of rental income for a 3 story and more for a 4 story. That would leave only $1,300 or so of cost for you to cover your mortgage. W/ $80K annually, you’re probably paying more than that to rent an apartment anyway.
So Brownstone ownership is within your grasp. Go For It. And ask the owners. They have the inside scoop.
I would look at a 3 to 4 family brownstone fixer upper in either BS or CHN. You’re definitely going to need the rental income (thus the elimination of PLG as an option). You will have to dig really hard to find a bargain but diamonds in the rough are everywhere. Look very closely at foreclosure and HUD offerings. You’d be surprised at what you can find. Stay away from the large brokerage houses. Why pay the premium? Look to FSBO and Craig’s List ads. Go to all the local mom and pop realtors in the nabe and check their listings – they got some gems at decent prices. Try to engage local homeowners (they provide good leads, especially on estate sales and pending divorce situations). Do your own renovations overtime and maybe take an upstairs floor thru rental for a few years while renting out the more profitable duplex apartment. No need to overextend yourself. Homeownership and being a landlord is very challenging. Look to buy the worst house on the best block in an up and coming nabe. Don’t go the other way because it’s easier to lift your standards to the heights of your neighbors rather than the other way around (you don’t want the best house on the worst block; very limited upside). Stay away from blocks with nearby apartment buildings, unless condo or coop. Research large apartment buildings in the area. If HUD owned or Section 8, don’t buy in the area. Those buildings rarely turnover and those residents have a different level of ‘community pride” then homeowners. I wish this wasn’t the case but it’s true. Good luck.
Finally something superanon and I can agree on- CHN :-). I do quite a bit with CHNA also,and they do a fantastic job, but there is so much more to be done. I’m close to the subway on Fulton St. I love the area and although the shops and stores are not Starbucks, and Bergdorf, there are a lot of places to get stuff very inexpensively. The people are friendly and there are many families who have lived in and owned their homes for decades.
Newburgh, NY. Metro North, dude. Or get a job on Wall St…
Crown Heights of course! Near the trains and in the proposed landmark boundries… the closer to the subway the better. I say NO to condos! They are a dime a dozen and all those monthly fees $250-$800 a month is ridiculous. You could spend that on your twice-the-size brownstone instead. If you can’t afford the whole thing, buy a 4-story with someone and split it in two-Just make SURE you have an iron clad contract about who pays for what in the building.
Question, for an individual looking to climb the Real Estate ladder.
Where is the best entry point for someone with limited assets (50K-80k), A 80K salary and a desire to purchase a house in Bk. I have own real estate in upsate NY and currently own a condo in QB. I cannot accept the “Priced out of the market” rule, all of you BStoners had to start somewhere. Simply put where would you seasoned investor/homeowners tell someone to buy and position themselves to be a future BStone owner. Even it it takes 5-10 years.
Would it be a Condo, a fixer upper (obviously over long time) or look deeper into BK?
I must admit, CHN is a beautiful nabe. Highly undervalued. It’s neck and neck with Bed-Stuy as the next nabe to go big time. I’m partial to CHN because the residents are better organized then Bed-Stuy; as indicated by this awesome website and its recent landmarks designation. Much props to CHP and the rest of the CHN crew. Many blessings to you all.
Here are boundries: From the crown heights north block association:
http://www.crownheightsnorth.com/
So happy to see some others from Crown Heights and Bed-Stuy here…