Brownstone Market: Trouble on the Fringes?
This month’s issue of The Real Deal has an article about the ramifications of a cooling real estate market in Brooklyn (despite the debatability of that assertion). TRD contends that the more “farflung” nabes are the most vulnerable, pointing not only to some price reductions in spots like Bed Stuy as well as signs of…
This month’s issue of The Real Deal has an article about the ramifications of a cooling real estate market in Brooklyn (despite the debatability of that assertion). TRD contends that the more “farflung” nabes are the most vulnerable, pointing not only to some price reductions in spots like Bed Stuy as well as signs of mortgage lenders becoming more stringent about appraisals and comps. One Brown Harris Stevens broker claims that houses in Bed Stuy that may have been selling for for around $800,000 a few months ago now have asking prices closer to $600,000. Maybe, but frankly we haven’t seen many examples of such a dramatic shift. Sure people are being more deliberate in the search and may be less likely to plunk down a million bucks for a wreck in a less proven area, but 25% decreases are the exception not the rule as far as we’re aware.
Doubts on Fringe of B’kln [The Real Deal]
Gloworm, et al., the Kingston Throop local between Utica and Nostrand is a nice compromise. It services the Western edges of the landmarked blocks and some lovely streets spoking from there: Macdonough, Macon, Halsey, Hancock, Jefferson. On either side of Throop as you walk from the train. Very convenient. Throops for these first few blocks is lined with churches and trees. BTW, the responses of people who actually live in BS is pretty overwhelming. Brownstoner, it would be interesting to poll your readers and run some stats re: neighborhood distribution and owners/renters.
Gee…John, Ron, Don(nie)& anon- 3 more and we have the 7 dwarves (mentally speaking). Is there some deep dark skull and bones-ish reason those names sound so similar? A coven? A Klan? One thing is for sure, They don’t know Bed-Stuy but they do know ignorance.
12:13, you are correct, there is an annual Bed Stuy House Tour. It is always on the 3rd Saturday in October. But why wait till then if you just want a look see of the streets? One doesn’t want to be like our friend Donnie, above, who seems to get his information from movies and graphic novels. I guess all of the thousands of people who have raised families in Bed Stuy over the years without anything more than skinned knees must have been exceedingly lucky, or maybe they all had personal force fields. Give me a break.
Hmm, Glenn, that reminds me of late night cab rides in the 80’s and 90’s when I had to hop in and lock the door and then tell them where I was going, and have to listen to bitching and moaning all the way to Bed Stuy from most of the cabbies. The ones who didn’t give me grief always got a large tip. I tipped the others decently, but it came with a lecture about making assumptions about people and places. I usually had to provide directions back to the Bklyn Bridge, too. I had to tell one to drive me to the nearest precinct in Manhattan, when he told me to get out, and that he wasn’t going to go to Brooklyn. I told him he could explain to the police why he wasn’t taking me. That worked, too.
1. someone gave me great advice years ago–never, ever use your primary residence as an investment—buy it, live in it, love it but don’t use it as an investment. more than likely the value will rise but being in a great place/location everyday is more impt than worrying about rising property values.
2. isn’t there already a bed-stuy house tour?
Anon @4:41 – couldnt respond to your post – doing work – but now that I read it, I think your being a bit harsh with me considering the event you are talking about was Anthrax – Ill take your silence since that was pointed out as a retraction.
Wow – this is the 107th comment. Brownstoner, is that a new record? And so few negative comments! That must be a record too!
RE: the Nostrand A stop/finding tenants: I have a house with four floor through apartments off Nostrand on Halsey. Great block right by the Nostrand A stop. Convenience can’t be beat. I live in another house off Nostrand on Monroe, hubby and I have a duplex and we rent out the garden floor. In both instances (and both houses) we found WONDERFUL!! tenants within ONE day…not exagerating. We were so impressed with the kind of people who were looking. So to whoever was asking, there is definitely a rental/tenant pool out here. We have people contact us nearly weekly who know we have places asking if we have heard of anything. I have two people looking now if anyone knows something good. And in terms of rents all apts. are between $1500-$1600 and we had no problem filling them (after we did a very nice restoration of course).
To the person who was commenting on condo’s. Check out http://www.designerbrownstones.com – The owner, Kathy, has one condo left in the McDonough house (yes, condos in bedstuy!)…tell her Amy says Hi.
Kush: sorry for the ignorance but what is it?
Bed-Stuy Walking Tour: It seems like there is some interest. Anyone who has a love for bed-stuy want to co-create/co-lead one with me?
Thanks all for a great and informative thread!
Amy
Donnie,
Spend much time in Bed-Stuy or have you acquired your extensive knowledge about the Stuy from the media or a friend of a friend who knows someone who has visited the Stuy once or twice?
As for bullets and bullet proof vests…it is like playing roulette, when your number is up, just duck and pray (as if things don’t happen in other nabes)
Let me know when you are coming through and I will follow you myself. We wouldn’t want you to get the “wrong” impression now, would we?
stuy heights goes out that far, it doesn’t just stop between stuy and lewis the nostrand ave train station services part of stuy heights too.