House of the Day: Stuy Heights Grandaddy
This glorious architectural specimen in Stuyvesant Heights has it all going on–5,000 square feet of wood-paneling, parquet floors and stained glass. The first viewing is at today’s open house (quick, you’ve got about half an hour to get over there!) though you’ll get another chance on Sunday. It’s currently configured as a two-family with the…
This glorious architectural specimen in Stuyvesant Heights has it all going on–5,000 square feet of wood-paneling, parquet floors and stained glass. The first viewing is at today’s open house (quick, you’ve got about half an hour to get over there!) though you’ll get another chance on Sunday. It’s currently configured as a two-family with the rental apartment on the top floor. The pictures tell the story–our only question is what kind of comps are there for this place? $1.2 million does not sound outlandish to us for the quality and location. What do people think?
416 Stuyvesant Avenue [Corcoran] GMAP P*Shark
Heh Anon 11:56, Property Shark can be wrong. It says my house is 3,000 sq ft and it is 4,300 sq ft measured by an architect for an architectural rendering, so why would the broker lie on something that anyone will be able to see when they visit the property.
two years ago, for $575? choke.
This property was for sale about two years ago for about $575k. Needed quite a bit of work. There were some title issues that needed to be worked out, and you had to assume title risk (assuming you could find a bank willing to provide financing).
The property viewings were a zoo.
The house next door to the left (a corner property) was for sale during the summer. They were asking $975k. It sat on the market for a few months, and the broker was Coldwell.
In my view, no brownstone in Bed-Stuy is yet worth $1.2 million unless it is a mint landmark property in move-in condition. (I have seen a few, but not for sale.)
FYI: I currently live in a comparatively modest brownstone in Bed-Stuy that is 4 blocks away from this one. I bought 2 years ago.
I think it could make sense for a user, Ebomb, because (as you know) they will always pay a premium over what it could make as a rental. They will probably find someone that loves Stuy-Heights and has been waiting for a place that is this nice. Granted, it will probably get bid town by $100k or so, but I could see it trading for $1.05k or $1.1k
even i, the original cheap like a chicken, can go for the price on this one. problem is the heat. i’ve seen a 30% increase on my commercial gas bills (comparable to oil) starting this nov. can anybody tell me the difference in gas rates (commercial v residential?)
I think you’ve all been body snatched and replaced by pod people controlled by The Realtors. “1.2 million in Bed Stuy is a good value.” “Prices will only go up and up.” “Great stores are only a matter of time.” As for the rest of us…run for your lives!!!!
Just because other stuff is on the market for 900K that doesn’t compare to this house, doesn’t mean it’s a good price. People can ask whatever they want just like fools can pay whatever they want.
These prices don’t make sense. If you paid 1.2mill for this house, which I agree is a really cool place, and rented it, you’d lose money.
I’m in the real estate business and can’t understand people who buy properties purely for appreciation just because prices have gone crazy in the last ten years. Reminds me of the dot com bubble. . .
I’m guessing that no picture of the kitchen means it needs ‘updating’. Considering what’s on the market for $800-900k though, this looks right, even good value, especially considering it’s desirable location.