House of the Day: Stuy Heights Gem
Another beauty from Stuyvesant Heights by way of Craigslist. The 4,300-square-foot two-family is configured as an owner’s triplex over a garden rental. By all appearances (and the broker’s flowery prose) it sounds like this is one of those jaw-droppers, complete with original restored woodwork, wainscotting, and pier mirrors. The 1899 house also has a center…
Another beauty from Stuyvesant Heights by way of Craigslist. The 4,300-square-foot two-family is configured as an owner’s triplex over a garden rental. By all appearances (and the broker’s flowery prose) it sounds like this is one of those jaw-droppers, complete with original restored woodwork, wainscotting, and pier mirrors. The 1899 house also has a center stair with an “intricate oak basket weave design” on the railings and restored golden oak lattice work overhead. Located on Bainbridge off Lewis Avenue, the house is only a couple of blocks from the A train. If all this is true, the asking price of $1,235,000 seems a little lower than we would have expected. What say ye?
Bainbridge at Lewis Ave [Craigslist] GMAP
I agree, the biggest loser, I mean, fool is BB.
No excuse can exer rationalize this price in this shady hood.
Y not try picking up the tab on this one BB, esp. since you own $300k homes? Do u not have enough equity or do you think it’s not worth it?
I’m sure you’ll elaborate on this one
1.2 for Stuy High? Yeah, there’s still fools out there but this is euphoria at it’s best. Common sense is lost.
great post, BB.
BTW
This is one of the best blocks to live on. It’s secluded, quiet, and has some of the most beautiful homes I’ve seen, aside from Macdonough. I remember renting on Macdonough about years ago and always thinking that I would love to live on this block!! For those that speak without truly knowing, you must see to believe!
^^^^
what he/she said!!
Except I don’t agree that Stuyvesant Heights is seperate from BedfordStuyvesant, that is not official. It’s a historic district, yes, but not a new section of Brooklyn.
“I don’t care how much original detail it has, 1.23M to live in a part of bed-stuy is not how I’d spend my money.”
First, this is SH not BS the same way that CH is not BS. Despite the fact that all three BLACK neighborhoods have been called Bed-Stuy in the past, they are indeed three distinct separate neighborhoods, irrespective of its common denominator – RACE.
Second, why would someone pay this much to live in Stuyvesant Heights? Well I recently paid $1mm for a house in Stuyvesant Heights and plan to spend another $200,000 to renovate the kitchen and baths to my specifications. It’s a beautiful limestone and well over 5,000 sq. ft. on the best block. I own a few investment properties in FG and Clinton Hill and considered those areas along with PS, BH and CG. However, I wanted to settle into a large single family house and not deal with tenants on this specific investment. At the time of my purchase, the SH property was by far the best property on the market. I was not interested in a $1M+ condo in BH or PS because apartment living is simply not my preference. I also determined that for the $3M-$5M it would cost to buy a similar single family property in PS or BH I’d rather live in Saddle River, Bernardsville, New Canaan or Brookville. So at $1-$1.5M I was looking for value and a nice home in Brooklyn or moving out to the suburbs and spending justifiably much more.
In SH I got excellent value for my money. The mortgage is very manageable and the way I see it I’m sending my kids to private school anyway, whether I live in SH, BH or PS. In my opinion, I’m saving about $3,000 a month by living in SH as opposed to these other communities; money that can be spent on other investments, family vacations and private school education for my children. I am looking forward to moving into this neighborhood in ’07. It’s in awesome community and I have a great house.
Anonymous, you simply don’t like Stuyvesant Heights for reasons that are very important to you. I beg to differ. But so what? That’s neither here nor there. Everyone works hard for their money and like yourself are entitled to spend it the way that they see fit. But please stop bashing people who choose to live in this excellent community. It’s our money and our choice! Same goes for people who decide to live in PLG, FG or CH.
“These properties, in this section of Brooklyn, were fetching no more than $125k 10 years ago.” “This house is obviously $800k overpriced based on location alone.”
Bro, perhaps you missed the train on the last go around but if you want to keep dreaming, certainly do so. I was buying brownstones in FG ten years ago for $300k. What do you think these homes are worth now? $1.8 if not more. This home is properly discounted because it’s not FG or CH.
You think that this house is worth $400k?!? This statement is so insane that it calls your mental stability into question. If you own and presumably you do, please sell me your house in 2006 at mid 1990’s prices – I promise to give you fair market value! 😉
I personally think that this house in Stuy Heights at $1.2M represents good value and an excellent investment opportunity for those who are comfortable with the community and have a long investment time horizon.
With that being said, Bed-Stuy is a huge community and certain sections are seriously overpriced and I hope that prices stabilize as to not prohibit potential buyers from moving into the community. The nabe does need new blood and money and unjustifiable prices do in fact hurt the long term prospect of the community. However, this house is on one of the best blocks in the best section of Stuyvesant Heights. This is not the house to make the “inflated price” argument. Pick another battle. Given the surge in shabby “developer flips” in other sections of BS, the choices are bountiful!
Wow. In not such a good way. I love turn of the century woodwork as much as anyone, but that’s just way over the top. Probably would have been considered gauche when it was built, too. Just because it’s old doesn’t mean it’s tasteful… Too much for me.
I love the house and while I do understand there are many people who don’t care for that amount of detail, I would hope anyone who buys it would not strip it out or “modernize” it. I have to agree with lp (I’d even accept white curtains :-), lp) that the woodwork does look stripped and odd, but I’m not crazy about woodwork that’s too dark. I don’t mind painted woodwork either- lots of periods painted theirs and Victorian interior design was far more colorful than we are led to believe from the artifacts we see today. But it was also a far cry from the modern interpretation of shiny satin and poly lace that so many people think is Victorian.
Anon at 10:11- beautifully said.
A couple of comments:
Drew, your standards are obviously low. We get it, now get over yourself.
As for the comment about the old lady next door being middle-class, I beg to differ. I mean, that person probably didn’t shell out over $1m to purchase her home (Are you aware what SS is paying thee days?), but her home has obvious potential to make her middle-class if she sells it. That person might have purchased their property over 30 years ago for less than $50k when this hood was the slums of NY. These properties, in this section of Brooklyn, were fetching no more than $125k 10 years ago. That was when the blue collared person could also afford to buy a home.
I had an interesting conversation with a bus driver (Probably in his mid 50’s) who mentioned that he purchased his two homes in Queens for a combined price of $175k 20 years ago. He sold one for almost triple the amount. At his salary today, he couldn’t afford to rent in PS for his wife and himself, let alone purchase anything.
I think realestate in parts of NYC are over-priced and should lower the expectations of the asking price. This house is obvioulsy $800k overpriced based on location alone.