House of the Day: 81 Bainbridge
We’re having a hard time understanding why this stunning brownstone on Bainbridge in Stuyvesant Heights hasn’t moved. When we included it in Open House Picks back in early May (2005! Whoops), we thought it was a no brainer. (And maybe it was: That was over a year ago.) Granted it’s a three-family that is going…
We’re having a hard time understanding why this stunning brownstone on Bainbridge in Stuyvesant Heights hasn’t moved. When we included it in Open House Picks back in early May (2005! Whoops), we thought it was a no brainer. (And maybe it was: That was over a year ago.) Granted it’s a three-family that is going to need some updating, but the historic details are top of the line and it’s one of the best brownstone blocks around. We also heard from one reader that he thought some work had been done in the mean time. The seller hasn’t budged on price (actually the price has ticked up a smidge to $900,000 from where it was last year). This is probably a good strategy. When the right buyer walks through the door, he/she will be more than willing to pay the price.
Open House Picks 5/13/05 [Brownstoner]
81 Bainbridge [Corcoran] GMAP P*Shark
“Last up, first down” — isn’t that the tired but true cliche of RE recessions? It seems inevitable that Bed Stuy would see the correction before other neighborhoods where long term value is more of a sure thing.
“There is a lot of crime in fort greene!? wow thats news to me”
Get your head out of the sand and stop living in La La Land. Though somewhat isolated, Fort Greene has a serious crime problem. Who are you kidding? The Whitman and Ingersol Houses are two of the most crime plagued housing projects in the city. Attend the 88th Precent Community Council meetings and get informed. Ignorance is not an excuse. With that being said, despite these drawbacks, FG is a great community. My favorite in Brooklyn.
anon at 3:40 and 5:17: i have fabulous tenants and great relationships with all of them. i’ve turned over the 2 bedroom once already this year with the same result. we advertised for less than two weeks and got tenants at those prices no problemo. BTW, pay attention, i said 1 1/2 bedroom and 2 bedroom. if you own on Macdonough and don’t understand the rental market, use every ounce of will you have to admit maybe you don’t know as much as you thought you did, or maybe put some more thought into your own rentals without disparaging renters who are willing to pay a little extra for a very nicely renovated, well maintained place to live on a beautiful tree-lined block with a good, thoughtful landlord. We’ve been renters before we bought our house long enough to know that such a combination is very hard to find in any neighborhood. BTW, we intentionally did not use a broker to rent our apartments because we did not want people to throw money at a broker to do what they were obviously capable and shrewd enough to do themselves.
In “other suburban parts of this country a nice house on a good sized lot can be purchased for less than 300k.”
This comparison has absolutely no role in this discussion. It compares apples to oranges.
Over a million includes the cost to renovatate . . . I guess my argument is perfectly valid.
I don’t mean to diss Bed Stuy, but it other suburban parts of this country a nice house on a good sized lot can be purchased for less than 300k.
Why pay huge bucks to live somewhere that’s potentially dangerous after dark and as of yet has few ammenities?
Do you really think the neighboorhood will change that fast?
there is a lot of crime in fort greene!? wow thats news to me
this raises another topic that is obviously inaccurate in the mind of the masses. you’re getting 1495 for rent in bedstuy? who the hell is paying that? I am bedstuy’s biggest cheerleader and happiest resident and but as I stated before I’d think someone is a fool to pay 1495 for a 1 bdrm in bedstuy. I’ve seen 2 bdrm garden rentals for 1400 but I don’t consider that comparable. having sole access to a garden and considering the ground floor layout on most of the brownstones you cant compare that to the upper rentals. I just can’t believe someone would pay almost 1500 to rent a 1 bedroom in bedstuy. not that its not a great neighborhood but that’s just not realistic. although I think using an agent to rent an apartment is just stupid (unless its no-fee), I use the real estate spot on stuyvesant and macdonough to give me a broad idea of what is acceptable in the neighborhood and what’s going on around the area and I’ve yet to see someone posting 1495 for a 1 bedroom even if they’re using a broker… that said, I could be wrong. that’s just my opinion. if you’re getting over on someone so nicely in bedstuy good for you I’m all for making top dollar.
That was very well stated Anon 4:51. Thank you.
We ARE getting those rents in Bed Stuy and it is a lovely area. Period. Have you been there recently? I see more and more hipsters every day, whether that’s for better or worse. Obviously, the word is out about Bed Stuy and there is no turning back.
The house looks gorgeous from the photos, but of course the photographer was trying to make the house look good. I just looked back on my “before” shots of my own renovation and it doesn’t look like the place needed anything more than a paint job. Of course, it needed to be gutted. My point? You have to see it in person.