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
“And there is this nasty problem of violent crime, that nobody wants to talk about….”
Donatella, you’ve obviously lost your senses today. Crime is all we ever talk about when the discussion falls on areas like Fort Greene, Clinton Hill, Bed-Stuy, PLG and Crown Heights. It’s so redundant and boring at this stage. Everyone knows that crime is a problem in these nabes – has been for decades and if you don’t know then you need to get your head examined. Further, who doesn’t factor issues like crime and schools when making decisions on where to raise one’s family? It’s so retarded that folks on this board think otherwise. Do you think that people have not contemplated these issues before investing $750k-$1mm into these communities or are you simply smarter than everyone else? Don’t insult people’s intelligence and don’t pretend that you or anyone else is providing insights into anything else but the very obvious. Crime and schooling is indeed an issue in these nabes; not always as big as some people would make it and not always as small. With that being said, these nabes are improving fast and many homeowners have done remarkably well by placing smart bets on living in architecturally significant communities that are rough around the edges. When buying in Brownstone Brooklyn, you simply have to weigh the pros and the cons and so far the cons have not dissuaded new families from moving into these communities. Granted, it might be far too great of a risk for you or I to take but it doesn’t mean that we are right and they are wrong. To each his own….
this area isn’t priced over a million dollars so that arguement is highly irrelevant and the reason you’d pay top dollar in bedstuy is because you’re not going to find anything comparable anywhere else for a decent price with the same amount of detail.
Why would somebody pay over a million for a townhouse in a borderline area like Bed Stuy? The difference between the cost to buy and the cost to rent is so enormous, it doesn’t make sense.
There’s a direct relationship between a property’s rental income and its price. That relationship has been temporarily forgotten in the soaring real estate market of the last couple of years.
I have to give the broker credit for having photos that show it in it’s best possible light . . .
I agree with Anon 3:17. I went to see it back in May. Although it had some nice bones, it needed a ton of work. The current owner’s contractor even started “improvements” by tearing out the great cedar closets that are common to these houses. Put in 300K and you’d might have a house worth $1.2M in this neighborhood. Not so good after closing expenses. . .
I love the houses on this stretch of Bainbridge, it’s very convenient to the Utica subway stop, and I could definitely see spending over $1M on a place in Bed-Stuy. Just not this one.
They’re hanging tough on the price though – it’s been on the market a while, so why not raise the price $5K?
Hang on to your deal on MacDonough – there are definitely people paying more than you seem to think is appropriate for nice 1- and 2-BR brownstone apts.
okay I do think this house is priced high but I pretty much think that about everything. however, my opinion has nothing to do with “a lot of drug dealing in the area” or it “not being that good of an area” because thats a lie. I think the neighborhood is great and thats a nice street. get over yourselves. by the same token I live on macdonough which is arguably the best street in stuy heights in a beautifully maintained brownstone and there’s no way I’d pay 1495 for rent. whoever it was that was pulling those numbers lucked up on some foolish tenants. maybe they’d just moved here from europe or something and didn’t know the difference. as far as the rent question I’d say if you make the rental nice you can get 1350 for a 1.5 bdrm and more for a 2 bdrm obviously. rentals are not cheap in stuy heights, obviously they’re lower than ft greene but don’t fool yourself thinking people are pricing homes near the million dollar mark and getting 1100 for rent thats just ridiculous.
I think this house is worth $175k. Now sell it to me!
I also saw this house and I remember thinking that it needed a huge amount of work. The original parquet floors were quite water-damaged; so much so that there was no salvaging them. At the time, I wondered how much water damage might be hidden in the walls. My general impression was that you’d have to pump at least another $200k into the place to get it fixed up. The Corcoran pictures show the front hallway/front parlor (not including the photo of the stained glass window, which I think was in an upstairs bathroom). From what I remember, this was the only part of the house that was remotely presentable. I’d be curious to see what work has been done on the house in the meanwhile.
some contractors know the price will be higher, but don’t tell the owner because he is still in the delusional phase of his renovation.