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
I totally agree with you the house is worth what he paid $500k not a dime more the area is not that good
To the person who wrote that the house is worth $500,000 – perhaps you are trying to be philosophical about what any building or apartment is “worth” – but the idea that the market values this property at $500,000 is ridiculous. Just look at any comps. I’ve seen the house and it does need mechanical upgrades – but the bones are spectacular. I think it may very well sell for around asking price.
This is a tough market to justify buying an expensive fixer-upper in unless the location is spectacular and the purchase price is really low.
I’ve been in the renovation business for ten years and my most recent “flip” took much longer to sell than I’d expected.
Unexperienced buyers can expect their renovation costs to be at least 50% above their initial estimates and that it will take them about two years from start to finish to complete a total gut rehab.
In this market, one needs serious cajones to buy a 1 million dollar fixer upper in a borderline neighborhood. I sure as hell wouldn’t do it.
it is worth $500k, which is what the owner paid for it in feb 2005. Not a dime more.
The pictures are beautiful, but it’s not done and it’s not clear how not done it is. There are no kitchens. Does that mean there are crappy floors and bathrooms? One thing I learned from my renovation is how LONG everything takes and 900,000 dollars, more construction, fixtures, etc. It’s not cheap for a house that won’t have tenants for a while. And as more stuff comes on the market, people are a little more cautious about putting big money into Bed Sty. I don’t know, not seeing the place those are my impressions. And there is this nasty problem of violent crime, that nobody wants to talk about….
Duh! Thanks for stating the obvious!
Just a warning there is a lot of drug dealing in the area, buyers be careful with that and the unstable market
If the two are common, what’s the implication: that the police are dealing drugs? Don’t take the bait folks….
Wow, those pics of the details are really beautiful.