House of the Day: 272 Halsey Street
This four-story brownstone at 272 Halsey in Bedford Stuyvesant caught our eye because it’s been in the same family for seven decades. Other than a newish kitchen, the house looks like unusually intact, with some killer woodwork and fireplaces. The fact that it’s a one-family may be a drawback—most prospective buyers are going to need…
This four-story brownstone at 272 Halsey in Bedford Stuyvesant caught our eye because it’s been in the same family for seven decades. Other than a newish kitchen, the house looks like unusually intact, with some killer woodwork and fireplaces. The fact that it’s a one-family may be a drawback—most prospective buyers are going to need help paying the mortgage given the asking price of $1,175,000, which seems on the high side to us. In addition to the house’s lineage, the listing is noteworthy for the fact that it may be the first time we’ve seen proximity to Food Town and Applebee’s listed as an amenity on a million-dollar property.
272 Halsey Street [Corcoran] GMAP P*Shark
8:39 it’s being called westbed, as i’ve heard it.
There’s a lot of interesting view points on this house. It looks very nice and the market will soon dictate its price. I think it’s harsh to criticize the broker/firm, it may have more to do with the owners having a specific price target in mind before making a move. Frankly, despite the number of brownstones in the area and stories about subprime borrowers soon to “allegedly” be forced to bankruptcy sale, the float of quality homes on the market (i.e. nice block/orignal detail/well maintained) is very slim. And why would one leave the nabe? I admit to having a vested interest as I recently purchased an original house on a nice hancock block and already spent a decent amount to renovate, but even if the market value was to remain stable or even go down I’m still living in 4 times the space of a manh apartment with a yard, a 10-min commute to my downtown work location, next to truely super neighbors, and enjoing the growing list of amenities mentioned so far on this blog (been to them all). That to me is the reason why the grand brownstones of this nabe and its people will continue to attract newcomers.
i live in the area that you’re asking about, 7:08. the brownstones on our block of greene ave, right off of bedford are going for around a million. the smaller ones are in the nine’s. the area is booming, i find it funny when people talk themselves out of buying here, because frankly, those people will be the one’s complaining that they missed the boat as in fg/ch…it’s not rocket science to buy directly next door to an already gentrified, overpriced area. it’s called vision sprinkled with a bit of (recent) historical perspective.
I have a two family on gates bet Bedford and Nostrand for $840. Double dplx one is renovated and in move in the other needs work. Clinton Hill east?
A relative of mine purchased a brownstone in 2006 for 800k in Bed Stuy, and it needed work, she is and always has been black. Perhaps the people who have opinions of black people as being uneducated and poor should realize that many of us have jumped the hurdles and have made great financial and educational accomplishments. Genocide, no I mean gentrification, was not always a positive thing to happen to a country, no I mean neighborhood. Stop talking about crime because if you can read you know who the biggest crooks are. Come to the house tour in October in Bed Stuy if you want to see how some of us live.
Under $900k, this house sells in a few weeks…..
You would have to provide for more stats to get an accurate assessment: how many families, how many stories, building and lot size, what specific block, how much original detail, proximity to transportation, nature and character of surrounding blocks, what condition, state of MEP, area comps, broker, area rental rates, finished basement, condition of facade, landscaped yard, proximity to rent stabilized or gov’t housing, any vacant lots nearby, zoning, etc.? A multitude of factors must be taken into consideration.
so how would you price a far from stuy heights bed stuy on the border of clinton hill home? what would you pay for a solid conditioned–old kitchen and bath home one or two blocks from CH? this is an honest question.
If you bought you house for under $100k and are looking to sell a townhouse for $1M+ in less than perfect Bed-Stuy then I expect the house to be in triple mint condition with a well appointed kitchen and modern baths with state of the arts appliances and amenities. But typically you don’t get this in the hood. What you get is a great house on a beautifully kept block but with a kitchen and bath that hasn’t been upgraded in over 30 years (if lucky, you get 1990’s Home Depot).
Fort Greene and Clinton Houses command the prices that they do because those coming to market now have traded hands two or three times since 1990 and many are being sold with awesome original details, professional kitchens, modern baths and beautifully done outdoor spaces. It’s only now that new buyers in BS are spending $500k+ on top notch renovations. When those buyers sell I can indeed support those homes trading at a high premium but now is not the time. $1M+ for an average home in a relatively tough community, hell no (unless in Stuyvesant Heights).
For $1M+ and for all of the headaches associated in being a high paying pioneer in an upcoming nabe, I expect central air and all of the bells and whistles. If not, I expect a deep and substantial discount compared to homes in FG and CH which would put this house at around $800k. In FG and CH the trailblazers got a “first to market” discount advantage, in BS you’re expected to pay above market.
In today’s Bed-Stuy where newcomers comprise well under 3% of the current nabe, there is no critical mass of gentrifiers in the nabe to justify these prices. Yes, the nabe is getting there but it’s a long way away. And for those who will complain that it’s racist to demand that black homeowners NOT get prices close to FG and CH then I will offer you this fact: the people who are paying $800k for those townhouses in the hood are not other residents in BS – it’s newcomers and yes, trailblazers. If left to those indigenous to the area, we wouldn’t pay more for a brownstone then what the rent roll would cover – that’s old school BS economics! Just keeping it real…..