House of the Day: 119 Bainbridge Street
Based purely on anecdotal evidence, it seems like houses in Bed Stuy—even the best ones—are having the most trouble in the post-subprime world. Take 119 Bainbridge Street, for example. The four-story, 4,132-square-foot house is a beauty and is on one of the nicest streets in Bed Stuy. Back in September, the house was listed for…
Based purely on anecdotal evidence, it seems like houses in Bed Stuy—even the best ones—are having the most trouble in the post-subprime world. Take 119 Bainbridge Street, for example. The four-story, 4,132-square-foot house is a beauty and is on one of the nicest streets in Bed Stuy. Back in September, the house was listed for $1,300,000. Now, the asking price has dropped to $1,000,000. Clearly the lack of buyers is about the overall market and the neighborhood more than a statement about the house, which has rocking woodwork. What’s the market-clearing price on this one?
119 Bainbridge Street [Brooklyn Properties] GMAP
Open House Picks 9/27/07 [Brownstoner] P*Shark
Greenpoint’s PS 31 and PS 34 are exceptional schools and have been for a long time.
People are moving to Greenpoint to be zoned for these schools.
You cannot seriously pretend that Bed Stuy schools hold a candle to Greenpoint’s schools!
Kids come from all over the city to attend 34 – it’s a magnet school.
Please, if Bed Stuy is so great why do crap houses sell like hot cakes in Carroll Gardens and PS?
White neighborhoods are more valuable.
Also, just look at Prospect Lefferts – it is still struggling, after years! any purchase in a white neighborhood would have been better.
get real.
Greenpont: oil slick…world’s largest, even! Waste treatment plant. G train. It’s a horrible place! No one in his right mind wants to live here! If you buy in Greenpoint, you will end up broke, alone, psychotic, and up to your ass in toxins and surly Poles.
Any other neighborhood is better. I know. I live here.
This has been a public service announcement.
Greenpoint: just say NO™.
This house has great bones… Great part of Stuyvesant heights.. close to Fulton Park… Owner should take it off the market and wait until 2009 when she can get her 1.3
Brownstones that are flipped usually don’t fare well when they come up against the “mansion tax.” If the buyer is going to use it a big one family, fine. Otherwise, the rent you would have to charge would be ridiculous just to recover the extra taxes.
“I’m thinking about buying a place on Hancock St between Marcus Garvey Blvd and Lewis Ave.”
Why on heavens earth would you buy now? The market is melting down. Save and wait at least until 2010 and buy a Clinton Hill brownstone for the same price. Crime in marginal neighborhoods will tick up as this economic recession continues. If you choose to ignore me and buy, low ball by 50%.
You folks are delusional about prices in Brooklyn. Three or four years ago a house like this one could be purchased for $300k.
A year from now you’ll be able to pick up a similar house for $500k when prices adjust.
We are still experiencing HYPER REAL ESTATE MARKET that makes no sense. Just wait and little longer and prices will start making sense again in terms or the price to rent ratio, which is all that really matters.
Does anyone reading this post actually live in Bed Stuy? I’m thinking about buying a place on Hancock St between Marcus Garvey Blvd and Lewis Ave. That block isn’t part of the landmarked district, but it is relatively close. It’s also a short walk to the shops on Lewis as well as the A train at Utica. I’m not a member of the predominant demographic of the neighborhood, but have no problems potentially living in Bed Stuy b/c I think the people who live there are generally genuinely terrific. But I assume some blocks are not as safe as others. Is this particlar stretch of Hancock St. ok?
spell check: statements.
my bad.
uhhh, there was a murder last month in Greenpoint. Corner of Manhattan and Nassau Avenues. It was white on white crime from the newspaper stories.
Nonetheless, NYC murder rate in general is on track for lowest numbers on record. That’s good news for all.
Also, googled the “school report cards” for 11221 in Bed Stuy- Three (3) schools in that zip code received A’s.
We live in the computer age, so don’t try to get away with false statments unless you are prepared to look the fool.