House of the Day: 119 Bainbridge Street
Based purely on anecdotal evidence, it seems like houses in Bed Stuyeven the best onesare 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 Stuyeven the best onesare 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
i don’t believe bed stuy will ever be the new it spot.
it has a tarnished reputation not unlike south central LA that will take many many more years to overcome, no matter how nice it may become.
Posted by: guest at November 27, 2007 2:09 PM
“no matter how nice it may become”, Brooklyn had the same reputation, now what? Read up on Ft Greene from a few years ago, the only neighborhood to have a murder during the blackout of 1977. Who knew? Everybody should by now.
100 decatur went for $100k over asking.
My cousin has been talking to her about this home and he really wants to make a bid on this place…
I know the owner personally and her father brought this house in the 1940s shortly after he came to the US from Barbados. So this is not a FLIP! This house is a four or three family. The owner of this house is really willing to work with someone that can make a good offer…
i don’t believe bed stuy will ever be the new it spot.
it has a tarnished reputation not unlike south central LA that will take many many more years to overcome, no matter how nice it may become.
I don;t see any racist comments. Economic ones, yes.
Posted by: guest at November 27, 2007 1:59 PM
Just wait, you’ll see.
Me again, buy it for a mil and take the mil in details to a house near you; then rent it out for a year or two then sell the shell for 1.5 when downtown is so congested that folks are sick of AY and Bed Stuy is the new it spot.
According to the ad this place is 20×50 and 4 floors so at $1 million, that’s $250 a square foot. That seems like a pretty good deal for this part of bed stuy. $1.3 is just too much for this place. Weirdly its listed as a one family. Maybe that’s the issue? If there aren’t at least one or two apartments in there, that makes it a bizarre amount of living space and takes rental income out of the equation.
I have to disagree w/ Montrose Morris (no matter how much I like his work 😉 ). I’m on the hunt for a house, but would not buy this place partially because I don’t understand why the owners have “earned” a few 100k in 1 year without even updating the kitchen. I’m fortunate enough to have a much higher budget, but I only have that money because I don’t spend it on overpriced things. I live the neighborhood and have seen this listing and considered it. I concluded that it doesn’t make sense to let the flipper have some of my money instead of waiting for another place and buying directly from the real seller. Cut out the middleman. This is especially true when there’s no evidence that they added anything to the value of the property.