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
It’s a one family. If this could deliver rental income it might fetch a more aggressive price. A perfect high-end reno might break a million as a one family, even in the best of (recent) times. 100 Decatur last year didn’t even break 1M and that was after a heated bidding war.
The glass in the bathroom is worth 5k and a couple of the door knobs about $750. a piece, so buy it for a mil. and sell the parts for 2.
Bed Stuy. I thought that was in Clinton Hill.
I don;t see any racist comments. Economic ones, yes.
Montrose continues to be the voice of reason.
I don’t know about that, Mr. B. Anecdotally speaking, it seems as if most neighborhoods are experiencing a profound slowdown, all across the board. There doesn’t seem to be too much available, and what is there, is vastly overpriced, and would sit even if the market was better.
This house is in a part of BS that few could argue about, beauty-wise. There are growing amenties and a diverse population – more and more white folks. From the photos, it looks as if a kitchen upgrade is in order, but aside from that, one could certainly be comfortable in the meantime. (Gorgeous detail. I want that bathroom mirror and the built ins on the parlor floor.)
Anyway, I can see this going for just under a million – like $998K, to avoid the mansion tax. It’s a beautiful house, and even at that price, certainly not cheap. The first two ridiculous prices are never happening in this neighborhood again. Whether flipped or not, I don’t think one can judge it by what someone paid for it, and tried to sell it for. I think it’s up to a buyer to decide that the price is doable for them, and the house is what they want. I don’t think most people buy houses to bless or curse someone’s business acumen, or cojones. They want the house. Unless there are massive things wrong with this house that aren’t apparent here, I think this one will sell at or just under the new price.
Mr. B why do you constantly pose qusetions that bait your racist readers???? Shame on you.
I love that kitchen, especially the fish.
alot of money to live in bed stuy.