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
about AY.
people pay a shitload of money to live in crappy new apartments on 11th ave in Hells Kitchen next to abunch of lumber companies.
AY will do nothing to bring down prices.
Posted by: guest at November 27, 2007 3:05 PM
Never said it would bring down prices, however, I think they will increase prices in Bed Stuy.
The NYC City Council passed a demolition by neglect bill in 2005 that allows Landmarks to protect properties like this from bad owners. I wonder what it takes to get Landmarks to act?
3:38 you are wrong. there are some excellent point being made here today. especially 3:06…who is right on the mark.
It amazes me, the way race distorts real estate value.
This is a gorgeous street in a great neighborhood! Bed stuy has great transportation to the city (I’m talking A or J train–not the C or the G), beautiful housing stock, many blocks with high home ownership, plenty of mature trees, amenities are coming, there is a grocery store near this house that’s actually pretty good and a wine boutique and lots of other things to buy…
…And yet there’s squeamishness.
At the same time, a neighborhood like Greenpoint, which has *real* problems like toxic waste blooms and years of heavy industry under its belt, along with nasty architecture and the G train, has through the roof housing prices that seem to be holding steady.
Why? Poles are even whiter than you.
I feel genuinely sorry for people who are making stupid decisions about New York real estate based on race, because it’s never a good long term strategy.
Pretty much every post in this thread after 2:00pm has just been copied and pasted from past Brownstoner threads.
Same house in Park Slope is worth 3.4 mil
3:22 no simpleton – if you prejudge or make dumb ass broad generalizations you are a racist.
but you, – you are just clueless, and i would venture to say stupid.
Incidentally, sale of this house will displace two long-term (over 35 years!) residents, unless the new owner would like to keep them in place (a very good idea — they’re great people!). The house is being sold following the death of the owner.
At this price, assuming a mortgage of $675K, what rent do people think one would want to charge? There’s actually a place on the next block (between Bedford and Rogers) for which the owner is asking $2200, which I think is quite high, but probably (and unfortunately for long-term residents and poor people like me) a sign of things to come.
Is this house in historic Stuyvesant Heights?