House of the Day: 456 Bainbridge Street
It’s tough out there for a house in Bed Stuy. While houses in some of the more expensive neighborhoods in the borough continue to hold their value relatively well in the face of the national housing crisis, neighborhoods like Bed Stuy, which has had its share of subprime and foreclosure problems, are having a tougher…
It’s tough out there for a house in Bed Stuy. While houses in some of the more expensive neighborhoods in the borough continue to hold their value relatively well in the face of the national housing crisis, neighborhoods like Bed Stuy, which has had its share of subprime and foreclosure problems, are having a tougher go of it. Take, for example, the case of the 456 Bainbridge Street: The three-story house still has lots of original detail in the owner’s duplex and a two-bedroom apartment on the top floor to help cover the mortgage. It’s been a long, unfruitful sales process thus far. The house hit the market last July for $695,000 and has undergone three price cuts since, culminating with that week’s that brought the asking price to $525,000. Think this will be the magic number?
456 Bainbridge Street [Douglas Elliman] GMAP P*Shark
Price Cuts at Bed Stuy Townhouses: Is This a Trend? [Brownstoner]
The guy claiming to have gotten stares from people when he and his wife and baby drove through the neighborhood is clearly not a real poster (i.e. he is just a troll), and really shouldn’t be bothered with. And I don’t recall ever reading a post saying a neighborhood is off limits for black folks (and what neighborhood would that be in brownstone Brooklyn – no on second thought, just drop it).
I wonder how this house would compare to those on the Western (i.e. Clinton Hill) side of Bed-Stuy. Seems to me the biggest downside of this is that you couldn’t walk to any of the things I like about Brooklyn – BAM, Brooklyn Museum, the parks, etc.
I love the comments on here deliberately ignoring the (personalized) anti-white racism that exists in some parts of Bed-Stuy and professiong outrage at the very suggestion of such. (Yes, we all know anti-white racism is acceptable etc etc)
But answer me this – do you live in the real world or a hypothetical normative world? You may not be racist, your neighbors may not be, but can you say the same for everyone in your neighborhood? If so, Bed-Stuy is a one in a million place.
Dave, you have a very dellusional view of your neighborhood. Rose colored glasses.
While, no not many blocks of Bed Stuy have been gentrified by white folk, this particular block has not been gentrified by anyone as of yet. It’s not nice. Nor are 75% of the blocks in Bed Stuy. LONG way to go to get your hood up to the level that prices for the past few years were asking. You do, at some point need to realize that you are one of the people who we hear about in the news with a home worth less than what your mortgage payment might dictate. That doesn’t make you a bad person, but you need to accept it. Bed Stuy is still VERY much a fringe neighborhood. I’d say maybe 10% of the NYC white population would feel comfortable living there. Until it’s more than that, things are not going to change. Decades of horrible decline and PR for Bed Stuy are not going to change because you spent a million dollars for your house.
i think this sounds like a pretty good deal for the right person, obviously not the white guy who drives through the neighborhood at top speed and already knows he can’t hack it there. it’s a self-correcting system.
This house is all the way over between Howard and Saratoga Aves, equidistant between the J train at Halsey and the C train at Ralph Ave. — As pointed out earlier, on the eastern edge of Bed Stuy. Hence the price differential. I think it’ll sell at $495K.
3:06 you have a very bizarre grasp of economics and the property market.
The price is actually lower than other houses listed in that neighborhood, but priced about right, IMO. The property is in lis pendens, which may explain the lower price. The foreclosure maps show a significant number of defaults in Bed-Stuy.
I’ve been looking at homes in Crown Heights and Bed Stuy for several months and the real estate agents seem to be guessing ($950? 750? 550?). While the house looks nice, it’s pretty far east and the walk to the Ralph Ave. subway is not great. So $525 seems about right.
The reality is that much of the increase in Bed Stuy prices of the last 3 of 4 years were due to the fact that you could buy a place with no money down, and no verification of your income.
It allowed people with very modest actual incomes to become homeowners. So, a lot of the people who lived in the area (which is not wealthy), could own a house — and this DROVE UP PRICES, as they saw a house as a way to make an investment.
Now, however, you need 10-20% DOWN, DOCUMENTED INCOME AND GOOD CREDIT! This drives away many many of the people who would otherwise find this neighborhood to be a good fit.
So, this DRIVES WAY DOWN THE SALE PRICES, and falling prices drive away other potential purchases, further devaluing the property.
That said, I think more price cuts are needed. When you can get this place for $40K DOWN, it will sell. Not until then.
Lets be honest, this isn’t even “prime” bed-stuy….if there is any such thing.