House of the Day: 404 Hancock Street
When we included 404 Hancock Street in a batch of Open House Picks in late July, it had just hit the market with an asking price of $1,200,000; now, six months later, the three-family brownstone is looking to fetch $990,000. The house has undergone a renovation which, while a little glossy and Home Depot-esque in…
When we included 404 Hancock Street in a batch of Open House Picks in late July, it had just hit the market with an asking price of $1,200,000; now, six months later, the three-family brownstone is looking to fetch $990,000. The house has undergone a renovation which, while a little glossy and Home Depot-esque in terms of fixtures, looks to have been fairly comprehensive (at least for the completed portions—the listing alludes to the renovation not being finished yet). We suspect the price has further to fall. At this point, it’s going to take a special house to fetch a million bucks in this part of town and, while it has some very nice woodwork, it feels like some charm was lost in the renovation.
404 Hancock Street [Corcoran] GMAP P*Shark
Open House Picks 7/25/08 [Brownstoner]
Amzi, thanks for the link to that very interesting Hancock Street article. What’s also interesting is that in 1893, out past Stuyvesant, the area was still frame houses and empty lots and unpaved street.
My mother and I looked at the “Queen”, the Kelley House, before the current owner bought it. At the time, around 1983, it was for sale at $200K, which was well above everything else in the area. Houses on my block, right behind it, were going for around $85 to 100K. It had gorgeous bones, a center hallway and stairwell with twin rooms on both sides. It was also a mess, and needed a lot of work. The basement had a full bar, and the backyard was a jungle. A lot has been done since then. I wish they hadn’t bumped out the bay in the back, but oh well.
I’ve also been in the corner Montrose Morris “villa”. Most of the detail was lost long ago in a fire. The present (I think) owners made a two story great room in the front parlor, which was interesting. They also had that great extension for kitchen space, with the attached garage. Unfortunately, I think they spend a great deal of money trying to keep grafitti off of the side walls. You are right, my namesake was busy on that block. At least 5 or 6 buildings all together.
I think you got a great deal Crooklyn.. Welcome to the neighborhood… I am on the same street
11217, a lot of Wolf stoves cropping up around GH! lol.
I don’t think you are going to have many people in BS putting there houses on the market for under 500K anytime soon. If anything they well just sit and wait until the market returns. Inventory of houses south of Madison is down.
Bedford Stuyvesant and Harlem have always mirrored each other since the Dutch arrived. Both area started out rural with a few county homes then by 1880/90s upper middle class people started moving in building all the brownstones and apartments. By the 1920 and 30 you started getting the wave of African Americans. In the 1970-1980s both areas probably hit there lowest point. From 1990- until today both areas are on the upswing. Harlem is always a few years ahead of Bedford Stuyvesant but it seems that whatever happens in Harlem the same thing will happens in BS. Maybe it is a A train thing… Right now Bedford Stuyvesant dose not have any 4 million dollar brownstones like Harlem. I really hope that is a long time down the road.
I like the Block as well as the house, the price is a little too high for a this type of house in the Stuy. There are some special houses in the area that do deserve every penny asked for it, but this is one is not it.
I’m currently under contract for a special 3-Fam house on Macdonough for $750k, it needs some work but has all original details. I want the house badly, but I don’t know if I’ll be making a mistake the way these house prices are dropping. I guess I’ll roll the dice with the bank. We’ll see if the bank gives me the loan.
Right Bolder. I think I was pretty much in agreement with your observation. maybe I phrased it wrong.
Dave, my point was that harlem prices 5-7 years ago were comparable to Bed Stuy right now (or at least pre lehman). it was just a point of reference.
I doubt there are more than a few dozen unrenovated brownstones in harlem with a clear title that you could buy, most probably around 1.5 mil for essentially a shell. Don’t know what renovated ones go for but I’d bet over 2.5 mil.
for the record I’d hate to see b/s become what west and central harlem is now: all condos and gut renovated brownstones, with no clue as to the area’s rich history as the center of the city’s black social life. it really isn’t a pleasant neighborhood to live in, for natives and newcomers alike. It would probably be a good thing in the long run for b/s if brownstones fell below 500k for a while. would keep some income diversity and perhaps encourage more renovation…i’d surely be tempted at that price.
funny thing jonife most houses in “prime” area of Bedford Stuyvesant in 2007 was at that price.
With reference to the Brooklyn Eagle article references above, mention is made of one of the Hancock houses selling for $33,000 in 1893. Using http://www.measuringworth.com/ppowerus/?redirurl=calculators/ppowerus/
to calculate have much that is in today’s (actually 2007’s) dollars you get $785,000. I find it interesting that the result definitely does not suggest that property is currently as overvalued in historical terms as many of the doomsayers on this blog suggest.