House of the Day: 1182 Bushwick Avenue
How far the not-so-mighty have fallen! This four-story house at 1182 Bushwick Avenue in, you guessed it, Bushwick, was tapped as an Open House Pick last June when its asking price was $925,000. Today, the four-family can be yours for the rather reduced price of $599,000. Holy 46 percent reduction, Batman! This could be starting…
How far the not-so-mighty have fallen! This four-story house at 1182 Bushwick Avenue in, you guessed it, Bushwick, was tapped as an Open House Pick last June when its asking price was $925,000. Today, the four-family can be yours for the rather reduced price of $599,000. Holy 46 percent reduction, Batman! This could be starting to look pretty interesting, given that the interior, while admittedly musty, has plenty of intact detail and the numbers look like they work. At this price, a buyer would be looking at about $2,000 a month in mortgage costs plus another $800 or so in taxes and insurance and another $500 in utilities and miscellaneous expenses. So you could, theoretically, move into one floor, rent the other three for, say, $1,000 a month and live almost for free. Is our math right?
1182 Bushwick Avenue [Century 21] GMAP P*Shark
You still in that rental apartment with your 12 relatives, cornerbodega? How’s that going???? DIBS, on the other hand, is quite happy in his 2,500 sq. ft. home with all the architectural detail, a new kitchen, 2 new baths, a deck and a nice yard. And basically living there for about the price of a one bedroom rental.
If there was ever a story of sour grapes!!!!
this sounds like a story dibs knows all too well…
There’s a great old dutch reformed church on Bushwick ave. Shame the road itself is a bit tatty.
Brownstones 1/2 off:
Both.
Fear mongering is part of the plan. In Bush years, the public was pumped full of fear of terrorism. Now were being pumped full of economic fear. Keeping us afraid keeps us from taking arms and rioting in the streets.
Bushwick!!! Stand Up!!! (just a shout out)
“How far the not-so-mighty have fallen!”
How far the so-mighty are fallING. The view from the back of the line is not good. I’d get out of the line if I still had a nice chunk of equity and wanted to keep it on my balance sheet. Even still, I’d try to minimize loss. Owners who struggle to hold on – beware and good luck.
Fear-mongering or reality or both?
***Bid half off peak comps***
Ringo-
If your point of reference for “far” is downtown Manhattan, Bushwick is no further than Kensington or Windsor Terrace. In fact, its closer.
But yeah, reading a real estate listing as “Prime” Bushwick is laughable. But then again, lots of people laughed when newcomers bought up Park Slope in the 70s. Bushwick is 70% shithole. This is one of the better stretches. If this doesnt sell in 6 months to a year, it’ll go down to 375K. But by then we might have bigger things to worry about then RE value.
Ringo–no, you did not miss anything. Bushwick is one of the many neighborhoods that are only for those who have drank the Brooklyn Koolaid and are under the delusion that anywhere in our fair borough is better than anywhere else and therefore worth more. If your mind is still functioning you will indeed check out other options.
Am I the only one who things Bushwick is a little far? I imagine I’d be house hunting here thinking, oh crap, let’s just move to forest hills or philly or providence or .. anywhere.
Maybe I missed the “interesting” parts.
This looks like a cool house–big apts! And this stretch of Bushwick Ave and the surrounding streets is interesting…