House of the Day: 501 Bainbridge Street
There something a little funky about this listing at 501 Bainbridge Street. First some history: The house was purchased for $570,816 in November 2007 and then sold again in January of this year for $290,000. It came back on the market in March for $559,000 and was just reduced to $525,000. There are some original…
There something a little funky about this listing at 501 Bainbridge Street. First some history: The house was purchased for $570,816 in November 2007 and then sold again in January of this year for $290,000. It came back on the market in March for $559,000 and was just reduced to $525,000. There are some original details intact, but much of the house has been on the receiving end of an el-cheapo rental renovation. We’d say they’ve still got a ways to go on the price.
501 Bainbridge Street [Prospective Properties] GMAP P*Shark
I agree with you more4less. This house is not bad but not great either. This house is kinda in no man land kinda Bedford Stuyvesant, Ocean Hill and Bushwick. I think the price should come down a lot because you can go on the other side of Howard and get a house for the same price or less with tons of detail.
re: high votes…..it wasn’t me
House is not beautiful but not ugly or terrible condition either. take a $100-150k off and all of a sudden it looks much more appealling.
“$570,816 in November 2007”
Ouch! Now, they can’t give these away.
***Bid half off peak comps***
To whomever keeps posting the ridiculous high votes,
We can track the votes by IP so if you keep it up you will lost your commenting and voting privileges.
Thanks
I know this area, and the house is indeed in good condition compared to other properties, and if you go by comps, the price is not unreasonable.
That said, I am not interested, and if I were I would start by offering a lot less.
It does look like the Jan sale was a short sale to a flipper, but who knows. If it was, they either didn’t do very much or they worked very quickly.
Wood frames in this area were going for $600,000 in 2006. The most recent comp I remember is $470,000 in November. I assume it was not in especially good condition because few are. I see foreclosures for $300,000 and less but they require a year-long gut renovation because the plumbing has been ripped out of the walls. So figure $100,000 premium for the stone, minus whatever discount for deteriorating market conditions.
The vast majority of houses I have seen in this area are either completely original and falling apart, or horribly altered — walls ripped out — with shlock finishes from the 50s and Home Depot kitchens far worse than this installed by unskilled labor. At least these people appear to have done the installation correctly (as far as one can see in a photo).
Now, if the place had updated mechanicals and a sound structure but had all the original details intact with the original 2.5 (not three) bathrooms, woodwork, plaster walls, etc., and none of this sheet rock and tile, then I’d be happy to buy it. Probably for $440,000.
lmao @ “done with exquisite taste”
I don’t think the house is that bad, but it is far from “exquisite”. Also, that peachy paint is horrid…and it seems to be everywhere!
In a word..YUCK
A better way to get the average, is to take off a number of the lowest and highest appraisals and average the rest. So, if there were 20 appraisals, as there are now, you would ignore the lowest 3 and the highest 3 and average the rest.