House of the Day: 176 Bainbridge Street
This three-story brownstone at 176 Bainbridge Street in Bed Stuy just hit the market with an asking price of $695,000. While the ultimate selling price may end up barely having a “6” at the front of it, the current ask is probably too high given the size (2,700 square feet) and the condition—while the whitewashed…
This three-story brownstone at 176 Bainbridge Street in Bed Stuy just hit the market with an asking price of $695,000. While the ultimate selling price may end up barely having a “6” at the front of it, the current ask is probably too high given the size (2,700 square feet) and the condition—while the whitewashed walls and sanded floors sit fine with us, the Home Depot light fixtures and tacky door knobs make us fear the worst about the unphotographed bathrooms and kitchens. What do you think? If this were $100,000 cheaper would it be a buy?
176 Bainbridge Street [Douglas Elliman] GMAP P*Shark
Also, what happened in the last 10 years of real estate in Brooklyn was a correction to the incredible downward price pressure during the white flight and Bronx is Burning years.
Consider this, Maplewood Guy. Why is this house so cheap? It will cost you $1.3 to $4 million to buy a nice brownstone in an area with good public schools.
maplewood – i am born and raised in bk and would not consider the ‘burbs. i have family support and great friendships here. the homes in essex county are beautiful, no doubt. i cannot imagine paying the high taxes. i have personal deep attachments to bk and it has nothing to with it being a fetish. sure some people are here for profits or different reasons. but this market would have to seriously be in the toilet for me to ever loose money on my home. i bought it before the ‘boom & hype’ and i plan on living in it for a long time and raising my children in brooklyn. also my commute is 15mins. so the burbs is definetly not an option for me.
to each his own.
I am not talking up NJ but rather talking down prices in BS. There is something perverted in buying an ugly renovated small 2br with an 1br rental so that you can spend the rest of your income in private schools–which you will spend it if not at the elementary school surely for middle and high. Families with children–especially young ones– should look elsewhere westchester, ct, li (if not nj) for better value.
As for re profits, I would forget about it. NY RE as it stands is dead for at least 10-20 years possibly longer as long as it relates to income. What happened the last 10 years was an exception.
Why hijack this particular thread to talk up Jersey?
Anyway, wishinone, this part of Bed Stuy is very nice. Check out Macdonough between Stuyvesant and Lewis, and Peaches for brunch. There is also a cafe and bookstore on that block. Also a new organic grocery coming in on Stuyvesant. And a new pizza place called Saraghina.
Don’t know much about the schools, but the private Bridge school has a good reputation.
MaplewoodGuy, true but the complete truth is many cultured people have left the tri-state area. the prime towns in NJ aint cheap – just cheaper than BK. For many on this blog, we’re earlier in life than you (ie no kids yet, have young kids,….) and given house purchase is a huge amt of $$$, potential profits is among the decision points. if one doesn’t view house purchase as an investment is either loaded already or do a disserve to him/herself. Anyhow, wasn’t saying you needed to buy somewhere to make big real estate profits but rather to point out that others find bed stuy attractive for the profit potential (along with the housing stock, friendly hood,….)
I’ve got to agree in large part with Maplewoodguy.
Brooklyn definitely is “fetishized.”
Paying $600k for a crappy house in a high crime neighborhood far from Prospect Park is nuts. . . .
Based on what you’d get renting out the house, it’s worth about $300k and not a cent more. . .
more4less: I am not looking to make a profit in RE. I am just trying to get the best value for the money. At the moment there is no comparison. Families who look for a place in brooklyn should look elsewhere. They might be surprised of what they can get.
Brooklyn is fetishized. Artists and other “cultured” people have fled to cheaper areas. What remains are trustafarians, bankers/lawers who can afford it and some poor souls who think they can make huge profits in RE by buying in fringe areas.
I really believe jersey talk has no business in this state!