Houses of the Day: 404 and 408 Stuyvesant Avenue
The gorgeous limestone mansions at 404 and 408 Stuyvesant Avenue in Stuyvesant Heights have both been on the market for over a year. (In the case of Number 404, it’s been about 18 months since the owner tried an auction approach.) Many open houses and price cuts later, 404 is showing up as having just…
The gorgeous limestone mansions at 404 and 408 Stuyvesant Avenue in Stuyvesant Heights have both been on the market for over a year. (In the case of Number 404, it’s been about 18 months since the owner tried an auction approach.) Many open houses and price cuts later, 404 is showing up as having just gone into contract; the most recent asking price was $1,475,000. As for 408, which is listed at $1,550,000, there’s still no buyer. Could have something to do with that pesky rent-stabilized unit.
404 Stuyvesant Avenue [Halstead] GMAP P*Shark
408 Stuyvesant Avenue [Corcoran] GMAP P*Shark
HOTD: Price Cut at 408 Stuyvesant Avenue (Again) [Brownstoner]
Problems with 408.
404 is 5300 sq/ft and assuming that 404 sold for 1.4 (which may be very high according to previous posters), then 408 which is 4000 sq/ft should sell for no more than 1.05 mil!
And that’s before taking into account the (A) rent controlled tenant who will never leave, (B) the chopped up floor plan that will have to be $rejiggered$, (C) the tax 5 or 6 family status which will have to be adjusted down, (D) and the fact that months have passed since the 404 offer was made and the market has been falling that whole time.
Waaays to fall.
This home is so beautiful if it was a little cheaper I would make a offer.
This part of Bedford Stuyvesant or Stuyvesant Heights really dose not have heavy crime like the North part of area. If you took this part of SH out of BS the Crime stats would be very low. Too many home owners and 2 no more than 3 family dwellings.
A 3 million dollar brownstone horrible for Bed Stuy? That statement was strange and a very alien like to ME. Please do not explain it I can read.
Report: Nation’s Gentrified Neighborhoods Threatened By Aristocratization
http://www.theonion.com/content/news/report_nations_gentrified
The new wave of professional black couples starting buying in this area in the mid 1990s when the prices of theses homes started at 200K. In the past eight years you have been seen a even larger wave of whites that have no hang ups starting to buy in the area. In the past two years the European crowd has been moving in… The “gentrifying” Bed-Stuy did not start just today.
I’m not saying these aren’t beautiful homes or that it’s not a beautiful area. I am saying that a large portion of the homes in Brooklyn have been bought by Manhattanites over the last 10 years. From my experience Manhattanites are starting to shy away from neighborhoods that aren’t the Ft. Greene, Park Slope, Carroll Gardnes, Brooklyn Heights fare with all this bad news of late.
They hear about foreclosures skyrocking in Bed Stuy and other places, they hear about a little more crime and they get scared and would rather take a smaller place, if they even decide to move to Brooklyn at all.
I’m not saying it’s not going to happen. And I’m not even saying that any of it is justified as I agree that those who risk more, have more to gain. But I am saying that I think 5 years is a little unrealistic in my opinion.
I would agree that in 15 years, you will see the first 3 million dollar brownstone. Maybe work on the schools a little bit and you’d get there a little faster.
More importantly, 3 million dollar brownstones in Bed Stuy would be HORRIBLE for the neighborhood. The more prime areas are prime because they are more stable and have gentrified over many, many years. In many instances, decades.
You really think it is healthy for a neighboorhood to have a house in Bed Stuy cost 200K in 2000 and then 3 million in 2014? Seems you care more about the bottom line than the neighborhood which I find to be the major difference between people who live and bought in the more fringe areas compared to those in the more established ones.
Thanks, Dave, for the sane posts and I agree with your assessment of the area.
I will say that I think the houses are overpriced, but that is why you call it an asking price. The sale price – if one owner actually WANTS to sell – will be $250K lower in IMO.
I live around the corner of this home on a landmark block and there are going to be several homes on my block hitting the market this summer. One is a 5 story plus cellar brownstone that was once a Stuyvesant Heights developers house (with all the bells and whistles of the early 1880s). Most of the people of live in these homes are retiring to warmer climates, dying or going into nursing homes and there children live out of state and want to sell like the owner of 404.