Open House Picks
Clinton Hill 128 Clinton Avenue Aguayo & Huebener Sunday 1-3pm $2,100,000 GMAP Park Slope 771A Union Street Gail Morin Sunday 11-2pm $1,995,000 GMAP Boerum Hill 355 Warren Street Prudential Douglas Elliman Sunday 12-2pm $1,100,000 GMAP Bed Stuy West 300 Greene Avenue Corcoran Sunday 12-2pm $999,000 GMAP Crown Heights 1640 Union Street Corley Real Estate Sunday…
Clinton Hill
128 Clinton Avenue
Aguayo & Huebener
Sunday 1-3pm
$2,100,000
GMAP
Park Slope
771A Union Street
Gail Morin
Sunday 11-2pm
$1,995,000
GMAP
Boerum Hill
355 Warren Street
Prudential Douglas Elliman
Sunday 12-2pm
$1,100,000
GMAP
Bed Stuy West
300 Greene Avenue
Corcoran
Sunday 12-2pm
$999,000
GMAP
Crown Heights
1640 Union Street
Corley Real Estate
Sunday 1-4pm
$745,000
GMAP
Bed Stuy East
949 Greene Avenue
By Owner
Sunday 1-4pm
$695,000
GMAP
“Prematurely”?
Granted that purchasing a home in Park Slope is a luxury for most people. Paying over 500K in BedStuy is unwarranted and will prematurely push the existing community out.
Park Slope is beautiful with lots of wonderful amenities. But there are many, many people who do not have the luxury (literally) of deciding whether that extra MILLION is worth spending to live there. These people have found other lovely homes and neighborhoods to live it (yes they do exist!).
I chose Park Slope because it has Prospect Park, major subway lines (not the G train), two established commercial avenues and long term (30yrs) of investment.
There are major differences in price btwn these homes. The current high price of the established brownstone neighborhoods has pushed the asking prices for the non established areas to unjustified levels.
A house is a home as well as an investment. It takes DECADES to fully establish a neighborhood not just a few years. When considering which area to buy you must consider how many other people have spent as much as you are willing to spend in that particular neighborhood. What other major investments have been made in that area?
The main retail/commercial streets are reflective of economics of the neighborhood. Many brownstone neighborhoods i.e. BedStuy have retail/commercial streets that are lacking the services associated with high priced houses.
Do people buy homes in order to be cooped up in them? NYC is a walking city. If you are paying high prices for a home there needs to be places to go to eat, shop and drink in your price range.
Why are people willing to pay over 500,000 in BedStuy? Not everyone is willing to over pay.
BEDSTUY(507 Macon St) $495,000 Sold.
2-family, brownstone; 20-by-100-ft.lot
BedStuy also has one of the highest concentrations of formerly incarcerated individuals in all of NYC. BedStuy’s long time motto is “BedStuy Do or Dieâ€.
The median income of an area is also good guideline on how much you should invest in a particular area.
I think the neighborhood differentiations are good, and helpful. No one seems to have a problem with North Slope and South Slope.
ameraleed, thanks for the interesting comment! It is incredible to really look at what you get (or not) for anteing up that extra million.
We differentiated between Bed Stuy East and West because 300 Greene Avenue is practically in Clinton Hill and 949 Greene is almost all the way to Broadway and clearly the asking prices reflect, at least partially, that difference in location. As discussed here before, Bed Stuy is such a large and varied area that it is hard to generalize about Bed Stuy as a whole.
ameraleed,
All true. And if you took that $999K it costs to buy in “Bed Stuy West” and instead bought in Lincoln, Nebraska? West Virginia? You could afford a mansion. Or you could pocket the substantial difference and afford yearly trips to world capitals and eat in as many fine restaurants as you likely will in a year in NYC, paying your big mortgage.
An extreme example. But only part of the price for any house is for the house or even the land — the rest is for the location. There are intangibles — and tangibles — to having resources within walking distance that you’d have to pay money to approximate, if at all, elsewhere. (You can buy a beautiful garden, e.g., but you can’t buy Prospect Park.)
That said, if all you care about is the house, then definitely you’re better off buying elsewhere than Park Slope, that’s for sure. But you don’t just live in a house, you live in a neighborhood — so it all comes down to your personal definition of “high standard of living.”
I find this weeks list very thought provoking. Looking at this selection, the $1 million plus premium for Park Slope really stands out. This is not an anomaly, this Park Slope Premium (PSP) is firmly entrenched as part of the Brooklyn Brownstone market. Admittedly 771A Union Street is a gorgeous house, but most of the other houses listed have the potential to be gorgeous, and the renovation cost doesn’t bring you very close to that million mark. Certainly the Crown Heights Union Street house is a little tired looking, but the gorgeous bones are there, and it is 3 feet wider- something that really effects one’s standard of living forever.
Park Slope is very attractive in many ways. Most who like PS and can afford it, choose to use their money to be in Park Slope. But what could you do with that million of you had it, but choose to live in another part of town?
Financing $1mil is about $6000k a month. That could easliy hire a great housekeeper/cook, allow you to afford unlimited car service, and even send a child to private school if need be. Most of the modest down-sides of the other neighborhoods could be overcome with that money, providing you with much higher standard of living in the end.
“Bed Stuy West” and “Bed Stuy East,” I thought Bed Stuy was “Do Or Die”. With all these White monikers for ‘da hood’, do us blacks folk need to be worried? Genrifiers, please answer “Yes” or “No.”
Be honest and let me know we’re dealing with.