Paddle Time: 404 Stuyvesant to Hit Auction Block
All of Stuyvesant Heights is aflutter over the latest beauty to hit the market - 404 Stuyvesant Avenue. (Check out the full page photo on p. 252 of Bricks and Brownstone.) According to an email we received from a reader, the current owner, who lives on Long Island, inherited the place a few years ago…
All of Stuyvesant Heights is aflutter over the latest beauty to hit the market - 404 Stuyvesant Avenue. (Check out the full page photo on p. 252 of Bricks and Brownstone.) According to an email we received from a reader, the current owner, who lives on Long Island, inherited the place a few years ago from the old lady who’d lived there for years. He’s been collecting the modest rental income for a while but recently decided he wanted to sell. We hear that the guy’s already been offered as high as $1.5 million for the place but thinks he can do better. So who’d he go with? Corcoran? A local broker? No way. He’s going for a balls-to-the-wall no-minimum auction. It’ll be interesting to see if he’s right. In the meantime, he should make sure his auctioneers know the difference between Brooklyn Heights and Stuyvesant Heights!
Limestone Mansion [Absolute Auctions & Realty] GMAP P*Shark
Sorry guys for the typo! Fat fingers! The Corcoran comp at 416 Stuyvesant was indeed $1.175M and not $1.75M. And $975k for the 391 Stuyvesant was definitely a discount. Coldwell Banker sucks! Who are you kidding? That was a corner property with a building size of 20×65 on four entire floors (no weird shape extension) and it had a great one family layout. 416 Stuyvesant which sold for $200k more is a very fine home but it’s located in the middle of the block with a misleading extension and poor layout (e.g., a two family crudely squeezed into a one family with center staircase); thus my rationale.
In any event, I think that this auction is a poorly conceived idea (and I’m not a broker). It will probably sell somewhere between $1.2M – $1.3M due to the inherit shortcomings of using a hick brokerage firm to handle the sale. If it goes for $1.3M we are talking about $245 per sq. foot to live in a grand mansion. This is not a gut rehab. From what I understand, the building has new electrical, plumbing and mechanicals so you’re basically dealing with baths and kitchen upgrades. $175,000 gets you a five star luxury mansion in an up and coming nabe. Yes, location matters but it comes down to a personal choice that will invariably contain certain trade offs and compromises. As for me, I’d much rather live in huge and relatively inexpensive house in a diverse community, near excellent transportation and a short car ride from the amenities that other nabes take for granted. With that being said, I hope the property falls into caring hands. It’s the kind of property that one should keep in their family for generations.
I think you mean 2:35 and I can’t agree more (with 4:52, not 2:35).
Re: 2:11pm – I remember not so long ago when “people” like u said the same about Clinton Hills, Fort Green & Prospect Heights, look now…..
Of course it a rumor.. And Mr. Brownstoner is complicit in the spreading of innuendo! Whether knowingly or unknowingly.
With his Wall St. background and all, he reminds me of an penny stock promoter; Hyping and Pumping to no end.
Something’s off here, it just doesn’t add up. Any chance the whole $1.5 offer thing might be a rumor?
10% Buyer’s premium means that the buyer pays a 10% commission on the house. Any sane buyer will factor that in when they bid. It seems like a buyer’s broker will get 30% of that (or a standard 3%). So if the seller was really offered $1.5M (minus a 6% comission)they would need to believe that the house is really worth more than 5% more to make the math work.
Showing up at the auction with $50K seems somewhat reasonable, but then coming up with 10% of the sale price within 24 hrs seems like the pool of buyers would be miniscule. I’m going to go check it out, though. Love the block!
I’m also not aware of a 1-4 family building in the neighborhood selling for more than $1.2M. This reminds me of a building the next block over that we saw who’s broker-friend in another state told them that the house was worth at least $1.5M, so they weren’t even interested in putting it on the market at a reasonable price.
Hey Anon 2:35:
The fact of the matter is that you don’t know what goes on in Bed Stuy, nor the folks that own homes in this community. You are so ignorant, that you allow yourself to make asinine statements like the one in your post, in a public forum. You probably cann’t afford to buy this home and your just hatting. Have a little decorum and save yourself from embarrassment.
very pretty house. questions:
– what does 10% buyer’s premium mean?
– what’s up with the weird dijon-mustard-colored paint job and stencilling on the walls? is that one of those things that looks odd but is actually an accurate re-do of a period detail?
– why is the auction at 2:22pm on the 22nd of october? how cheesy is that.
the auctioneer’s website looks terrible. maybe they’re personal friends of the seller or something. and there aren’t any pictures of the kitchen or bathroom… i guess anyone who’s serious about it will go take a look in person anyhow.
it does say that brokers can get 30% of the fee if they provide the winning bidder… and no minimum bid? what an odd way to do business. maybe i’ll bring my favorite broker and bid $50.
as for it not getting advertised enough, well, it made it on to brownstoner, didn’t it? 🙂
As for the lack of adverstising…I have received a couple of emails about the property already. I am sure there will be plenty of info passed via e-word-of-mouth.
With that said…he turned down $1.5M on an inherited property in the hood –albeit on a nice block (and before the comments come, I live in the Stuy)?? What is he hoping for – 1.75?