This House Is Getting Cheap
This three-story house at 582 Lexington Avenue (at Lewis) just had its price reduced by $100,000 to $375,000. This ain’t the greatest block in Bed Stuy (there’s a long stretch of newish two-story homes just to the west) and we’ve got no idea what the interior is like but the house appears to be intact…
This three-story house at 582 Lexington Avenue (at Lewis) just had its price reduced by $100,000 to $375,000. This ain’t the greatest block in Bed Stuy (there’s a long stretch of newish two-story homes just to the west) and we’ve got no idea what the interior is like but the house appears to be intact and perfectly well cared for. Unfortunately for the seller, it was purchased two years ago for $595,000. How low can something like this go? GMAP
Probably $30-45k. Can’t be bothered going onto Propertyshark.
Now think about that and maybe you’ll learn something about the value of real estate longer term.
this place appears cheap to us but how much do you think it was worth in 1997? Does anybody know that or care to hazard a guess?
Yo dave i would never live in Bedstuy! You could not pay me to live there. I am single and I cant even imagine picking a girl up at the bar and trying to convince her to come back to my place in Bedstuy. BWAHAHAHHAHHAAH
Posted by: brickoven at April 7, 2009 2:26 PM
You gotta work on trying to meet a girl first, Bricky. Use your charm, or just pay her with all that money you’re saving by renting.
Ever think she might be interested in the homeowners instead of a renter!!! ROTFLMMFAO
Legion…your logic and simple calculations are “spot on,” yet they are still to complicated for the likes of brickoven.
No, dave. Percent declines are absolute. +200% >>> -50%.
Don’t matter, wasder. Clinton Hill is Bed Stuy West.
***Bid half off peak comps***
Once again, I am forced to show dolts how to make money. The principles are simple. buy low sell high, or buy low and rent.
At 300K you can purchanse this property and have a mortgage of about $2500 including taxes and hazard insurance.
The 1 bedroom top level can be rented for 1000 to HPD or HA or HASA or whatever myriad agencies you wish.
The parlor level could be rented again at 1000 to another agency.
The ground level with separate enterance and backyard could be lived in by the owner who would end up paying about $500 per month to own his own house.
Don’t tell me about nasty tenants or what not. you can pick an elderly person to rent to in both instances. And don’t tell me about the neighborhood. Beggars can’t be choosers, you’ll have to be satisfied with owning your own home and settling for a floor through with a nice backyard which is a luxury in NYC. Buy a pitbull and get a gun license. Wait a few years and move on if you wish.
Next question.
Yo dave i would never live in Bedstuy! You could not pay me to live there. I am single and I cant even imagine picking a girl up at the bar and trying to convince her to come back to my place in Bedstuy. BWAHAHAHHAHHAAH
Prime center Slope is closer to Clinton Hill then this house is BHO.
Everything’s relative, BHO. It would be 2X, 3X, 4x..10X that price in any other neighborhood. It would be at least 2-3X that price not very far away from where it currently sits.