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
“I equate owning to rent stabilization.”
YES.
“There’s no question that owning is a more viable long-term solution than renting.”
YES.
Except in places with no jobs such as Detroit. Guess what the MEDIAN price for a house is there now?
$10,500.
That just boggles my mind. That number just speaks of so many things.
It appears to be a foreclosure owned by the bank. I posted about this last week: Property prices in subprime Brooklyn are moving into the $300,000s, led by bank-owned foreclosures. From what I see, they’re going fast.
I could possibly see prices racing down, then back up — if the supply of foreclosures is finite.
What do you think?
cornerbodega & brickoven always sound so intelligent in their arguments. They’re a real credit to team Bear.
THL–engage brickoven at your own peril. Not a good person…
brickoven, that’s a great deal, congrats.
The thing is though what happens when the markets turn? Even if that doesn’t happen say for the next 10 years? Your argument is short-sided. Will your landlord give you a 30 year rent lock? That’s what my mortgage is. I don’t have to worry about this amount ever changing.
I’m not casting dispersions at all against those who rent, I did it myself for many MANY years and if I were stiull single I’d still be renting.
What I am saying is that it’s not reasonable to flat out argue that owning is a poor decision long term.
This is a good deal for someone interested in house, house, house, rather than location, location, location.
b15 bus i believe goes down marcus garvey (one block away) to fulton & the express A quite frequently, returning north via lewis — lots & lots of buses in bed stuy, although maybe vulnerable to criminal refusal of the state to fund mass transit.
i worked a few blocks from here — on kosciusko between throop and marcus garvey. not a great area, and i am no bed stuy hater, just wouldn’t live in the north eastern section around sumner homes, throop houses, tons of shitty little two floor two families with driveways, woodhull hospital — very depressing. this is a little closer to the pretty parts closer to fulton, but not that close.
however, if it really is a well-cared for home, could be a good fit for some folks. how do we know it’s well-cared for? could be a real disaster inside.
Dave I already made my money in RE. My landlord just gave me 20 percent off for a new lease to renew with no questions asked. He offered 2 free months if i sign a 2 year, do you get it yet? housing glut
According to street easy the seller picked it up for $595K in ’07, then tried to sell it a year later for $795K (ridic!!).
This side of Bedstuy is still really rough and it’s not exactly close to the train station either….so I could see why it’s been sitting.
I’m curious to know what it looks like inside, but I’m not expecting much since there are no pics and the details are skimpy.