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
Looks like a decent block but it is quite far from subways. Any regular buses pass that way?
people in bed stuy should be cheering at these prices – going back to where they should be and when they get even lower, neighborhood will hopefully start shaping up.
what a shame for those sellers. They are taking quite a hit.
Is this area really that far out in Fringeville?
How come it’s going sooo low? – anyone been inside?
There’s no question that owning is a more viable long-term solution than renting. Anyone who’s suggesting otherwise – and I’m not sure whether brickoven is doing that or not – is crazy.
But if you don’t have a sizable down payment, rock-steady income, and the ability to stay in one place for quite some time, now is not the right time to buy, especially in this city where prices haven’t even come close to finishing their readjustment. If like me you’re still building your down payment, your wife is out of work, you’re staring the possibility of unemployment in the face, and you don’t even know if you’ll be in this *country* in five years, let alone this city … renting might be the better alternative. 😛
I equate owning to rent stabilization. You may be able to rent cheaper right now but, how about in 20 or 30 years? That when I’ll start living rent free-ish (ish= general maintenance and taxes).
Hey “Money Manager” Dibs, bed stuy still not gonna fall 50%? I’m starting to sense that dibs might FINALLY go the way of Sebb. That is, as I predicted, disappearing… Once again, congrats on losing big time!
I don’t think it’s any huge surprise that the price slump is hitting harder and faster in a crappy area of Bed Stuy than it is somewhere like Brooklyn Heights …
I just hope your union pension is sound in 20-30 years when you’re no longer working and your rent keeps going up. Oh, sorry, you don’t have a pension or a 401k??? Good luck with your retirement years then.
dave I never try to catch a falling knife, and I would not live in that area. We are years away from finding a bottom and i wont jump back in ever if Obama changes the tax law on mortgage interest. This a renters world and will remain so for a long time.