2777 Bedford Avenue Sells for 25% Under Ask
After a year on the market, the charming brick Colonial house at 2777 Bedford Avenue near Brooklyn College closed earlier this month for $481,000, a discount of $168,000 to its original asking price. (It was a House of the Day back in September and an Open House Pick in January 2008 and November 2008.) Interesting…
After a year on the market, the charming brick Colonial house at 2777 Bedford Avenue near Brooklyn College closed earlier this month for $481,000, a discount of $168,000 to its original asking price. (It was a House of the Day back in September and an Open House Pick in January 2008 and November 2008.) Interesting reality check for this neighborhood. Are you surprised by how low the selling price was? GMAP
thanks for the number Bklnite.
You’re right Sam – the income spread is large in most major cities but particularly in New York.
And now the key question – where does this house sit within the overall housing market? Is it above or below the median? Most would consider the space/quality to be above median but the location below median….
Chaka,
That sounds right to me, although I’ve never seen them being used where I teach (a large public high school not named Midwood, but in Midwood…).
sixyearsandcounting,
In keeping with tybur6’s comment on the refreshing exchange on this thread, I must apologize for my mistake. You are correct. Every high school does not have free-standing metal detectors. However, every high school in NYC does have handheld transfriskers. They were instituted by the NYPD when the NYPD took over the School Safety force.
Please, face reality. Someone making $100,000 who can only out down 20% should not be buying a $500,000 property. (and certainly not anyone earning below 100k) Plain and simple. After all everything is said and done (e.g. taxes etc) you are looking at closer to 40% of net going to housing – which is too much. Much of our economic problem today has to do with the fact that people were willing to go way beyond 40% on housing. Nevertheless, you would be surprised to learn how many six-figure earners live in this city. Alot. I deal with them every day. And so until all those law firm associates starting at $150k, doctors, business/finance, managers, consultants etc lose their jobs, there are enough people who can afford the $500K property.
the chicken:
The nature of median (vs. average) being what it is, I don’t think stripping out the bankers and doctors would change median income significantly.
Census data…
http://quickfacts.census.gov/qfd/states/36/36061.html
Median household income, 2007
$63,704 New York (Manhattan)
$41,304 Kings
There are enough really poor people to counter the effects of the super rich in the numbers.
I’ve got 2 kids in NYC public schools on their way to HS, and I thought it was only those rough schools where I’d never send my kids that had detectors… til I saw this:
Stuyvesant to Install Metal Detectors–Nerd Alerts Likely
http://gothamist.com/2008/11/24/stuyvesant_to_install_metal_detecto.php
Chaka says: “there are still metal detectors at Erasmus and every other NYC public high school.”
This is absolutely not the case – I teach at a very large public high school in Brooklyn which has no metal detectors, and we’re quite safe, thank you very much!
Affordability is ultimately going to determine the bottom – both in terms of the multiple the banks are willing to lend and the income that people have.
I appreciate that there are a lot of people that make a lot of money here but if you strip out the doctors and bankers, what is a reasonable approximation of median income in New York (and Brooklyn if it’s significantly different)?
Affordability is ultimately going to determine the bottom – both in terms of the multiple the banks are willing to lend and the income that people have.
I appreciate that there are a lot of people that make a lot of money here but if you strip out the doctors and bankers, what is a reasonable approximation of median income in New York (and Brooklyn if it’s significantly different).