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
“Also, its a stretch to say that someone with a 5-figure income can truly afford a house for nearly $500K.”
Exactly. Which is why prices are realligning with the reality of lending in the age of reasonableness. The easy mortgage made absurd prices possible, but now that you need to make alot in order to spend a lot, prices need to reflect that. And 480K for a sweet house in the Brooklyn College area seems, if any thing, a tad too high to me.
Also, its a stretch to say that someone with a 5-figure income can truly afford a house for nearly $500K.
> “I think it would be encouraging for first time buyers with less than 6 figure incomes to see a decent house that they could afford.”
True, except that given more realistic lending standards, a (low) six figure income is still required to afford this house.
My grandparent lived a few blocks from there off Glenwood, on Ocean Ave – it was a royal pain in the arse to get to and not the best immediate area in the 70s and 80s (probably not so different now). But pretty for sure. My mom went to Erasmus Hall high (and then Brooklyn College) which back then was a great school in a beautiful building (Barbara Streisand was a few years behind her) and today has more metal detectors than JFK…
For the parochial types who can count on one hand the number of times they’ve ventured south of prospect park, it’s too far out and the price was too high.
I think it would be encouraging for first time buyers with less than 6 figure incomes to see a decent house that they could afford.
What’s the consensus of when the offer was made on this?
I’m curious as to whether my $624k offer on yesterday’s HOTD will be accepted…
The train takes forever to get to Manhattan from there. That’s why I moved from that area to Clinton Hill. I liked some of the shopping nearby, and the new mall and Target there are great, but that’s about the right price for that location. If you’ve ever taken a dollar van from there anywhere, you know why they cost only a dollar.
I think the area is nice. It’s not bad living next to Brooklyn College — locals can use their shuttle bus, gym, pool and you can always rent to professors if you need to rent for a year or two.
It is a nice house.
That’s what these little charmers should be priced at….under 500k