Bedford Stuyvesant home offer

Asked by kealleynyct, 11216 Thu Jun 28, 2012

Hi all can anyone give me some advice i am in the market for a brownstone in bed stuy and i was just contacted by a broker with one on Macdonough Street and marcy the broker is asking 950K is this a good price for this area?

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Israel Wittow, Both Buyer And Seller, Brooklyn, NY
Thu Aug 16, 2012
My specialty is Bed - Stuy and I got a two contract on houses on this street, one Between Tompkins Ave & Throop Ave went for 990K as-is (need reno but live able condition), and another one between Throop Ave & Sumner Ave went for 1.1m fully reno, And i almost got another one to contract between Malcolm X Blvd & Patchen lost it for 689K.
Basically what I'm saying is It all depends on the block and the exterior.
Our neighborhood is very tricky,One block can be a million dollars and the followed block will by 700K.
You need a good agent..
If you want more advice you can call (I do not charge a lot for advice)
Izzy.W 612-598-6298
1 vote
Voices Member, , 11236
Sun Aug 12, 2012
Everything changes on/ annual income / housing units
And whether the house was renovated and the size of the house
Like "anna brocco" wrote you i think also that u check the prices of homes in the area
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Sat Aug 11, 2012
This IS indeed a Buyer's Market. But it's difficult deciding what is a good offer to make when you find a house you like.

Before you make offers, you have to know your maximum financing amount/purchase price.

First things first: when making an offer, focus on what your monthly payment will be for the mortgage financing, including taxes and insurance. If that payment is within your means, then your Mortgage Banker will determine the maximum loan/purchase price for you based on all the factors of the monthly payment, your down payment and your mortgage qualifications.

Begin making an offer with the following standards:

1. WISH LIST. Does the home meet MOST of the requirements from your Dream-Home-Wish-List? The Dream Home exists only in our minds; it's NOT out there waiting for you to stumble across it one Saturday afternoon. But you can find the right home using your Wish List. When you find the home that meets most of your requirements from the wish list, then it's time to make an offer.

2. FORGET LIST PRICE. Based on your own research, shopping in your chosen area, select the price you're most comfortable with, regardless of list price/asking price. In other words, you'll find a home listed at $268,000, but you've seen at least a dozen other similarly constructed homes in the immediate area priced or sold at $235,000. What makes this home so special that it's priced $33,000 more than the average price? Remember, your Lender will appraise the home based on similar homes and those prices.

3. MAXIMUM OFFER. Never exceed the price based on your mortgage qualifications, no matter how much you LOVE the home. You have to be able to afford the payment for the next thirty years. That in-ground swimming pool you love isn't going to pay the mortgage for you!

4. OFFERS ARE NOT PERSONAL. An offering price can NEVER be misconstrued as an insult to the homeowner. This is business; you're not going to hurt anyone's feelings! Make the offer based on a price you're most comfortable with!

5. OPENING OFFER. NEVER open with your maximum offering price. Test the waters with your opening bid: you want to see if this Seller is a SERIOUS Seller who understands this is a BUYER'S MARKET. If there's no reaction to your offer---assuming the price you offered is within the reasonable range of current market prices---you may be wasting your time with this home/Seller. It might be time to move on to another home.

See my "Five Steps To Making An Offer" for the best way to negotiate on your home purchase.…

Trevor Curran
NMLS #40140
0 votes
Romel, Home Buyer, Princeton Township, NJ
Fri Aug 10, 2012
Whether this particular house is worth the asking price depends on a few factors including: the size of the house (bigger is better); the specific location within Bed Stuy (proximity to a subway line (A, C, and G) is better); the amount of work required to bring the property to your standards; the amount of original details that the house offers (the more original features the better). There are other intangibles that you will need to determine for yourself.

Most importantly, it depends on whether you are buying for the short or the long term. We will likely see prices rise faster in Bed Stuy for choice properties than in other Brownstone neighborhoods in Brooklyn (safe Crown Heights) only because they are so much more affordable. Price levels in Bed Stuy will eventually reach parity or near parity with those in Fort Greene and Clinton Hill. There is no real divide between these neighborhoods other than the latter two are at a more advanced stage of gentrification. Who would have thought even ten years ago that prices in Fort Greene and Clinton Hill would rival those in Park Slope? There are strong demographic and cultural trends behind the revival we have seen in many parts of Brooklyn and for that matter in many urban enclaves across the country. These trends, rather than buyer psychology around artificial neighborhood boundaries, will drive home prices in the long run.

So even if you feel that you are paying at the top of the range for a property in Bed Stuy, your investment will more than pay off in time especially if the property has unique features.
0 votes
jscnyc, Agent, brooklyn, NY
Tue Jul 31, 2012


CELL: (646)470 3555
0 votes
Chris Mramor, Agent, New York, NY
Sun Jul 8, 2012

I will tell you right now the house is overpriced.

Best of luck

0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Fri Jun 29, 2012
Dear Kealleynyct:

There is too little information in your question to make a good determination. Even at that, without physically viewing the property is is very hard to tell. You need to research what else is for sale, look at a bunch of properties and then draw your own conclusions. If you need help finding a property, please contact me. I would be more than happy to assist. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Jun 29, 2012
If you are not working with an agent of your own, consider the idea. In order to determine a fair offer review comps, recently sold similar properties in the immediate area, see what the data suggests and go from there....
0 votes
Robbie Vaughn, Agent, Mineola, NY
Fri Jun 29, 2012
Need more info, but 950k does sound a bit high. I say this because I recently had 2 very nice 3 family 4 story brownstones appraised in that area. Let me know if you would like details. Good luck.
Web Reference:
0 votes
Luke Constan…, Agent, Brooklyn, NY
Fri Jun 29, 2012
It's high/ average depepending on condition. There are a lot of places there that are in need of some repair. The majority of the buildings there are from the late 1800's to the early 1900's. If it's one of the 3 story buildings and is in pretty good condition, it's a fair deal.

If you need a buyer's Realtor, I can help you... At no charge to you.

Call me: 212 300 3919

Luke Constantino
Commercial | Residential
Direct: (212) 300-3919
0 votes
Madeline Pad…, Agent, Brooklyn, NY
Thu Jun 28, 2012
Hi Kealleynct
need an address to check comps. sounds like a really high end price but what size is this? most 2 families going for 650 to 800 depending on condition
except for short sales very hard to get them and mostly in dire need of TLC and who knows
how long the banks will answer you. if you send me an address I will look it up for you
0 votes
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