Houses of the Day: 629 Doubleshot
What does $629,000 buy you in Bed Stuy these days? Well, take your pick. On the left we’ve got 369 Bainbridge, a three-story, 2,400-square-foot house that’s been in the same family for decades; the two-family has lots of original details and a new roof. We also have to give the broker the Most Honest Listing…
What does $629,000 buy you in Bed Stuy these days? Well, take your pick. On the left we’ve got 369 Bainbridge, a three-story, 2,400-square-foot house that’s been in the same family for decades; the two-family has lots of original details and a new roof. We also have to give the broker the Most Honest Listing of the Year award for volunteerting the fact that the house is “across the street from public housing.” On the right we have 163 Pulaski Street, a two-family brownstone that has one floor and 1,000 square feet on the Bainbridge house. Unlike the Bainbridge listing, however, this broker has the wrong photo listed. The house was also bought last summer for $555,000 by a flipper who financed it with $700,000 in debt. Hmmmm. Anyway, which of these looks like the better deal to you?
369 Bainbridge Street [Slope Brownstones] GMAP P*Shark
163 Pulaski Street [Craigslist] GMAP P*Shark
I think the point may have been missed. Recently, some financial scams have been uncovered where people inflate the valuation of their properties, get financing for the inflated value, etc.
I think the “hmmmm” is directed to that curiosity.
A $555,000 property being financed w/ $700K and then being sold for $629 just doesn’t readily add up.
Maybe its the ‘new math’
The Pulaski property is absolute pits. That property was a foreclosure where the owner had owed about 500K. For about a year there was a drug addict Brazilian guy living there. At the time I had the foreclosure list and he invited me inside. Whoever buys this house will have to do a total gut reno, as everything is f’ed up. The ground floor used to be a church.
sometimes curosity can kill the cat.
Why do you think everyone’s judging? Maybe they were just curious how someone was able to pull off the financing. We don’t know their personal finances – just their public ones, obviously.
Amen!! ANON 3:47 PM
There is so much judgement and airs on this blog.
why is it anyone’s business what the personal finances of the seller are? why are we passing judgement on the seller’s choice of financing?
if you want the house, buy it. if you don’t, don’t.
I think the “Hmmmm” referred to the 125% financing the buyer appeared to get for the house.
The Pulaski house is nowhere near the L, and would be a long walk to the JMZ. Very poor transportation options in NYC is a no/no IMHO.
asking $629K 1 year after paying $555K isn’t really “flipping”. who knows what happened to the owner’s situation, but $629K after closing costs, broker fees, and capital gains tax is probably barely breaking even. why the “hmmmm”?