Friday, December 9, 2011

Bed-Stuy Bubbling: 407 Stuyvesant Avenue

Seeing our last pick get swooped up so fast was a sign of the price resurgence in Bed-Stuy. In lockstep with the wave of prices picking up all over Brooklyn, Brown Harris Stevens comes out with another spiffy place on Stuyvesant Avenue at $925K in Bed-Stuy.

407 Stuyvesant Avenue is a 3-Family in Stuyvesant Heights - which is worth specifying, but we won't separate from Bed-Stuy for these purposes. Or should we? When Barbara Corcoran gets in the game at $1.46M for a limestone 5-Family right at the time of the crash in 2008, people pay attention.

Now we can't wax as philosophical on the architecture & history of this area as others, but take a stroll around and you'll see it's nice & classy. The only thing holding it back now is a killer commercial avenue, and people will flock to this housing stock. This home is about as close to the train as you can hope for over here too. The original interior here on 407 Stuyvesant Avenue is reminiscent of 338 Clinton Avenue, which we're told has multiple offers at its asking price of $2M. We managed to dig up some pictures for 338 Clinton Ave...

Not sure what price 407 Stuyvesant will land at, but this is a great look at a buy in the area and not likely to last that long.

Pro's: original details, in the middle of stately blocks, close to the train, under $1M 3-Family works on so many levels

Con's: very residential area that has some ways to go yet to maximize its commercial space, might need some updates, may not be the best buy under a million as these go

Ideally: definitely worth a look. Which do you think we see first, Park Slope buyers popping up in Stuy Heights or Stuy Heights prices popping up in Park Slope?

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