How I wish houses in this area of Bushwick were even on the market when I was looking back in 2006 — the lovely limestone and brick exteriors, the uninterrupted facades marching down these stable, tree-lined blocks. This proud island of well-kept homes bounded by Knickerbocker and Wyckoff, Putnam and Halsey wasn’t being given up by its inhabitants, Bushwick’s middle class owner-occupants. And when they were, they fetched upward of $600,000. Now that the market has cracked, some of these homes are down to a much more reasonable price, and this one at 1369 Hancock is nearly half the price it might have commanded three years ago. No photos of the interior, unfortunately, but this might be quite a deal for the size and location.
1369 Hancock Street | $350,000
3300sqft | 20ft-wide | 2-family, 3ba | brick-limestone
Halsey L
Joseph March 4th, 2009 at 3:11 pm
Wow, that must be a wreck or maybe they are just trying to drum up some interest. It is hard to believe that you can get one of these for only $350K.
mopar March 4th, 2009 at 11:14 pm
For that price, it must have had a fire and be missing all plumbing, walls, etc.
But this is the third place I’ve seen listed in the 300s. (I called on one of them and it had had a fire.) I also called on a place that was in the 200s but the agent never called me back.
If recent history is any gauge, that could mean prices of houses in better condition will soon plummet. This is how prices came down to the 400s. One day it was just short sales, the next it was every place.
ricmac01 March 5th, 2009 at 3:31 pm
Okay, so in mid 2006 this house is on the market for $625,000 and now, three years later it’s listed at $350,000. But I don’t think today’s list price is off if you look at historical selling prices of these houses. It’s the 2006 selling prices that were WAY off. This same house sold in 2004 for $275,000. Then five months later it gets sold again for $360,000 and we’re off to the races! Seven months later it gets re-sold for $455,000 and a year-plus later gets sold AGAIN, this time for #625,000! Classic “herd mentality” until the herd runs out of gas (or, in this example, the house goes into foreclosure).
The fact that so many house prices have dropped so dramatically over the past two/three years should be no more shocking than the fact that these same houses had previously doubled in value over a two/three year period, for no apparent reason.
I bet this house was not the victim of a fire and may even be quite nice inside, depending on how long it sits vacant. I think the asking price is more reflective of the true (historic) value of these old houses.