The wreck of a brownstone at 215 Gates Avenue in Bed Stuy finally sold earlier this month for $440,000, bringing, perhaps, an end to a five-year roller coaster ride that's emblematic of the boom-bust cycle of the housing boom and its excesses and abuses. Here's the sales data from PropertyShark:
June 2004: $655,000
March 2006: $902,000
August 2008: $776,546
October 2008: $325,000
June 2009: $440,000
If that $902,000 number for a wreck of a brownstone looks suspicious to you, then you'll also be interested by the fact that the buyer was able to finance 100 percent of the purchase. The only comforting thing about all this data is that it suggests that the Bed Stuy market is up 35 percent since last summer. Good to know.
House of the Day: 215 Gates Avenue [Brownstoner]
215 Gates Avenue [Historic Brooklyn] GMAP P*Shark
