House of the Day: 114 Westminster Road
Talk about suburban living in the city! This colonial revival house at 114 Westminster Road feels straight outta Westchester, with its massive front lawn, driveway and garage. And on the inside, the place is dripping with original architectural details. Pretty darn impressive. The six-bedroom pad hit the market back in May with a price tag…
Talk about suburban living in the city! This colonial revival house at 114 Westminster Road feels straight outta Westchester, with its massive front lawn, driveway and garage. And on the inside, the place is dripping with original architectural details. Pretty darn impressive. The six-bedroom pad hit the market back in May with a price tag of $2,999,000 before getting reduced to $2,799,000 in early October. Has anyone been inside this place?
114 Westminster Road [Stribling] GMAP P*Shark
if it is 4700 real square feet, $450 per square feet for this one does not seem out of the realm of possibilities, esp if you consider the relative values as you move out of the slope.
but not $600 plus.
For $2.5 mil usually you see something nice (if smaller) in the slope by the park and the parents can have amenities as well as children and decent schools. And the slight seediness by the parade grounds make it seem just a bit cut off from friends, etc. despite how cozy the neighborhood seems.
invisible – off the dimensions given in the floor plan, I’d say the broker is using 44 x 26.7 x 4 (e.g., includes the basement). Around 3525 on the three floors, 1175 basement.
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clydefraiser – great work. I looked at comps on Brooklyn Blockshopper and have to say how absurd the pricing is here. Every house that is 5 to 8 bedrooms near this one has gone for $300-$450 psf. That would put this house at somewhere between $1.057M (300 x 3525) and $2.11M (450 x 4700). The $2M barrier isn’t going to get broken anytime soon.
I think the real story is pretty simple (and more common than most realize): the seller has little interest in selling. There are house in every neighborhood that go on and off the market at grossly inflated prices.
The owners are ignoring the marketplace; all they are concerned about is “I have X invested, and I’ll sell when I can get XX% over cost”. When you factor in the time value of money and if you understand the concept of sunk cost that cannot be recovered, its beyond stupid. The longer they go without getting a deal done, the lower their annualized ROI becomes, but I suspect these folks understand none of these concepts.
Alternately, they need to sell because its more house or upkeep than they can handle, but emotionally, they’re not ready to let go.
For all you Flatbush-bashers out there, stay there. We love it here, warts and all. Great elementary schools (no need for tuition), walking or very short subway distance to Midwood and Murrow High Schools, new restaurants (though we have big kitchens and tend to cook a lot), friendly neighbors, driveways, decks, back yards, book clubs, easy car trips to the rest of ethnic Brooklyn, a thriving and expanding farmers’ market and 30 minutes to Union Square on the Q.
We lack only two things: More take-out options, and pretension.
Broker has 4700 sf, other sources say 3608 sf – anyone?
The $2 mil range will prove to be a huge psychological barrier for the PPS Historical District.
However, it does not appear there is any rush to sell. Does anyone know if its an estate sale? And is this “the biggest house on the block” syndrome?
@BHS-Relaxxxxx! sticks and stones right? Im just saying, I can t see anyone falling in love enough with this house and spending over 2 mil to get it done…duznt make sense. Nothing personal, its a nice neighborhood I’d live there no problem for about a million bucks max!!
@BHS-Relaxxxxx! sticks and stones right? Im just saying, I can t see anyone falling in love enough with this house and spending over 2 mil to get it done…duznt make sense. Nothing personal, its a nice neighborhood I’d live there no problem for about a million bucks max!!
StreetEasy History
06/05/2007 Previously Listed by Corcoran at $2,800,000.
12/04/2007 Corcoran Listing is no longer available.
05/25/2010 Listed by Stribling at $2,999,000.
10/05/2010 Price decreased by 7% to $2,799,999.
Missed opportunity when they asked 800k too much right before the bubble popped. Now they’d have to cut that price in half.
itsthebigguy, though a bit of a crackpot, is right that it’s way over priced. I wouldn’t say WILL NEVER SELL OVER 2MIL but it won’t in the foreseeable future. Seller must not be too eager, or they’d be more realistic and go for something more like 1.5 plus or minus a quarter million.
From NYC DOF rolling sales, I’d look as these as comps
ADDRESS PRICE SALE DATE
160 STRATFORD RD $1,260,000 6/22/2010
56 HINCKLEY PL $900,000 3/31/2010
188 STRATFORD RD $1,075,000 6/30/2010
136 WESTMINSTER $982,500 10/4/2010
272 STRATFORD RD $1,075,000 9/24/2010
272 STRATFORD RD $900,000 4/21/2010
239 WESTMINSTER RD $885,000 12/4/2009
This may well be bigger and nicer and in better condition than the rest, but there’s no way to come up with 2.8
This house has been on the market at this overly inflated price for years. A realistic ask would be around 1.3.
About five years ago there was another ridiculously priced house on Albermarle that sat for years, then came off the market. I’m betting this is a nasty divorce where one spouse doesn’t want to sell, or some such nonsense.
This is a nice neighborhood, and a house in mint condition (great detail, pretty, innovative facade, particularly spacious, with complete modern reno) would be worth close to 2 million, even in “this neighborhood,” although such homes are very few and far between.
If this house was in the Slope or Cobble Hill, it would be worth three million.