« Wednesday Links Park Slope's Flatiron Building »
August 9, 2006
Brownstone Breakfast: 146 Rutland Road
A reader writes in: "I saw the listing for 146 Rutland Road this weekend but didn't make it to the open house. I'd love to find out why it’s listed at the ridiculously low price of $739,000. After all, there are several properties listed on the same block at almost 100% more! This is prime Prospect Lefferts Manor." Our response: Dunno. Is this the independent broker discount?
146 Rutland Road [Christmas Realty] GMAP P*Shark
Comments
This house obviously needs a renovation, but, the price still doesn't figure. This must be a case of an out-of-the-nabe realtor who doesn't have a clue. It seems to happen in LM fairly frequently. Most of the homes are owned by people who have had them for 40+ years. They are not real estate informed. They list with a friend of a friend, and this is the result. Great opportunity...grab it.
Posted by: dt at August 9, 2006 10:09 AM
This house does seem like a steal. As dt writes, this sort of underpricing is fairly common in Lefferts Manor, although I suspect less so then when I bought my house almost 32 years ago.
I bought my house from the last of four sisters who had lived there since 1927. There was no broker--their nephew, who lived in eastern LI, and seemed reluctant to visit Brooklyn, handled the sale. The house was exactly half the price of another house on the same block I was about to buy.
Absent MAJOR problems, the Rutland Rd. house seems like a great opportunity at $231,000 less than the smaller and plainer Maple St.house discussed yesterday.
Posted by: Bob Marvin at August 9, 2006 10:45 AM
Looks like a great deal to me, too. The house looks like a great opportunity for someone to give it some TLC.
Assuming it needs new wiring, some new plumbing, probably new bathrooms as well as new kitchen, and some cosmetic work, the monies spent would still put you below other houses in the Manor that cost much more and often need the same things.
I think this one will be gone soon, and may even cause a small price war.
Posted by: CrownHeightsProud at August 9, 2006 11:48 AM
I was just discussing with Ed re yesterday's 970 Maple thread about how much great stuff is on the market in PLG right now. It seems like there is really something for everyone and PERHAPS deals can be had seeing as we are in August.
Posted by: west at August 9, 2006 12:22 PM
Lisa Christmas lives in Fort Greene and I believe worked for Corcoran or another large firm before going out on her own. She's no neophyte when it comes to brownstones--I'm surprised that this is her listing at this price.
Posted by: Tinarina at August 9, 2006 4:29 PM
I think we all agree this house is grossly underpriced given its location on a pristine LM block - and the house itself doesn't seem to be falling down! Even with necessary updating like new plumbing, electrical, and the likes, where in today's real estate market will you find 3000 square feet of space (given the current asking price) for less than $250 per square feet? I think everyone already knows the answer: NO WHERE! The seller in this case either doesn't know or value RE, or obviously wants a quick deal.
The broker...well, she may not be familiar enough with properties in Lefferts as this house should definitely be priced much higher.
Posted by: AnnaBelle at August 9, 2006 5:40 PM
I compiled a list of all of the properties that I could find that are for sale in PLG. The list is on the planetplg.com site. This house stands out as a bargain.
Posted by: Gary at August 9, 2006 10:16 PM
I've seen almost every house in Lefferts Manor on the market in the last year, and this does seem a bit underpriced, but it is definitely not a "bargain" to me. The closest comparable is the renovated house on Maple (Corcoran) for $899,000 (down from $975,000). Given the difference in condition (not to mention location), I'd expect this house to be listed at around $799,000. So $739,000 is a good price--but nothing in LM is selling near asking, so this is probably a realistic price given the market.
There are two very distinct markets in LM. The fully renovated, mint condition, larger homes with amazing details list for 1.1M to 1.5M (though they aren't selling). But the smaller houses and those that need work or don't have all their details are listing at around $800,000 to $950,000--and they aren't selling either. The market in LM has dropped a lot in the last few months--160 Maple wouldn't sell for near $970,000 now.
Again, this does seem a bit low, but I bet it actually sells--whereas the other listings will continue to sit.
Posted by: choosy mother at August 9, 2006 11:52 PM
I'm a homeowner on Rutland Road the same block and it is one of the best blocks in the area. The owner of this house passed away and his family is not in position to handle the financials and the upkeep. The broker is working very close with the family to move this property NOW. We met Lisa Christmas at the open house this past weekend and we received the same message that the deceased granddaughter told us. It is a lovely house that will need a new kitchen & bathrooms. The boiler is new and the electric looks really good. The house is a bit dated. The backyard needs work. With all that said someone can still live in this house and do the work later.
Posted by: lrm at August 10, 2006 6:42 AM
Choosy mother, 160 Maple DID sell for $970 in this market. The house on Rutland is much larger than the houses on Maple, especially the one that's listed with Corcoran. They do not compare at all. Furthermore, the three story house on the first block of Midwood has gone into contract. Finally, four houses on Maple have sold this year, so I would hardly say that the Manor houses aren't selling.
Posted by: dt at August 10, 2006 9:32 AM
Choosy Mom,
What's your point exactly? That everyone is PLG is overpricing their home? Do you already have a home and are looking for sport or are you actually in the market to buy? It would seem that every type of possible home is available right now in PLG and if you think they are over-priced, why don't you just make a bid? I'm sure someone will accept something reasonable.
Posted by: west at August 10, 2006 1:20 PM
dt--160 Maple sold almost 3 months ago--NOT the same market. Prices have gone down since June. The house on Maple is smaller, but renovated, which tops space any day. A smaller fully renovated house is worth far more than a large one needing work.
West--I'm still on the fence about Lefferts Manor and am looking at many areas. Price is no longer a factor as there are now perfectly nice houses there in my range. My point was simply to share my knowledge about the current market in an area I have to come to know a lot about, that's all.
Posted by: choosy mother at August 10, 2006 9:36 PM
dt--160 Maple sold almost 3 months ago--NOT the same market. Prices have gone down since June. The house on Maple is smaller, but renovated, which tops space any day. A smaller fully renovated house is worth far more than a large one needing work.
West--I'm still on the fence about Lefferts Manor and am looking at many areas. Price is no longer a factor as there are now perfectly nice houses there in my range. My point was simply to share my knowledge about the current market in an area I have to come to know a lot about, that's all.
Posted by: choosy mother at August 10, 2006 9:37 PM
Choosy Mom, I couldn't disagree with you more about space vs. renovated. A much larger house at a discounted price gives you many options, but you can never increase space in a small house(at least not here in Landmarked Brooklyn). We took a house with similar dimensions as the Rutland Road house and created a huge kitchen. This couldn't be done with the Maple street house without loosing the dining room.
As far as the market is concerned, there is no evidence that the market has slipped in the Manor since June. In fact, two other houses have gone into contract that I know of this summer. Of course August is a slow time, but September is not. Only time will tell what happens, but you are jumping the gun with your statements.
Posted by: dt at August 10, 2006 10:54 PM
choosy mother:
where are you getting your information from? i think you're making things up as you go along. the Maple Street house being marketed by Corcoran (899k)is among the smallest group of houses in the Manor and the renovation there is not "top-notch" e.g. where a 100k or more worth of tlc and blood sweat and tears have gone into it. Investors, like the person who owns this property, never go high end.
So to compare this house (1800 square feet vs. the Rutland house w/3000 square feet) is unfair.
i also follow the market - especially lefferts manor - and while the higher priced larger homes may take longer to move...the market in general...they are selling. as dt noted, the large 3-story home on the first block of midwood is in contract. i saw this home at an open house and it needs plenty tlc. however, i heard (from a reliable source i might add)...that it sold "well".
do you really know the market as well as you claim? go figure.
Posted by: AnnaBelle at August 11, 2006 4:51 PM
Post a comment
Please be patient while your comment is published. It may take a moment.