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September 30, 2008

House of the Day: 208 Midwood Street

Someone's obviously put a great deal of care into the renovation of 208 Midwood Street, one of a row of 18 townhouses designed by the architect Benjamin Dreisler in 1910. Like many houses in Lefferts Manor, this one is chock-full of original architectural detail, including some lovely woodwork. The new kitchen, while perhaps a tad severe for its setting, looks nicely done as well. The big question is whether a three-story house in the area, regardless of how nice it is, can fetch $1,150,000 in this market. If any can, this is probably the one.
208 Midwood Street [Brown Harris Stevens] GMAP P*Shark

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Comments

A very strange description in the listing--is the dining room furniture for sale? Why describe it in detail before getting to the details of the house? Other than that the house looks lovely. I'd knock the wall between the dining room and the kitchen, myself.

Posted by: reluctantsloper at September 30, 2008 2:02 PM

"value" aside this is a really nice house in a good location.

Posted by: wasder at September 30, 2008 2:17 PM

I had same reaction to the description of the house - unless the furnishings are included, why emphasize them in the description? And "omelet-friendly" is a bizarre way to describe a kitchen. What exactly is a kitchen that is unfriendly to omelets? That said, it does look like the renovation is really nice. How is this block relative to others in the area? We have friends who purchased a 3-story about 2 yrs ago for just over 1mil and they had to do a lot of work but I don't know how much price variation there is block by block, and of course the wild card is where the market is going in this economic climate...

Posted by: Miss Muffett at September 30, 2008 2:18 PM

I once had a distinctly omelet unfriendly kitchen. ITs a drag.

Posted by: wasder at September 30, 2008 2:21 PM

ha ha wasder - that's funny.
I have to say I hate woodwork when it's that light color - looks so tacky!

Posted by: gkw at September 30, 2008 2:31 PM

If the pictures can be trusted, the renovation looks good. I like the kitchen, however "severe" it may be. I like the detail as well, but agree with the earlier post re the blond-esque wood. In order to determine the fairness of the price (whatever that means in this market) it's critical to know the condition of the English basement. If it's renovated, and the renovation is done as well as the rest of the house, then the price doesn't seem so outrageous. However, if it's scary and tomb-like, the price definitely needs to come down.

Posted by: jurist at September 30, 2008 2:43 PM

http://www.ahrlty.com/H-258U/C-258U.html
A very, very similar house 2 blocks away that sold for ask a year ago. I agree about the light woodwork, but it will age nicely. I don't like the painted woodwork, though.

Posted by: geekspice at September 30, 2008 2:44 PM

This is a really nice house on a really nice block. If today were 6 months ago I'd definitely have purchased this house.

Posted by: Just Wondering at September 30, 2008 2:45 PM

Personally, I want a Porterhouse-friendly kitchen; omelet-friendly is for sissies.

As for the woodwork, it almost looks like pine, and may have been better painted than stripped. But at least it would be an easy and clean paint job.

Posted by: tinarina at September 30, 2008 2:46 PM

Looks like a nice house, but due to the market and the fact that it is one of the smaller houses in PLG, I think the price is a bit high. I think it will go for 990K or so (to avoid mansion tax).

The kitchen looks nice in the pictures, but is actually cheap ikea cabinets with wood veneer that is as thin as wallpaper. I also agree with wasder that the woodwork color throughout the house is not for everyone. Personally, I would have someone refinish all of the wood if I was to live in that house.

Posted by: mkop at September 30, 2008 2:47 PM

I just noticed that this is a bit of a hike from the subway as well which could depress value a little.

Posted by: wasder at September 30, 2008 3:09 PM

Four blocks (two long, two short) from the Q train--not all THAT much of a hike wasder.

Posted by: Bob Marvin at September 30, 2008 3:25 PM

No, not outrageous but in this market this might be a factor in a price reduction. two long blocks and two short blocks would take close to ten minutes to walk.

Posted by: wasder at September 30, 2008 3:35 PM

This seems like a fabulous house and the renovaton and overall layout looks great. According to property shark, it's 2 stories so there must be a nicely finished basement if they're calling it 3.

mkop:

If you can get this house on this block...even in this market for under a $1M, well, go figure...

Posted by: pottedmum at September 30, 2008 3:45 PM

Sit tight unless you're forced to buy. Lenders are asking for 20 -25% down today and that isn't going to change for the next few years. Plus closing costs and cash on hand for after the sale.

The pool of people that are sitting on 300K is going down every day and so will the prices. Bonus money isn't going to be counted as income so people will have to qualify on base pay.

Hang on for the ride, boys and girls. It ain't gonna be fun unless you have cash. In which case, there are going to be a lot of attractive transactions.

Good luck! Hope everyone makes it through ok.

Posted by: Ozymandius at September 30, 2008 4:09 PM

I never get bonuses, but somehow I managed to buy a house. If I remember correctly, this house has a lovely finished english basement. I think it was on the house tour. The woodwork is oak in these houses. I think it doesn't transtate well in the photos. A similar house on the same block sold a couple of months ago for 1,060.000, I think. That house had painted woodwork and a nice kitchen, but not as sleek as this one. The houses of this size in LM only go for under 1mil if they need some renovation, bonuses or not.

Posted by: dt at September 30, 2008 4:24 PM

dt:

I never get bonuses either and I also own a home. I don't understand Ozy's theory that only people with bonuses buy houses. That said, I still think there's folks out there with a lot of cash and given the upheaval of the DOW over the last week or so, people might be looking for more investment options such as owning a co-op or and/or townhouse.

This house which I adore is one of the most interesting featured on Brownstoner lately. Thanks Mr. B.

Posted by: pottedmum at September 30, 2008 5:08 PM

Point appreciated Ozymandius we agree 100% with that assessment.
This is a nice house and the kitchen is actually very nice in our opinion. The blond wood can be stained for relatively cheap and those 4 blocks are NOTHING for the average New Yorker. Only problem we see here is the sloppy economy and hence the price...

Posted by: pierre de taille at September 30, 2008 5:25 PM

it's a lovely renovation, it's single family, it's relatively subway-accessible. this will go for a little over $1m to a young family looking for an immediate alternative to a still-overpriced condo.

Posted by: i disagree at September 30, 2008 5:32 PM

I'm a woodwork freak (obviously) and these shots bother me. There are at least three different treatments here. The original appears to be the red oak of the staircase. Then someone stained the fireplace with walnut. Then there's the newer woodwork which looks like clear pine with a light stain or possibly paint because I don't see any grain.

Blond woodwork can look great but not so much when it's mixed with competing trim colors.

http://www.brooklynrowhouse.com/house/diningroom

Posted by: Steve at September 30, 2008 5:49 PM

I saw this house at OH and like it a lot. However, I don't see how it can sell for as much as the one down the block that went a few months ago for $1.06 (exact same asking price). That one had painted woodwork--true--but it also had very high end renovation of the basement (this one is nice but not fancy), and everything else--like original upstairs pass-thru closet--was renovated beautifully. This house needs a bit more work after move in--the other didn't. I like this kitchen but are they really Ikea cabinets? I predict this will go at just under a million, but in this market, who knows?

Posted by: ssloper at September 30, 2008 6:21 PM

the house seems nice and everything, but its going to sit for awhile b/c of the price.

Anything above 900k wont move quickly. (Conforming jumbo of 720k + 20% down). houses that qualify for FHA loans, etc.,
have a better chance.

Posted by: slick at September 30, 2008 7:12 PM

Comment about bonuses is just to point out that the size of the pool of people who will qualify for a loan is shrinking. No disrespect meant to non-bonus guys. You're the ones who are best positioned now to buy.

Posted by: Ozymandius at September 30, 2008 7:34 PM

Personally, I'm keeping my cash in FDIC-insured bank accounts until the madness subsides. Crazy time to be sinking cash into real estate, in my humble opinion, unless you've got a heck of a lot of it.

Posted by: Park Sloper at September 30, 2008 7:54 PM

I was at the open house too and this home is stunning with more of a designer's touch. It is far more superior in taste and style than the one further down the block that recently sold for 1.060. While that house was nicely renovated, its appeal leaned more to the older age group and 208 is set up to attract young professionals but could also appeal to the mature. No one can deny, the house is well done and so is the garden. If staining the woodwork is an issue for someone, that should be easy enough but not at the cost of 200k. As someone pointed out on this thread earlier, a similar unrenovated home on this block fetched $975 recently which seems to be the going rate for 2-story homes in Lefferts Manor needing extensive work.

Perhaps the market will tell but let's hope it springs a pleasant surprise.

Posted by: pottedmum at September 30, 2008 7:57 PM

Well, as I said, I liked the kitchen at 208 better than the one sold earlier this year down the block--perhaps it does appeal to a "younger age group"--I like it because it's a very clean, modern look. But I still think this reno otherwise is lacking compared to the one down the block, which I doubt has anything to do with my 40-plus years.......

Posted by: ssloper at September 30, 2008 8:29 PM

pottedmum - You might want to dial down the sockpuppeteering a notch or two.

Posted by: SnarkSlope at September 30, 2008 8:46 PM

It's a 2 story, not a three story.

As far as comps go, there was also the 2 story on this block (or Maple?) asking in the 800's. So I wouldn't say that 975K is the "going price" for 2 stories just because one sold for that much.

Whether you prefer this style or not, this is exactly like the house that recently sold for 1.06. So this could sell for that much--if the market holds.

Posted by: shillstoner at September 30, 2008 9:05 PM

Personally, I don't see how comparables from a few months ago (i.e. 1.06) have much to do with the current state of the market.

If the buyers are not desperate and smart, they will look at the comparables and take at least 15% off. Again, this is a personal opinion, but home prices will be a lot lower a year from now, so sellers should wise up now if they have eligible buyers before it is too late.

As a buyer that has plenty of time to sit on the fence, I am very interested to see how much this house fetches in this market.

Posted by: mkop at October 1, 2008 12:16 AM

shillstoner,There is a house in need of a total gut renovation asking in the 800's. Are you actually calling that a comparable to this?

Posted by: dt at October 1, 2008 8:17 AM

I am really that unclear in my comments or do people just not read the comments before they attack them?

dt, not I am certainly NOT calling the 2 story in need of major work a comp for this house. I thought I was clear that I was responding to the comment "a similar unrenovated home on this block fetched $975 recently which seems to be the going rate for 2-story homes in Lefferts Manor needing extensive work." The house asking in the 800's is a comp for the one that sold for 975K, and contradicts the statement that 975K is the rate for 2 story homes needing "extensive work."

I also clearly stated that the best comp for this house is the one that sold for 1.06M.

Posted by: shillstoner at October 1, 2008 11:09 AM

The 1.06 and 975 aren't the only available comps for this house. There are other comps like a 4-story on Rutland that sold in the 1.4's and I believe it needed some updates. And then there was another 4-story on Midwood that required a huge renovation but still fetched 1.2. Also, a 3-story on Midwood which was a complete wreck traded recently for over a million.

I think any buyer who believes they can get this house for only 900k will be very surprised because I predict this house will have multiple offers. So keep sitting on the fence but don't expect to be there very long.....

Posted by: pottedmum at October 1, 2008 11:33 AM

I certainly never suggested that this house would sell for 900K--I think 1.05 is about right. Although that depends on what happens with the economy in the next few months.

However, I don't think that comps of 4 story houses matter much when discussing a 2 story. Also, if a 4 story in need of renovation sold for 1.2, then I wouldn't pay more than 1M for a mint 2 sotry. It is literally half the size! And the 4 story on Rutland that sold for 1.425 was a really amazing house--much nicer than your average.

Posted by: shillstoner at October 1, 2008 2:20 PM

Pottedmum

Is your name Bette Cunningham? You've had no activity prior to this house of the day

Look, I just walked into Bank of America and their mortgage rate was 7.125% and the APR even higher with no points. I didn't check into the pricing but I don't think that was for a jumbo conventional or a nonconventional jumbo. Plain and simple, it's freaking hard to get a mortgage now. So supply and demand rules... How many people are sitting on a ton of cash and who feel like buying a house?

Not many....

Unfortunately I have to sell my house because of a relo. The damn thing was worth 1.2 million last year. I would be happy to walk away with 900K right now..

Posted by: Ozymandius at October 1, 2008 2:55 PM

Pottedmum is probably Bette Cunningham or the owner of the house. On urbandigs dot com, the mortgage man (who is a regular blogger there) says that he is quoting a rate of 8% for a jumbo.

As I said before, I think it will go for 990K or maybe 999K to avoid the mansion tax. Paying 1.05 just doesn't make sense. Why would a buyer pay an extra 50K just to ensure a mansion tax? But then again, I'm not bidding on this house, so time will tell.

Posted by: mkop at October 1, 2008 7:35 PM

I know Bette Cunningham and she rocks! But this discussion really isn't about her, its about the house. Whether the house sells for 995K or 1.1, we have all been able to express our opinions and that is what this thread is for.

Posted by: pottedmum at October 3, 2008 11:47 AM

« Condo of the Day: 497 12th Street, #1R Streetlevel: Donut House Reopens as Coffee Shop »

September 30, 2008

House of the Day: 208 Midwood Street

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