House of the Day: 207 Lincoln Road

This house is, actually, a little bit underpriced given the current market. A good broker would have priced this home at $1.1M (unless it's not as well renovated as claimed).

My guess is that this broker doesn't want to work so hard in a tough market. Or maybe the broker has a lot of bills and selling real estate is the only thing he knows how to do. Of course, there's an outside chance the Seller is facing foreclosure.

Basically, this is a "screw-your-neighbor's-comps" race to the bottom in which greed plays as much a destructive role as it did during the days of escalating prices and house flipping.

If this house is as renovated as it claims to be, it should be listed at $1.1M. If Hawthorne and Fenimore can pull $1M for similar homes, surely Lincoln II can. There must be a back-story to this listing.

FYI - Lincoln II is definitely in the better half of Lefferts Manor blocks for many reasons. It's a tranquil, wide, tree-lined block with some serious gems. Its exterior architecture is fairly well-organized and uniform. you can walk to K-Dog, Enduro and the Q train w/out ever having to set foot on Flatbush Avenue. And it has an award-winning block association.

There's no debating that in terms of overall quality, Maple II is clearly the best Lefferts block due to its uniform, unique architecture and tree-lined tranquility. Lincoln II is just around the corner. Maple I is probably the second best block in the manor given its tranquility, proximity to the train and cafes. Towards Bedford it has an abundance of large lots and mansion-esque homes. Although its architecture spans two centuries, all the homes on the block are red brick.

In terms of quality, I'd put Midwood I next, and then Lincoln II. Although Midwood I has many vocal fans, due in part to its 4-story rowhouse gems, it has been traditionally overrated with respect to the rest of the Manor, especially by the brokerage community. Its best buildings are a bit too close to the mayhem of Flatbush. The street is too narrow and clausterphobic for 4 story buildings (a number of which are only 17 feet wide). And it lacks architectural consistency of style. Overall, the block may have an abundance of virtues, but compared to the rest of the Manor, it offers more visual noise, audible noise and urban claustrophobia.

The north part of PLG is clearly better than the south part, although lower real estate prices have led to some serious gentrification. The influx of the middle class could change the dynamics of the neighorbood, especially once Atlantic Yards introduces to Park Slope and Prospect Heights insanity one would normally associate with Madison Square Garden and its environs.

DT, 212 Midwood, the house to which you refer, has been renovated wonderfully. But it is TWO STORIES + English Basement. 207 Lincoln Road is THREE STORIES + a cellar + income potential.

Brokers only underprice to push a bidding war. But that's a risky strategy in this market because everyone underbids these days. It's a knee-jerk response. Surely, there's a backstory to the underpricing of 207 Lincoln. Or else someone is desparate or stupid or both.

This house went into contract in two months. In fact, all houses in PLG listed since January are in contract. The moral of the story? People are now underpricing their homes. This comes as no surprise to anyone who sh*t a brick when they saw the listing price on this house 3000 sqft house. The upside? Our comps may be lower, but at least we have a happy broker in the neighborhood. Thanks!