208 Midwood Sells for $995,000
When 208 Midwood Street in Prospect Lefferts Gardens was a House of the Day back in September, the small brownstone was asking $1,150,000, a lot for the nabe but worth trying for given the gorgeous interiors. In the end, though, the market spoke and the seller had to settle for $995,500, just shy of the…
When 208 Midwood Street in Prospect Lefferts Gardens was a House of the Day back in September, the small brownstone was asking $1,150,000, a lot for the nabe but worth trying for given the gorgeous interiors. In the end, though, the market spoke and the seller had to settle for $995,500, just shy of the mansion tax. Is this price what you expected? GMAP
Let’s not get too worked up here. I started this “not good price comment” on this thread as that’s my belief. I’m not trying to convert anyone to believe what I believe. Heck it’s a free country (albeit expensive). Make your comments, elaborate if needed, move on.
as much as I like reading heated exchanges on this site during my lunch break, let’s keep this prospective – ie we’re just posting our comments here and that’s all.
from what i understand, the 4-story at 82 Rutland also went for around $1M, about 200K less than original price.
so prices are still dropping, but are not off the cliff for nice houses at the right price.
contrary to what tybur says, a lot of folks still think $1M is a fair price for a place this size and (MUCH more importantly) in this kind of condition and location.
in any case, that’s what the market says (even now), regardless of what he thinks
My post was called sarcasm… obviously there are homes worth $1 million and ones worth $10 million. This one isn’t an example of that.
I don’t have “entitlement issues,” just think it’s sad the way the market has gone nutty pushing everyone out of the market who (1) didn’t cash out on some absurd sale of their own, or (2) doesn’t earn $400,000 or more.
Like I’ve said before, this isn’t coming from the perspective of “oh, how sad am I that I can’t buy a house.” I’m not particularly sad about that… it’s simply unsustainable. As the Mansion-Price Sprawl (just made that up!) takes over, no one within a 20-mile radius of Brooklyn Heights will be able to be “working class” or even “lower middle class”. They won’t be your neighbors.
It’s just a horrible cyclical monster. Who’s going to be the clerks in your beautiful boutiques? Well, they will either live over an hour away and have to be paid a premium to attract them… or you will have to pay them $125k so they can live nearby…. either way, your organic apple just went from $1.50 to $5 and your Dry Cleaner now charges $47.65 for a 2-piece suit.
The garbage men and street sweepers and police already come from darkest Queens and far flung NJ to keep you clean and protect you…. will they be able to continue to live there (only an hour from Park Slope?) — probably not because the Mansion-Price Sprawl will continue… how do you attract and retain firemen and police officers with current wages? You don’t. You either keep expanding the payroll budget exponentially or accept low-quality because the better workers are finding jobs in central NJ and L.I. where they live.
Hmmm… let’s accept the $5 apple and $1000/mo dry cleaning bill… but since the property taxes don’t actually track with the exponentially growing property “values” (e.g., $4,500 tax bill for a $3.5 million house)…. how are the public services being paid for? that’ll be an interesting conundrum to deal with.
Sorry. That was harsh. But I’m not clear as to what your point is. That housing prices are conncected to the NY economy, for better or for worse? That’s quite a revelation.
How is somone who pays market rates for something they need/want an idiot? If I paid 4 million dollars for a house that I could get for 1 million, I’m an idiot. If I pay 1 million dollars for a house that the market says is worth 1 million dollars, I’m….an idiot?
Tyburg:
You can go 2-3 subway stops farther out and find houses for 200K.
You aren’t being realistic here. Do you think people in LA sit around talking about how expensive homes are in Santa Monica?
NO! Because there are nice, expensive areas and then there are less expensive areas. This blog talks a lot about the expensive ones, but there’s a WHOLE WORLD of cheaper housing to be found in NYC.
“good prices is what they were before the massive run-up in 2001 or so”
Housing in NYC was very undervalued before 2000. I’d say by 2005 or so it stopped being a “good deal” per se, but compared to other world cities, it’s still not outrageous.
“the root or at least the major symptom”??? Uh yeah – that would pretty much cover…every base.
That color is black, or maybe white. The plane is up, or maybe down.
Well, I think there are actually a lot of people that would agree with that statement.
Paying $1 million for a little house is CRAZY and these unreal prices ARE the root of all (or at least a MAJOR symptom) of the other unrealistic problems with the city’s finances. (more4less is spot on above)
Oh, and idisagree, let me know what crazy price you paid for your home and I’ll happily adjust my statement to $10,000 higher.
relative to current mkt, this house sold for a good price (for both seller & buyer). ie if similar houses sold for over $1.2M or more not too long algo, this is a RELATIVELY good price. On an ABSOLUTE basis, $1M is not a good price.