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
Why tybur6??? I’m sensing an entitlement issue.
“can we all agree that folks paying $1 million or more for a small home are a bunch of idiots and the root cause of NYC’s financial woes??”
tybur–I always enjoy your posts and your point of view but I think this particular statement is way too absolute. The choice faced by anyone buying a house in the last five years has been to participate in the market place as it exists or move somewhere else. I was faced with this choice and chose to participate and I don’t feel like an idiot. I do agree that the bottom line “value” of real estate relative to income is out of whack, but I would suggest that it is not more so in NYC than in any of the other markets that this imbalance existed (practically every city in the country).
tybur6, no, we cannot.
good prices is what they were before the massive run-up in 2001 or so. when someone aspiring to make $100K/yr actually meant that person could buy a nice house in a OK neighborhood and still be able to save some money for kids’ college, retirement, etc. When a small studio was affordable to college grades 2-3 yrs out of college. I was able to afford, 3 yrs out of college, 500+ sq ft studio condo in murray hill cause the price was 110k. That’s what I mean by good price. Also, people buying 2-3 family homes then could actually be cashflow positive or break-even renting out the units. Net is current cost to OWN is expensive – way too expensive.
I can afford these prices (thanks to being able to cash out my current residences at ridiculous profits) and likely will have suck it up to buy something at these price point cause I need more space. However, you wont find me saying $1M is a good price cause I still remember not too long ago houses like this one would’ve cost only 300k or maybe even less.
Apart from the “good price” vs. “bad price” debate… can we all agree that folks paying $1 million or more for a small home are a bunch of idiots and the root cause of NYC’s financial woes??
I think we can agree on that.
Oh my goodness, gorgeous house. This seems like a very solid price, good for the seller, and who knows maybe for the buyer too.
yes, what’s good or GREAT for a seller can be less good for the buyer. and vice versa. beyond that bit of obviousness, what is your point? what determines whether a price is “good” or not is the ability of the buyer or seller to buy or sell a substitute item at a higher or lower price.
I don’t know more4less. I am sympathetic to your frustration with the market, but this seems to me like one of those deals that is pretty much spot on for both buyer and seller. You can legitimately complain all you want about where the market is, but given where it is this is a very rational deal for both sides.
hence if you can buy it for $1M, it would be a good price