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…
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
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.
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.
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.
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.
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.
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.
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.
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.
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.