DIY Townhouse in Fort Greene

Darcy Miro and Lars Weiss had the cojones to do something we’ve all thought about doing–they bought a vacant lot and built their own house. The result is an eclectic, industrial-feeling 4-story brick house in Fort Greene with 4,200 square feet of living and studio space. The Times story makes a big deal about what a great deal the whole thing was financially, but we’re not so sure lining it up against the townhouse a block away that’s on the market for $2.2 million is a fair comparison. First of all, Miro-Weiss bought their 20’x80′ lot back in 2001 for $180,000; the house now on the market for $2.2 million would have been at most, what, $1.2 million back then? Secondly, while the space they created may be exactly what they want in terms of design and finish, we’re pretty sure it will be a trickier property to sell than a typical Fort Greene brownstone. Thirdly, what is 18 months of sweat equity and sleeping on your in-laws’ floors worth? And lastly, falling one block outside the historic district, Fort Greene Place is far from being a blue-chip street. Brooklyn Technical High School occupies the entire eastern side of the street. There are seven or eight nice but slighly run-down original brownstones on the western side of the block closest to the park; the rest of that side of the street is full of loud SROs and completely out-of-context new houses.

Did Miro-Weiss create some value? Absolutely. They would definitely get considerably more than their $730,000 cost basis if they sold right now, but we bet most of that derives from the fact that they happened to buy land in Fort Greene at the right time. At the end of the day, though, it clearly was the right move for the family and one that will probably work out quite nicely financially. Most importantly, they got what we all want–a space that they feel intimately connected with and that is large enough to build their lives and families in comfortably.
Upscale, Downscale [NY Times]