House of the Day: Midwood Not Mid-Priced
This four-story limestone on Midwood Street in Lefferts Manor is the real deal but, man, $1.495 million is a lot of dough for this nabe, isn’t it? It looks like the extensive woodwork in the house (including several fireplaces) is in excellent shape. As usual, we’re not loving the kitchen reno, but that is what…
This four-story limestone on Midwood Street in Lefferts Manor is the real deal but, man, $1.495 million is a lot of dough for this nabe, isn’t it? It looks like the extensive woodwork in the house (including several fireplaces) is in excellent shape. As usual, we’re not loving the kitchen reno, but that is what it is. The house, which is of a grander scale than many in the area, also boasts inlaid parquet floors, pocket doors and stained glass. Still, $1.495 million? What do the locals think?
Update: This is 68 Midwood Street–the identical twin of #55. Both were built by W.A.A. Brown and were originally priced at $11,000 when they hit the market a century or so ago. According to Bob Marvin, the reason for the dumbwaiter is that these houses were built with TWO dining rooms–an informal one in the ground floor front and a formal one, over the kitchen, in the parlor floor rear.
Midwood Limestone [Brown Harris Stevens] GMAP P*Shark
Yes, it took a long time to get a good coffee shop in the PLG. Finally one opened recently. Now a restaurant is negotiating for space in the nabe just a few months after the coffee house opened (see planetplg.com). This tells me that movement is happening NOW. It always takes the longest time for the first establishment to take a risk. After that, especially when a nabe shows a need by supporting that first place, things pick up speed fast.
“This market is in trouble, and no one wants to admit it. You gentrifiers in CH, BS, PLG CH and PH are really going to be in for it when your equity is shot and your brownstone is worth half what you paid for it. ”
That sentiment was felt in Boreum Hill, Fort Greene, Clinton Hill, Prospect Heights etc in the late 80s and early 90s. And in the 60’s and 70s the same could have been said for Park Slope. Things change. My grandmother bought a place in Crown Heights in 1920s, she sold in the 1970s for the same price she bought it in the 20’s. The money went to the suburbs. Now the money is moving back.
Wake up, people are moving to Brooklyn and the city and out of the sleepy suburbs.
IMO these two rows of mirror image 4-story houses are the nicest in LM. The builder (W.A.A. Brown) also built the three story houses like mine on Midwood II, but the four story houses are MUCH grander. FWIW they were priced at $11,000 when built while houses like mine were $7,500. BTW, this house was built in 1898 (according to the LPC Designation Report) NOT 1901.
The reason for the dumbwaiter is that these houses were built with TWO dining rooms–an informal one in the ground floor front and a formal one, over the kitchen, in the parlor floor rear–the dumbwaiter was for the servants to send food up. I don’t think anyone used this arrangement today, but the dining room in this house appears to be on the parlor floor (but I’d guess they might not use he downstairs front room as a dining room anyore).
As to whether the house is WORTH $1.495 mil, I just don’t know–If the three story on this block that sold for $1.4 mil last year was worth that, this house is clearly worth MUCH more. Like anything else, the market will determine the actual price–a price close to asking wouldn’t surprise me, but I’m over my head here–I still remember how long it took houses in my nabe to reach $100K 🙂
why would you buy a house in a neighborhood with less ameneties? you aren’t contributing to the neighborhood, you probably would send your kids to private schools OUTSIDE the neighborhood. You go to park slope and BH to shop, but not in the neighborhood. So if you don’t put into the neighborhood and are spending most of your time in other “desirable” nabes, then why wouldnt you move there? Oh wait… you were priced out!
This market is in trouble, and no one wants to admit it. You gentrifiers in CH, BS, PLG CH and PH are really going to be in for it when your equity is shot and your brownstone is worth half what you paid for it.
when people “invest” It is always wise to buy low.
If you go to the “established” neighborhoods to “invest” you are buying at the high. Me I bought my brownstone to have a house, not a portfolio
I consider myself a happy resident of PLG. Life here has many plusses, but there are certainly minuses. In many ways it is a suburban lifestyle–we get in the car every weekend and drive to other areas to do our shopping or go out to restaurants. (At least now we can walk to a coffee house!) Some of us are OK with that, some aren’t.
I have friends who live in PLG and are loving it. However, I always run into them at the supermarkets and wine shops in the slope and Boerum Hill.
“it is only a matter of time until PLG has as many amenities as Boerum Hill/Fort Greene/Carroll Gardens, etc.” That’s what everyne said 5 years ago! Sure, but it will probably be another 10 years, and who wants to live there until then?
Most comments on this board seem to think the house is worth up to 1.4M, not above it.
I am SO not a shill. You’re really giving me far too much credit, Brownstoner!
Meanwhile, the lady who finds PLG too risky should move elsewhere, and we should all wish her luck! Not everyone is comfortable around black people.