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
Earth to Anonymous 3:33,
Prices in Brooklyn are not falling. The rate of increase has only slowed. Brooklyn continues to gentrify. It is not stupid to buy in Brooklyn right now.
Additionally, most people on this board seem to agree that this house is probably worth in the $1.4-$1.5 million range. A little overpriced? Perhaps. But totally inflated? I don’t think so.
p.p.s. Ed is the biggest shill for Brooklyn real estate there is. There is no bubble, there is no falling prices, there is weakness in the market, just buy, buy, buy…. at whatever inflated prices Ed tells you to.
I agree that there is more downside potential to PLG in a downturn. However, in the long term, there is also more upside potential since it is only a matter of time until PLG has as many amenities as Boerum Hill/Fort Greene/Carroll Gardens, etc.
This is an amazing house. When PLG really takes off, it could be worth a fortune.
Ed, yes those areas are more expensive. But as I said before you can get a lesser house for the same general price or a house with rental units for a bit more in those areas. As for safety of investments, I can only go with my gut. And comments like those by “tipster” and friends about Flatbush don’t make feel like PLG is a great bet for gentrification.
Oh boy, here we go again….
p.s. – there has bee a huge influx of people for Park Slope to PLG. The neighorhood borders Prospect Park, which will become quite an asset once a complex the size of Penn Plaza and Madison Square Garden plops down next Park Slope, Boerum Hill and Fort Greene.
Hey trispster, who is a “hater”? Dissing your neighbors to defend your own corner isn’t exactly loving.
I live on Rutland II and I usually walk over to Maple to avoid the corner of Rutland and Flatbush. If it has quited down recently, I haven’t noticed.
I agree – Boerum Hill and Park Slope, and to some extent, Fort Greene are more solidly gentrified than PLG. And they are also much more expensive. But PLG is not a “long-shot” investment in our rapidly developing borough.
Contrary to what Anon 2:06 and other haters say, Rutland and Flatbush is much quieter than other corners in LM.
I live on the block and walk by there every day and night, so I know. . .
Midwood has two bigger apartment buildings on each corner and a dumpy Chinese place where people hang out.
Maple has the liquor store and a deli where there is always a crowd outside.