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
Don’t worry, we were saving it to for part of a post we’re running tomorrow.
My friend sent her kids to a public school in Boerum Hill which reserves only a portion of the class for children with disabilities. It means your kids get a great elementary education for free, while learning to be sensitized to the needs of others. The school gets raves, and it really helps those who can’t afford private school but want their kids to get a top notch elementary education. I’d hate to see anyone leave the neighborhood for reasons of schooling. It seems so unfair.
Of course, you could always buy a condo in a neighborhood with excellent public schools (e.g. PS321). If your mortgage in the manor isn’t huge, you could rent your house and move elsewhere. That might be a savvy move.
Regarding Bette, if she overstated the bottom of the market by $70K, it will only help lower priced properties move. If people come into the market expecting to buy for less, they’ll only get disappointed.
Mr. B might not have linked to thePost article, but I posted the URL at 10 this morning–here it is again:
http://tinyurl.com/ox3eo
a bit odd that brownstoner did not link the post plg article when it not only coincides with the site’s subject matter. hmmm.
C.B. You may be right that prices will be better (from a seller’s perspective) in 5 years, but I’ve got a school-age kid who I can’t get into a good public school (and private isn’t an option), so I can’t wait.
There are only a handfull of over 20-foot-wide houses in the manor, so close to 1.3M for one isn’t too surprising (especially since nothing seems to actually sell for the appraised price). I don’t know why you question the marketing of the houses that sold in the 900’s–they seemed quite professional and the houses actually sold.
As for Bette, I like her. But I do question the wisdom of exagerating the price range in the manor. The 2 story brownstones and the tudors featured in the photos aren’t selling for over a million. Why pretend that they are? That will just scare off potential buyers.
There are huge ranges in price in Lefferts Manor. The $930K properties weren’t marketed properly, and anyone who knows these properties also knows the Buyers got a great deal.
Meanwhile, my 3-story on Lincoln Road was appraised at $1.275M b/c it’s extra-wide and newly renovated.
I don’t think anyone should read too much into the anxiety-ridden market these days. Everything is taking time to sell. I also don’t think it’s a good time to bail if you currently own in the Manor. A lot of short-sighted sellers are trying to time the market and sell out at the peak. Those people who may not be so good for this neighborhood anyway. There is a glut of housing supply. This neighorhood usually has very few available properties, while currently there are dozens for sale. The homowners who will truly see appreciation are the ones who hold on to their properties for another five years, or those who take advantage of the softer market and buy the undervalued gems that are on sale now.
We all need to continue to invest in this neighborhood.
That’s just my two cents, but I believe in this place and have seen wonderful changes already.
Finally, Bette Cunningham rocks. I’d listen to her before I’d listen to anyone else about real estate in the Manor. She’s brilliant!
12:08–yes its a 2 story. We’re now not sure if we want to put it on the market or not. I was expecting a higher appraisal.
As the RE frenzy slows, is it unusual if houses (and not just PLG houses) sell for 10 percent or so below asking price?
12:08 pm–
Was your house that appraised at 930k a two story? Curious, I’m looking at properties now in Lefferts.