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
Curious what people think the 2 on Midwood priced low (1.175 and 1.25) will go at. How long will they sit? Both need reno.
Ed,
Which house was already reduced? I am of the understanding that the corner mansion at Rutland and Bedford was just reduced a $100,000 – from $1.6mm. Correct me if I’m wrong.
This house was already reduced from $1.6M to $1.5M, and a second mansion was also reduced to $1.5M. I don’t believe they have been reduced further.
I’m shocked at learning that the “drop-dead” gorgeous townhouse on Rutland is now being offered at $100,000 less the original asking. I saw this house on Tour day and was absolutely “speechless”! It is so beautiful – I could just see myself living there in grandeur for many years. If I could afford it I would buy it on the spot – and in my opinion its well worth the $$$$$ – perhaps more! It’ll sell now and who knows maybe still get the original price if it goes into a bidding war. This market is terribly unpredictable.
6:15–the house I’m comparing mine to really was identical–same level of renovation, same size, same layout, same details. Sold in May.
Yes, I agree that the 4 story homes have increased more than 2 story ones or the tudors, but the mansion on Rutland and Beford just reduced its price by $100,000, so even the hugest houses aren’t booming.
7:01, I guess it’s not true for all houses, but I know a house we bid on for $550,000 in the south slope in 2001 is now on the market for 1.9M. And friends bought a house in the Heights for 1.8M in 2002 and are selling it for 6M. But, yes I should be happy with my $450,000 profit. Nonetheless, I feel left out of the great RE Boom.
Gee, I’m glad I don’t come here to make friends. If you would stop your strokefest at my expense for a moment and allow me to wipe off the manure that the purported civilized folk have been slinging at me on this thread, then perhaps I’d have a chance to encourage you to reread what I actually wrote on this thread. Maybe I made some provocative analyses, but I hardly wrote anything outrageous, and I don’t recall writing anything mean-spirited or making any personal attacks like some of you are doing.
anon at 4:23pm,
Where are you getting the idea that prices in most bstone areas have increased 300% over 5 yrs. That is certainly not the case in more established areas (i.e. Bklyn Hts, Park Slope), though perhaps seen in areas that have only recently become recognized by deep-pocketed Manhattan refuges.
I bought in PS in 2002 for $1.5mm, home now worth around $2.5mm, that’s “only” a 67% increase. But, hey, I’m not exactly unhappy about a $1mm increase in equity. Maybe if I’d bought in BS or CH at the same time, the gain would be much larger on a percentage basis.
Anonymous 5:06 p.m.
thanks a lot. i can appreciate your comments too. your points are well taken.
…No, we understand better than you may realize. But I think we all have to be realistic about real estate prices, no matter what neighborhood we live in.
Have you considered the fact that houses having the same size, layout and design can still be very different depending on condition and renovated state? A nice renovation is no doubt the key to fetching the higher prices, regardless to size.
That being said, my guess is these larger homes are becoming increasingly attractive for families with children so perhaps folks are willing to spend a bit more to have adequate space in addition to a grander home.