House of the Day: Rugby Road Mansion
This lovely colonial revival house at 177 Rugby Road has been on the market for about a month at $2.5 million. Although it has some wonderful details (including one of the most amazing center staircases we’ve seen in a long while), the price tage is pretty dear for Victorian Flatbush (or Prospect Park South, to…
This lovely colonial revival house at 177 Rugby Road has been on the market for about a month at $2.5 million. Although it has some wonderful details (including one of the most amazing center staircases we’ve seen in a long while), the price tage is pretty dear for Victorian Flatbush (or Prospect Park South, to be exact). Property Shark says the house is only 3,400 square feet, though we suspect that doesn’t include the top “attic” floor. That said, the plot is 60 by 100 feet and includes a long driveway and garage. Basically, there’s nothing to quibble about in terms of quality (well, okay, kitchen could be a little nicer). The question is price. Are there any recent comps that would suggest that $2.5 is achievable for this place?
Colonial Revival Home [Mary Kay Gallagher] GMAP P*Shark
And long ago, Park Slope didn’t have that prestige either. Things change. I certainly wasn’t aware of any Park Slope “socialite circles” when I was living there in the 80’s.
What a beautiful house. It’s like living in the country.
writer + deep pockets + looking to buy in victorian flatbush…I wouldn’t want to be the one waiting, or worse counting on that match coming through the door. ‘I live in Park Slope, nearest the park’, that statement alone is worth 1 mil within the park slope socialite circles..victorian flatbush doesn’t have the same power or prestige to command the upper bracket prices..long ago maybe it did, not today
In regards to heating, I have a similar house in the nabe and last year it was $4500 for oil heat from mid october to mid april. But it was a warm winter. No question there is more maintenance than a brownstone between roofs, paint, and shingles, but its every 7 years to paint and 15-20 for a roof. Its really not that horrible over the long term.
Having said that, I do think the house is a little over priced. It should probably be around 2m given comparables. Also, 1st mortgages are usually limited to about 1.1 M so somebody is going to have write a large check or take out a significant second mortgage and this fact alone probably limits the pool of buyers. The problem is not many of these houses come up for sale that often (i.e. big house in prospect park south) and every time I think to myself its overpriced somebody ponies up the money. Let’s face it, if you want to see the sun on the side of your home, have a driveway, be 12 min by car from Tribeca, and not raise your kids in homogeneous suburbia, there are not a lot of options for one of kind houses out there, IMHO.
My wood frame home is about 2/3 the size of this, and I have 28 windows My heating bill was around $3000 last year. So I would bet $6000. Which is not unrealistic or horrible given the size of the property. Whoever buys this (whether for the asking price, or more likely, a bit less) will not be pinching pennies, I assure you.
This house, like others in Prospect Park South, is not like the majority of others (although nice) houses in Victorian Flatbush. You nay sayers just don’t get it… Sigh. This house is for someone who can afford history, beauty, craftsmanship, space… and who doesn’t have to scrimp to pay the gas bill. This may not be for your average homeowner, but I’m willing to bet that buyer is out there… Who purchases the $3 million plus one family houses I’ve seen sell in Park Slope? People with deep pockets. It’s also an excellent space for a writer/artist – and trust me there are more than a handful of successful creative types living in Victorian Flatbush because of the space (and the beauty of the homes).
dreaming, maybe. take a home worth 1.5 at best, holiday’s on the way, market headed below sea level, and a fair 900k offer..with a respectful counteroffer, and cash in hand, this could be undertaken for close to my estimate.
900k anywhere in Victorian Flatbush will get you a big one family or a muilti family that while it may have some details, it probably needs new roof, siding, and/or upgrade to the mechanicals.
I DO NOT see the market dropping so dramatically that 900k would ever get you a house in this condition. Dream on.
If I am to believe all that I read on brownstoner, not only is this over priced, soon enough I should be able to buy it for a fraction of the sticker price..right, the market is only getting worse by the minute, and hey, being that far from park slope or clinton hill, prices should be dropping at a much more dramatic rate. I’ll wait this one out and make my 900k offer when the time is right.