House of the Day: Wood for 52 Midwood
This gorgeous house at 52 Midwood Street is a bit of a hot potato. The property changed hands in 2004 for $540,000 and then again in 2005 for $775,000. It looks like the owner took out a second mortgage for $200,000 three months after buying it — perhaps to get the house into the beautiful…
This gorgeous house at 52 Midwood Street is a bit of a hot potato. The property changed hands in 2004 for $540,000 and then again in 2005 for $775,000. It looks like the owner took out a second mortgage for $200,000 three months after buying it — perhaps to get the house into the beautiful shape it’s now in. And beautiful it is. Our first impression is that this isn’t the work of an amateur. Both the interior decoration and even the photographs are totally pro. (Look at those flowers in bathroom window!) We’d love to hear from those of you who hit the open house on Sunday. Did the real thing match the photos? Is $1,525,000 achievable for a brownstone in PLG right now?
52 Midwood Street [FSBO/NYT] GMAP P*Shark
If it’s true that it’s set up as a two family and is legally a one family, the owners made a HUGE MISTAKE not filing the C of O change properly.
Going through the process post renovation of changing the C of O is a serious pain in the neck and may be very expensive depending on what the DOB determines must be changed.
Why in the world didn’t they file the C of O change when they did the renovation?
Just want to make sure you received my earlier entry, saying I did NOT retract my post about having visited the open house on Midwood. I was definitely at 52 Midwood on Sunday, not on Rutland. The troll is just impersonating other posters.
The house is “worth” whatever it sells for. Will it sell for the asking? We’ll see, won’t we.
I totally agree with linusvanpelt’s comment “If you’re buying in PLG, you should buy because you like the neighborhood today.” I’ve lived in Lefferts Manor for 9 years and it has lots going for it. It still has problems, which may change soon or may change in ten years or may never change. You never know. So please don’t move here because you’re counting on major change! Move here because you want to live here now.
Midwood–what house on Rutland were you describing?
Brownstoner, didn’t you use this headline before?
as a neighbor, i’ll be sorry to see the owners go after such a short time.
They are good people and they put good work into the house, which was a haunted mansion-type place before.
i wouldn’t worry about the prime blocks in Lefferts Manor ‘regressing,’ althought it could be possible in the fringe areas further afield.
if anything, there is still a lot of upside to these blocks with gorgeous brownstones within a couple of blocks of the subway and Prospect Park.
Is $1.52 pushing the envelope? I guess we’ll find out
the exact opposite thought is that the cautious people are the ones who don’t make money in the real estate market.
for the most part, you need to be a bit of a risk taker to move into a gentrifying neighborhood.
to wait on this place could mean you’ve missed out in 10 years on a 3 million pad.
who knows.
Absolutely beautiful home; however, I am somewhat sceptical about the asking price. While this is more than reasonable for some other more established areas, at the current condition of the real estate market, I would hesitate on this one. Unfortunately, PLG is a beautiful area that is just starting to be “found.” Included in that area, and the immediate surrounding areas, are a significant amount of subprime mortgages, which we all know are “hitting the fan” so to speak. With this current trend, I would be weary of paying the premium on the house, because if the market changes, you could be left in a neighborhood that quickly regresses.
Of course, on the other side, there is always risk involved in buying a house and Brooklyn prices continue to rise. A rather interesting time, but personally, I would sit and wait before proceeding full force on this one. In fact, in general, unless it is a house you love and have to have, I think the smart play is to wait and see how the market plays out in the next couple of months. That’s just my two cents though, which might not be worth that.
Thanks, Linus. You made me laugh…Would this be a record for the hood if they get it?
Bob Marvin talks his book so lets say his 1/2 really s/b 1/3…now you have bidding war to 1.1 or so which is prob where it s/b…