House of the Day: 250 Lefferts Avenue
While in some ways it doesn’t really matter, it’s hard not to get hung up on the fact that this house at 250 Lefferts Avenue changed hands 18 months ago for just $495,000 and is now asking $879,000. We’re not sure how much (if any) work was done in the interim, but if it involved…
While in some ways it doesn’t really matter, it’s hard not to get hung up on the fact that this house at 250 Lefferts Avenue changed hands 18 months ago for just $495,000 and is now asking $879,000. We’re not sure how much (if any) work was done in the interim, but if it involved those kitchens, they should have saved their money; the house would show better with old run-down appliances than with these Home Depot specials. When you compare it to last Thursday’s HOTD, 181 Midwood Street, this place looks a bit overpriced, in our opinion, despite being a bit larger. While the Lefferts Avenue house was probably at one point on a par with the Midwood house, it appears to have had a tougher life. Luckily, some redeeming original elements survived and with some renovation CPR this could still be a very nice place. But it deserves a discount to the Midwood house of more than $46,000, we suspect. Agree? It would be helpful to know what the contract price was for 242 Lefferts Avenue just down the block.
250 Lefferts Avenue [Aguayo & Huebener] GMAP P*Shark
Hey, Anon 9:36, I certainly hope you’re right about the future of this neighborhood. Of course there are many nice things about Park Slope, but I MUCH prefer Fort Greene (apart from the menace of Ratnerville — that’s one more thing I like about PLG — we’re far enough away from that looming disaster)! And of course I want to live in a “gentrified” neighobrhood, the question is, in what way will that gentrification proceed? And I still think this house is overpriced, in terms of location (not all that close to the park — just one block over would make a difference) and, especially, the quality of the “renovations.”
Of course they are including the English Basement in the listing, because it’s quite usable space!
I can understand the sympathy towards things that are lost when a neighborhood gentrifies. People will inevitably be displaced, including many renters who will be forced to buy elsewhere by the time they save up enough money to buy a house.
I don’t think this house is overpriced. If you don’t want to live in a gentrifying neighborhood, you should leave PLG promptly, because it’s pretty clear the way that things are going. Fortunately, PLG is gentrifying in a multi-racial manner, like Fort Greene. But this is the big city, and the most desirable places become the most expensive quickly. So it may not become Park Slope per se, but it will most definitely gentrify. And Park Slope is not all bad. It still has a wonderful food co-op and interesting stores and restaurants
I don’t mean to be putting forth a politcal agenda, but I think this house is wildly overpriced for this neighborhood – in which I live and which I like very much – as it is now. Obviously it is changing, and the question is, into what? And if one were to buy this place at ask, with 10% down, mortgage payments would be approx. $4875/mo. at 6.25% for 30 years — really the maximum you could get for that upstairs would be $2000/mo. (and that is way over current market), so for $2875 you could have the downstairs. There’s a lot fo gentrification already built into that price.
As a real estate agent, obviously I am concerned with getting my clients the best price for their property, but allowing and/or encouraging a deluded client to ask an unrealistic price is not service.
As a person, I am concerned about the future of my neighborhood — and as I’ve said before, if I wanted to live in Park Slope, I’d move there — even if it meant waiting for a miniscule studio.
In terms of square footage, I rent in a house just like this one — they absolutely must be including the English basement in the square footage calculation — figure 1000 sq. ft./floor — there are only two floors, plus the basement, which is often rented out in these, although they are mostly 2 family houses per the C of O.
ImNotYourDaddy,
I’ve seen the Sq.Ft.figures on propertyshark, but I think there’s an error–they must be counting the “English basement” on the Lefferts Ave. house, but not on the Midwood St. one. The Lefferts Ave. house IS slightly larger, but it’s only 5′ deeper and the same width.
Anon 1:26
Check out property shark. They list this place at 3192 sq ft. Midwood is only 1800…. do the math
I think Brownstoner hates flippers because he was reared in a dismal Brooklyn ghetto and never graduated high school.
12:59pm is so right.
Why is it Brownstoner, you are always derisive of “flippers” as you call them? I thought the point of your whole blog was to support and inform people who are saving and renovating old houses, and encourage more people to do that. Tell me then, what on earth is the motivation for anybody to spend so much money and hard work and time renovating an old house, if they aren’t going to make their money back? Or even make a profit? (the horror)
I’m not saying this particular house is a case where the seller is just trying to get his money back, because it does look like a quick cheap reno not a pricey reno, but I had to chime in with 12:59pm and say that I too have noticed many many times from Brownstoner a very unfair, needless, baseless bashing of anybody who managed to pick up a property for a bargain then turn it around and sell it. This is a capitalist free market last we checked. Please explain your position and what’s behind your hatred of flipping real estate as a general concept or practice.
$879K for a Brooklyn townhouse that’s a couple of blocks from Prospect Park does not represent a “crazy run up of prices” no matter how you slice it. It’s a total bargain, and in no way implies that PLG is on its way to becoming Park Slope. You should reserve that comment for when townhomes cost $2,000,000.
Babs, I’m surprised that a broker like you would allow her political agenda to obscure her otherwise on-point judgment and reasoning abilities. Come back down to earth – we liked you before!