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
This is my block, and I’ve followed this house’s story via neighborhood gossip — they did a crap, quickie renovation, and are now asking way too much money for the place.
But it seems like too many people are jumping to the conclusion that they can lure Manhattanites, both as renters and buyers, here and get them to pay crazy prices, because it still seems a steal compared to Manhattan prices (and/or because Manhattanites are clueless about Brooklyn).
My concerns is what a crazy run-up in prices will do to the character of my neighborhood, and where my neighbors (and I), who are good, hardworking members of the middle class, will live. Or are “nice” areas to be reserved only for the rich? I’m all for an improvement in services here and a decrease in certain elements (how many nail salons does one neighborhood need, exactly?), but not at the expense of turning into Park Slope and driving out my friends and neighbors.
“…These homes are undervalued. However, a cursory inspection of Property Shark appears to lead many amateurs to misinterpret comps….
…frankly, I wish I was so lucky to buy something that’s undervalued”.
This has long been the case here, way before PropertyShark.
I bought my house in the mid-70s from the nephew of an elderly women who was confined to a nursing home. He lived on eastern L.I. and seemed to be afraid to visit Brooklyn. His “research” seemed to be limited to asking the families on either side what they had paid. I also got the impression that the family was VERY wealthy and thought of the house’s value as “pocket change.” I bought my house for exactly 1/2 the price of another on the same block on which I had been negotiating.
I know–I said I wouldn’t post again on this thread–that’s why I’m signing this as
Anon.
ImNotYourDaddy – what makes you think this house has 1300 s.f. more than the Midwood house? If anything it is only marginally larger (like maybe 100 s.f.)
Regarding comps, a lot of houses in PLG also get transferred from one family member to another for a below market price.
In PLG, many homeowners or estates sell or transfer title to their homes at prices well below what the market would bear because they don’t know any better. These homes are undervalued. However, a cursory inspection of Property Shark appears to lead many amateurs to misinterpret comps.
But what’s all this anger at people who “flip” houses? I have never flipped a house, but frankly, I wish I was so lucky to buy something that’s undervalued. I don’t admire speculators (of the sort that existed in the Vegas or Florida condo market) because they artificially jacked up prices before demand even existed. It was like a pyramid scheme and the last ones to buy suffered when the bubble burst and they had to rent their units for below market because they wouldn’t sell.
But NYC is such a tight market (with high demand and low vacancies) that “flipping” is rare and can’t possibly artificially inflate prices. In fact, I’d go as far to say that if you can flip in NYC, you are both lucky and smart.
Why are Brownstoner and some others on this site so bitter towards those who flip? Are they upset because they didn’t get the biggest piece of cake? I know that it wouldn’t exactly thrill me if the homeowner from whom I bought made a huge profit. But then, I’m not thrilled that some kids are grow up rich and spoiled on the Upper East Side of Manhattan and attend private Ivy League universities while others are reared in dismal ghettos in Brooklyn and never graduate from high school. I’m also not thrilled I haven’t won the lottery. But hey – life isn’t fair.
I know we love accessing Property Shark, but how much does purchase and sale price really say, when PLG has a lot of older residents who have lived in the houses all their lives and their houses often need a lot of work and sell for under market value. Then later for a great deal more, after work is done.
That said, you do want to clearly see where the money was spent. It’s not showing in this case. But if most of the money was perhaps spent on updating mechanicals then that’s a case where this price would be worth it. Right? It would be worth it to me. Both times I’ve never managed to buy an old house where I only had to do fun cosmetic renovations because the mechanicals were brand new. Quite the opposite! Sadly.
I love Mr Brownstoner. Wonks are sexy!
Anyway, my labido aside…. I don’t think it’s really that over priced. It’s got 1300 sq ft more than the Midwood place! Come on people! You could friggin rollerskate in the livingroom! That’s got to count for something
I also noticed that a victorian(?) in LG on A&H listing along with the 250 Lefferts.
http://ahrlty.com/H-99A/H-99A.html
Has anyone seen it?
Yes, this is two 1,000 square foot apartments, each with 2 bedrooms. No owner’s duplex. And I agree that compared to other things on the market nearby, this is way overpriced.
Anon 4:20 – owner’s duplex? This is a 2 story house with a basement. And the basements on this block are pretty basementy (low ceilings, bulkhead doors to back yard, boiler, meters, water main, etc.)