Midwood Victorian: One Year and 35% Later
What a difference a year (and a well-manicured lawn) can make. Last April we remarked upon the speed at which (one day) this charming Midwood Victorian sold last year for $20,000 over the asking price. That was then, when it was priced at $1 million. Now it’s back on the market asking $1.375 million. It…
What a difference a year (and a well-manicured lawn) can make. Last April we remarked upon the speed at which (one day) this charming Midwood Victorian sold last year for $20,000 over the asking price. That was then, when it was priced at $1 million. Now it’s back on the market asking $1.375 million. It looks like it could have had a tune up and there’s plenty of hyperbolic language in the listing to that effect (“XXX mint”), so presumably part of the price increase reflects that. Somehow we doubt there was $350,000 of work done. Sure is a beaut though. All you gawkers can take a gander from 12 to 2 on Sunday. While you’re at it, check out this house just down the block.
636 East 19th Street [Corcoran] GMAP P*Shark
Bidding War in Midwood [Brownstoner]
anon 11:40-
Sorry to step on your toes- didn’t notice that you had linked in your earlier post to Brooklyn Props East 18th street house that I referenced in my post. Enjoy the open house.
pk
As a follow-up to pk 12:59, love the house in the link you sent ( http://www.brooklynproperties.com/house85.htm) ! Looks like one bathroom is original from what I can see – claw foor tub & stained glass window! And I can understand why you are so enamored with the exterior – it sure is a beauty!
12:57 — sorry, “justify”? “want to give them a windfall”? Buying a house is not a moral decision. Nobody wants to give anybody a windfall. You want the house, and if the price is worth it, compared with the rest of the market, you pay it. Or you don’t buy anything. But you don’t look at what the person spent on it and decide if they’re justly entitled to it.
Just as you wouldn’t kick in an extra $100K because you thought the seller was a good hardworking person who deserved more than they were asking.
Also for comparison, check out this house just around the corner (nearly back with this one in fact) on East 18th street. Open House Sunday. I LOVE this house- live down the street and have total exterior envy. Interior is pretty sweet as well. Minus bathrooms and kitchen, all original detail is pretty much intact.
http://www.brooklynproperties.com/house85.htm
Will – the market has appreciated a lot thanks to low interest rates and easy credit, but the question is whether that’s real and sustainable or just b.s. You also have to wonder what work people put into it to justify the increase. It’s less of an increase in asking than what has been seen in other places, though, and some people do put a lot of money into their places. It’s possible they did a lot of work, but if they didn’t, why would you want to give them a windfall?
According to property shark, this place (see link) was bought in 2004 for $579,000, and 2 years later it’s being sold for $859,000, which is about 50% more, so maybe the market has just generally appreciated that much.
http://propshark.com/mason/Reports/showsection.html?propkey=192739
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My wife and I looked at the house a few weeks ago. I believe the owners are relocating (unexpectedly) so I’m not sure I’d call them flippers as the term has come to be used. The house is very nice on the inside, new windows throughout, new kitchen, new heating and air conditioning system, but a lot of the old charm remains. We went back to our house (we’re taking the five year renovation approach) thinking how nice it would be not to have to fix things all the time.
house is gorgeous…
A while ago there was a post by someone looking for a house (maybe in PLG?) bemoaning the fact that, thanks to flippers, you couldn’t find a fixer-upper anymore. the 11:35 and 11:40 posts seem to belie that, at least in this neighborhood. As with anything else in the world, you pay for convenience — a lot.
The seller may not have put $350K into this house, but if you want to move into a home that’s totally sweat-free, you have a lot less justification to complain about high prices.