Whoa. A Deal.

This house is possibly the best deal in Lefferts Manor presently.  At $765K, it's either a great buy or comes with some major catches.

Is it haunted?

Anyone have the scoop?

Comments

[Bob Marvin]

Here's a larger house on the same block that also seems to need "TLC." It's more expensive, but maybe not on a price/sq. ft. basis:

http://realestate.nytimes.com/sales/detail/376-206

[mcwoof]

Hi,

I live across the street and it used to be more than a million a few months ago,I think listed by the century 21 office on 5th ave in brooklyn.I also looked at it over a year ago(I think that was when it was 1st listed, with a local broker whose name I don't remember) when I was looking at houses in the neighbourhood and it needed a lot of work then,but I think someone bought it and fixed it up in the meantime with the intention of reselling it,but I'm not sure.If that's the case,the work done is probably not so good,but who knows.I hope someone buys it and gets a good deal and has a little left over to make it their home.I was also in the house Bob mentioned(I believe it's 190 lincoln) about a year ago and it also needed work and I think I saw people fixing it up earlier this year.Both have details but in the bigger house(190?) they're more intact if that's important.Good luck to anyone looking at these places

Mike

[jd]

Unfortunately (from a seller's perspective that is) prices seem to be dropping again. Most listings are sitting on the market or selling for well under asking price. PLG seems to always be one of the first areas to get hit as the market changes. Why is that?

[dt]

JD, I'm not seeing what you describe. Several houses is the neigborhood have sold this summer for close, or above, their asking prices. I know of one on Rutland 2 that sold right away. A house on Midwood 1 sold in a week for a record price (1.665), and another on Midwood 2 sold for above their ask after sitting on the market for the spring. Both houses on Maple are in contract, as well. It could be that you are pricing yours too high, as all these houses moved this summer.

The two story houses are going in the 925 range; three story houses in very good shape are going for 1.2-1.3; four story houses range from 1.2-1.6+ (depending on the condition and finishes).

[dt]

BTW, the houses discussed above need huge renovations that will cost well above $200K. This, IMO, is why they are not moving. It's harder to find buyers who are willing to take on the unknowns of a big renovation.

[jd]

I'm not selling, I was just thinking of the seller's perspective. Perhaps I'm wrong but I think the sales you, dt, mention were all Spring and early Summer, when the local market was definitely hot. It seems to me that since July/August there has been a shift downward in the market and that those houses that didn't sell before that are now sitting. And I have heard of a few that sold well under asking. Part of the problem has to do with some extremely overpriced houses--the 2 story on Lincoln for 1.1, the unrenovated 4 story on Midwood for 1.5--which are sitting for good reason.

[jd]

Also, I meant to say that the ranges you give seem on-target to me. Though it should be noted that you're talking about brownstones. The lovely 3 story brick on Midwood I sold for under the asking of 999K, or so I heard.

[bknite]

the ranges given above are off-target. some 3-story houses have sold close to 1.4 and 1.5. in fact the 3-story lime midwood I was the buzz when it made the $M+ mark if i recall correctly. also i know of some 2-story houses of designer quality on rutland II and maple II that could easily get in the 1.2 range. i think it's all about the reno.

[jd]

I was refering to the 3 story brick on Midwood I, not the limestones. And unless I missed them, the 3 story homes that sold in the 1.3- 1.4 range were all sold about a year ago, or at least 6 months ago. I was really just talking about recent activity.

[dt]

JD, The house on Midwood 2 went into contract in July, as did the two houses on Maple. The house on Rutland 2 may have been as early as June.

bknite, I don't know of any three story houses like the one on Rutland (garden, parlor and top floor) that have gone for more than 1.3. Maybe you know of some that I don't. The modern remo on Midwood 1 (52) was a four story.

[babs]

Had this seller listed the house with a major firm long ago it would have been sold by now, instead of sitting on Craigslist. It's still with Century 21 Achievers, which simply doesn't have the marketing resources or connections of the big firms. A seller who goes with a small-time company in hopes of saving a few thousand off the commission is biting of his or her nose to spite his/her face.

[bknite]

but what about the three story house at Rutland and Bedford which is laid out differently? parlor dining and kitchen on first level and bedrooms on the upper two floors. it also has an english basement. didn't that one sell recently for around 1.4?

[jd]

How does one explain the BHS, Corcoran, and A&H listings that have been sitting on the market?

The 3 story at the corner of Rutland and Bedford, which was extra wide and extra deep with a garage, sold for just over 1.3 (down from the 1.6 asking).

It is hard to set ranges, especially for 3 story homes--the limestones sell for more than the brownstones, which sell for more than the bricks (such as the one on Midwood I that sold for under 1M recently). Even within the 3 story bricks, there are multiple eras and styles, and they sell for different price ranges.

[dt]

Bknite, It could have sold for that much, but I see that house as pretty unique. My 3 story estimate is based on the more typical three story houses on Midwood and Rutland 2.

[j]

jd,

Just curious...which one on Midwood I sold for under 1M recently?

[jd]

J-One of the nice three story bricks toward Bedford, with a bay window and a shared driveway and private garage (south side of street). It looked very nice, good details and great layout. Kitchen needed work, but I believe the mechanicals had all been updated. It was listed last winter at 999K, then was taken off the market. It came back on the market in early spring at 1.2M, then after a few months was dropped to 999K. It sat for another few months and then was sold. I heard that it sold for under the asking price.

I was surprised since it was very attractive, had a great location, and is one of the larger of the 3 story bricks (a full third floor, wheareas most have a 1/2 floor). It appeared to be in good shape, and while the kitchen was not updated it was liveable. Perhaps there were problems with it that I didn't see...

[j]

jd,

You will be pleased to know that the house to which you refer actually just sold for well above $999k.

Nearly 15% above, and with multiple bids (unsuccessfully) seeking another round to go higher, as a matter of fact.

It closed for $1,147,500 on August 22, and all the while had 3 other bidders exerting heavy pressure (on the selling agent and her superiors) to re-open the bidding when they were significantly outbid and thusly locked out (by terms of much higher bid) in the initial round.

Some details about it on Streeteasy.com:
http://www.streeteasy.com/nyc/sale/86153-townhouse-109-midwood-street-prospect-heights-brooklyn

At least in this case (the case you mentioned), there is still recent, firm demand for homes in LM.

[Buffy]

J,

I saw the Midwood I house when it was on the market and almost made an offer until we heard it had multiple bids over asking. It's a nice house and showed okay considering there was not one pretty thing in it. And it needed everything: windows, new kitchen, new bathrooms, basement and mechanicals.

[anonymous]

I saw this house back in June or July, when the asking was 999k, I think. There are no functioning kitchens and baths in the whole house. There had been some renovations, which was apparently why the kitchen and baths had been gutted, but I was offended by the million dollar pricetag on a house without a flushing toilet! I have rung Century 21, and the house remains in the same condition. The price now is much more reasonable. If you can afford a one family house, this would be a smart buy.

[Buffy]

Wow, $1,147,500!! Thanks for clarifying things J. This all makes perfect sense now because as I said in my previous comment, I heard there were multiple offers on referenced house (brick Midwood I)which is very charming...I fell in love with its sleekness and clean lines. It does require some TLC though.

[j]

Buffy,

As for the Midwood I house, yep, many of the mechanicals, roof, etc. were clearly at the end of their natural lifespans and in need of immediate (or at least near-term) replacement.

Demand was probably for the space, original details (albeit in need of a little TLC), garage/driveway and overall location.

I guess all this probably speaks to the questions above about recent demand, even for a place that isn't a fully luxe restoration.

But those (luxury reno) places are usually upward of $1.5MM for same size, garage etc, right?

[jd]

J-thanks for the info, I didn't know that. Clearly a case where listing the house high (1.2) was a mistake and listing it low worked out well for the sellers. 1.15M seems like a more reasonable price for a large home with a garage on one of the best blocks in LM.

But I am confused by Buffy's comments, since as I recall the house was in good shape. The kitchen and baths were 'tired' but not too bad at all. And I was pretty sure that the mechanicals were all new. My recollection was that the house was 'move-in.'

[jeffrey]

Hi all. Midwood I house new owner/neighbor here.

"j" above was my brother, hence some of the more private details. Thanks so much to him for spilling the beans (Grrrreat, hah).

jd: Yes, from an aesthetic standpoint, the place was in move-in condition with lots of details and charm (in our humble opinion) and we totally fell in love with it.

Mechanicals-wise, dated kitchen etc., there are plenty of things that need to be done with the place (some pretty immediately), but we inherited it from a family that took great care to bring it to its current state in recent years and we look forward to the privilege of plugging in and picking up where they left off and continuing to restore it over time.

Also looking forward to meeting other folks in the neighborhood, as well.

Thanks...

[dt]

I think people may be talking about two different houses here. There was one house that needed alot of work, which was across the street from the other.

I think the trap people fall into is pricing houses that need alot of work the same as updated houses. A finished house in this neigborhood usually does well.

[bknite]

dt,

i think you're right, but i wasn't aware of another house across the street from the midwood I house that was up for sale. anyway, the sales price of the Midwood I house seems about right because as "Jeffrey" the new owner noted, there's still plenty of work to be done. and improvements like new roof, new kitchen, baths can all add up.

so DT, i'm with you 100%. a finished house always does better in PLG.

Jeffrey, nice move. welcome to the neighborhood!