House of the Day: 208 Midwood Street
Someone’s obviously put a great deal of care into the renovation of 208 Midwood Street, one of a row of 18 townhouses designed by the architect Benjamin Dreisler in 1910. Like many houses in Lefferts Manor, this one is chock-full of original architectural detail, including some lovely woodwork. The new kitchen, while perhaps a tad…
Someone’s obviously put a great deal of care into the renovation of 208 Midwood Street, one of a row of 18 townhouses designed by the architect Benjamin Dreisler in 1910. Like many houses in Lefferts Manor, this one is chock-full of original architectural detail, including some lovely woodwork. The new kitchen, while perhaps a tad severe for its setting, looks nicely done as well. The big question is whether a three-story house in the area, regardless of how nice it is, can fetch $1,150,000 in this market. If any can, this is probably the one.
208 Midwood Street [Brown Harris Stevens] GMAP P*Shark
I know Bette Cunningham and she rocks! But this discussion really isn’t about her, its about the house. Whether the house sells for 995K or 1.1, we have all been able to express our opinions and that is what this thread is for.
Pottedmum is probably Bette Cunningham or the owner of the house. On urbandigs dot com, the mortgage man (who is a regular blogger there) says that he is quoting a rate of 8% for a jumbo.
As I said before, I think it will go for 990K or maybe 999K to avoid the mansion tax. Paying 1.05 just doesn’t make sense. Why would a buyer pay an extra 50K just to ensure a mansion tax? But then again, I’m not bidding on this house, so time will tell.
Pottedmum
Is your name Bette Cunningham? You’ve had no activity prior to this house of the day
Look, I just walked into Bank of America and their mortgage rate was 7.125% and the APR even higher with no points. I didn’t check into the pricing but I don’t think that was for a jumbo conventional or a nonconventional jumbo. Plain and simple, it’s freaking hard to get a mortgage now. So supply and demand rules… How many people are sitting on a ton of cash and who feel like buying a house?
Not many….
Unfortunately I have to sell my house because of a relo. The damn thing was worth 1.2 million last year. I would be happy to walk away with 900K right now..
I certainly never suggested that this house would sell for 900K–I think 1.05 is about right. Although that depends on what happens with the economy in the next few months.
However, I don’t think that comps of 4 story houses matter much when discussing a 2 story. Also, if a 4 story in need of renovation sold for 1.2, then I wouldn’t pay more than 1M for a mint 2 sotry. It is literally half the size! And the 4 story on Rutland that sold for 1.425 was a really amazing house–much nicer than your average.
The 1.06 and 975 aren’t the only available comps for this house. There are other comps like a 4-story on Rutland that sold in the 1.4’s and I believe it needed some updates. And then there was another 4-story on Midwood that required a huge renovation but still fetched 1.2. Also, a 3-story on Midwood which was a complete wreck traded recently for over a million.
I think any buyer who believes they can get this house for only 900k will be very surprised because I predict this house will have multiple offers. So keep sitting on the fence but don’t expect to be there very long…..
I am really that unclear in my comments or do people just not read the comments before they attack them?
dt, not I am certainly NOT calling the 2 story in need of major work a comp for this house. I thought I was clear that I was responding to the comment “a similar unrenovated home on this block fetched $975 recently which seems to be the going rate for 2-story homes in Lefferts Manor needing extensive work.” The house asking in the 800’s is a comp for the one that sold for 975K, and contradicts the statement that 975K is the rate for 2 story homes needing “extensive work.”
I also clearly stated that the best comp for this house is the one that sold for 1.06M.
shillstoner,There is a house in need of a total gut renovation asking in the 800’s. Are you actually calling that a comparable to this?
Personally, I don’t see how comparables from a few months ago (i.e. 1.06) have much to do with the current state of the market.
If the buyers are not desperate and smart, they will look at the comparables and take at least 15% off. Again, this is a personal opinion, but home prices will be a lot lower a year from now, so sellers should wise up now if they have eligible buyers before it is too late.
As a buyer that has plenty of time to sit on the fence, I am very interested to see how much this house fetches in this market.
It’s a 2 story, not a three story.
As far as comps go, there was also the 2 story on this block (or Maple?) asking in the 800’s. So I wouldn’t say that 975K is the “going price” for 2 stories just because one sold for that much.
Whether you prefer this style or not, this is exactly like the house that recently sold for 1.06. So this could sell for that much–if the market holds.