Sunday, June 2, 2013

Breaking Records in Lefferts: 36 Rutland Road

We told you the $1.8M's are coming to Lefferts Garden.  Brownstoner was quick to report when 36 Rutland Road went in contract for a record-breaking $1.85M.  They jump the gun on these sometimes, but the broker confirmed this one.  When you list for $2.1M in Lefferts, you'd better be able to back it up.  36 Rutland came correct with totally maintained details.  We checked out the first open house the same day a record-breaker in Bed-Stuy was fielding offers.  The pictures don't even do it justice...

This is a solid look at a full-sized four-story bow-front on a great block.  Sure, prices are up at least 20% in Lefferts in just the past year, and it's still a relative value compared to what else is out there.  Kitchen & bath tastes will vary...

But with a double-wide 40' lot with a driveway & garage, this house has what that high-end single-family buyer is looking for.  The initial sticker-shock lingers, but the flagship property in the next-best neighbs trades at these levels.  A year ago you could've gotten 4-stories (not nearly as stunning) for less than this in prime Prospect Heights at 159 Underhill Avenue.  And nowadays even less house over there wants more at 108 Underhill Avenue.  A house like 36 Rutland is probably pushing $3M these days if it's in Prospect Heights, or even more in Park Slope or BoCoCa.  That's why it's relatively easy to break records on the top houses in Bed-Stuy, Crown Heights, and Lefferts under $2M.  Big numbers for sure, but they're all relative.  Can't wait to see the next move on this block.

Pro's:  huge mansion with driveway & original details on a great block, one of the top single-family looks around, can really max it out with a few updates

Con's:  pricepoint will shock, not everyone's ready for Lefferts, interior is not everyone's taste, no rental income

Ideally:  where's a better single-fam rowhouse with a driveway within 2 miles of here for this price?

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