Friday, November 29, 2013

"Outer" Brooklyn Keeping Pace: 168 Midwood Street

Going just outside the top 5 brownstone Brooklyn neighborhoods was still a new idea as recently as a year ago.  But today, with top-notch 4-story houses for $1.8M popping up all over "outer" neighborhoods like Prospect Lefferts Garden, is it any surprise to see the next-best 3-story fetch its asking price of $1.775M?

168 Midwood Street had wood details for days, upgraded kitchen and bath, and lasted just 3 weeks on the market...

If you wanted to know how hot this market's gotten since last year, note this house was listed a few times prior for $1.25M in 2009 & 2010, it sold in April 2012 for $1.176M, and now closes last month for $1.775M.  Up 50% in 18 months?  Not too shabby for a fawncy single-family with no rental income.  Platinum Members passed on a 4-story off-market gem even lower than this, but without the updates.   And there are some comps even higher than this on their way that have been simmering for a while.

Pro's:  1899 Romanesque Revival, totally historic details with updated kitchen & bath, still beats a condo

Con's:  2013 prices, didn't last long, one-family doesn't bring that rental income, is this the new 3-story pricing?

Ideally:  makes a few of the under marketed plays over here look even more interesting

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