How much would you pay for a completely rundown townhouse in the heart of the Fort Greene Historic District? This home, at 183 Lafayette Avenue, is a three-story wood frame that is likely one of the older buildings in the neighborhood. Its age is apparent from the facade, with its peeling yellow paint. Inside, the story is even worse, with an interior that demands a pretty significant renovation. And yet, the asking price comes in at a hefty $1.995 million. Is the Brooklyn market so hot that this crumbling home could actually fetch this price?
There are some interior details that have survived past the wreckage. Every story of the home still has its plank parquet flooring, although it’ll need to be significantly repaired and polished up. There are also marble and wood fireplace mantles, but as you can see in the photo above, not all of them have made it. The original staircase is still in place, as well as the wood and plaster detailing on the walls and moldings.
As the listing says, this place is in “need of a full renovation” that would best be done by a buyer “ready to restore it to its original historic beauty.” This home does have the potential to be a gem again, but it is going to take a lot of work and money.
Of course, we’d be remiss not to discuss the $2 million price tag. Stats released by Douglas Elliman this month show that Brooklyn sales prices have reached an all-time high in their average—Brooklyn is now $788,529, with a median sales price of $605,000. Corcoran also released data this month noting that over 1,300 properties sold in Brooklyn in the second quarter, making this the second highest quarterly sales total in the last four years. So…is that $2 million price still sounding crazy, or is the market just crazy enough to support it?
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Images courtesy of Brown Harris Stevens
Neighborhoods : Fort Greene