Real Estate

Rugby Road Sale Joins Ditmas Park’s $2 Million-Plus Club

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100 rugby road house

A turn-of-the-century home at 100 Rugby Road just sold for $2.1 million – which, although it’s not the total record-breaker that CityRealty say it is, it’s definitely one of the most expensive sales in our neighborhood’s history.

The most expensive home sale was this house’s neighbor at 145 Rugby Road, which sold for $2.2 million last September – placing the 100 Rugby Road’s $2.1 million in a close second place. Had it sold at its original asking price of $2.275 million, it would have topped a string of top-dollars sales – including the $2 million Colonial revival at 114 Westminster Road and 1029-1035 Cortelyou Road, which sold for “well above the asking price” at $2 million following more than 20 all-cash offers. And another home, at 112 Marlborough, has been listed for $2,195,000.

The seven-bedroom, 3.5-bath home, which is 2,990 square feet and sits on a 6,000-square-foot lot, was built in 1900 by Dean Alvord, a developer who purchased 60 acres of farmland to construct what he called a “country in the city.” The Landmarks Commission’s Prospect Park South Historic District designation report described the home as “an exceptional wooden structure modeled after a picturesque rustic Swiss chalet.”

What do you think? Are these $2 million-plus home sales going to continue?

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4 COMMENTS

  1. As long as there are folks willing and able to pay for desirable homes in a desirable neighborhood, and assuming no new homes are being built, yes, the demand will outstrip supply and these prices will continue and may go higher.

  2. No doubt… and the ever-increasing income disparity means there will continue to be plenty of folks with more money than sense. This isn’t simple supply and demand. The housing prices in this city (not just our neighborhood) requires some serious suspension of reality for those participating in the marketplace.

    Meanwhile, long-term residents will sell for a massive windfall and move away and will be replaced by the 5% of the population than can afford it. Police will continue to live in the suburbs (maintaining that disconnect from the community we’ve grown to love) and school teachers will continue to have roommates into their 40s.

    Don’t get me wrong. I have no problem the notion of an expensive house. I would *never* expect a house like this to be in my grasp. HOWEVER, when idiots with deep pockets pay $2 million for a $1 million house, that makes the $500k houses become $950k houses, and the $150k ‘large studio’ apartments into $280k. The properties that should be accessible to the school teacher or the firefighter or the 30 year old professional becomes a pipe dream…

    I don’t have a solution to this downward spiral… but blind endorsement and cheer-leading is CLEARLY not part of the solution. (Though, the property owners aren’t really interested in a solution are they? Hmmm? Why would you be interested in a reasonable increase in property value, based on long-term ownership and investment in a community, when you can have a 200% increase in ‘value’ in 4-5 years!)

  3. You have a point, but why muddle your argument by calling people who can afford a 2 million dollar home idiots? Why is it ok do disrespect people who have money?

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