Investor Pulls Out Of Ditmas Park After It Can't Land Houses

After spending $1,055,000 on a Victorian at 777 Rugby Road in May 2013, the Australian financial advisory firm Dixon is leaving Ditmas Park because the company said it couldn’t purchase the approximately 20 homes it had aimed to buy, according to Brownstoner.

Brownstoner calls the sale “unexpected,” and Alan Dixon, the managing director and chief executive officer for Dixon Advisory USA, said:

We really love Ditmas Park and were hoping to pick up a good selection of houses, at least 20 plus in the area. Unfortunately, we were outbid on a large number of houses and were unsuccessful in getting any other houses in this location. As such, it is not efficient for our fund to keep just the one house in the area and we are best to look to sell it to the open market. We no longer think it is possible to get an economic size parcel of properties in the location so we want to sell this one.

Now, as Brownstoner reported, Halstead Property’s Ban Leow is selling the 777 Rugby Road home for $1,350,000. Other Rugby homes have topped the $2 million mark recently, including a home at 100 Rugby Road late last month. The neighborhood’s most expensive sale to date was the $2.2 million spent on the home at 145 Rugby Road.

Photos via Halstead Property.