Steal This House! PACC Home Raffle Open Now
We’ve given the Pratt Area Community Council a lot of grief for tearing down the old brownstone on Washington Avenue and replacing it with a hulking new apartment building and we continue to wince whenever we look down the block. But it’s important to remember that the group does have a long history of restoring…
We’ve given the Pratt Area Community Council a lot of grief for tearing down the old brownstone on Washington Avenue and replacing it with a hulking new apartment building and we continue to wince whenever we look down the block. But it’s important to remember that the group does have a long history of restoring houses that have been abandoned and/or neglected. The group just started taking applications on the latest batch of homes — nine in all — that it has fixed up. The big prize, as far as we can tell, is 435 Waverly Avenue (shown here in its realier condition). Some lucky person (who makes less than $161,817) is going to walk away with this place for the low, low price of $600,000! Granted it’s only a 15-footer and it’s gotta be all new construction on the interior, but that’s a huge score no matter how you slice it.
Affordable Homes for Sale [PACC]
Photo by Sarah Westcott for Property Shark
“Also assuming the minimum downpayment of 5%, the mortgage, plus taxes (not even taking into account insurance and paying for repair/maintenance) comes to roughly 4K a mo.”
what about the mortgage interest tax deduction? after tax, the mortage and prop taxes are much less than $4K.
All those descendents of bigoted grandparents who ran from NYC because a few black and brown people moved in “their” neighborhood are reclaiming their rights!!
Re:Anonymous 3:18 PM
I’d love to have 4,666 a month to spend on expenses. Might have to skip eating out regularly in the Meatpacking district, still lots of local places though.
You know if Brownstoner didn’t post a photo of a boarded up building and say
435 Waverly Avenue (shown here in its realier condition). Then people would not
be so confused. Reading it again, it’s a typo for earlier, but a quick read
and it say real, and combined with the photo, it look like all you get is a boarded up shell.
I think that if you make just below the maximum and can afford to put down closer to 10 or even a bit more than 10% down, then the house DEFINITELY becomes affordable. I just selfishly wish the house were reserved for people who already have families, instead of a single person earning $160K without dependents. In such a case, I think that person probably doesn’t need the help as much as a family with a combined income that’s less than $160K. Just my two cents.
Great program wish I can buy it.
I would never move to LI there’s too much cancer from homes built on toxic waste lands. That’s why the homes are so affordable. The comute sucks big time.
Besides all the old timers that ran to LI in the 60’s are sending thier grandkids back to reclaim brownstone brooklyn 😉
I agree with you about the severe shortage of moderately priced homes for the middle class. I was saying that in this particular case, if someone with a 160k income want to buy that house, it can be done and I don’t think it would be foolish.
I suspect many people who spend that much on housing don’t save enough for retirement or otherwise.
If people were doing “just fine,” there wouldn’t be such an enormous, overwhelming demand for middle-class housing. Just look at today’s NYT:
GARDEN CITY, Jan. 24 — In 2000, 60 percent of the homes sold on Long Island could be classified as “affordable†for families earning up to $100,000 a year, under the old rule of thumb that buyers should spend no more than 2.5 times their income on places to live.
Last year, according to a new report, just 2 percent of the houses sold on Long Island were in that range for families with such earnings, which make up more than 60 percent of Long Island households.