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
Yes but this is New York City, many people are speding a large proportion of income on housing, and are doing just fine. Everyone has different priorities and a different budget. As long as you can pay your mortgage and your bills, enjoy life, and save for retirement, why would someone necessarily be a fool to do it?
Anyone that thinks they should spend 50% of their take home on housing is a fool.
3:18 – After paying housing expenses you would have $4000/month left in your pocket to live with. Not bad at all if you ask me.
“1:10 – The formulas i used are supposed to be based on gross income, not net.
Believe it or not, The numbers in this program for affordability work. Granted, you can’t live the high life – but when you buy a home for the first time you have to cut back on the luxuries.”
LUXURIES? You mean like buying food and going out at night? Assuming a buyer actually makes the max of 160K gross, the after-tax income is roughly $8,666 a mo. 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. In this scenario, housing costs are roughly 50% of take-home income…any economist would tell you that being HOUSE POOR is foolish. Please demonstrate, 1:28, how these numbers actually work using the assumptions given…?
Waverly will not be in the shadow of AY. Is it close enough for concern? The only potential issue could be increased traffic, like the rest of the area, though I’m not sure why someone would use Waverly as a shortcut – but I guess it’s possible.
That Waverly house looks like a good deal, I agree, but isn’t it going to be in the “shadow of Atlantic Yards”, and dealing with construction for the next 1,309 years? Or at least close enough that it’s a concern?
What are you talking about 2:16pm? All the info you need is in the story itself.
“latest batch of homes … that it has fixed up.”
“all new construction on the interior”
Sounds like someone needs reading comprehension classes.
There is something funky going on with the posts that are displayed.
I see comments appearing before I posted (that were not there when I posted).
I’m sure others are having the same issue, and that’s why stuff that has already
been posted (like that the house is/will be renovated) was not visible when we made posts.
*confused*
Yeah, guys, it might help to actually read the announcement before you get up in arms.
From what I can tell, they are selling them below market price, but they still want to make sure that the people buying are qualified buyers. That’s why Waverly income cutoff is 160k- they want to be sure that applicants can handle the mortgage.