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
50% of 9 houses go to local residents. The idea makes sense of apartments, but not for a small number of houses.
I fall below the income requirements, but what would happen if someone moved in with me? (married or not)
The only affordable single-family is nowhere near a subway.
10:28 People who serve coffee for a living can’t afford to buy a 600,000 house.
You sound like a moron. I’d like to live in Beverly Hills where is my kick start? People make choices about where to live based on their budget. Its a fact of life.
“If you can’t afford the city, move to PA.”
I agree with Gentrification Sensation. Not to mention, who is going to teach your kids, what an ignorant statement. My husband and I are both teachers and love our jobs and make less than 160k.
If I have a million in the bank but my income is 100k, do I qualify?
I agree with 10:41–a $600,000 gut renovation seems way out of reach for a $160K or less salary. Or maybe I am just conservative fiscally. But the very idea of someone at that salary spending that much helps me understand who is buying all these expensive properties–people who in my view must be way overextended!
My question is how can a family, even one making 160K, afford a 600K home, especially with only 5% down?? This seems like a ridiculous proposition, especially if property taxes increase. There are numerous expenses (maintenance, insurance, closing costs) that accompany owning a home and these income restrictions seem silly considering that in reality a 320K salary is really what it takes to finance a 600K home and its upkeep. Why not sell the homes at market rate and use the proceeds to fund multifamily building rehab like FAC?
Kaiser is completely right. The big hole in NYC housing is for people who are in between the market and the subsidies. If I didn’t just move into a condo (and extending myself to the limit to do so, as I wanted a house but could not qualify for the programs or afford the market), I would be all over this.
Only in new york.
A lottery for rich people.
Who can justify living in one of those entire single families? if they have 150k in income (the cut-off) and are shivering in the cold, then they need to consider moving to jersey or along the LIRR.
If one of us (rich blog readers) win, can we rent it out? can we resell and spend the profit at urban outfitters?