371 Clinton Street Sells For Ask
This’ll probably show up on next week’s Biggest Sales list but seemed to merit an immediate post: 371 Clinton Street, the four-story, 15-foot wide Cobble Hill house that hit the market on March 2 and was featured as a House of the Day shortly thereafter, went into contract within three weeks and closed last week…
This’ll probably show up on next week’s Biggest Sales list but seemed to merit an immediate post: 371 Clinton Street, the four-story, 15-foot wide Cobble Hill house that hit the market on March 2 and was featured as a House of the Day shortly thereafter, went into contract within three weeks and closed last week for its asking price of $2,695,000. Pretty impressive!
371 Clinton Street [Brown Harris Stevens] GMAP P*Shark
adam dunhill is right about the new ‘urbanim’ although it’s unfortunate for people like me, born/bred brooklynites, who have to deal with suburbanite newbies who don’t have a clue about how to behave in the big bad city!
Adam – point taken – if you offset city tax vs property tax plus arguments re private schools costs for two children it is almost a wash. Actaully suburbs may still be cheaper. And if 25k property tax is an issue, buy a place for 500k less – still nice places available that just based on real estate can compete.
As you said it could all be the new urbanism, but I am nevertheless astonished by it. I am wondering at what prices in Brooklyn people will do the trade-off and move to the really nice suburbs again. 1k per sqf, 1.2k or 1.5k?
On the other side the Brooklyn Brownstone area compared to the vast suburbs surrounding it is relatively small. It doesn’t take a lot of extra demand to move the needle in Brooklyn.
Disclaimner: We considered buying in Westchester and decided for several reasons (urbanism?) to stay put in Brooklyn and buy a house here.
I agree totally with Adam. We are native NYC people; lived in Cobble Hill; moved to North Shore of LI (very pretty)(but Stepford Wives country); taxes were astronomical; too much driving and cars to take care of (although we did have a driveway); little or no interaction with neighbors and had to drive our three children hours each day after school for their activities and “play dates”. Besides, our school district was not the best as our surrounding areas, although our taxes were same and we wound up sending them to private school anyway. Thankfully, back in Brooklyn – kids love it; never want to go back.
it’s definitely the new urbanism angle. higher ppty outside of nyc is offset by no NYC income tax (ie someone who can afford 2.5M+ house is making mad money hence made nyc taxes saved if living outside of NYC).
dittoburg, Brooklyn Tech is around 60 percent Asian. Bronx Science, likewise. Good test-takers (including my kid who is Chinese and goes to Tech!).
“If you have any land in town like Bronxville, Scarsdale, Larchmont, Rye, etc.. you are going to pay through the nose in property taxes.”
You didn’t finish the sum Adam. If you are earning 500K in NYC (buying a 2.5 mill house) you are paying avout 20K just in NYC income tax which you don’t pay in Scarsdale etc. So the real comparison, if its just taxes we are considering, is city income tax plus city property tax as compared to just suburban property tax. In the end, not that different moneywise.
The difference is the cultural life and conveniences afforded by the city.
I’ve been back for a few days CGAR, although it took me 2 14 hour work days to catch up on all the emails and VMs.
“Having said that for 2.5m (or even 2m) one can get already quite a house (not mansion) in the tonier area of Westchester or Nassau. It still surprises me that parts of Brooklyn are this desirable compared to some options in the suburb.”
The comparison is the property taxes. A 2M house in Tony Westchester could have a 30k-40k annual tax bill. My parents live in a rather small house in Eastchester and they are around 16k in annual taxes on prob .25 acre. If you have any land in town like Bronxville, Scarsdale, Larchmont, Rye, etc.. you are going to pay through the nose in property taxes.
Similar house in Brooklyn could have $3,500 in property taxes but I really think it goes back to the new urbanism. People want to live in cities again. They want to be able to walk to restaurants and interact with people instead of being held captive in their houses and cars in suburbia.
Being a parent with two kids in private school in BK Heights, I have trouble understanding how someone would justify buying a $2.65mil house and not be able to send your children to private school. That equation doesn’t seem to add up, just downsize slightly to something in the $1.8mil range and have plenty of funds to secure a great education for your offspring.
the asian-white achievement gap.