Condo of the Day: 153 Lincoln Place, #3C
It looks like most of the units at 153 Lincoln Place—the former bordello in Park Slope—are now spoken for: Seven have closed, one is on contract and two are still for sale. One of the apartments that’s still available, Unit 3C, has had its asking price cut twice in the last three months, bringing it…
It looks like most of the units at 153 Lincoln Place—the former bordello in Park Slope—are now spoken for: Seven have closed, one is on contract and two are still for sale. One of the apartments that’s still available, Unit 3C, has had its asking price cut twice in the last three months, bringing it to $999,000 from an initial $1,245,000. It has a lot of space—1,388 square feet—so we suspect the problem has been the untraditional layout. Or maybe, to beat a familiar drum, it’s the lack of original details inside a historic shell. Thoughts?
153 Lincoln Place, #3C [Corcoran] GMAP P*Shark
11217, taxes on shithole houses on LI are over 20k a year.
“Property ownership is not supposed to be a tax shelter.”
That’s funny, t6. It’s about the last one left for the middle class, and certainly a contributor to the housing bubble. Don’t you know that? And by raising RE taxes, which are deductible, you are making it a bigger one.
But I didn’t make an argument, I asked a question that you ignored. Since you feel so strongly about it, I am asking you again, how much revenue would be raised by bringing up single family home tax rates to that of multi-family housing? I suspect it would be but a rounding error in the city budget. I could be wrong, but I’m curious.
As far as the board of ed, if the money was dumped into that hellhole, I’d surely like to know it was going to something that actually raised achievement levels and benefited children, not just getting sucked up by inflated teacher salaries and the UFT.
ya arkady – perhaps. and don’t kid yourself ps 321 is an exception, not the rule and is a BIG fact why park slope prices are where they’re at
Also question…wouldn’t a house of similar cost in New Jersey be at least twice this place on taxes…maybe even closer to 3 times…?
Just as a point of reference, this building DOES NOT fall into the coveted PS. 321 school district. It is in the also good, but much more diverse PS. 282, if I’m not mistaken.
So either these people who bought:
A. Value Diversity
B. Will be sending their kids to private school despite the very high taxes
C. Have no kids
D. Something I’m forgetting
I know 321 is not typical but certainly the kids there are getting a better education than the children of friends of mine in the ‘burbs – even high-tax areas in Westchester & NJ that have excellent reputations.
quote:
And yes – i realize a ton of u brownstone breeders have kids and they are experiencing diversity and learning street smarts etc etc.
i lol at that conjecture. yes they live in brooklyn to celebrate diversity, yet uhhhhh won’t send their kids to THAT schoool… you know what i mean.. learning street smarts? um NOT. they all have like nannies until their 15 lol.
good point about schools getting better more families would want to move here. i didnt think about that at all. eeeks!
*rob*
Denton — that is a REALLY weak argument. What does “doubling” have to do with anything? I’m talking about applying a fair, equitable and PREDICTABLE property tax scheme to NYC properties.
I think in many cases, it’s not an issue of doubling. If we use today’s examples, it’s a matter of QUADRUPLING the tax liability of the brownstone. And probably there are cases where it should be 8 or 10 times…
It should be done made effective at the time of sale to a non-immediate family member… and/or change or C of O. Simple as that.
House is being taxed based on it’s worth of $43,000 in 1965 with annual increases… it’s sold for $2.6 million in 2009. The taxes should SKYROCKET.
Would this affect selling prices? I SURE AS FUCK HOPE SO! Property ownership is not supposed to be a tax shelter.
If they raised the property tax – and put that excess money into the NYC school system – wouldn’t that ultimately raise real estate prices?
Sure – it would suck at first but there are soooo many people who moved out to the suburbs because they feel city schools are not acceptable for their children (and sorry – suburban public schools are superior to city schools) – but if public schools in NYC got better, you’d have a whole lot more people consider staying in the city to raise their kids
I’m no banker or hedge fund manager – but when you hold supply constant and increse demand, don’t prices increase?
And yes – i realize a ton of u brownstone breeders have kids and they are experiencing diversity and learning street smarts etc etc.