Finding a Town House for Less Than $1 Million
Newsflash! What’s the secret to finding a brownstone for under a million bucks? Looking in “overlooked neighborhoods” and being willing to take on a big renovation. In addition to Mott Haven in the Bronx and Sunnyside in Queens, Bedford Stuyvesant and Crown Heights are cited as the ripest spots in Brooklyn. No argument here. You…
Newsflash! What’s the secret to finding a brownstone for under a million bucks? Looking in “overlooked neighborhoods” and being willing to take on a big renovation. In addition to Mott Haven in the Bronx and Sunnyside in Queens, Bedford Stuyvesant and Crown Heights are cited as the ripest spots in Brooklyn. No argument here. You can still get a lovely brownstone in Bedford-Stuyvesant for well under $1 million, said Halstead’s William Ross (himself a brownstone owner, albeit in ritzier Cobble Hill). The market begins around $650,000 to $700,000 for a real four-story brownstone. Comment: Plus at least another $200,000 in renovation costs.
Finding a Town House for Under a Million [NY Times]
Photo by Chad Wilcomb
It’s crazy that those small Windsor Terrace townhouses can sell for a million bucks. Unless you really love walking, they’re a total rip off.
i am right between both nabes PS and WT. I love the amenities in PS. But I would rather live in WT (quiet, parking, diversity, less density). Hang out and party in other nabes but when I go home I need more of an oasis. anyway, everyone knows Northern BK real estate will soon only be reachable to the middle class. or people who pool their $ together.
Believe it or not, brownstone life is not all that desireable to about 99% of the NYC population. (obviously im one of the 1% since Im here) So being able to afford it or not is not an issue in the slightest. To say that someone who can’t afford a $1M home should move out is absurb.
And as has been mentioned, $1M still goes a long way provided you dont need to live in a brownstone in a hipster nabe.
Thank you Yente. Ipresume your 3:30 post refers to my earlier (I’m sure accidently)deleted post about how, withluck,one could find a well-maintained smaller (i.e.two story) house in Lefferts Manor, or the rest of the PLG Historic District, that would not need heavy renovation.
OTOH, maybe you were referring to the general levelof sanity I bring to this blog (he modestly observed). 🙂
There are lots of potential deals in south slope/greenwood heights and windsor terrace. In a way it’s kind of cool that these areas are off the radar, although i suspect that will change within the next few years.
Some frame houses are superior to some brownstones/limestones and are even on better, friendlier, safer, leafier blocks, but most people can’t “see the forest…” Their loss…
It seems that, as others have said, the Times writer talked to one realtor and then asked her friends what they bought and how much their renovations cost.
I’m also a Windsor Terrace fan (and resident), specifically the area surrounding the Ft. Hamilton subway stop. Townhouses are selling around here for between 699k and 1 million. A million gets you a wonderfully renovated townhouse while 699k gets you a fixer upper. Nothing wrong with that. Some much less and the trade off is a 5 minute walk to WT prime (PPW) and 10 mins to the slope..if you choose to take a bus or train call it 5 mins to the slope. Buy a fixer upper, and all your hard work and money is returned should you decide to sell. I can’t say the same for the slope given the high cost of purchase.
useless, ill-informed, article.
Didn’t read the article but I’m suprised that there’s no mention in the comments about the possibility of prices continuously dropping nationwide over the next couple of years. Not guaranteed to happen but the market can tilt either way. Right now the market appears to be trending down considering inventory and YOY sale prices. IF buying is a struggle (that seems to be the tone of the topic), why not wait? What’s over a million now may be under a million by decade’s end. Even buying outside of NYC may be a waste of money AT THIS TIME. I’m no crystal ball but this position of waiting it out should be strongly considered.