House of the Day: 540 16th Street
This charming Arts and Crafts house at 540 16th Street in Windsor Terrace started out as a FSBO asking $1,550,000 before it moved to a small, local broker and got a new price tag of $1,499,999. Now Brooklyn Properties has the listing and is offering the one-family house for $1,350,000. It’s a charmer, to be…
This charming Arts and Crafts house at 540 16th Street in Windsor Terrace started out as a FSBO asking $1,550,000 before it moved to a small, local broker and got a new price tag of $1,499,999. Now Brooklyn Properties has the listing and is offering the one-family house for $1,350,000. It’s a charmer, to be sure (kitchen and bathrooms aside). Think the new asking price is reasonable?
540 16th Street [Brooklyn Properties] GMAP P*Shark
I suppose it depends on how the “bones” are but that could be a sweet house with just a little bit of vision. This architectural style really lends it self to restoration b/c of the simple lines. The really ugly stuff is just cosmetic.
Am I the only one who really likes the tufted green couch?? 🙂
Sam, I would love to see a bank’s appraisal as well. Lets see: charming middle class single family townhome; 1 block from Prospect Park; above average Brooklyn working class / middle class neighborhood. $1.350 mill seems high to me, I would list it at $999K and would let the bidding war begin.
Nobody who lives in Windsor Terrace makes over $300K a year, that’s more like Park Slope salaries. I don’t know where brokers get off trying to sell properties at these prices. Are they imbeciles or just plain ignorant. I hope every broker at Brooklyn Properties commits suicide at the end of the year when they don’t make a single dime off of commissions. A-holes!!
tybur6, speaking from experience, I can tell you that some potential purchasers for this kind of house are relying on cash for this kind of house (or any house, for that matter) so are not necessarily pulling down huge income. That said, buyers will lots of cash may start to dry up due to overall softening of market (with coops/condos suffering a lot now). Plus, those potential buyers who do have cash are getting picker, due to general souring of the market – hence the price cuts. As a potential buyer myself in this price range, I can say that it does seem that the price is high given the size/location/need to update.
Brooklyn Properties is as overpriced as Corcoran, but they rarely have the goods. Their website, like Warren Lewis and Aguerro, is useless — no floor plans, inadequate information, and so forth. The price is over by at least 10% for this market.
So… with 15% down, that’s probably $6700 to $7000 a month, eh? The old calculation was that you should spend 1/4 of your income on your housing. So, that’s would figure to be over $300,000 a year salary.
This is just a question… Is this the income of the households moving into Windsor Terrace? Or is there something amiss?
Where is the floor plan? The place seems small.
It is certainly livable, but the buyer might still be interested in some renovation. (I would start with the green wall paper in the dining room. *Blah*)
Given the current market condition, it is doubtful that they can get the asking.
Would a bank appraise this at 1.35?
It is basically a 3-bedroom, 1-bathroom house, with an extra bath and bedroom in the basement.
No pictures of the basement apartment? Must be dark down there. Bathrooms need updating. Not a fan of the wallpaper.