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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


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  1. My husband and I make 300K a year and would love to be able to afford a house in Windsor Terrace. I don’t think we’ll make enough from the sale of our coop to get a big down payment, though.

  2. among the many screwed-up features of american culture are the notions that (i) everyone should own a home, and (ii) that home should be a house. there’s nothing wrong with renting, and the responsibilities (financial/emotional/sweat) of home ownership are not for everyone. i fail to understand the view that it should be easy to purchase a house in a densely-populated city. first-time buyers and yes, even young families, do just fine in apartments. in fact, most of the city’s wealthiest people live in apartments. houses in nice areas are expensive because they are relatively rare.

    it is regretful that the american dream has brainwashed so many into believing that an inability to own a house in new york city is some sort of tragedy.

  3. I must admit, just looking at the picture at the top and being told that people are expecting to get 1.35 mill for this twee little place is sobering. Things did get crazy at some point.

  4. BH76 – ask brokers, many will tell you prices on coops/condos have indeed begun to soften. Every broker I’ve spoken to has said as much. Houses were doing OK in the spring, but now seem to be starting to feel the softening too…

  5. “I think we will see 2007 prices in about 5 years. That is more the normal NYC cycle.”

    So you are considering the recent run up in prices as also normal? When things overshoot on the way up, don’t they tend to overshoot on the way down as well?

  6. $1K/sq ft is in the luxury category for coops and condos. And yet here is the kind of working class house that many of us grew up in going for more than that! That is what does not make sense! And from what I have seen in my building, coop prices have not begun to soften yet (well-established coops are a better financial risk than new condos).

  7. I live in this neighborhood and make well over $300k. My wife and I also looked at this house a couple weeks ago as we are in the market to buy and prefer the area to south slope due to the access to the park.

    As for this house, it was listed by a broker out of Staten Island. I Don’t recall the name but it wasn’t Brooklyn Properties when we saw it.

    The place is owned by an older couple who said they have been there over 30 years. Their Daughter and Son-in-law live in the basement (along with a couple of kids).

    Although the place has some charm with original ceilings, fixtures, floors, etc.. it needs some significant work. It’s also very small with no bathroom on the main floor. Bedrooms are small with hardly any closet space (in fact they were using a small bedroom as a closet).

    The basement could be used as a separate rental as it has its own entrance, but it would need to be totally gutted and redone. Back deck needs some work too as the wood is starting to fall apart.

    It is a bigger projeect than my wife and I would consider, especially at that price.

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