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
Park Place… How could you possibly “feel rich” making $300k if you have to spend $1.5 million on a house?
All the housing prices do is make rich people feel “not rich” and people with modest/middle incomes feel like their living on the brink every day. Folks with lower than modest/middle incomes… sorry, I guess you had “good run.”
Everyone making less than $250k or so should move to New Jersey (but not Jersey City or Newark… think farther!) Oh, but please commute everyday a couple hours to be our policemen and firemen and garbagemen and postal workers and nurses and store clerks and middle managers and janitors and all the rest. We need you! (But don’t live here.)
This is a nice house. It is like the waitress’ house in “as good as it gets” was that the name of the Jack Nicholson movie?
Hollywood wanted to show a typical place where a nice, hardworking, waittress single-mom lived. one who, as I recall, could not get proper medical care for her little boy. They picked a block like this.
Whether it is true or not, this kind of block resonates “working class” and yet how many working class families can aford a 1.3 million dollar house? Thats’s a lot of tips for a waitress.
If you are looking to buy in this area you will find out that the same house on windsor sold for around 1.4 mil listed by warren lewis, 2 houses around howard place (same style house) sold recently for 1.35 so I don’t think 1.35 is far from the selling price. If you think you can by in other “better” area then fine do it I would too – but I haven’t seen a whole house for sale in those areas for less than 1.4.
As far as someone looking at this house awhile ago with family problems that was the house next door – it had a contracts for north of a mil but had never gone to closing – will issues
all of these house have extension for the kitchen
I think Mrs. Limestone is right. There are plenty of couples with ‘regular’ jobs in Tech or Banking or Business or Consulting- office jobs- that are probably pulling in $300K/year combned and they’re living in places Windsor Terrace and plenty of other Brooklyn neighborhoods that people on this block would not consider prime. I bet these 300K folks will also tell you that they don’t feel rich, and that they wanted to stay in brooklyn and that this was the neighborhood they could afford.
Folks in the more prime BK neighborhoods who are actually paying mortgage are probably pulling closer to 250-300 per person per couple- front office bankers, traders, lawyers, etc…
Corcoran has a section on Park Slope too:
Median Household Income: $60,125
Average Household Income: $81,345
Obviously this data is not true to form!
Why do so many people assume that the “culture” and “creativity” of the city lies so much with “first time home buyers” aka young people?
tybur6 at August 21, 2008 1:45 PM is spot on.
Corcoran (of all sources) on Windsor Terrace:
Median Household Income: $38,986
Average Household Income: $49,080
tybur6, your absolutely correct. Its sad to see real estate prices drive away so many creative individuals trying to make it here. The culture of this city is slowly draining away. However, I guess this is the evolutionary destiny of most great cities.
tybur6 – I’m not saying there’s no room for first-time home buyer anymore, but it’s true that it is hard to have your first property be a house given the recent run-up (and even before). Our first property was an apartment since it did not seem to make sense to try to buy a house first thing. Actually, I think we are heading towards a market that *will* have more room for first-time buyers to get in – esp since apts are softening so much – say with a nice 2 BR in a decent neighborhood. Granted, it may take a lot of time to get the kind of appreciation we’ve had recently, but as one starts to earn more money, eventually the idea is that you can trade up (and possibly there are other sources of money that could come along, i.e. inheritance, etc.).
As for the other WT properties that Corcoran has on the market – I saw one (for 1.6) and even the broker admitted that it was WAY overpriced. No way will it get this price – I guess it’s people trying to ride the last wave of the recent boom, but the wave has crested already…