House of the Day: 489 16th Street
It’s not really our cup of tea, but someone’s obviously put a lot of effort into renovating this three-story brick townhouse at 489 16th Street in Windsor Terrace. The look is a little too “new condo trapped inside old house” for us. That said, everything’s new and the location, just a block from the park,…
It’s not really our cup of tea, but someone’s obviously put a lot of effort into renovating this three-story brick townhouse at 489 16th Street in Windsor Terrace. The look is a little too “new condo trapped inside old house” for us. That said, everything’s new and the location, just a block from the park, is very nice. The house was purchased for $925,000 back in 2005 and is now asking $1,595,000. What do you make of it?
489 16th Street [Corcoran] GMAP P*Shark
…also, when the Manhattan DINKs who can theoretically afford payments this high move to Windsor Terrace, they are probably having kids and either turning into a one-earner family or finding another costly alternative (like a full-time nanny). There aren’t armies of yuppies waiting to fill out loan applications for places like this. It takes a lot of savings and a lot of income to buy a place like this, and most people with the means have no interest in shelling out this kind of cash and spending that much time on the F train every day without even being near prime park slope shops and restaurants.
“I wish everyone would stop touting/relying so heavily on this interest tax deduction.”
I just got my refund deposited into my account last week…it amounts to a deduction of $550 per month, making my mortgage payment (in effect) $700 per month instead of $1250.
You don’t think that’s significant?
I sure do.
I wish everyone would stop touting/relying so heavily on this interest tax deduction.
That only comes into play when you pay your taxes once a year. It’s not like the IRS writes you a check every month to apply against your mortgage payment. Consider it a blessing at tax time but don’t look at it as income.
I don’t think anyone feels entitled to buy in NYC at St Louis prices (has anyone suggested that we should be able to buy a house on a half acre for $250,000?). I think the basic point on this property is that is should be priced at Windsor Terrace prices.
So it is! I saw $1.695 before.
“Why does everyone refer to the asking price as $1.6? It’s $1.7; don’t forget that extra $95K.”
Wha?
It’s listed at 1.595 million.
Traditionalmod-
Asking $1,595,000.
Agreed that I’d rather do your plan, but renovating can really suck and a lot of people don’t want to live through it.
“So with the interest deduction it would be more like $2500? I think you could get $2000 for the apartment. So $2300? Add $500 for insurance and tax per month. Add $400 for utilities. Puts us at $3300. You’re losing about $2-300 potential per month because you handed over your down payment instead of leaving it in a cd. So let’s say $3550.”
I don’t think the mortgage deduction would be THAT large, and I included taxes in my calculations…
These are not scientific numbers, but I think it’s important to get a sense of at what price this starts to line up with rental costs…
Why does everyone refer to the asking price as $1.6? It’s $1.7; don’t forget that extra $95K.
I hate the finishes. Looks too flipper. I’d rather buy an unrenovated WT house for under a million which is what some have gone for recently, and spend the $700K the way I want to spend it. I’d certainly get more bang for the buck than we see here.