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
I was using 5.5%
I refinanced recently for under 5% so I thought I was being conservative, but if what you say is correct, I guess my numbers are off a bit. Clearly I’ve never needed to get a mortgage above my rather modest one…
In any case, I think I underestimated the rental price which may make it even out. None of these numbers are gospel, but you can see that when it gets down a couple thousand, it’s starting to make a lot more sense for someone.
And the keyword is someone. It only needs one buyer.
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.
Is my math right on this?
Just to run a few numbers, assuming this sells for asking price (it won’t) and 20% down, the monthly payment is $7400 a month.
I’m going to guess and say the rental might be $1800 a month…for a one bedroom plus den…? Maybe someone in the area knows better than I would…
That leaves $5600 a month. I don’t know about you all, but I know TONS of people in this city in their 20’s and 30’s who are paying $2500 a month (or MORE) for a one bedroom rental in Manhattan. Keep in mind that the AVERAGE one bedroom, doorman rental in Manhattan is $3200 a month. Shocking, but true.
Two people get married, and bam….that’s a dual income which can support a property like this one.
11217 you are a F*** retard! that’s 1200 a week and let not forget other expenses! Wow talk about bending reality to make your argument fit. This is a clean example of greed and delusion! Math does not lie…
The What
Someday this war is gonna end…
11217 –
what interest rate are you using, btw? My understanding – which may be incorrect – is that the super great 5%-ish rates available right now boom way up to like 7.5% if you exceed $625k.
Just curious because if your numbers are right, I agree that $1.2 is starting to look fairly tempting.
11217 – Thanks :)!!!!
Those prices are absolutely ridiculous!
All these House of the day thread are priced 50% over what they should sell for…
CW, Vermont passed the same thing yesterday except in that case, the governor was vetoed by the legislature making it the first state to allow same sex marriage in that way.
So, Vermont, Iowa, Connecticut and Massachusetts are now the 4 states in the country which allow it. Not bad. Keep it comin’.
I’ll trade you equal rights for my apartment!
😉
” guessed $1.2M cause I suspect there still someone with $$$ and loose with it who’ll buy it and think $1.2M is a great price.”
**
At 1.2, it’s $5600 a month mortgage and when you factor in the rental and tax deduction, I actually believe it IS in fact approaching a good deal.
We’d be talking $3800 a month to own this home (before the mortgage interest deduction and using a $1800 a month example for the rental).
11217 – I saw that on the daily show the other night and applauded the TV. I doubt the Iowa state supreme court could hear me clapping, sadly.
I can get married anywhere I want. I just can’t afford to live in most of the places I’d want to (top picks include: here, Paris, SF, Seattle or Dublin).