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
11217 –
I have one friend who bought a 1 BR condo so I guess that was his starter home, but he and his wife rapidly moved into a 3BR single-family with a finished basement after they got married. They live in Boston. I have another friend in Syracuse who’s first home was a 3 BR single-family in Syracuse. My younger brother’s first home in syracuse was a 2BR single-family. My friends in SoCal’s first homes have all been multi-story, 2BR or more, though many share walls.
I haven’t owned my first home yet but I’d strongly prefer it not be a condo or co-op if I can possibly avoid it. That doesn’t really feel like a “home” to me, it just feels like an apartment where I’m not totally throwing away my rent.
I guess our experiences just differ. 🙂
11217 – I would not pay 1.3 for this house (I don’t think it’s worth it), but close to 1.6 is irrational, yes, and it seems most people commenting today agree.
And believe it or not, not only have I seen properties I’ve loved, but I’ve owned them (otherwise I could not afford a house now). Being a renter again is a new thing for me, but I’m enjoying it in this climate.
cw…none of us said “eewww” 🙂
“11217 – My point though is that in the real world, a 3BR, 2-story rowhouse with a basement rental is very, very, very much a ‘starter home’ :)”
Well then I suppose my non-New York friends are poor, cause most people I know outside of NYC bought a 1 or 2 bedroom condo as their starter home and are just now thinking about upgrading to a small 3 bedroom/1 or 2 bath home…but maybe that’s because more ended up in cities…lots are in the DC area where prices are also quite high…?
House is in a good spot and likely will show well based ont the pictures. I think it’ll generate a good level of interest as its in “move in condition” rather than “needs work”. 1.4 is not unreasonable.
11217 – My point though is that in the real world, a 3BR, 2-story rowhouse with a basement rental is very, very, very much a ‘starter home’ 🙂
Witness people like Sam, Dave, and Benson – all people who are well beyond starter status – being like “eew two stories and crappy floors!”
Sam and CW,
According to Streeteasy….(at least) 6 properties have sold in the Park Slope portion of 11217 just in March alone. I don’t know if that’s a lot or not a lot compared to normal, but things are selling, yes.
It’s difficult to tell if it’s more than that as some seem to go into limbo before they are tallied as sold…
“I agree that NYC is expensive, has been for long time, but there’s expensive and there’s irrational. This house should be worth 1.2-1.3 tops given 2005 price”
So you think it should be 1.3 and it’s listed for 1.595 and that difference in price goes from “expensive” to “irrational” in your mind?
At what price was this house no longer expensive to you and became irrationally priced?
I’m also wondering if you’ve *ever* seen a house you weren’t nonplussed about.
sam –
I’ve been to several open houses for properties that seemed like hot buys or good deals, and even those are just sitting, and sitting, and sitting.
I think everyone is terrified to buy right now, for fear that it’s too early and that prices will continue to drop.