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
If you are interested in the South Slope/WT area, this is a great location. Very near the subway, very near commerce, very near the park. It’s a really nice block among several other really nice blocks.
Oh, come on, I wasn’t making an argument that “this is overpriced because most new yorkers can’t afford it” … I said that $1.5mm is a fortune for most new yorkers. The house is overpriced because brooklyn real estate is overpriced, has been since the mid-to-late 90s, and probably will be for the forseeable future.
I gotta agree with 11217 on most of his arguments today.
Ok fair enough CW.
But there’s no going around the fact that the average one bedroom in Manhattan (with doorman) is $3200 a month. $4200 a month for a 2 bedroom.
So clearly SOMEONE is paying these prices. I just happen to know a few.
I have a friend…she’s 28…she pays $3800 for a one bedroom in Midtown and doesn’t blink an eye at it.
“but 11217 — why would that couple pay the 5K/mo to live in that apartment when they could rent the same thing for 3K/mo?”
I don’t know. People have their reasons. Also realize I did not factor in the mortgage interest deduction, which is rather large. There are some people who want to own homes vs. rent. I HATED renting. I wanted to do what I wanted with my own space, and with regard to the long term, it seems wiser to me. I don’t want to think about being a renter when I retire because I’d like to stay in NYC long term.
People say ALL THE TIME…oh…but you’ll save more renting. You know what…almost everyone I know rents…and you know what…they don’t save a dime. And lots make hefty salaries. I don’t buy the argument at all.
p.s. I don’t think you’re going to find a duplex that looks like THAT with a huge yard, etc etc etc for 3000 a month. I could be wrong.
basementalist – Agreed, which is why I’m not suggesting that this house should go for the $250k it’d be worth in Syracuse. 😛
That said, I think New York prices are still way out of whack. I think the seller overpaid in 2005 when they spent $925k on it, and I don’t have any idea how much they spent on reno but it surely wasn’t six hundred thousand dollars.
I priced this at 1.35 in the thingy above, owing to New York’s unreasonable pricing … but I personally think a reasonable price for it would be 650-700k.
> “I honestly don’t know a single person in their 20’s or 30’s
> who lives in this city and pays that much for an apartment
> by themselves.”
Agreed. And those that do ain’t moving to Windsor Terrace.
No offense.
When i do make an offer, it’s at 20% below value minimum, so yes, no harm in making an offer at what I *believe* fair value is. That said, all it takes is one buyer to set the price.
however, the person who commented: “”this is overpriced because most New Yorkers can’t afford it” doesn’t hold water.” makes no sense to me:
The house is only worth what the buyer says it is ultimately. The owner has no power in this equation. So while yeah, it only takes 1 buyer, if most people can’t pay the price in aggregate, then unless you find that 1 person it’s priced above what it’s worth.
There’s a sucker born every minute. And I may be one thinking prices are 20-30% above fair value.
But as buyers, we are asking to take on ENORMOUS risk at these prices. Dual income to support 5600 a month? Better hope that both jobs are solid as a rock, that you have at least 6 months of mortgage payments saved plus living expenses, if not more, and no measurable debt.
Yep Dave…that is/was the difficult part.
Thing is though…owning a home is not a god given right. And to live a 20 minute subway ride from what some deem the epicenter of one of the greatest cities in the world for 150K isn’t either.
33% of New Yorkers own. The rest rent. This is a city of renters…always has been…always will be.
If one *really* wants to own a home here, they either need to make a substantial salary or they save like I did. It took me about 7 years to save enough for my downpayment. I wanted to own a home more than I wanted $500 shoes. Some don’t, and that’s cool.
What bothers me though are the people who come on this board and think they are entitled to own a home for the cost of one in Baltimore or St. Louis. I feel they are a bit detached from reality and don’t really get that homes in the East and West Coast big cities cost a lot of money. They cost a lot, because they are sought after locations to live. Just because someone has lived here when it wasn’t the most sought after location in the world, doesn’t mean prices should go down to your level of expectation. Brooklyn is not what it was 20 or 50 years ago. For better or for worse.