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
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? The only reason, when it’s all said and done, is that they are assuming some price appreciation.
once you take that assumption away, it’s definitely not a no-brainer to own.
cwb: well, I’m more in agreement with that, except that the relevant percentile is the local population, not the American population. That’s what makes the market. No one’s selling a house in Windsor Terrace on eBay.
Here’s the “poop” on Brazilian Tigerwood, including its botanical species name.
http://www.brazilianhardwood.com/products/flooring/braziliankoa/
thanks sam. is it farmed in a green way or does it actually come from the rain forest?
Anyway, my purpose is not to be a green freak. my purpose is to bash The Toren, which is a “green” building promoting brazilian hardwood floors in every apartment. I thought it would be funny if they were displacing cute little rainforest critters in the process of saving the environment.
11217 –
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.
When I was single, I paid $1500/month for a studio in the UES, and that damn near killed me. When my wife moved in with me, we upgraded to a $3100/month 2 BR.
Everyone I know who’s living in a pad that costs more than $2k/month is sharing it with someone else.
Sam –
“To get wood you have to chop trees down. No getting around that.”
True … but some trees are more sustainable and less ecologically damaging to harvest than others.
11217….you’re absolutely right. The bigger problem for most people is amassing the 20% downpayment which, in your calculation, is $319,000 plus another $20k or so for closing costs.
I think that’s the biggest hurdle most people face. As you and I and many of the others know, after that its better to own than to rent!!!!
The word “Brazilian” probably means it comes from Mexico; or Paraguay. This is a tropical hardwood. very attractive.
You can get it in solid planks or “engineered” planks. To get wood you have to chop trees down. No getting around that.
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.
basementalist – I’m not saying that a starbucks barista should be able to afford a house in windsor terrace. However, a couple who both command low six figures a year and have no debt probably should. That’s the 98 or 99th percentile for American incomes.