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’m speculating and not voting. I don’t think it’s insane to price something at the market level if the market is insane. (this is probably even higher though). There are still people paying mongo prices per square foot, so why not try to sell it there if you have time on your side.
I am a desperate loser, priced out of real estate for 10 years, waiting for a bargain. I think the whole picture looks fundamentally different when you toss the assumption that you can sell within a few years.
remember that line” “the mkt’s never gone down in any 5 year period, so if you can hold on that long you’re fine?”
that is completely out now. now you have be ready to commit to windsor terrace for the long haul if you are going to get involved. I’m thinking “is that really how my life was supposed to turn out?”
mopar –
“My wife done left me, my dog done bit me, and I just can’t flip this overpriced house” by Chase Tucker*
* not a real country star
ack. hate all the finishes. you guys like this? agree it looks like a Lowe’s job with thomasville cabinets and lumber liquidators floors (with “brazilian tigerwood” veneer)
“Are we looking at another flip gone wrong?”
The Filipino-American community would have huge issues with that question.
cwb: I also believe this house is overpriced. How much I’m not sure. I’m guessing it should be maybe $1.2M in this market?
That said… good economy or absolutely lousy economy, homeownership has historically been out of reach of most of the people who live and work in this city.
Prices may be out of whack but the argument “this is overpriced because most New Yorkers can’t afford it” doesn’t hold water.
> “Are there any country western songs on this topic?”
“Crazy” comes to mind.
Are we looking at another flip gone wrong? Are there any country western songs on this topic?
brandedmatt:
Why not go to the owner, here and at some other houses, and offer what you believe the house is worth? If they get no higher offers, maybe they’ll accept. If not, telling them they don’t deserve the premium is of no use.
brandedmatt –
My wife and I were in the market but had to pull back for the time being. So currently I’m commenting as a spectator only.
I agree that pricing in New York, all of New York and the prime areas of Brooklyn and Manhattan in particular, is completely insane. $1.5mm is a fortune for most of the people who live and work in this city.