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
Townhouselady-
Makes no difference to me. Actually it makes a lot of sense for the families and I think it’s rather nice.
I’m just saying that a lot of the discussion is centered around the “who can afford this” question. I think that discussion is overblown.
MR – I don’t remember the address but one was on terrace and one on windsor. You can look them up on zillow.
I won’t even go into the other homes that sold for more than this before then b/c everyone will say its pre-lehman. The fact is, there are still a lot of people who want to live here and will pay a premium. Most people who live here have owned something before so they aren’t financing 100%.
Personally I prefer an old house to look a little more old..but plenty of people would disagree with me and love this home. Who knows what it will sell for but I find it somewhat silly to say houses in WT don’t sell for this much because they ABSOLUTELY DO! Even in this market!
MR raises a great point about help from family. I bought my first home with family help (I’ve always had a very modest salary) and while my husband and I pay our own way in life, were able to count on some family help here and there, as did many people we know (certainly not all though). But that wealth of the older generation has been decimated by stock market crash. Now, if anything, we may have to help our family. That factor alone is having a huge impact on RE in the tonier parts of Brooklyn.
I’m amused that I estimated this home higher than some people who are defending WT’s prices. 🙂
I can’t tell what to think about this WT “comp” (below)
It was listed in Feb 2009, sold in Feb. 2009, it’s about the same size as the HOTD, but looks absolutely HORRENDOUS!
And it sold in 2 weeks. It was listed at 1.095 million…
Any thoughts…I’m thinking 1.2 might be too low now for this house…
http://www.streeteasy.com/nyc/sale/379075-vanderbilt-st-windsor-terrace-brooklyn
I’m going on record at 1,350,000.
MR- regardless of whether the income is from work or family. Income is the money coming in to them. Why does the source of the income matter to you?
Mrs.Limestone
i love WT. you are right, there have been at least one recent house that went for about 1.4. Am surprised by some of the prices in WT. I still don’t think this house is worth 1.6mil at all – sorry 🙁
I agree with Mrs. Limestone–to an extent. I don’t live around this block but I know it pretty well. The fact is, Windsor Terrace attracts buyers who would never have considered it 10 years ago. This is a prime location in WT, right off PPW, next to the F train, and as close to the park as you can get without being on the park. I don’t see why this house would go for a different price than it would on 14th Street a block from the park. (Maybe a small, debatable difference for school zone.)
Bottom line, if you are looking in Windsor Terrace and wonder why the neighborhood isn’t priced cheaper, recognize that a big part of the reason is that YOU, and people like you, are now shopping there.
That said, again I estimated this at $1.2 mil — because of the general market, not some WT discount.