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
Lechacal–just saw the news! Congrats! What did you guys have?
Late to this party but this would seem to be well priced at 1.1. Nice unspectacular house in a nice unspectacular location equals a little over a million in this market.
“That and my soon to be new vacation pad in Argentina.”
Just say where/when and I’ll show up with an Aerobed tucked under my arm!
Lechecal- a hearty congrats on the petit chacal!
Mrs L-
Which houses were those? I’m guessing one was on Windsor next to the school? I never heard the final price on that one.
thanks
I’m actually agreeing with The What. (wow). I know a fair amount of couples each making low- six figures, but none who are paying over $5000 a month in rent. Unless they have agreed not to have children, its an insane thing to do. And, MR, your math is a bit off on that one.
Nevertheless, there are enough people in NY who are not wealthy, or even earn a ton, but who made enough from selling their one or two-bedroom apartments over the past few years and now have the cash for houses like this. By and large, they are still middle class folks, but were able to trade up due to timing the market correctly. Its the ones who didnt, or couldmt, afford to buy 5 or 7 years ago who are suffering. And the market will never come far enough down for them to ever afford a place like this.
Yup…pretty bad Gemini.
And NOT all that cheap either. I think some people have lost sight of prices in other cities across the country in locations that are comparable to Brooklyn.
Sure, you can find a 250K house in St. Louis in the far flung suburbs, but that’s not the equivalent to being in this part of Brooklyn, in my opinion.
This is an area where you can walk everywhere, get on a train to Manhattan, take your kids to a nice school, have a HUGE amazing park outside your doorstep. It’s a nice life, for someone who is looking for that kinda thing.
I’m not advocating the price of this particular house (I think it’s high), but I do not think prices are quite as irrational as some people say when you compare them to other places around the country.
I think what is being ignored here, what is ALWAYS ignored on Brownstoner, is the fact that almost NOBODY is putting down the down payments and paying the monthly themselves. Almost EVERYBODY buying stuff like this in Brooklyn these days has help from their parents.
I know the family details of about a dozen recent (last 3-5 years) homebuyers in the PS/SS/WT area and only one has done it without money from their parents.
The buyer here will likely be in their mid 30’s – early 40’s. They’ll have a young child or two, perhaps another on the way. They want a safe hood, live near the park, live near the subway, live near some restaurants etc. Their down payment will come from the grandparents, who will consider it a gift to the grandchildren/early inheritance/investment. They may even get monthly help.
So let’s stop wondering about incomes of buyers.
I have no idea where the anti WT sentiment comes from on thsi board but 1.5M is WT prices. Two similar homes (a block or two farther from the park if that matters to you) just sold for $1.49 and $1.45. If I recall, neither of them was recently renovated.
You can argue that homes in general are overpriced or that you don’t like the decor choices here but this price isnt far off the mark if you consider its condition.
11217 hahahahhahhaha
ouch – that St. Louis listing is horrid!
one – who still sleeps in twin beds as a couple? Are they 95?
two – is that a room dedicated to just a massage table?
Love the pool but that’s about it
yikes!