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,
I totally get your drift. Agreed. One should NOT factor that into what they can afford, but it is a nice added perk come tax time.
It’s been a large portion of why I’ve managed to accumulate a “nest egg” of a couple years worth of mortgage payments for a rainy day fund…
That and my soon to be new vacation pad in Argentina.
My goal has always been to buy a townhouse with a rental unit that I can afford even if the rental unit sits vacant all year. That way the rental unit is allowing me to reduce my mortgage more quickly, instead of just allowing me to hit the minimum payments.
And congrats also. That’s terrific!
11217, I’m not dismissing it. I got my refund and was darn pleased with it.
My point is- If you have to rely on that in order to calculate what you can afford then you can’t afford it. That should be “bonus” money put into saving. If you’re look at a 1.6MM house then you shouldn’t have to stretch yourself so thin.
Then again I’m of the you shouldn’t base your mortgage payment off the rent subsidy either. Yes, the money counts but you shouldn’t get yourself into a position whereas the person pays late or doesn’t pay and you can’t make your mortgage payment.
Get my drift?
Lechacal,
St. Louis (the nice areas) aren’t as inexpensive as you suggest…I choose this one because it’s 2400 sf…probably similarly sized to this house…? It’s $900,000.
http://www.trulia.com/property/1069765950-10507-Mimosa-Ln-Saint-Louis-MO-63126
Thanks gemini 🙂
Lech-congrats on the new baby 🙂
MR, my point was that reno did not cost $650K. Clearly. Thus all the comments about the Lowes look. If I’m paying that much more because it’s been renovated then the full value has to show. I’ll take a renovated house any day too of course, but it has to look as least as good as if I’d done it myself.
Yes, Miss Muffet –I only meant “at this price.” I.e., the mid-level white shoe lawyer who feels v secure in his job and thinks the price is high, but who cares, it’ll only go up.