House of the Day: 357 Pacific Street
It will come as no surprise to long-time readers that we don’t tend to like renovations that try to maintain a traditional style but that end of looking too shiny and new; we like to see a little authentic imperfection in a brownstone—a creaky floorboard, an plaster wall that’s not perfectly straight, a crown molding…
It will come as no surprise to long-time readers that we don’t tend to like renovations that try to maintain a traditional style but that end of looking too shiny and new; we like to see a little authentic imperfection in a brownstone—a creaky floorboard, an plaster wall that’s not perfectly straight, a crown molding that shows its age. So, while the owners of this new listing at 357 Pacific Street clearly put a lot of work into their renovation, the place just isn’t for us. Which is probably a good thing, since we couldn’t swing the $2,499,000 price tag anyway. We’ll see whether the 17-foot width hurts the single-family home’s chances.
357 Pacific Street [Corcoran] GMAP P*Shark
You grow up “upper middle class” the son or daughter of a physician, accountant, engineer or small business owner.
You get a job in publishing, journalism, graphic design, advertising, etc. making around $120,000.
You buy a small 2-bedroom apartment on the upper east/west side for $350,000 in 1999 with a little help from your parents.
Your parents/grandparents/favorite uncle pass away leaving you an estate worth over a million dollars.
You sell your small apartment for a post-boom $950,000.
You negotiate the price down to $2.0 mil.
You put down $1.5, easily get a 500k mortgage and you’ve still got a coupla hundred thou in reserve.
This is just one of a zillion scenarios (and no, alas it is not mine.)
Then define middle class.
Like I said earlier, this is a ridiculous discussion. Believe it or not, middle class is not the same thing in New york City as it is in the majority of the country outside of 4, maybe 5 cities.
What’s the big deal with whether a buyer is middle class or not?
I agree that real estate prices generally are out of whack with incomes. That said, I don’t see much evidence that high costs are forcing essential people out of the region (it doesn’t matter whether they live in NYC itself or not). A thread about a house priced at $2mm+ is not the right forum for that debate anyway.
But DIBS… you can’t argue they are truly “middle class” and in any way, shape or form should consider themselves as part of the national conversation concerning the middle class??!!
Let’s accept that the $2MM and $3MM homes are *worth* that much… if someone decides to pony up that sort of cash, you can’t argue that “because they have to work” they are middle class! They could simply move to Queens as Joe suggests and retire. They, in fact, don’t need to work. They are, in fact, not middle class.
The purchasers of these multi-million dollar homes are more than Upper Middle Class… they are more than well-heeled… they are effing’ rich. And it makes me angry that they (you?) insinuate themselves into the greater conversation about the middle class.
Wow, What, I mean BHO…always adding the really insightful commentary here.
You’re a genius!!!!!
BHO, it’s clear from the weekly postings of Last Weeks Biggest Sales, that people aren’t “lost in the euphoria of 2007” but merely going on with their lives and buying $1mm, $2mm and $3mm houses because they can and because they want to.
“I don’t really understand the point of this conversation.”
I’ll explain it to you in plain english: PRICES ARE GONNA GET FUCKIN’ MURDERED!
***Bid half off peak comps***
I’m with you, tybur6. Some are still lost in the euphoria of 2007 and can’t get out.
***Bid half off peak comps***
I don’t really understand the point of this conversation. As was said, you can afford what you can afford. You certainly CAN find affordable housing in prime Brooklyn neighborhoods on a middle class income. It’s just going to be a smaller place, or a little further out on the train. Tyburg, the only alternative to what you are always talking about seems to be communism. Is that your preference?