House of the Day: 114 Westminster Road
Talk about suburban living in the city! This colonial revival house at 114 Westminster Road feels straight outta Westchester, with its massive front lawn, driveway and garage. And on the inside, the place is dripping with original architectural details. Pretty darn impressive. The six-bedroom pad hit the market back in May with a price tag…
Talk about suburban living in the city! This colonial revival house at 114 Westminster Road feels straight outta Westchester, with its massive front lawn, driveway and garage. And on the inside, the place is dripping with original architectural details. Pretty darn impressive. The six-bedroom pad hit the market back in May with a price tag of $2,999,000 before getting reduced to $2,799,000 in early October. Has anyone been inside this place?
114 Westminster Road [Stribling] GMAP P*Shark
taxes have skyrocketed in certain areas (like cobble hill/brooklyn heights) for certain types of housing (like co-ops) in the last 5 years. not so other in other areas (like PPS) or other types of housing (single family)
so, yay me!, dude says I have valid point!
^ um, people who have $2mm who like Flatbush. thanks for the name calling.
This nieghborhood isnt terrible, but it aint great. DEFFFF not 2 million bucks great. Neighborhoods like Park Slope, Carroll gardens, Ft Greene, Boerum HIll,Brooklyn Heights Etc, those neighborhoods can merit an asking price over 2 million bucks. Neighborhoods where certain ethnic communities live might fetch over 2 million bucks…lol Who would be dumb enough to pay that much money for a home in Flatbush?
I have walked by this house many times, and although I don’t doubt it boasts many fabulous, orignal details, the house takes up the entire lot. It just doesn’t look like it’s worth anything close to the nearly $3M asking price. And it’s on Westminster, not on Albemarle. Even Mrs Albemarle didn’t pay $2M for her splendidly situated and detail laden home. I don’t think it will move for a dime over $1.5M and even that strikes me as ambitious.
Ringo, I guess I didn’t make my point clearly: The price you paid for your home was to some degree a function of its tax rate (e.g., if they doubled your tax rate that would hurt you, not the person who is buying it because they would factor that tax rate into the price they were willing to pay). To reverse what I said before, if the tax rate on 114 Westminster was the same as on your place its price would probably be lower. In other words, you would have paid more for your place if your tax rate was the same as this place (theoretically, the present value of the delta between the cash flows) so the difference in tax rates between this place and your place isn’t helping you or hurting you.
Same argument applies to why the first-time buyers’ tax credit and the mortgage interest deduction help sellers but not buyers.
Again, if at some point they jacked up your taxes after you bought your place but didn’t do so on 114 Westminster, you have a valid point.
The price for this place is too high, I agree. But to say that the area isn’t nice is silly. This house is on Albemarle and Westminster, not Church and CIA. It’s a truly gorgeous spot. Quiet and like stepping back in time. I often take friends from Park Slope or Carroll Gardens through this part of Prospect Park South and they are stunned that such large pretty houses on big lots (compared to what we’re used to in NYC) are so close. So I agree that this property is probably priced aggressively, but that’s not because it’s badly situated. That said I haven’t been inside and maybe there’s a powder room made of gold bars that would change my mind!
Taxes for a house of this size in Westchester would be around $35k, in most parts of near NJ anywhere from $20k-$30k.
Dude, wish what you said was true. That we were all taxes based on the value of our home. But single fan, multi family and co-op owners are taxed at verydifferent rates. Thus I pay more on taxes than this home even tho it’s worth at best half this. It favors a certain class, and it’s not fair
BHS- I agree that Cortelyou has come a long way, especially in the past 10 years. I still think that that corner of Church and Coney Island Avenue needs to come a long way as well, to justify a pricetag like this. I’m a big fan of the Ditmas Park, Propect Park South area, but the amenities need to come up before they can ask such wild prices.