House of the Day: Price Cut in Boerum Hill
Weak showing in the pictures department by Corcoran, so we were wondering what the catch is given 482 Warren Street’s fairly low asking price of $1.375 million. A little over $400 a foot for what appears to be a charming–probably mid-19th century–brick house does seem cheap, right, especially given the fact that the house can…
Weak showing in the pictures department by Corcoran, so we were wondering what the catch is given 482 Warren Street’s fairly low asking price of $1.375 million. A little over $400 a foot for what appears to be a charming–probably mid-19th century–brick house does seem cheap, right, especially given the fact that the house can be delivered vacant. So we went back and checked our archives and saw that we had this listed as an Open House Pick back in June when Brooklyn Landmark Real Estate had this on the market for $1.5 million. At that time, one reader noted that the Property Shark had the house’s taxes listed at more than $8,000. If that’s the case, that’s a fairly glaring ommission on the part of the broker–one that’s likely to end up wasting a lot of people a lot of time.
482 Warren Street [Corcoran] GMAP
I believe J-51 is for renovation of historic property.
Thanks Ben. I have to look into that. Im not sure what a J-51 is. 🙂
The STAR exemption only saves you a couple hundred bucks a year. It’s a fixed amount, everyone gets the same.
If your taxes are reduced from $6k to $600 you have some other sort of exemption like a J-51.
AT – Im not sure how they calculate it but the STAR program is for owner-occupied buildings – here is the link to the NYC Dept. of Finance. There are a few other links there that explain how to lower your taxes also. Good luck http://www.nyc.gov/html/dof/html/home/home.shtml
Dear Stacey. What is a ‘pre-STAR enhancement”? I own a house Boerum Hill and I have never heard that term. Am I missing out on my tax deductions? Thank you in advance for your clarification.
This house has been on market forever, even at its reduced price. It is a nice house, but on a residential block between two big housing projects–I think that’s been its main drawback in the market.
Do you think these taxes are pre-STAR enhancement? I live in Prospect Heights. My taxes on my bill are like $6,000 a year then there is a deduction for STAR and my total tax bill comes to something like $600 a year.
That tax bill does seem kind of high (as a comparison, however, note that 212 Columbia Heights, which sold for $5 million at the beginning of the year, pays over $14K per annum in taxes — however, overlooking the Brooklyn Heights Promenade is different from neighboring two housing projects).
Be that as it may, I’m sure this is disclosed on the show sheets handed out by Corcoran at open houses. I don’t feel they should be obliged to put a warning message about the taxes on their website. Obviously if the price is cheap there’s going to be a reason, and buyers need to be aware of that going into any situation. Afterwards it’s up to them to decide where they want to compromise.
Someone could easily fall in love with this house and not care about $8K per year (incidentally, less than my 80 year old mother pays in property taxes on her tiny suburban tract house in Suffolk County). Everything is relative.
you can always find houses in those blocks cheap(er). the projects there are going nowhere fast.