I learn so much from the Comments in Real Estate section, much more than the articles in NYT. Thank you Commenters!
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New 2-family homes on the east shore of Staten Island, even with our long commute, sell in the $1M range now. New 1-family homes sell in the $800k range.
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"This 1,100-square-foot, prewar condo has a combined living and dining room, an open kitchen with marble counters, and a washer and dryer, in a walk-up building with a roof deck."
So essentially it's a box with two bedrooms tacked onto it. Why do people tear down sensible walls? Imagine paying a million to sit in your living room and have a view of the refrigerator and washing machine.
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@B. No walls were torn down. This is a recent residential conversion of an old industrial building. Many people like open plans. And if you click through, you will find the washing machine is in a bathroom behind louvered doors.
While technically the building is prewar, it is misleading to call the conversion prewar. The defining characteristics of a prewar apartment is there are windows in the kitchen and bath. No windows in the bath here.
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Ah. My error. Thank you. I thought, Even industrial buildings had rooms; but not in this case.
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Another reason why we need property tax reform. The Park Slope apartment has very low taxes relative to the price.
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@AW The ultimate complicated issue. But you're right. These are rough numbers but the average 1-family home in zip 11215 (Pk Slope/Windsor Terr) is assessed by the city at about 1.36% of it's market value (approx $16.54/sqft).
The average 1-family home in zip 10306 (New Dorp/Oakwood) is assessed at about 4.47% of it's market value (approx $18.45/sq ft or 11.54% more per sqft than in PSlop/WTerr).
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@NYC Taxpayer
Were the city to jump to market value, they had better staff up on people to adjudicate the complaints. Take my house for example. The city's assessed value is 35% higher than what I could sell it for. You can be sure I would be filing a complaint.
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@Don Wiss For 2020-21 the city actually got my full market value pretty much correct. In previous years it was either too high or too low.