Steal This House! PACC Home Raffle Open Now
We’ve given the Pratt Area Community Council a lot of grief for tearing down the old brownstone on Washington Avenue and replacing it with a hulking new apartment building and we continue to wince whenever we look down the block. But it’s important to remember that the group does have a long history of restoring…
We’ve given the Pratt Area Community Council a lot of grief for tearing down the old brownstone on Washington Avenue and replacing it with a hulking new apartment building and we continue to wince whenever we look down the block. But it’s important to remember that the group does have a long history of restoring houses that have been abandoned and/or neglected. The group just started taking applications on the latest batch of homes — nine in all — that it has fixed up. The big prize, as far as we can tell, is 435 Waverly Avenue (shown here in its realier condition). Some lucky person (who makes less than $161,817) is going to walk away with this place for the low, low price of $600,000! Granted it’s only a 15-footer and it’s gotta be all new construction on the interior, but that’s a huge score no matter how you slice it.
Affordable Homes for Sale [PACC]
Photo by Sarah Westcott for Property Shark
any news on the PACC homes for sale?
I’m an appraiser and have appraised one of these PACC rehabs recently for an owner to refinance. They do a decent job with the renovations and these property’s lots alone are worth what they are selling them for. I certainly entered the lottery. You must live in the property for at least seven years. If you decide to sell before the seven years, you have to give PACC/HUD a hefty portion of the sales price. There is basically a ‘subsidy’ that the city is giving the moderate income home-buyers to get these properties at these prices. This is not for investors and such. With the arena getting ready to rise downtown, these property’s values are going to sky-rocket SOON.
So, how many applied? I put my name down for two houses on Classon and one on Monroe.
PACC had no idea about the number of bedrooms in any house.
“low, low price”? huge score? It’s as if 2 different languages are being spoken in Brooklyn. Most of the people I know in & around Brooklyn would be flabbergasted that they were hawking a shell for $600k. With reno and holding costs, this is clearly a $1 million+ project. Man, the working class is screwed out of Brooklyn, huh?
Is it me, or are folks overlooking the fact that 160K is the *MAXIMUM* income requirement? In this day and age and city, that kind of salary does not label you as *RICH*.
Can you rent out all or a portion of the two or three family houses? Or do they require that you live there? I looked on the PACC web site and can’t find that info..
3:54, the well-known statistic for NYC dwellers has always been that they spend 50% of their income on average on housing. It’s the highest in the USA. Nothing new. BUT, home buyers can also make more money on buying and selling here, than anywhere else in the country. Except CA maybe, when it’s not in a slump. Some people buy and sell every two years and use the income that’s not taxable to live on. I think if we were people living somewhere where we only spent 20% of our income on housing, we’d be complaining about not making as much money on our real estate. I have a family friend in Iowa who has had her house (a nice one) on the market for a year and can’t sell it. Speaking of profits, the big question for me about these houses is what happens when an owner wants to sell? Does the property always have to be sold below-market, to incomes under $160K? See, if that’s how it is, then spending 50% of one’s income on it isn’t such a great deal.
Who earns $160K (single or combined) and doesn’t have own yet? With that much income, buying is easy.
For us the earn much much less (but are still considered upper middle class), things are harder.
Yeah, and what about utilities (heating bills of $500 per mo are not uncommon), car payments/insurance, students loans, credit card payments, tuition, groceries, entertainment, travel, dependents, etc. I suspect the majority of posters are single and have never owned a home if they assume the amount left over after the house payment/taxes is just mad money.