Archive for March 31st, 2008

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For the next couple of weeks we will be checking out some homes in the most high-priced zip codes in the United Says, up this day, 11201. This zip code in Brooklyn, New York has a median price of $2,463,000 with an appreciation rate of 325% since 1990. This area offers easy access to the city and the long history of the area means that there are lots of old brick and stone row houses and many picturesque streets lined with brownstones.

The home I’ve chosen for this zip code is in the area of Cobble Hill. Cobble Hill is a mix of Brooklyn’s past along with trendy new shops and restaurants. The tree-lined neighborhoods are home to many older homes including this restored 19th Century landmark home. The double property includes an 1833 Greek Revival townhouse and a carriage home with parking. The main residence is located on a block of older townhouses. The carriage home, on the north side of the property is reached through the garden and opens onto a mews, lined with former stables and carriage houses bordering Cobble Hill Park.

The home has a wide double entry hall, large front and rear parlors with 12-foot ceilings, a butler’s pantry and a sitting room. The home has been completely renovated but some of the charming architectural details from the home’s history remain including the marble fireplace mantles. A rear staircase leads to the garden level family rooms and big cook’s kitchen.The third floor master suite has abedroom and bath overlooking gardens, a study and two huge dressing rooms. The fourth floor is home to another double suite with a a bath and central dressing area, laundry and storage areas, and a smaller bedroom. On the fifth floor there is a skylit loft-like attic with four rooms. This home is listed at $7.875 million.

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Continue reading Most Pricey Zip Codes: 11201: Estate of the Day

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There’s justice, and then there’s poetic justice. Whether or not you blame Federal Reserve Chairman Ben Bernanke for the current woes of our financial system, it’s good to know that he’s not immune from the plummeting housing market. Not at all. The Fed chief has a four-bedroom townhouse in Washington, D.C.’s Capitol Hill area that he purchased in Might 2004 — near the peak of the real estate market. He paid $839,000.

After enjoying a brief run-up in market value to over $1 million, the recession happened (and a little something with interest rates, remember that, Ben?) and now, according to estimates, the home is worth only… $840,000. Homes in Bernanke’s neighborhood seem to have peaked in value in 2005, and have since fallen — though only a few percentage points this year, down to a median of $545,000 from $550,000 in third quarter 2007.

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