That was then.... This is NOW...
This home in Whitestone was sold Feb 2005 for $810,00. The property size on this original home was 50x170 (8500 Sq. Ft) with a R3-1 zoning. The taxes were $3341.00. You can clearly see that the home was old and needed alot of repair. This original home was on the market for 168 days.
This is the home from above, redone. Each unit features Three bedrooms, two baths, Living room, dining room and kitchen - over 
two bedrooms, one bath, living room, dining room. Each unit is now 25x170 (4250 Sq. Ft) with $4500.00 in taxes.
Original price for each two family was $1,150,000.00. The asking price has been reduced four times since March 2006 to a low price tag of $959,000.00. One unit has been sold and is currently under contract, the other unit is still available.
Throughout 2001-2005 homes were bought for top dollar, sometimes ending up in a bidding war. The homes were old, needed alot of work and would have never sold for the prices that they did, if private buyers were buying them. Home builders were coming in and knocking down these homes because of the value of what could be built. If there was a one family house sitting on a 60x100 lot with a R3-2 or R4 zoning then the builders were allowed use more square footage, thus making the property worth what it sold for at the time. The builders knocked down the home and would rebuild massive two family homes or a McMansions. The builders got a tax abatement on the new home, that was transferable to the new owners for up to ten years. So the resales on the homes were great as well. That has all changed. The zoning was down graded and the tax abatements got tossed, making it harder and less attractive to build new homes.
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