Co-op of the Day: 40 Prospect Park West, #5G
This convertible two-bedroom at 40 Prospect Park West isn’t long on either old-world charm or sexy modernness, but the 900-square-foot apartment appears to be well-kept and the location, at the corner of Garfield overlooking the park, is obviously fantastic. And unlike a lot of small second bedrooms, this ones got nice windows and exposure. Given…
This convertible two-bedroom at 40 Prospect Park West isn’t long on either old-world charm or sexy modernness, but the 900-square-foot apartment appears to be well-kept and the location, at the corner of Garfield overlooking the park, is obviously fantastic. And unlike a lot of small second bedrooms, this ones got nice windows and exposure. Given the size of the apartment, the monthly maintenance of $672 is quite a good deal. That should be a helpful factor in trying to achieve the asking price of $589,000.
40 Prospect Park West [Corcoran] GMAP P*Shark
I bought a home for my family.
Pretty tough to comprehend, eh?
gopherblue — You should talk to BoerumHill… some amazing rationalization and coping mechanisms at work.
I’m still amazed at the shocking appreciation in home prices in NY since 1999, when I thought the market was already well-overheated. I stopped looking on the UWS when psf topped $400 for one bedrooms (boy do I wish I was looking at Park Slope then). I’m still sticker-shocked by PS prices, especially if you look at what has happened during the housing bubble and since. There has been seemingly no correction down to real value since the housing bubble began.
I have a hard time believing that an apartment that would have sold for $200K (and I believe that would be an ambitious price) in 2000 is worth almost triple that 10 years later.
Honestly, it makes me feel like a sucker if I buy at these prices.
Sorry for the rant.
my first post:I’m thinking brooklyn for retirement-in this layout do i go through guest room or foyer with dinner?
BH — You should think about the NYC Market in absolute terms because the market isn’t a one-way street. The BUYERS shape the market in the same way that the sellers do. If you are willing to pay a ridiculous amount for a pile of mediocrity, then I guess you deserve it.
You don’t think a smidgen of “absolute terms” could have come in handy in the San Diego and Miami housing markets?
I’m not saying YOU can cause the market to swing… but if ALL buyers have just a wee bit of resistance to the market, then wouldn’t that be appropriate? Though, you’ve joined the owners side of the equation, so a return to 10%-20% annual increases in “value” would be good, right?
I don’t understand your comments about shifting what I’m saying.
We all understand you could ‘get more house’ in Dixville Notch or Hendersonville or Reno. WTF cares? Real estate is always about locale and location; real estate is always about local. That’s why the C-S report is such B.S.; what is relevant to Manhattan and brownstone Brooklyn is irrelevant to Pike, PA.
The market price of living in NYC is what it is; when we started our search a half a year ago, the starting point was “We have XX to put down, we can pay XX per month, and here the inventory”. Why would I waste a single calorie about what the NYC market is in absolute terms or relative to other (cheaper) markets? I live here; I work here; I’m going to continue to live and work here.
If you want a market that gives you more bang for a buck, the door swings both ways.
quote:
Also, do you not see how sad it kinda is to be a couple making $150,000 to $200,000… BUT if you want to have a friend or relative visit, they are either sleeping on a couch or sharing with Junior?
im not defending the price at all, i totally agree with you for the most part… but some people would rather visit a great neighborhood and have to sleep a night or two on a couch than have their guest room and master bathroom suite in some random place where there is nothing to enjoy outside. besides if they really had a problem with the bunking, they could just go to a hotel or something.
*rob*
BH — now your just shifting what you’re saying. I’m not commenting on the foolish market. I’m speaking in absolute terms. Just because there’s a comp that sold for slightly more, that DOES NOT make this a “good deal.” That’s the problem with this town. Sorry, folks with your attitude are the problem with this town and its real estate market.
What I am saying is that a couple that makes enough money to live here is quite well off… they have both $3,500 a month to spend AND they have $120,000+ kicking around in savings. If they have kids or only one income, they are even more well off.
And if this is an “upgrade” apartment, well, that’s doubly sad to me. A very mediocre apartment in a “prime” location does not strike me as an upgrade, but simply a first purchase for a family. But then again, I can’t relate to the folks that buy little studios in Manhattan someplace and net $100,000 cash profit because they sold their 400 sq ft place for $600,000.
Call me dense.
Oh — and not to mention, as was stated several times by many… a TOTALLY average and unremarkable apartment.