Rental of the Day: 414 7th Avenue
This two-bedroom apartment was listed as our Co-op of the Day about a month ago, and now it looks like the owner is also trying to test the rental market. We liked this two-bedroom two-bathroom unit at 414 7th Avenue when it was for sale, and we still like it now. And because it’s rented…
This two-bedroom apartment was listed as our Co-op of the Day about a month ago, and now it looks like the owner is also trying to test the rental market. We liked this two-bedroom two-bathroom unit at 414 7th Avenue when it was for sale, and we still like it now. And because it’s rented through the owner you won’t have to pay a broker fee but there’s no mention if a board interview would be required. This unit is still on the Brownstoner Marketplace for $725,000. Renting will run you $3,000 a month. What do you think?
414 7th Avenue [FRBO] GMAP P*Shark
Not Weimar Germany, BHO. Current Germany.
The rental we gave up when we decided to buy is now going for $2450 on Smith Street in Boerum/Cobble Hill. No dishwasher, not much counter space, laundry in the kitchen, but a nice storage closet and a sun room, 2 decent-sized bedrooms, 1 standard apartment bathroom. Lots of formica and linoleum. Probably would have been $2700 or so a few years ago had it gone back on the market.
Something this nice would have been a lot more.
next stop – ditmas park. i hear its like park slope – only cheaper 😉
Next stop, the Bronx…
As nutty as Brooklyn rents are, I find Manhattan’s to be downright absurd.
Thus creating even further nuttiness in Brooklyn. 🙂
yeah 11217 – 2,500 seems to be the price that gets you a pretty decent no-frills 2 br/ 1 ba in most neighborhoods.
rents really are pretty nutty in brooklyn right now – i can understand where jenn is coming from.
“Even if the USA follows Japan, New York is still going to be an outlier, like Tokyo.” – mopar @ 1:01
Tokyo home prices kamikazed 90% off peak by 2004. Home prices in hyperinflated Weimar Germany collapsed by a similar amount because there was no rental income (0x!) and most of those owners desperately lined up to sell in order to raise cash. Sweden seized the big banks. Austerity plagued France is rioting in the streets. Deflation or hyperinflation, your home price is screwed.
“BHO…You really don’t know anything about the real estate market in Brooklyn and that becomes more and more apparent with your comments.” – 11217 @ 1:08
Sure I do. It’s overvalued by at least a factor of 2. It’ll be more and more apparent as the foreclosuregate scandal deepens. For starters, Bank of America will get seized/nationalized in 2011.
“no way this is a $360k place in the future” – bkhabitat @ 1:54
Yes way. Prevailing GRM (16x) will revert (crash!) to the historic mean of 10x or worse. After the elections, foreclosuregate will “double dip” us back into the deflationary abyss.
“20x to own is simply paying too much” – bkhabitant @ 2:28
Ya think. That’s peak comps. That’s why we’ll collapse in half.
“I think a lot of people DO in fact buy in this city based on the psychological benefits and that part of this is often underestimated. Especially by people like BHO.” – 11217 @ 3:05
I strongly disagree. I think most people expect ROI > 0 first and foremost and they don’t understand the danger of leverage. The touted psychological benefit is just a mask. This is going to end very badly. A lucky few are getting out now.
“Also, when buying, you’re property is going to appreciate…If you’re buying a condo/coop with the intention of staying there a while the value will be higher then when you bought it, no matter what BHO wishes.” – NYGuy @ 3:05
It’s fun to fantasize but it’s also dangerous. After two decades, Tokyo home prices have yet to recover. Expensive in absolute terms but bargains in relative terms from the 1989 peak. US is going down that same path. Besides, the average buy/sell cycle for apartments is about 5 years due to marriage/family (see evidence of children in listing above), divorce, relocation, job loss, etc.
***Bid half off peak comps***
DH,
You CAN get 2 bedrooms in South Slope for around $2400 (that’s about as low as you can find for the space to be livable) but they are nowhere near as nice as this unit.
You probably already know this. Any 2 bedroom in the slope for under $2500 gets snatch up pretty fast.
I have friends who just rented a VERY similarly sized apartment in midtown.
Rent is $5200.
It’s appalling but some people love their Manhattan.