Co-op of the Day: 344 8th Street, #2
Here’s another FSBO from the Brownstoner Marketplace…The living room of the two-bedroom apartment has a very charming living room, complete with fireplace, moldings and original floors. Like many of these floor-throughs, this one suffers from the tiny-second-bedroom complex. Still, this place has a decent amount of space (1,000 square feet) and a low maintenance of…
Here’s another FSBO from the Brownstoner Marketplace…The living room of the two-bedroom apartment has a very charming living room, complete with fireplace, moldings and original floors. Like many of these floor-throughs, this one suffers from the tiny-second-bedroom complex. Still, this place has a decent amount of space (1,000 square feet) and a low maintenance of $645 which suggests they should be able to fetch within 5 percent of the $715,000 asking price, which wouldn’t be so bad considering that the current owner paid $560,000 for the place back in 2004.
344 8th Street, #2 [FSBO] GMAP P*Shark
that was supposed to be 25% LESS than what they paid for them.
and I meant to say that people move out of the ones with 1 large bedroom and 2 smaller ones when they have kids as well – they don’t stay anymore.
CGfan – I bought one of the 3-bedroom flats in Park Slope like the one you are describing more than 10 years ago (though not on PPW – they are scattered all over, and yes, ones in my building were going for around 450K 10 years ago) so I know what you are saying. But they are bigger and deeper than this one on 8th St., so they always sell for more than ones like this, and are now selling for more a lot more than this one is asking.
People who have kids tend to move out of these around the time the second kid arrives (or when the twins are toddlers), often for the suburbs you mention. It would be cheaper to buy in the suburbs first (unless you are just lucky enough to catch a rapidly rising market, as some did between 1997 and 2007), but some people aren’t ready for the burbs yet when the kids are still theoretical.
I think people used to raise kids to adulthood in these apartments, but as real estate has gotten higher, the neighborhood has gotten much richer, so people have different expectations about space than they did in the 80’s and 90’s (though some who stayed in the 90’s likely did only because they bought in the late 80’s and got stuck, as they couldn’t sell these places for what they bought them for – and were still trying to sell them for 25% than what they paid for them in 1996) – until the market came back to where it has been in the late 80’s, before the downturn, when it started rising in 1997.
> I think prices will drop like a stone in the next two to three years.
OK, I’ll bite. Why do you think this?
Brooklyn is only for the insane right now. I think prices will drop like a stone in the next two to three years.
Who wants to live in a walk-up French flat and deal with this size mortgage? Most Americans expect far, far, more.
brokelin, we looked at Park Slope apartments almost exactly 10 years ago and $450,000 (or less) got you a far even better layout than this one, with living room in front, dining room and kitchen in middle, and 3 bedrooms (albeit small ones) and bathroom in the back. The apartments were on PPW or on streets between the park and 8th Ave. That was a reasonable apartment to live in permanently, even with a kid or two. This one isn’t. Perhaps some couple without kids loves Park Slope enough to put down this kind of money, but as much as I love Brooklyn, if I had kids and this was my budget for a home, no way I take this apartment over moving to Montclair, Maplewood, or one of the other NJ burbs with lots of park slope transplants.
it is not an ordinary tenement, it is the nicer class of tenement sometimes known as French flats and it is in a good location but honestly, these prices are nuts.
it is a 100 year old tenement.
nothing more nothing less.
> Snark, may I get your permission to use “POOPS”?
Absolutely, please do. All are welcome to add this their lexicon. Everybody, POOPS!
Snark, may I get your permission to use “POOPS”?