Fully Restored Prospect West Two-Bedroom

private roof rights = top floor = 4th floor + stoop walk up

Posted by: Anonymous at April 5, 2006 12:00 PM

overpriced

Posted by: Anonymous at April 5, 2006 12:05 PM

definitely overpriced. Would prefer to spend 100K more and buy the house in Lefferts Manor featured yesterday. The monthly maintenance costs ,$533, would equate to the additional 100K mortgage financing required to buy the house in LM.

Posted by: Anonymous at April 5, 2006 12:08 PM

Like so many HOTDs, here, Bstoner posts a house in Park Slope and people say, "I'd rather get more for my money in Lefferts" (or wherever). Or posts a hous in Lefferts and someone says, "I'd never live there. I'd rather live in less space in Park Slope."

Fine. Whatever. A chacun son gout. But totally irrelevant to whether this place is overpriced.

Somebody who wants to live in this apartment does not want a house in any neighborhood where they could buy one for $865K. Question is how is it priced compared with other PPW apts, or prime Heights or Cobble Hill, etc.

Posted by: Anonymous at April 5, 2006 12:37 PM

I totally agree with Anon at 12.37. Also, while it is pretty expensive, it is directly across from the Park.

Posted by: Anonymous at April 5, 2006 12:50 PM

well since you so darn good in putting this HOTD (even though this isn't even the HOTD) quagmire into perspective, why don't you tell us how the price measures up compared to "prime heights" or wherever else?

Posted by: Anonymous at April 5, 2006 12:52 PM

you can't compare apartments in Park Slope to those in Brooklyn Heights or Cobble Hill. That appraisal wouldn't work. It's overpriced for Park Slope.

Posted by: Anonymous at April 5, 2006 12:52 PM

photos needed of the kitchen and baths!

Posted by: Anonymous at April 5, 2006 12:57 PM

why don't you get off your lazy ass and call the broker to set up an appointment to see the kitchen and bath. Or send him/her an email requesting the pictures and then send them to Brownstoner.

Posted by: Anonymous at April 5, 2006 1:04 PM

Language filter please. 1:04 comment which may have sound cute or flip in person is really aggresive in print.

Posted by: Anonymous at April 5, 2006 1:07 PM

Appraisers are only allowed to compare similar properties within a 1 mile radius and preferrably within the same neighborhood. There are exceptions of course. But for the most part, you are looking at how this apartment stacks up with other comparable apartments in Park Slope. It's a moot point if you're buying all cash. But if you're going with a mortgage then the banks are going to compare the apt to others that have sold in the neighborhood within the last year.

Posted by: Anonymous at April 5, 2006 1:19 PM

question is how mach the roof deck adds to the price vs just roof rights?
Park view? Stripped woodwork?
Maintenance?
We have an apprisal for a similar size apartment just around the corner from this coop and it is more then 100K less (considering that kithchen and bathroom is in an very good condition).

Posted by: Anonymous at April 5, 2006 1:27 PM

Wanted to add more to compare.
Apartment that was apprised 100K less has more original details and higher ceiling.

Posted by: Anonymous at April 5, 2006 1:37 PM

We sold a 1600 sq ft apt one block from the park in PS 321 district three years ago for about $100K less than this - HOWEVER: the place, except for a brand spanking new SieMatic Kitchen (which the new owners ripped out), was a shambles. There were no doors to rooms or closets (just framing), no door framing, no baseboards... rubble was coming out of the bottom of the walls... Needed new plasterwork, bathroom had not been touched since 1920... Bedrooms were tiny.

We were they types who thought, after beginning renovation, that the bedrooms were just too small and couldn't imagine our kids growing up there for another decade, so we happily cashed out and bought a place in another (not so expensive) neighborhood. The bidding war for our apartment demonstrated, however, that some people will stop at nothing for a prime Park Slope location. To each his/her own. Value is completely relative.

Posted by: Anonymous at April 5, 2006 1:42 PM

anon 1:04 - since you don't have any information from brokers is it safe to assume you didn't get off your lazy ass and look either? and if you're the same poster from 12:37 then you're no more entitled to speculate on the house or check the people who do than anyone else who is saying that its overpriced because you're not offering facts either, its all speculation. deal with it.

Posted by: Anonymous at April 5, 2006 1:43 PM

Ooops, make that $150k less... But the place needed more than that sunk into it.

Posted by: Anonymous at April 5, 2006 1:45 PM

Anon 01:27 PM, those are all factors in the appraisal. Although I doubt that park views alone would boost the appraisal value by $100K (maybe $50K). Does the other apartment also have roof rights? Are there other differences than you can think of? For example, elevator vs. walk-up, #baths, central air vs. ac, improvements/upgrades - bath, kitchen, floors; proximity to the park, transportation, etc. You should also factor in 'block' comparisons - quiet, tree-lined vs. truck-route/commercial, etc.

Posted by: Anonymous at April 5, 2006 1:46 PM

Ooops, make that $150k less... But the place needed more than that sunk into it.

Posted by: Anonymous at April 5, 2006 1:46 PM

Location over space? Anything over 800 sf is enormous to me, coming from Park Slope. Sounds like a deal to me.

Posted by: Anonymous at April 5, 2006 1:51 PM

too expensive by FAR!
A THREE BEDROOM co-ops, with less maint, 1400 sq foot, right plumb facing the park on PPW (south slope), went down this month, it sold immediately but it was twice this apartment at the same price.
doh.

Posted by: Anonymous at April 5, 2006 1:56 PM

the other appartment has roof rights but no deck yet. It is a walk-up but lower floor. And residential street is quieter then PPW.
What I see as pluses for an 865K apartment is that roof deck is finished already and that this apartment has a park view (well, it is a tchnical facility that treats park garbage in front of the windows) and that the woodwork is stripped.

Posted by: Anonymous at April 5, 2006 1:58 PM

the other appartment has roof rights but no deck yet. It is a walk-up but lower floor. And residential street is quieter then PPW.
What I see as pluses for an 865K apartment is that roof deck is finished already and that this apartment has a park view (well, it is a tchnical facility that treats park garbage in front of the windows) and that the woodwork is stripped.
question is: are those pluses total to more then 100K?

Posted by: Anonymous at April 5, 2006 1:59 PM

Having stripped woodwork is worth quite a bit (OK not $100k)to me.... Like maybe $30k

Posted by: Anonymous at April 5, 2006 1:59 PM

Isn't that a view of the 9th Street Playground (maybe it is a garbage facility as well)?

Posted by: Anonymous at April 5, 2006 2:14 PM

A finished roof deck would probably add an addition $30K (from an appraisal standpoint) to the value. So, it's possible that the apartment is priced appropriately (+/- $30K). It's useful to know what similar properties in the neighborhood are currently in contract for. I don't think an appraiser will have a problem valuing that apartment at $865K or close to it.

Posted by: Anonymous at April 5, 2006 2:53 PM

Maintenance on my old apt ($600) seems like a toss in the bucket given what I am paying to maintain my 100 year old wood frame.

Posted by: Anonymous at April 5, 2006 4:26 PM

Scanning 2 bdroom -over 1000sq ft Pk Slope coops for sale (and in contract) from Corcoran....on the surface this does seem somewhat high priced.
Yes does have outdoor space, but
not the PPW ritzy stretch (or bldg) .
Also no pics of kitch and bath make one suspect.

Posted by: Anonymous at April 5, 2006 5:35 PM

I used to own a similar, but larger 3BR in one of those 4-story double-wide bstone apt bldgs, with a completely private roof deck in the same area. At least from the pictures and stats, I agree that this is vastly over-priced.

That said, you really can't compare this to buying a building. Some people who can well afford buildings, would simply rather be in an apt. Sometimes I really wish I'd stayed put in my apt instead of going out buying a bstone. I'd have a ton more cash in bank, though not nearly as much paper appreciation.

I would have guessed $700K-ish, but what would I know about co-ops anymore.

Posted by: Anonymous at April 5, 2006 7:00 PM

Also, in terms of "maintenance" I easily spend $15K-$25K per year maintaining and upgrading my bstone, which is already completely renovated. If it ain't repointing, it's new sidewalks, or redoing the garden, patching the roof, etc. So, $500-600K per month maintenance is like lunch money compared to owning a building. You either need a lot of time and skills or a fat checkbook to maintain a bstone, no matter what nabe it's in.

Posted by: Anonymous at April 5, 2006 7:09 PM

Yes, you are absolutely right. I took a second look: it is a playground. I confused it for the other side of the 9th street park entrance.

Posted by: Anonymous at April 5, 2006 7:51 PM

One major drawback to living on the top floor if this roof deck is common, not private, is that if other people are up there using it, even normal foot steps sound like elephants herding over your head. Seriously. I know because I used to have a deck that sat on the roof similar to this one (actually much better constructed than this one). Fortunately, mine was 100% private.

Otherwise, I absolutely love roof decks. I think they are far superior to backyards, unless of course, you have kids. Much more private, big open sky, lots of sun. Ahhh, those were the days.

Posted by: Anonymous at April 6, 2006 8:55 AM

Exterior looks great though and neighborhood is very scenic. Seems like the typical setting for a hollywood movie.

Posted by: Anonymous at April 7, 2006 3:18 PM