Co-op of the Day: Crack is Whack (Even in Slope)

There must be a glut of people shopping below $1m. It constantly amazes me, housing is not like land or produce sold per lb. At certain levels, for instance this level, you just don't get much for your money. But double your money and wow.

This weekend people were flooding the open house on a pretty awful president st floor-thru with built-out basement and small brick back yard for 1.2m ... but if they paid just 500k more, then can buy an entire brownstone one block over that was 4x the place.

Posted by: Anonymous at June 26, 2006 11:21 AM

Very true. Which brownstone is $1.7mm and just a block over?

Posted by: Anonymous at June 26, 2006 11:41 AM

Sure, but there are currently loads of 1-2 bedroom coops on the market for under this price--and they are't selling. Buyers at all but the highest ranges are holding off and waiting to see what happens with the market. I bet this one drops a few hundred before it moves.

Posted by: Anonymous at June 26, 2006 12:00 PM

At $715K you're looking at a $4,000 per month mortgage payment. Just not worth it for a 1-bedroom.

Posted by: Anonymous at June 26, 2006 12:06 PM

And it's $715K after a price reduction. I believe it was 750 at some point...

Posted by: Anonymous at June 26, 2006 12:20 PM

Don't know why you are saying 1 bdroom. On the website says 2bdroom doorman bldg (not that many around). And surely is prime PS.
Of course they don't tell sq ft or maint amt.
So to me hard to tell. 2 bdroom, doorman building, prime Pk SLope, renovated move-in condition?

Posted by: Anonymous at June 26, 2006 12:53 PM

btw, berman realty is a broker and a substantial owner of real estate in park slope so I think the client and the broker is one in the same. They seem to always be asking double of what the market is and they are willing to sit on it for a very long time until a sucker comes along. It might of worked in the last market but don't think its going to fly in this one. They are if anything not a motivated seller. They'll just rent it if they don't like the price.

Posted by: Anonymous at June 26, 2006 1:31 PM

search craigslist and bunch of brokers ad'ing the same apt. descript go from 1 bedr, 1 1/2 bdr, 1 + den, to 2 bdroom.
This one give dimensions
and has floor plan in craigslist ad-->
and maint of $1091 - which could be reason not flying off shelf.

This is a beautiful, renovated, sunny, spacious, One Bedroom PLUS apartment in Park Slope’s Premier “White-Glove” building!

The fabulous floor plan includes a 9’x9’ Entry Foyer; eat-in windowed Kitchen; 15’x18’8” Living Room; 12’x17’10” Master Bedroom; with a 10’x8’ Dinette that is equipped with a pocket door to the kitchen, regular door to Living Room, and can serve as baby room, guest room, or study!

In keeping with its Pre-War original yellow and black tiles, the bathroom has a separate shower and built-in hamper. The original finished wood floors gleam in the sunshine! Maintenance is $1091.48 and includes gas and electric.

This Art Deco building features private gardens and full services with a smile. It is located in prime Park Slope and the 321 School district!

Call Arlene Greendlinger Real Estate at 718-857-5360 t

Posted by: Anonymous at June 26, 2006 1:44 PM

I'll echo the observation that 1-3 bedroom coops and older condo buildings are in the serious doldrums. These places are hardest hit by the abundance of new condo developments.

It makes a lot of sense. With dozens of new buildings going up and coming online later this year, why would you buy and now?

The Natefind reductions seem to bear this out. Several of the 1-3 bedroom pre-war apartments that have been agressively marketed have seen sharp price reductions.

I have been watching eastern parkway pretty carefully. The buildings between Grand Army Plaza and Franklin avenue share many of the same features and conveniences (and inconveniences). Most are prewar apartments with decent layouts.

These listings seem to be seriously languishing. I have noticed that there are more and more listings. There are currently 31 eastern parkway listings on the NY Times site. Several of these listings have been reduced and many have been on the market for months.

Posted by: Anonymous at June 26, 2006 1:47 PM

location location location. new condos are almost never going to be built anywhere prime. price of land is too expensive for most developers. and they are still getting a premium over by 4th ave. so there's no reason for them to build in a downzoned historic district like park slope where they can't build bigger and taller bldgs.

Posted by: Anonymous at June 26, 2006 10:42 PM