Co-op of the Day: 62 Montague FSBO

Is it a new trend for higher end places to forgo the pain of paying a broker 30k to 90k to add a page to their site so that the increasing numbers of internet-only shoppers can find the listing?

And why don't these FSBOs use one of the half dozen fsbo.com type sites? oh yeah, because those sites suck!

Posted by: Anonymous at June 25, 2007 12:54 PM

If you are a FSBO and you put an ad in the Times (on line and Sunday RE section) and on Craigslist, what portion of the real market won't see your listing? I.e., who is looking to buy and not looking in those two places?

Posted by: Anonymous at June 25, 2007 1:09 PM

how does the price of a condo/coop compare to a brownstone - or does it at all? like if a coop on my block sells for 1.5 mil, does that mean my house, approx twice the size, is worth 3? just curious - love the apt, by the way...

Posted by: Anonymous at June 25, 2007 1:11 PM

So other than it's not in Clinton Hill, what's not to love?

Posted by: Anonymous at June 25, 2007 1:20 PM

why would you use a fsbo.com kinda site when the go-to place is the Times?

(meanwhile, were these guys in the times? I didn't see it)

Posted by: Anonymous at June 25, 2007 1:22 PM

I agree with 1:09 if someone is willing to deal with the headache of showing a house, why shouldn't they go FSBO in nyc. We have no MLS so the only advantage one has when using a broker is that they will deal with potential buyers. Personally i would host a few open houses if i knew it meant me saving that kind of money.

Posted by: Anonymous at June 25, 2007 1:26 PM

For Sale By Owner (FIZZBO)

Posted by: Anonymous at June 25, 2007 1:27 PM

for sale by owner

Posted by: Anonymous at June 25, 2007 1:28 PM

nice and big and great location. wish they put sq ft in the floor plan (how bug is the second bedroom)

and yes, I think co-ops and brownstones can be comparable depending on how you figure your brownstones sq ft. take out the attic and basement and sure. a 3000 sq ft brownstone where this place is (foot of montague) would be way more than 2x this co-ops price

Posted by: Anonymous at June 25, 2007 1:29 PM

I think it was "by appointment"and not an open house unless they've changed ny times web ad. Not sure why you'd do that -- a busy open house is a great motivater for buyers on the fence.

Think it's a very pretty place. Could have used a stager perhaps to get this tip-top price. Think it will sell in the 1.2 neighborhood

Posted by: Anonymous at June 25, 2007 1:44 PM

There was an open house yesterday (I went) - I think the Times removes the open house flag automatically. It's a really nice place, great roof deck (shared - I tried to wangle an invite for 4th of July) but it's beyond my means.

The owner said he has an offer near ask but has declined to accept so far - said he's willing to wait until late summer when he assumes the market/open house traffic will be best.

1:29, I would guess the 2nd bed is about 200 sq ft.

Posted by: Anonymous at June 25, 2007 2:03 PM

2:03 here. Not exactly true about no closets, 2:11. The walk-in in the master br was very big and there's a standard size one in the 2nd br. I think there was also storage under the bay window seat in front. It didn't strike me as a problem.

Posted by: Anonymous at June 25, 2007 2:21 PM

looks nice

Posted by: Anonymous at June 25, 2007 3:11 PM

this place has been on the market for months on corcoran. came on at 1.695mm if i remember correctly and has dropped at intervals since then. i've seen it and it is ok, but the third bedroom is a joke, unless you're putting a dog in it. floors need work and second bathroom has no tub, which makes it tough for kids. tough to imagine paying that much for an apt without a functional third bedroom.

Posted by: Anonymous at June 25, 2007 3:33 PM

Anons - re: Comparable Pricing
I don't think it is a good idea to extrapolate the asking price of a brownstone from the asking price of a co-op. An appraiser would never do such a thing. It is also unlikely that an appraiser would compare a co-op to a condominium when determining value. Comps should have similar variables - i.e. ownership structure, age, size of unit, number of beds and baths, etc. While co-ops and condos do share some of these attributes (with exception of ownership structure) brownstone single-family homes have additional value components, such as building width, that are not part of a value consideration for co-ops/condos. It is also not a good idea to compare co-op or condo units of different sizes as there is an escalation in per square foot pricing as the unit increases in size (to a certain point). If you look at Brown Harris Stevens 2006 year end data for Manhattan apts (since they don't publish for Brooklyn) the premium from studio to 1-bdrm to 2-bdrm to 3+-bdrm goes something like; 4%, 11%, 20% respectively. And as evidenced by Corcoran's published data there is an approx. 25% premium for condo ownership over co-op ownership.

Posted by: Anonymous at June 25, 2007 4:32 PM

This apt is not the same one listed with Corcoran. That one needs a lot of work to bring it up to 1.5+ mil quality, this one doesn't.

I saw the Corcoran apt too (same day - yesterday) and although it has water views the windows are small and broken up by wall space so that didn't really do much for me. And I agree, the third bedroom is tiny - more like a small office. The 6th floor apt is really lovely and if I had the money I'd buy it in a heartbeat.

I notice that it now says open house on Wednesday evening.

Posted by: Anonymous at June 25, 2007 4:54 PM

if he's willing to wait til late summer, why is he having an open house Wed night in late June?

Posted by: Anonymous at June 25, 2007 6:46 PM

Maybe because he just got featured on Brownstoner? And a lot of potential buyers are away on the weekends before Labor Day?

Hey, if you're not in a rush, why not pimp it for a while during early summer but be willing to wait for September if business is slow during Jun/Jul/Aug?

My question: Is it better to advertise all summer long while waiting for Labor Day, or just for a few weeks and then pull it until the crowds return to the city on the weekends?

Posted by: Anonymous at June 25, 2007 7:03 PM

10:02pm -- You smokin' crack? When did exposed brick go out of style???

Clearly you haven't seen the place and clearly you haven't done any homework. A quick DOB check shows that a) the apt is a combination of two units that was b) signed off in Nov 2004. That spells gut-renovation, not "best he can do to upgrade within his budget" in the 80's.

As the pictures and the comments from people who saw it attest, you're completely off the mark.

Posted by: Anonymous at June 25, 2007 10:23 PM

I'm afraid I think exposed brick is a little out of style too. But you can always drywall and plaster

Posted by: Anonymous at June 26, 2007 10:34 AM

Although the space overall has a good vibe, I agree about the reno not being top dollar. Linoleum kitchen floor? Is that a formica counter? Not even an undermount sink? No tile backsplash in kitchen...bathroom floor tiles and light fixtures look bland/cheap, too. Exposed brick is not really terribly chic at the moment. All in all, a bit pricey, unless you absolutely love the aesthetic and have the moolah.

Posted by: Anonymous at June 26, 2007 4:35 PM