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July 12, 2007
Condo of the Day: 306 2nd Street, Apt. 2F
How far has the market between 4th and 5th Avenues in Park Slope moved up in the last three years? According to the seller of Apartment 2F at 316 2nd Street, more than 60 percent. Back in early 2005, the seller paid $670,000 for a 1,310-square-foot apartment in the newly constructed building. It's now back on the market for $1,095,000. Since the high price certainly can't be being driven by the aesthetics of the building's exterior (yuck!), all we can guess is that the seller's banking on the fact that there's great demand for "family-sized" apartments in the Slope. (To be fair, the interior looks perfectly nice.) Since this has three real bedrooms, it certainly qualifies. Or maybe it's just the first example of the Olive Garden premium! Either way, there's an open house on Sunday from 2 to 4 pm.
316 2nd Street [Corcoran] GMAP P*Shark
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Comments
If some idiot pays the asking for this cardboard construction on a low block, they have more money than brains.
Posted by: Anonymous at July 12, 2007 12:53 PM
agreed... no way in hell that place has almost doubled in value over 2 years. i understand (via yesterday's NYT) that the NYC luxury market is apparently experiencing different dynamics than the housing market in the rest of the country, but this place is not luxe.
Posted by: anon at July 12, 2007 12:55 PM
Its $835 a sq ft in PS 321 with a private elevator, outdoor space, and low taxes and maintainace - they should get close to asking - that is where the market is right now.
Comments regarding the construction methods are stupid, since all new buildings are built using similar construction techniques (and again this is within the market for new condos near by). Only issue is how far is it from 4th Ave and the construction zone at end of block and how long before some new tower blocks the supposed NYC "views"
Posted by: David at July 12, 2007 1:01 PM
Sexy chandelier, though!
Posted by: Anonymous at July 12, 2007 1:03 PM
have friends in building, really crappy construction, worse than usual
Posted by: anon at July 12, 2007 1:10 PM
Insane - 1.09M and this condo is surrounded by garbage!
4th ave is still disgusting and not getting any better with those horrendous looking towers and at 5th you got drunks coming out of Loki and drug dealing and 'hanging' out all over the place.
No thanks - I'd rather buy a whole house in Kennsington for similar money.
Posted by: annonymous at July 12, 2007 1:10 PM
550K is my offer. The market is set for significant declines by 2010, although this place should hold up better than Clinton Hill or Bushwick.
Posted by: Anonymous at July 12, 2007 1:25 PM
hey anon 125, you crack me up. you're probably right, so you better keep renting.
Posted by: Anonymous at July 12, 2007 1:35 PM
what would this rent for -- $3500/month? If that's right, it would seem like the price should be around $600k max.
Posted by: anon at July 12, 2007 1:37 PM
honestly, it is a charmless block. I bet you can hear your neighbors choice in television through the walls. The 421a abatement might be ok for you but what about the person buying it off you, in 5 years or so? You can definitely find a 3 bedroom floor-thru with charming detail for $1m on a higher block.. so why get this place again?
In fact, you can get the same sq footage in an elevator co-op on prospect park west for under a million, in ps107 as well (321 isn't the only good school now).
Why anyone would pay over 800k for this stuff, thrown up in a hurry a few years ago, is beyond me.
Posted by: Anonymous at July 12, 2007 1:40 PM
some people like new shit.
i don't myself, but little joe and sally coming from nebraska with their 2 kids in tow love the new builds.
plus you all talk as if there are a ton of properties on the market in ps, which there are not. not much at all, in fact. all the press about the neighborhood in the times, gawker, every other blog is not helping either. two friends of mine who work in the biz say that park slope is the most requested neighborhood by their clients.
Posted by: anon at July 12, 2007 1:54 PM
Park slope is a good neighborhood. Keep em coming I am getting richer by the minute. YIPPEEE, I bought in the early 90's. You SUCKERS!!!!!!
Posted by: Anonymous at July 12, 2007 2:01 PM
i split from this neighborhood myself, but this block is totally fine. with 321 and all of the 5th avenue shops and restaurants, this is a good location. also, the park is around the corner if you have a little kid.
think that the price is only a tad high. closer to $800 / sq. foot would be better.
Posted by: condo dweller at July 12, 2007 2:18 PM
1:40 - your going to be hard pressed to find a similar sized elevator Coop near PPPark for under 1M with carry charges (maintaince/taxes) even close to this condo. Not to mention that many people don't want to deal with Coops - pet owners for example.
Posted by: David at July 12, 2007 3:20 PM
How is early 2005 to today 3 years. It is 2007, correct?
Posted by: Anonymous at July 12, 2007 3:27 PM
the last trunscations in this project were about a year ago - with Corcoran and Aguayo for 900k.
So do you think they can get this price?
I don't
Posted by: Anonymous at July 12, 2007 3:36 PM
at this price doesn't The Heritage which is coming up across the street present a better deal? New construction, nicer finishes?
www.theheritageatparkslope.com
Posted by: anonymous at July 12, 2007 3:53 PM
Hah, methinks that anonymous 3:53p has just uncovered why these folks are selling.
The Heritage will not only be nicer and brand new (if new is what people want for these condos), it will take away all the open sky out this apartment 2L's window.
Oops. Secret's out.
Posted by: Anonymous at July 12, 2007 4:04 PM
No actually the heritage is up the street from these and shouldn't effect the view - but the 12 story building that is inevitably coming on 4th certainly will.
Also the heritage doesnt seem to be offering any 3brs. But interestingly the Heritage listings are from approx $760/sq ft to $880/sq ft w/ slightly higher maintainance projected - so it seems like this unit is priced right.
Posted by: David at July 12, 2007 4:27 PM
i'll never understand why people who live in the largest city in the country are so deathly afraid of some mid level buildings.
a 12 story building!!! noooooo!!!!!!
Posted by: anon at July 12, 2007 4:49 PM
then what to make of The Crest (the 12-story building at end of pic)? I think those had units for $650-700psf on the lower floors when initially sold. Is that even a better deal?
Posted by: Anon at July 12, 2007 4:52 PM
I have to laugh at all of you: *anyone* who is not fabulously wealthy is stupid to buy any apartment in NYC these days. Let's see: the average apt. goes for something like $800-$1500 a square foot and then on top of that ghastly mortgage for a tiny home you get whacked with $500 to $1500 in monthly charges. Anyone with ssense would leave the city and move to a ppart of the country where you could buy a reasonable home for a reasobale price. Of course you have the great perks of living in New York: crowded filthy subways, trash in every street and people every square inch.... yeah- makes sense to me. So, when I red of all your brilliant insights into the NY market I just have to laugh. Of course *I* live in Park Slope but bought five years ago.
Posted by: anon at July 12, 2007 5:43 PM
you're an idiot, 5:43. plain and simple.
if you're so disgusted by the subways, people and trash, why don't YOU move elsewhere instead of talking out of your ass about what other people should do with their money and lives.
Posted by: anonymous at July 12, 2007 5:48 PM
The person who pointed out how much it would rent for has said it all, I think.
No one is listening, but they should.
Posted by: Anonymous at July 12, 2007 9:08 PM
Attention tenants: I'm a landlord and I'm raising your rents this year. You ain't rent stabilized. If they are getting up to $4000 for a 1Br in an okay bldg in Manhattan and I can get a lot more than you are currently paying then why not?.
Posted by: Anonymous at July 12, 2007 10:25 PM
4:52- The Crest doesn't have any 3 bedrooms and the apt. are on the smaller side but it seems competatively priced. I just wonder if 4th ave. can support all the buildings going upm there seems to be one on ever corner. The Union Street Train station is already pretty crowded.
Posted by: TheCrest at July 12, 2007 10:49 PM
People can ask anything they want for their habitat. Maybe there is a fool out there who will pay the price. If not they just learned they have to reduce the price. Unfortunately, this slows the sales procedure. five years ago that price would have boughrt you a prime slope house.
Posted by: Anonymous at July 13, 2007 7:58 AM
The housing market is about to tumble.
Subprime is toppling, so will the derivatives, you tell me what's next. You have six months to a year to sell. Sell
quickly if your house is just an investment and not a domicile you want to stay in for ten years to recoup your money. The Republicans brought this recession, and it will be a humdinger.Now there will be some youngin
telling me I'm wrong. I only wish I am wrong. Unfortunatly the timing of this recession will coincide with the elections. Yes, children the Democrats wil inherit the larges deficit in history. The largest morgage failures in
history. Throughout our national history of measuring gnp, lowest in history under this Bush. The last Bush als gave us a recession as well.
Posted by: Anonymous at July 13, 2007 8:10 AM
I bought three houses in Boerum Hill in the early seventies, I paid fifteen thousand a piece, and my mother thought I was crazy. Sold them all five years ago.
Never liked the area, it was just somewhere to make money in the long run, not the short run. I feel most of you have missed the boat and are swimming in the river without your life preserver.
You have no room for a marginal mistake, you paid high and you have to sell even higher. when we started buying, we went to nabes no one wanted and held for thirty years.Now kids buy, sell in six months, and make a great profit. No more
find a newer and brighter place that's cheap and fun.
Posted by: Anonymous at July 13, 2007 8:22 AM
Every generation has something to learn from the economy. How to be respectful of others even though you are wealtht. How to keep on keeping on when you have no money.
How to evaluate who you are,with or without profits from real estate. If you received twenty percent less than your purchase price are you a failure, are you a success. See where I am going with this?
Now there will be a good hundred of you
calling me craxy. Maybe you will point out i have misspelled aardvark. I no longer own anything anywhere and I am happy about all that. I am liquid, and I am renting. No I don't want to buy anything. Cash is king in a recession.
Posted by: Anonymous at July 13, 2007 8:32 AM
I certainly agree that you are better renting right now but that is mostly irrelevant to people who want to own - and in that market this place really isn't 'overpriced'.
Further if you want to make the argument that the 'market' itself is overpriced - don't fall into the false analysis of what the purchase price was - it is mostly meaningless - the factors that legitimately influence housing prices are interest rates and income (plus in the city - crime); Now by those standards I agree the market as a whole is overpriced (that doesn't make this individual apartment overpriced however) but it is extremely difficult to predict the top of markets as Annonymous @8:22 proves by selling 5yrs ago - BTW assuming you sold your 15K house for around 900K, thats about 12% compounded appreciation for 30yrs - no doubt excellent but when you consider that you owned it during some of the highest inflation years ever and probably had to do some capital improvements as well - its not exactly as amazing as the raw numbers would suggest - the miracle of compound interest and time can make almost every investment seem unbelievable.
Posted by: David at July 13, 2007 9:36 AM
I am a Park sloper, and have been in the apartment market for a while, and just want to add to this conversation that I have seen a few of the apts in this development and they are NASTY. I wouldn't pay a dime. I'm willing to push the limits on the neighborhood, but it feels awful inside those buildings. The outside feels cheap and cheezy. I can't believe these places sell at their insane asking prices.
Posted by: Anonymous at July 13, 2007 10:40 AM
the comment about how horrible NY is and why don't we all live somewhere cheaper of course misses the big reason why many live here - JOBS.
many of us in creative oriented fields would find little to no work in other markets, so the fact that other markets are cheaper is irrelevant.
for me, the only other market i could reasonably go to is maybe London, and that's way MORE expensive. i could possibly work out of LA, but LA is not exactly cheap.
also, living in the city is easier in some ways - hop on the subway, take a cab home, walk to stores and restaurants, and maybe to your job and back, have fresh direct deliver your groceries, access to 3 airports and the cheapest flights to Europe in the US, etc... etc....
Also, if you have a refined aesthetic, most other places outside of major western European cities and LA will absolutely do you in.
Posted by: condo dweller at July 13, 2007 10:49 AM
Re: you're an idiot, 5:43. plain and simple.
if you're so disgusted by the subways, people and trash, why don't YOU move elsewhere instead of talking out of your ass about what other people should do with their money and lives.
I guess since I paid 500K for a 1600 square foot loft in Park Slope would suggest I am not an idiot. If I didn't have this place I would leave. Of course I felt stupid when I bought it- thought I must be buying at the top of the market.... I still think the monthy fees are ridiculous and yes the subway is feetid. I wasn't raised in NY.
Re: Creative Jobs. Telecommuting? Different job with a better quality of life? I have a friend who lefta very good engineering job in San Jose for a sysadmin job in Lincoln NE. He sold his house in San Jose and bought a nicer hosue in Omaha for cash and had plenty left over. He says his quality oflife has gone up even if the job is dull.lESS stress and more free time.
Posted by: anon at July 13, 2007 2:24 PM
telecommuting is not possible if you're on the biz side of creative fields like advertising, photography, editorial.. meetings in person are still crucial. even having a new york office is imperative.
from an inspiration point of view, the immediate understanding of what is current is available to a NY'er simply by walking around everyday.
also, many crucial vendors that are necessary to creating final creative are not available outside of NY or LA in most productions for film/print.
NY networking is invaluable for many.
Posted by: condo dweller at July 13, 2007 6:28 PM
Guys for a 1-1.2M you can get a nice 50' x 100' lot 3500sf mansion with a driveway, in Prospect park south/Ditmas/Kensington
closer to the park than this condo.
I know few smart Parkslopers who made the transition. Cortelyou street is on the up and up.
In 2-3 years this option will be gone and non affordable.
Posted by: anybody at July 13, 2007 9:31 PM
I'm going to go out on a limb and say this is the reason why people oppose new construction.
Posted by: you probably know me at July 14, 2007 12:08 PM
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