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September 5, 2007
Co-op of the Day: FSBO at 488 Third Street
The interior of this ground-floor one-bedroom apartment at 488 3rd Street has an almost 1970s vibe going on but it's hard to be too picky when you're getting a place with outdoor space on a prime block of Park Slope for $499,000. The layout's not bad at all and we suspect that $25,000 would go a long way in sprucing the interior up. (The building is zoned for PS 321 but this ain't exactly a family-sized apartment.) This listing raises the question of what a yard is worth in this area. Is it $100,000? $200,000? $300,000? If it's the latter, then the apartment itself may be only asking $199,00. What do you think? What price garden space?
488 Third Street, #1B [Square Space] GMAP P*Shark
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Comments
This apartment is maybe 400 sq. ft., which brings the cost over $1000 per sq. ft... Sounds pretty steep to me, garden or no garden.
Posted by: guest at September 5, 2007 12:57 PM
This Apartment is TINY. Something like 450 sq feet or less based on the floor plan.
They are essentially selling a garden with a room for $500K.
I am in contract for a place in south slope that is 875 sq feet plus a 750 sq. foot rec room and private 20 X 45 Backyard for under $600K. I hope that was a good deal looking at this listing...
Posted by: guest at September 5, 2007 1:00 PM
This is not a bad deal considering the location. Small apartments in prime Brownstone blocks in Park Slope command a lot. Even on a per square foot basis. I've seen most studios in Park Slope go for near 300-350K these days with NO outdoor space, so I'm not surprised to see a small 1 bedroom with garden for 500K. I think this will go fast. That garden looks incredible.
Posted by: guest at September 5, 2007 1:23 PM
That garden is really to die for. I would give my eye teeth for it. (Although maybe not my other 400+ sq. ft. of space...)
Posted by: guest at September 5, 2007 1:34 PM
My garden is bigger.
Posted by: guest at September 5, 2007 1:34 PM
Holy smokes that apartment is small. Two people would be tripping all over each other. A great block though: I know parents that would put an yurt with a pot-belly stove in the garden for that PS 321 zone inclusion!
Posted by: Fjorder at September 5, 2007 1:38 PM
my apartment is smaller and it contains 2 people and 2 cats. and no garden.
zing
Posted by: guest at September 5, 2007 1:40 PM
Hey 1:00 -
Your new apartment is exactly what I'm looking for. Where'd you find it?
Posted by: guest at September 5, 2007 2:04 PM
how DO you price outdoor space?
Posted by: guest at September 5, 2007 2:09 PM
Is my brownstone with a garden worth 1000 a sq. ft? If it is please call me I will sell it to you.
Posted by: guest at September 5, 2007 3:02 PM
500 square foot place * $750/square foot = $375,000
Maybe the $750 price is low for that block, but just pretend.
The garden looks to be around the same size as the apt, so say a 500 sqft garden. Then either it's worth $250 a square foot, or it's a 33% premium on the apt price. I would think the latter. It doesn't seem bad to me. Floorthrough apts with decks or gardens are going in the 650K-700K range in the same neighborhood.
The South Slope comparisons aren't really comps. South Slope is a different neighborhood (it just shares the word slope)
South Slope is a great place. We're looking to move there too. But comparing the price per square foot between the two is like comparing any other two neighborhoods that are adjacent, but not the same.
Posted by: Park Place at September 5, 2007 3:03 PM
Hey 2:04 - 1:00 here. I found my place in south slope pounding the pavement in the dead of winter on the coldest of days...
Place is on 16th street in a renovated townhouse condo conversion. Got lucky with a low-ball offer that was rejected and later accepted after another bidder fell through.
The large backyard is huge +++++ But I wouldnt pay $500K for a closet with a garden even it was in midtown.
Posted by: guest at September 5, 2007 4:09 PM
They are selling (and getting, I might add) studios at One Brooklyn Bridge Park for 550K.
This is a far superior location, in my opinion.
For someone who wants to be in a brownstone, this is definitely a great option.
You do realize that studios at the new Trump building in Manhattan are starting at 1.2 million?
Yes, the market is cooling a bit, but this is still New York City in 2007, people.
This would be 750K in London or Tokyo.
Posted by: guest at September 5, 2007 4:25 PM
3M in Tokyo if it was 1989.
Posted by: guest at September 5, 2007 6:09 PM
"You do realize that studios at the new Trump building in Manhattan are starting at 1.2 million?"
Yes, and Faberge eggs are rather pricey too. And just as valid a comparison.
Posted by: guest at September 5, 2007 8:29 PM
4:25 = shill = broker
Posted by: guest at September 5, 2007 10:03 PM
You can't live inside a faberge egg, 8:29.
Until you stop equating them with homes, we will continue the housing "crisis"
Oh and I'm not a broker, 10:03.
Believe it or not, most on here are not. Just people who bring real live information to the table instead of useless bantor.
Posted by: guest at September 5, 2007 10:13 PM
This would be a perfect apt. for an older, single man or woman to retire in. No stairs, great location. Yes, very small (looks like 450 sq. foot) but usable layout and with a gas heater and big umbrella you could eat outside 8 months a year. Price seems a bit high but, of course, the market will tell.
Posted by: guest at September 5, 2007 11:55 PM
small but i think the best possible layout and reno (meaning the glass wall to the garden). very affordable in this market so I think will easily sell.
Posted by: guest at September 6, 2007 1:02 AM
They've received 2 offers. One over ask.
Posted by: guest at September 6, 2007 8:34 AM
My vote is that it goes this fall and for close to asking. It's small but there will definately be a premium for the private outdoor space.
Posted by: kuroko at September 6, 2007 8:39 AM
Wow 8:34 how do you know that?
Maybe I should flip my place on 16th street when I close next month.
Its 875 sq feet with a 750 sq foot req room and a private 45 X 20 Backyard. I'll start the bidding at $725K - Any takers???
Posted by: guest at September 6, 2007 9:05 AM
16th Street isn't an easy sell. 3rd Street is.
The most prime areas will suffer little to nothing in this cooling market. When things get a little rough, those with money want to be as insulated as possible from the threats of as possible backlash of urban decay. This is why places like Brooklyn Heights and Park Slope will continue to prosper, even in a slower market.
Fringe areas and new construction will suffer most.
Someone left a NOTE on my door the other day asking if I wanted to sell. Yikes.
Posted by: guest at September 6, 2007 1:33 PM
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