Co-op of the Day: 915 President Street

It seems to be 406 sq ft so the asking is approx $1,000 per sq ft. In a way that seems fair enough for the location but carrying costs on this would including maintenance would be just under $3k per month. Would it rent for that (even if the Co-op board were to allow it)?

Posted by: guest at November 26, 2007 1:00 PM

"Would it rent for that (even if the Co-op board were to allow it)?"
Nope, just 2200 a month. Maybe someone from Citibank could buy it, NOT!!!!

Citigroup Plans New Round Of 'Massive' Job Cuts
http://www.cnbc.com/id/21974307

Yep, have a merry Christmas!!!!! LMMFAO. BTW The house selling season for 2007 is OVER. The new season starts on 1/1/08. By then there will be plenty to choose from. Big price cuts.

The What

Someday this war is gonna end....

Posted by: guest at November 26, 2007 1:11 PM

It's the back 1/2 of a floor in a brownstone? It's priced high at $1000/sqft as the above poster mentioned. Would the 800 squarefoot floorthru go for 800K? Most 1 to 1.5 bedrooms take up a whole floor, so this is really more comparable to an alcove studio. It probably would not rent for 3000/month. It might rent for close to 2000. However, that's not really a good measure. It's often more expensive to buy than the own for similar space.

You're looking at hiring a wall paper removal firm, unless you're in love with racing stripes and basket weaves.

Posted by: guest at November 26, 2007 1:13 PM

At 406 sq ft, this is an alcove studio, nothing more.

Posted by: guest at November 26, 2007 1:18 PM

1:11PM, why would you laugh at people losing their jobs? That's just messed up. You must be heartless and empty.

Posted by: guest at November 26, 2007 1:19 PM

I'm not the What, but get off it 1:19. It's a comment against the market boosting craziness/bubble. Nothing more.

Posted by: guest at November 26, 2007 1:20 PM

You beat me to it 1:20. Take the good with the bad. Ha ha ha!!!

Posted by: guest at November 26, 2007 1:23 PM

$1000psf for an alcove studio? Regretabbly i have to dise wth The What now.

Posted by: guest at November 26, 2007 1:30 PM

"1:11PM, why would you laugh at people losing their jobs? That's just messed up. You must be heartless and empty."

These are the same assheads that you couldn't talk to. These people was is the 'Real Estate and Money always go up' camp.

Now you will see what happens when Bubbles pop. Not a pretty sight.

The What

Someday this war is gonna end.....

Posted by: guest at November 26, 2007 1:35 PM

I've been seeing lots of studios/1-BRs in Park Slope asking $1000+ per square foot (and not selling). Is this the norm they're trying to establish?

Posted by: guest at November 26, 2007 1:39 PM

Hey 'the what'- (and your supporters). Still don't buy it. The people who will lose their jobs will not be the fat cats, but the people in back offices, offshore, in branches, tellers, etc... there are plenty of peope who work at banks who don't make enough to live in brownstone brooklyn. This is usually the labor hit with layoffs. These are not the people to laugh at.

Posted by: guest at November 26, 2007 1:47 PM

1000 psqft is super high. How does the per square foot ratio work in Park Slope? I.e., if a studio is 1000psqft, what is a 1 bed, 2bed, 3 bed, house? Does it get much lower each time you add a bedroom? And why?

Posted by: guest at November 26, 2007 1:50 PM

$400K for shit kitchen and no closets...Does the bedside coffin come with the place?

Posted by: guest at November 26, 2007 1:52 PM

"Hey 'the what'- (and your supporters). Still don't buy it. The people who will lose their jobs will not be the fat cats, but the people in back offices, offshore, in branches, tellers, etc... there are plenty of peope who work at banks who don't make enough to live in brownstone brooklyn. This is usually the labor hit with layoffs. These are not the people to laugh at.

Posted by: guest at November 26, 2007 1:47 PM"

Put down the bong! This crash will fuck everybody and everything up!
My purpose is to wake up the dumbasses who think everything is fine. The middle class (remember them) will be crushed! These are the same people who bought overpriced housing, thinking they was going to be rich. Look at MSM the rout is on and GOD help us all.

The What

Someday this war is gonna end....

Posted by: guest at November 26, 2007 1:53 PM

Not. A. Chance.

Posted by: guest at November 26, 2007 1:55 PM

"It probably would not rent for 3000/month. It might rent for close to 2000. However, that's not really a good measure. It's often more expensive to buy than the own for similar space."

Umm, yeah, it is a good measure for someone currently renting in the area and considering buying!

It's one thing to pay a premium for the security of knowing your monthly nut will stay the same, and for the investment value.

But 30% more?

Posted by: guest at November 26, 2007 1:56 PM

The Twhat

Posted by: guest at November 26, 2007 1:57 PM

I saw a 550 sq ft studio that was asking $1100/sq ft. The broker said it was expensive because high ceilings and nice light command a premium. But $1100/sq ft? Come on. Suffice it to say, the unit is still on the market and it's been a few months.

Posted by: guest at November 26, 2007 1:59 PM

1:56-

1:13 PM Here- I also said it was priced too high, so I'm not aguing that it's a good buy. Just saying that comparing the rental to the own price isn't best way to judge- especially in this weird market. It's probably better to look at the price per square foot and then decide. Also, as others mentioned, it's a coop, so it's probably not relevant to think of it as a rental investment anyway. Most won't let you rent for more than a year before forcing to you sell.

At any rate, to go along witht the rental compare, if you put 20% (it's a coop)down on a 400K place, you're mortage will be really be around 2200/month (at a 7% rate), so the carrying costs on a monthly basis are under three. If it will rent for 2200/month- you're inching closer to a 25% difference, which is still too hight.

Posted by: guest at November 26, 2007 2:05 PM

Just to be fair, with the "rental comparison" in 2:05's post, where did the down payment come from? If it's cash that you otherwise have, remember, you could be earning 5% in a money market, which in this case, at $80,000 would be about $450 a month. So, really, you're paying much more than a rental equivalent.

Posted by: guest at November 26, 2007 2:23 PM

"This crash will fuck everybody and everything up!
My purpose is to wake up the dumbasses who think everything is fine. The middle class (remember them) will be crushed!"

Get a sandwich board, already.

Posted by: guest at November 26, 2007 2:27 PM

This isn't a bad price.

Studios that i've seen sell in the North Slope have been in the 300-350K range.

The only studio i can think of that hasn't sold is that one 250K studio on 7th that is literally a shoebox, otherwise a couple on berkeley sold for around 339k ish.

I don't think 400K for a 1 bed on President is bad at all. The location is PRIME.

Posted by: guest at November 26, 2007 2:31 PM

Is anyone factoring in the tax benefits of owning versus renting in these calculations????

That is HUGE!!!!

I bought a studio and got back 10K last year in taxes!

Posted by: guest at November 26, 2007 2:32 PM

Actually, another 1BR in the building is in contract for $417K.

Posted by: guest at November 26, 2007 2:33 PM

with 15K in work on updates, this place is worth 450-500K easy.

Posted by: guest at November 26, 2007 2:36 PM

Ridiculous price. It will sit and rot on the market.

Posted by: guest at November 26, 2007 2:46 PM

I don't understand why people on here don't seem to "get" the fact that parts of Park Slope (namely the northern part with excellent train service with the 2/3 and Q blocks away) are becoming hugely desirable for Manhattanites. 400K for a 1 bedroom for someone coming from Manhattan is ridiculously cheap. And you get to live in an amazing neighborhood only 15 minutes to downtown or 30 to midtown.

I took a look at the real estate windows this weekend along 7th and there is still next to nothing for sale in Park Slope...and maybe 3 or 4 properties in this sortof price range...

Posted by: guest at November 26, 2007 2:49 PM

"400K for a 1 bedroom for someone coming from Manhattan is ridiculously cheap."

As an absolute price, it's not bad.
BUT, it's not a real 1-BR. It's 400 sq.ft. It's a studio with some drywall, period. But of course you can command more money when you label it as a 1-BR. BUT IT'S NOT.

So, it's really 400K for a studio apartment, period.

Posted by: guest at November 26, 2007 3:02 PM

It's an alcove studio, and does not even have a real kitchen. Look at that picture--the kitchenette is a hole in the wall basically.

Posted by: guest at November 26, 2007 3:04 PM

Looks nice to me

Posted by: guest at November 26, 2007 3:05 PM

The What-- "Now you will see what happens when Bubbles pop. Not a pretty sight."

Wait, I thought we already saw what happened when bubbles pop. You said it was going to happen last summer.

Posted by: guest at November 26, 2007 3:22 PM

the bubble was going to pop in 2001 after 9/11.

and then in 2002.

and in 2003.

and in 2004.

and in 2005.

and in 2006.

now it's letting out a little air.

meanwhile, i've made about 300K in real estate.

actually made, not on paper.

Posted by: guest at November 26, 2007 3:26 PM

no way. not at this price. not for a walk-up

Posted by: guest at November 26, 2007 3:29 PM

people looking for homes in brownstones (you know...the name of this website) don't really care about walk-ups in my experience.

i'm glad to not have an elevator. i appreciate the walk.

Posted by: guest at November 26, 2007 3:31 PM

wow, 300K, you made a real killing.
And you're in denial and blind.

Posted by: guest at November 26, 2007 3:32 PM

I have 300K in my pocket that I did not have in 2000. I started out with a 30K downpayment.

How may I ask is that in denial?

If I had listened to you fools I'd have nada but 30K plus 4% interest a year in an ING account. Sounds like you are the blind one, my friend.

Posted by: guest at November 26, 2007 3:36 PM

"i've made about 300K in real estate"

Until your alarm clock started ringing. Try making it again without dreaming. Oh, and adjust that 300K for inflation.

Posted by: guest at November 26, 2007 3:41 PM

umm....people have made MILLIONS over the last 7 years.

what is so hard to believe about this?

Posted by: guest at November 26, 2007 3:48 PM

Any person who owned real estate prior to 2000 in New York City and sold anytime after 2002 or 2003 made a BUNDLE.

I have no idea why someone would even remotely denounce that notion.

The same 1 bedroom you could buy in 1999 on the Upper West Side for 250K now sells for upwards of a million dollars.

And you don't think any of these people made money?

Posted by: guest at November 26, 2007 3:56 PM

3:41- what's your point? Take inflation into account and compare a person who made 300K vs. someone who made nothing. It's not as if people who have sat out of the market weren't subject to the same costs and market forces. The guy who made 300K did 300K better.

Posted by: guest at November 26, 2007 4:01 PM

Huh?? That is all totally irrelevant to discussion of the current recession and impending economic troubles. Of course people made money in NYC real estate. And?

Posted by: guest at November 26, 2007 4:03 PM

for 800K more you can have a house on Classon

Posted by: guest at November 26, 2007 4:06 PM

For 3 Million more, you can have a house on President. But if you had three million, you could make 5% interest by putting it in the bank. And you could live in your parents' basement in Queens, and buy some gold, and drink your own urine and watch late night TV with 'The What'.

Posted by: guest at November 26, 2007 4:17 PM

back to reality.

this is too much unless you are totally obsessed with living right there.

the sq. foot price for old kitchen/bath is way too high. you can find a new condo with washer/dryer and at least thru the wall if not central air.

also, if you're single/alone? do you really want to live in the middle of stroller mania? so far from any kind of nightlife? even old people nightlife?

Posted by: guest at November 26, 2007 4:28 PM

The price is absolutely in line with the market for that location.

Posted by: guest at November 26, 2007 4:54 PM

i pay 1500 a month for a similar sized apartment on 8th and Lincoln.

kinda sucks but cheaper than manhattan and ive got a dishwasher.

ha

Posted by: guest at November 26, 2007 5:02 PM

The new condos, 4:28 are more like 500K for this amount of space and are on 4th avenue...NOT President Street. There's quite a difference.

Find a studio, even in the Novo or one of those other crap buildings for 400K or less.

It's impossible.

And this location is 1000 times better for most.

Posted by: guest at November 26, 2007 5:02 PM

ok I lied about the similar apartment for $1500. My place has a smaller living room by by about 30sqf. Same bed and kitchen.

Posted by: guest at November 26, 2007 5:07 PM

Where do the brokers get their hair done?

Posted by: guest at November 26, 2007 5:16 PM

Brokers don't have hair. They all wear newscaster wigs.

Posted by: guest at November 26, 2007 5:22 PM

Actually, I'm always shocked at how schleppy and unprofessional brokers look. Yeah, you're working on a sunday, but you work with prices like these you should have to dress for work.

Posted by: guest at November 26, 2007 5:50 PM

The jumped shark goes "splash."

Posted by: guest at November 26, 2007 6:01 PM

all under $500K:

http://realestate.nytimes.com/sales/detail/46-753713

1132 sq ft
garden
cc: $326 per mo
tax: $14 (for 25 years)
central AC
close to DuMont Restaurant, Barcade, and the gourmet supermarket on Union for starters.

http://realestate.nytimes.com/sales/detail/185-1200686

Toll Bros hi rise on the water

518 sq. ft.
cc: $445
tax: $5
top of the line everything
doorman
garage
fitness center
prime williamsburg
close to all
central air
etc..

this took me all of 2 minutes to find. why live in a POS that is overpriced?

so many nicer apts, closer to the city for a single person and in a better neighborhood for a single.

Posted by: guest at November 26, 2007 6:03 PM

both of those apartments are shit

Posted by: guest at November 26, 2007 6:17 PM

yeah, those billyburg places really suk.

Posted by: guest at November 26, 2007 6:55 PM

jesus I would buy this park slope place way before I shelled out for those rank williamsburg places.

Posted by: guest at November 26, 2007 7:16 PM

i have no idea how you can compare a toll bros piece of shit to a lovely 1 bedroom in the best part of park slope.

most people looking in ps don't give two shits about williamsburg. i sure don't.

it's not my bag at all.

for those looking for a quality pre-war apartment, this is the going rate.

sorry, 6:03. it's like saying you can get a ryland homes mcmansion in little rock for 500K. apples and oranges, bud.

Posted by: guest at November 26, 2007 7:33 PM

I think the person with the 2 Williamsburg examples was joking...

Posted by: guest at November 26, 2007 7:39 PM

So is $1000/sq ft the going rate in Park Slope?

Posted by: guest at November 26, 2007 7:54 PM

No, that is realy more Clinton Hill which is better.

Posted by: guest at November 26, 2007 8:38 PM

"So is $1000/sq ft the going rate in Park Slope?"

In a word, No.

Posted by: guest at November 26, 2007 8:45 PM

Clinton Hill @ 1000/sf?

Thanks for the chuckle!

Posted by: guest at November 26, 2007 9:12 PM

For smaller spaces (and even some large ones) in the Northern section of Park Slope...in the named Streets from 6th avenue to Prospect Park West has seen many sales in the 1000/sf pricepoint.

Especially for studios and 1 bedrooms. There is a certain demographic of first time buyers who can only afford 400K and under, thus making these apartments in extremely high demand. If you look at real estate listings, very little of anything comes up under 300K, and not a ton under 400K. Even though a studio might be 300 sf, in a prime area of Park Slope it might sell for 300K or even 350K if it's fully renovated and special. Some people on a modest budget are willing to pay a premium to enter the market, even though their budget might be small on the grand scheme of NYC housing prices.

Not much to be had out there for 400K folks. Some would still rather buy than rent though if they plan to be here long term. After tax deductions, this place ends up being 2000 or so a month. That's the going rate for a small 1 bedroom on President Street in Park Slope.

Posted by: guest at November 26, 2007 9:41 PM

here's a good comp for this place...

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1110953

this is right around 500 square feet, 479K, on garfield place, with a much higher maint of 850 a month.

1000 psf is right on target from what i can tell.

Posted by: guest at November 26, 2007 10:06 PM

there arnt cheap apartments anywhere.

shit I would buy a 200 sqf place if it was priced at 150k-200k.

THEY DONT EXIST! some people dont make enough to buy and the places arnt there. I dont care if its 1000k a sqf I just want a place under 200k

Posted by: guest at November 26, 2007 11:01 PM

10:06 - that one will also sit on the market because it is GROSSLY overpriced. Mark my words.

Posted by: guest at November 27, 2007 1:26 AM

Some of you are missing the woods for the trees. Historically rents and purchase prices always revert to a mean, that means this apartment is too expensive compared to what it can rent for. We are in the biggest housing bubble ever, and it is not supported by fundamentals. In 10 years prices have doubled, tripled. They ALWAYS REVERT. So in 10 years this will go for $200,000 max. The Bronx and Queens are already dropping prices by 10 percent and Brooklyn has a flood of condos coming to market. Add in a recesssion, what do you reckon is going to happen????

Posted by: guest at November 27, 2007 7:54 AM

to the person that said he/she made $300k: did you sell your place and net $300k?

because if you didn't sell, your "profits" are PAPER wealth. You don't make profits unless you realize them.

Posted by: guest at November 27, 2007 9:26 AM

"10:06 - that one will also sit on the market because it is GROSSLY overpriced. Mark my words."

it won't sit actually. my friend just put in an offer on the place on garfield. and i'm going to look at this one on president this weekend.

Posted by: guest at November 27, 2007 11:01 AM

people have way more money than most people realize

Posted by: guest at November 27, 2007 11:04 AM

9:26...what part of this statement do you not understand?

"meanwhile, i've made about 300K in real estate.

actually made, not on paper."

Posted by: guest at November 27, 2007 11:27 AM

Wow that maint on the Garfield place is high! You're not even getting a doorman. That would give me a lot of pause. But I'm also kind of psyched b.c. I purchase a studio nearby of the same sq. footage nearby last year for about half that price.

Posted by: guest at November 27, 2007 11:28 AM

the park slope real estate market is on fire!

love that hood.

Posted by: guest at November 27, 2007 11:38 AM