Co-op of the Day: 147 Prospect Park Southwest

I don't believe this will go for much under ask.

It is already quite a good deal.

Posted by: guest at January 9, 2008 1:08 PM

This has been on the market for months...

Posted by: guest at January 9, 2008 1:09 PM

I saw this apt. while the work was being done a few month ago. From what I saw, the sponsor was conducting the cheapest possible renovation. Although the apt has a separate dining room, the two bedrooms are pretty small. That said, $574,000 asking in that part of WT, near the Fort Hamilton "F" stop, seems awfully high.

Posted by: guest at January 9, 2008 1:09 PM

don't quite understand what's going on with arches/entryways in above picture. Looks unnatural.

Posted by: guest at January 9, 2008 1:10 PM

^looks like a mirror reflection?

Posted by: guest at January 9, 2008 1:12 PM

looks like a really cheap reno, and a overpriced.

Posted by: guest at January 9, 2008 1:14 PM

closing costs will be around 5K.

Posted by: guest at January 9, 2008 1:17 PM

Terreljonez, on the other side of Fort Hamilton (same subway stop), you'll probably find a two-bedroom, over 1000 sq ft, for around $100K LESS. But, even $549K sounds too much for this apt.

Posted by: guest at January 9, 2008 1:20 PM

1:20...

the other side of hamilton is not quite the same as a place ON prospect park.

that's like saying you can get a place cheaper on amsterdam avenue than on central park west.

DUH!

549 sounds right on track to me. similar things have sold nearby for 600 plus.

Posted by: guest at January 9, 2008 1:24 PM

Closing costs, lawyer fee, etc. etc. run about 5% of sale.

If you can wait, wait. the market is going to drop with the expected job growth for 2008, nobody is gonna be buying.

Posted by: guest at January 9, 2008 1:24 PM

Yes, Prospect Park is a plus. But, besides Lonelyville and a few places on Prospect Avenue, where are the amenities?

Posted by: guest at January 9, 2008 1:29 PM

New york is just beginning to see real estate prices drop, wait till mid 2008, maybe even late 2008 to buy....and if you haven't bought by 2010, you are out of it, once again.

Posted by: guest at January 9, 2008 1:33 PM

Instead of showing pictures of the trees, they should have more pictures, especially of the bathroom. That kitchen cost $3000. It should be a crime to put that kind of a kitchen in a unit for sale.

Note: to all renovators. Do NOT put in a cheap kitchen and bath and then jack the price up to market level, when there are brand new condos with great interiors for the same price.

Shop around, you can get a better deal than this unit. So what you're across the park, you're not living in the park.

Posted by: guest at January 9, 2008 1:39 PM

Close friends recently (2 months ago) bought a 2-bed one-bath very, very nearby for 60K less than the ask on this one.

This apartment is just slightly bigger, has park views, and has a slightly lower maintenance.

Is that worth 60K more?

We'll see...

Posted by: guest at January 9, 2008 1:41 PM

Before they stripped the woodwork and put in that fugly kitchen they were asking $540,000.

It doesn't seem right that a cruddy reno and a weekend's worth of paint stripping makes the place worth $24k more in market trending flat to down.

If I were in a position to buy (which I'm not), I'd like it at $499. My guess is that it will go for somewhere between $540-574.

Posted by: guest at January 9, 2008 1:47 PM

Check that, should have said the cruddy reno doesn't make it worth $34k more.

Dang public school education.

Posted by: guest at January 9, 2008 1:51 PM

1:33 pm is spot on. Prices will firm up by Sept then head much higher. By 2010 prices will be back to November 2006 highs & by 2013 (5 years from now) prices will have appreciated 50% from current levels. Prime Brooklyn will be an extension of Manhattan for most, especially those who aren't trustfunders, boring Ibankers, poseurs & Sheep that currently purchase in Manhattan. I think Prime Brooklyn (Boerum, Cobble, Ft Greene, Slope, Prospect Heights, Carrol Gardens) will be able to get $1000 a square foot by 2012

Posted by: guest at January 9, 2008 1:51 PM

1:51 Certain parts of Prime Brooklyn already get $1000/sf (not all places, but some). See Brooklyn Heights and Park Slope to start.

BTW, wha'ts the neighborhood like near this property. Aside from transportation, are there restaurants, delis, bars, food markets, shops, etc. Is the area relatively safe?

Posted by: guest at January 9, 2008 1:56 PM

"Prices will firm up by Sept then head much higher."

Horse hockey. Prices are heading down and will stay flat for years. Particularly for third rate units in second rate locations like this.

Posted by: guest at January 9, 2008 1:58 PM

I used to live right over there for almost 12 years, even thought Lonleyville is right there, the block is always filled with drunks from the bodega and the bldg isn't that nice.

Posted by: guest at January 9, 2008 2:00 PM

I'd like to know where 1:33 and 1:51 got their crystal balls cause I want one. Are you both aware of what's going on in the financial markets? Of Goldman's statement about recession? Latest housing starts and existing sales figures? Optimistic's one thing; delusional's another.

Posted by: guest at January 9, 2008 2:02 PM

mortgage applications were up drastically last month, 2:02.

up like 34%

Posted by: guest at January 9, 2008 2:05 PM

I saw this apartment a few weeks ago. The layout is odd, but the wood work in the space is very nice and light. I also live relatively close by in Windsor Terrace. The neighborhood is very safe and quiet. The apartment I think is in PS 154 zone, which I like alot. WT is not known for it's night life, but you have views of the lake in Prospect Park and you are walking distance or one or two stops from Park Slope on the F train.

Posted by: guest at January 9, 2008 2:10 PM

Where'd you get that info, 2:05? Mortgage apps for weeks ending 12/21 and 12/28 decreased 7.6% and 11.6%, respectively. Regarding apps in the works, you have to consider what's being purchased, in which market and at what price. In NYC seems fewer and fewer sellers are getting asking price these days.

Posted by: guest at January 9, 2008 2:24 PM

Mortgate apps may be up but many are not for new home purchases. People have resets coming and may need to refinance before the reset. Personally, I am applying to increase my home equity line just in case I lose my job in this downturn and need extra liquidity.

Posted by: guest at January 9, 2008 2:39 PM

When 4th quarter earning are posted in February you'll see that many major financial institutions are in deep doo-doo. Bonuses for Wall street were down substantially for many. The high end real estate market in NYC is driven by those bonuses (as well as tax revenues for City services). 2008 will be the beginning of a terrible year for financial institutions. The bubble has burst. If you want to buy, have a little patience. Down down down...

Posted by: guest at January 9, 2008 2:40 PM

so sorry you missed the boat again, 2:40.

better luck next time.

Posted by: guest at January 9, 2008 2:42 PM

I can't comment on the price, but for me the park is a far more useful and valuable 'amenity' than overpriced coffee shops or attitude-filled restaurants. I'd take WT over 5th Avenue vicinity any day.

To each his own.

Posted by: guest at January 9, 2008 2:49 PM

The only boat being missed right now has the name Titanic painted on the side.

Bon voyage!

Posted by: guest at January 9, 2008 2:50 PM

I leave a few blocks away from here, and I completely agree with 2:49 that "the park is a far more useful and valuable 'amenity' than overpriced coffee shops." My 6 year old and 3 year take full advantage of the park and all it has to offer, as do I.

Another bonus is PS 154.

I can't speak to the condition of the apartment, but it's located in a great area.

Posted by: guest at January 9, 2008 3:05 PM

Oops... leave=live.

Posted by: guest at January 9, 2008 3:09 PM

"don't quite understand what's going on with arches/entryways in above picture."

If you look at the floorplan, you will see that these are the doorways between the hall, living room and dining room.

I saw this place during the reno some months ago. It was definitely done on the cheap. The bedrooms are on the small side. Being next to the park is nice though that stretch of PPSW is a bit dingy.

Posted by: guest at January 9, 2008 3:17 PM

I bought a 2 bedroom/1 bath 2 years ago on PPSW 1/2 block from Bartel Pritchard ON the park for a shade under 400. If this sells anywhere near that price, I will perhaps throw a party and invite all of you.

Posted by: guest at January 9, 2008 3:46 PM

What do you all think about this place? Pretty sweet & reasonably priced. I'm thinking of making an offer at ASK.

http://www.prudentialelliman.com/913331

Posted by: guest at January 9, 2008 3:54 PM

3:54,

Is that you, terrelljonez, my little sockpuppet?

Posted by: guest at January 9, 2008 4:07 PM

The 560 State Street listing is hysterical: "You will feel every inch of its 1120 s/f."

Ooooh, baby!

Posted by: guest at January 9, 2008 4:24 PM

you will also hear quite a bit of traffic on atlantic and flatbush avenues.

Posted by: guest at January 9, 2008 4:39 PM

No noise b/c of extra thick double pane windows

Posted by: guest at January 9, 2008 4:55 PM

I see our little sockpuppet is back. There is no mention of "extra thick double pane windows" on the listing, so evidently 4:55 has someinside info.

Of course, even if these "extra thick double pane windows" do exist, they won't help with then noise when the windows are open.

Posted by: guest at January 9, 2008 6:14 PM

The kitchen is truly awful. Those cabinets are the prefab Home Depot specials. Cheap appliances. This kitchen costs all of $5,000.

Also hilariously, these cabinets are the kinds you're supposed to drill for KNOBS. Hey seller, get a clue! Cabinets arrive without holes because there are all kinds of knobs out there and it gives people more options when they can drill the holes themselves. It does not mean the intent is to leave the cabinet doors and drawers completely plain without hardware. What kind of contractor worked on this place, to not know that? Or maybe it was just another sign of being super cheap, the fact they didn't even want to pay for knobs and drawer pulls.

Posted by: guest at January 9, 2008 6:26 PM

Based on the floorplans, that place ain't 1000SF. It looks to be more like somewhere between 850-900 SF.

Posted by: guest at January 9, 2008 6:51 PM

3:54 is definately the broker or seller for 560 state - They posted a very similar post on the forum last week.

So lame, so, so lame.

http://www.brownstoner.com/forum/archives/2007/12/condo_listing_5_1.php

Posted by: guest at January 9, 2008 6:53 PM

We've lived on this side of WT for about 5 years, and appreciate the safe and laid-back atmosphere of the community. As for ammenities, I count:
*one spectacular park, and a few smaller ones
*one wine shop
*one public library
*one historical cemetary
*one CSA
*two coffee shops
*four restaurants
and
*one subway station and three bus lines that will take me into Manhattan if I can't find what I need in the 'hood

Posted by: guest at January 9, 2008 8:02 PM

Bed-Stuy, do or die

Posted by: guest at January 9, 2008 8:14 PM

Stuy-Town, swim or drown.

Posted by: guest at January 9, 2008 8:29 PM

Funkytown, Lipps Inc or ships sink

Posted by: guest at January 10, 2008 2:32 PM

I've lived in this building for four years. There are a few residual scumbags who hang out on the block, but the people in this co-op are awesome: lots of young, down-to-earth, friendly, non-materialistic families. I'd want my kids to play with their kids, if I had any.

Posted by: guest at February 19, 2008 3:40 PM

I lived in that very same Apt for many years in the 1970's before it became CoOp, when I was a teenager. The view of Prospet Park and the lake is pretty awsome. The Archway area was closed up on the one one side (facing what used to be a bedroom facing the park) making a cozy little dining nook. The beamed ceilings were always there, I rememmber my mom painting them brown. When we lived there, it was 3 bedrooms, the living room, the Dining area, and the bathroom (very tiny) was very dated, claw foot tub. The bedrooms (now only 2) are on opposite sides of the Apt. One when you come in on the left, and the other with windows facing the Park. I think my mother paid half of the current Maintenance Fee, for rent. The kitchen was ugly, and I hope they got rid of that Dumbwaiter, because it took up so much space in an already small kitchen. Bus lines on Prospect Park Southwest are plenty and the Train Station is but a few blocks down Vanderbilt Avenue on Prospect Avenue. Proximity to the Ft Hamilton Pkway is very convenient, and a smaller "country" feel is what I remember when I lived there.

Posted by: guest at March 10, 2008 6:42 AM

Oh, and P.S. There were no bodegas and the area was very safe. Skinheads is what we had to watch out for from Seely Street. There was a grocery store "Rene's" near the corner, I used to deliver groceries there. There was a bar downstairs near the next building over (149) and a candy store and some other grocers. I cant remember a bad time ever over there, but then that was 25 years ago. I went to E.R. Murrow H.S. when it first opened (my other option was John Jay, and I was like "I dont think so", and my other school was Peter ROuget I.S. 88. I dont remember the elementary schools. AND, a fire station around the corner on Prospet Avenue gave a sense of security.

Posted by: guest at March 10, 2008 7:24 AM