« Development Watch: 1124 Bedford Ave House of the Day: 1208 Beverly Road »
March 25, 2008
Condo of the Day: 206 Front Street
About nine months after closing on her second-floor one-bedroom at the Vista at 206 Front Street in Vinegar Hill, the broker who owns it is looking to cash in her chips and move on. While the exact closing price is unclear, the 540-square-foot apartment was originally listed for $370,530. So what's the asking price less than a year later? $485,000. Seems like a stretch to us.
206 Front Street, #2D [NY Times] GMAP P*Shark
The Vista and J Condo Get Their TCOs [Brownstoner]
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/4311
Comments
It would rent for about $2000 per month. With the maintenance/tax payment at $400 per month, that leaves about $1600 to cover interest. $1600 per month covers a $300K purchase price (AFTER interest deduction).
The correct price is about $300K.
Posted by: guest at March 25, 2008 1:46 PM
Studio's in J Condo are priced at this level and get sold easily. Not sure how this will fly since it's in VH, but she's not terribly off in the pricing. She'll get at least $450k.
Posted by: guest at March 25, 2008 1:47 PM
sorry, but this would rent for more like 2500.
no way for 2000.
Posted by: guest at March 25, 2008 1:57 PM
looks nicer outside than inside. Whats with pushing everything against the walls in the pics?
Posted by: guest at March 25, 2008 2:00 PM
How can you rent this out for $2500? This is in VH - not exactly the safest locale (see the news about VH crime hike). No doorman, few amenities, no view, far from stores and restaurants, and those 2 cheapo ACs... yikes.
Surprisingly for a broker, she has no idea how to stage the apartment. Well, at least she knows that it's time to sell right after NYTimes did an unfavorable feature on your building (see the Brownstoner post "A Bridge Too Far").
Posted by: guest at March 25, 2008 2:13 PM
2500 rent also seems very steep to me for a 1BR in a non-prime area. Definitely more like 2K max. On the other hand 1600 covers more than 300K of mortgage after interest deduction (that's our mortgage and we pay 1700 *before* interest deduction though granted we re-fi'ed at 5.25...) But this apt does seem overpriced and the photos are bad.
Posted by: guest at March 25, 2008 2:22 PM
No way this rents for more that $2000 per month. I pay less than that for a 750 sq ft one bedroom + office in brooklyn heights.
$2000 rent per month, is equivalent to about a $350K sale price, $1600 for the mortgage interest (afte deduction) and maintenance and taxes at $400 per month.
Worth about $350,000
Posted by: guest at March 25, 2008 2:48 PM
This is a studio, not 1BR. The seller is dreaming. Oh, she's a broker. No wonder.
Posted by: guest at March 25, 2008 3:08 PM
This is a studio, not 1BR. The seller is dreaming. Oh, she's a broker. No wonder.
Posted by: guest at March 25, 2008 3:09 PM
how can a broker take such bad pictures of his / her own place? i mean, if you're in the business, wouldn't you know better how to show something? include a floorplan, for pete's sake!
Posted by: guest at March 25, 2008 3:20 PM
how can a broker take such bad pictures of his / her own place? i mean, if you're in the business, wouldn't you know better how to show something? include a floorplan, for pete's sake!
Posted by: guest at March 25, 2008 3:23 PM
Are there really 2 PTAC units in the bedroom? And am I missing something or are they hovering off the floor? This is a luxury building? What is up with that?
Posted by: downtown_denizen at March 25, 2008 5:24 PM
i like how the rule of thumb with price has become "mortgage and maintenance must equal rent". even with this simple calculation, the pricing would be sensitive to your mortgage assumptions such as mortgage rates, type of mortgage, etc. a 1% drop in mortagage rates can equate to a 50K increase. also no one knows where rent is heading, real estate values are heading long term, principal payments used to reduce the mortgage, tax benefits from interest, etc...
please educate yourself so you can make better judgements in finding value in real estate.
Posted by: guest at March 25, 2008 6:47 PM
Your all too funny... I happen to live in the building and know that the apartment has a tenant, who I know as well, and is paying $2500. Also has a contract out at $465K not bad for the broker who bought it and is now flipping it. you might want to re-think the market and neighborhood also the broker..
Posted by: guest at March 25, 2008 7:57 PM
Now I'm a believer!
Posted by: guest at March 25, 2008 8:35 PM
The rent=buy comments don't make much sense.
When you buy if you have a 30 year loan it is fixed for 30 years and then goes to zero. If you rent it generally goes up most years and never ends. Thus, if you are looking for a home to spend the next 50 years of your life you will probably save vs renting in the long term no matter how overpriced it is today. That is why you don't find condos priced where you can make a profit or even break even today after securing a zero-down mortgage, because that of course is almost printing money. The question is how much money and time you need to front (and give up other opportunities to invest your money) before making money. The average person's patience to get their money back is what sets the price.
Posted by: guest at March 25, 2008 9:16 PM
bla bla bla. broker this, broker that. how about a statement of fact - the owner of this place does this for a living, and she does it quite successfully - so i'm going to go out on a limb and say that she has a better sense of how to present and price the place than commenting ADAM.
Posted by: BrooklynLove at March 25, 2008 9:47 PM
And you know she is quite successful, how, esactly?
Posted by: guest at March 25, 2008 10:03 PM
eXactly, that is, of course...
Posted by: guest at March 25, 2008 10:12 PM
b/c i know her
Posted by: BrooklynLove at March 25, 2008 10:29 PM
ADAM?
Posted by: guest at March 25, 2008 11:07 PM
ADAM as in anon - i don't know you from ADAM. capiche?
Posted by: BrooklynLove at March 26, 2008 7:28 AM
BL = OG
Posted by: guest at March 26, 2008 10:58 AM
overpriced as usual
Posted by: guest at March 26, 2008 10:50 PM
Post a comment
Please be patient while your comment is published. It may take a moment.