Co-op of the Day: 467 Pacific Street

Living room seems to be a narrow, dark passage. (I'd use it not as the living room). Closets seem oddly placed (I'd move them). Other than that, seems like a fine apartment - of course, with no kitchen or bath photos, that's a statement made in the dark.

Offering to paint smacks of desperation. (Do such gimmicks work?) Why not just take the condition of the paint into account in the price? It looks to be white, so even if not so recent a paint job, with a little cleaning (Magic Eraser worked in my place in the pre-open house cleaning) the condition of the paint job should have no effect on price. If they think it tuly will detract, they should just paint it this weekend.

For me, it is too close to Atlantic Yards, and may be in shadow.

I don't think you understand the real effect of your website. If you truly wanted to do your FOB a favor, you wouldn't list it here at all.

Posted by: guest at July 7, 2008 12:56 PM

maybe it's just me but this is one area i do not like. it's too close to the projects, too close to all that traffic, too close to the school(s) and too much noise. is the price good? probably (never mind whatever you would spend to convert it to a 2 bedroom which is how they are marketing it cause i don't think it's a good price for a 1 bedroom over there). i'd rather spend a little more and have a better area to live.

Posted by: guest at July 7, 2008 1:00 PM

By creating a '2nd bedroom' the living room then becomes windowless...and hence not separate room by legal standards!!!

Posted by: guest at July 7, 2008 1:00 PM

this is a 1 bdrm. no way it works as 2 bdrm.459k for a 1 bdrm on that block,in poor condition don't think so.

Posted by: guest at July 7, 2008 1:00 PM

where exactly is the atlantic yards project?

IS it right near the Atlantic Mall?

Posted by: guest at July 7, 2008 1:01 PM

is it a walkup building?

if so, what floor is it on?

the w/d in the apartment is a nice touch, and is a unique feature for an older co-op building.

that roof "deck" looks a wee bit pathetic though.

Posted by: guest at July 7, 2008 1:04 PM

this apartment has too much clutter in the pictures shown; not showing the kitchen and bathroom is suspect.

Posted by: guest at July 7, 2008 1:15 PM

Ok, let's say it's a large 1-BR, which it essentially is. $495K seems about right for a large 1-BR with washer and dryer, no?

-Manhattan resident

Posted by: guest at July 7, 2008 1:21 PM

The block is a bit blah; Pacific is much nicer one block west, by Bond street. The location - subway wise - is good. As to the apartment, its a one-bedroom, clearly. Its misrepresentation to call it a two-bedroom. As a one bedroom, its fine for one person (the bedroom is a bit small), though it will cost money to rip out that wall and reconvert it to its original state. Without seeing the bathroom and kitchen its hard to comment on the price. If they are in lousy shape (which i presume due to lack of pictures) then the price is a bit aggresive. Buyers looking for a 2-bedroom, may be turned off due to size, and those lookng for a one-bedroom may be turend off due to work that it may need.

Posted by: guest at July 7, 2008 1:25 PM

Manhattan resident - if so, then it would be a steal, as it is $459.

Posted by: guest at July 7, 2008 1:29 PM

awesome block - one block from every train in brooklyn. and the landmarked district is like five houses away. right across from playground, right next door to community garden.

pacific street is further from the projects than half of Boerum Hill.

and that eastern end of Atlantic Avenue is going more upscale every day. Blue Marble is on the next block.

i'm not the FOB here. just somebody who lives nearby and hates reading inaccurate comments.

Posted by: guest at July 7, 2008 1:29 PM

Is it just me, or would the layout work much better if the kitchen and bathroom were switched? If the kitchen opened to the "living room", it would seem a bit more spacious. You could also probably move the closet in the main bedroom to where the hallway currently dead-ends at the kitchen. This would cost lots of $$$, but would result in a lot more usable space.

Posted by: guest at July 7, 2008 1:42 PM

Sure, if you COULD remodel the whole space (remember, it is a coop), the raw space is nice. But that's expensive, and this place is not priced as needing a gut reno.

Posted by: guest at July 7, 2008 1:56 PM

I agree - the location is pretty darn good. Even Pathmark is fairly close. But, as a one bedroom it needs some work. The wall has to go, and I bet the kitchen and bath needs renovation. Im sure it will sell, but probably not at ask. Maybe $10-15,000 below.

Posted by: guest at July 7, 2008 1:56 PM

IMO, "easy Coop Board" should not be viewed as a selling point.

Posted by: guest at July 7, 2008 1:58 PM

Brownstoner the Pimp.

Posted by: guest at July 7, 2008 2:02 PM

1:29 is right. I live on State St closer to Nevins & 3rd. The area is fantastic and Easter end of Atlantic is getting much better everyday. Just need to get rid of some of those A-Rab stores and go upscale. You want to buy in places like this that "aren't quit there yet" and watch your equity rise greatly as the area only get better. Who do you think has a better chance of making a greater return on their investment: the guy who buys a $750k 1br in Brooklyn Heights or the guy who buys the $450k 1br in up and coming Boerum Hill. Plus, Heath Ledger lives very close by. Can't beat this location and value

Posted by: guest at July 7, 2008 2:07 PM

hey 2:07, heath ledger is dead.

Posted by: guest at July 7, 2008 2:10 PM

Easy coop board has allowed a roof "deck" that will damage the roof. Expect you maintenance to go up when it has to be redone.

Posted by: guest at July 7, 2008 2:14 PM

Ok, then. How's Michelle Williams for you. when Heathcliff pass on from this crazy world of ours?

Posted by: guest at July 7, 2008 2:21 PM

Thanks for the correction 1:29, I meant to type $459K.

-M.Res

Posted by: guest at July 7, 2008 2:27 PM

I am going to guess that this unit is a 5th-floor walk-up. Funny that neither owners or brokers have clarified what floor it's on yet.

Posted by: guest at July 7, 2008 2:30 PM

how can someone not know Ledger died?

obviously doesnt read the paper or watch tv.

so im guessing the poster is an old lady with 20 cats who hates muslims.

Posted by: guest at July 7, 2008 2:34 PM

This place is a BARGAIN. I am going to buy two of them.

Posted by: guest at July 7, 2008 2:38 PM

Sad to say, I agree that the location is ick. subway access is not enough to attract me to the amount of traffic, school yards, AY, and the projects. Heath has been dead almost a year now. sad as that is, if he were still alive, it still wouldn't have been enough to attract me to this area.
the place is a two bedroom based on the floorplan. small but a two. it seems sort of gloomy and i'd love to know how many flights i'm walking up! they do say it's a renovated bathroom but no photos....hmmm

Posted by: guest at July 7, 2008 3:11 PM

Brownstoner: while I love this blog and the info you offer and stories you cover, sometimes i think you do a diservice when you post HOD or COD. I pity the poor fool who's place you pick because it's a lolose lose situation for them.

Posted by: guest at July 7, 2008 3:13 PM

Even if Heath Ledger was ALIVE, why would that compel me to live here?? Who gives a crap about Heath Ledger or Michelle Williams??

Posted by: guest at July 7, 2008 3:13 PM

2:07, once you get over Ledger, who left the neighborhood before he died, consider this.

If you are looking for price increases, you'd be much better off buying in the Heights, assuming you are paying fair value in both neighborhoods.

Basic economics: people can pay more only if they have more or earn more or can borrow more.

The real middle class hasn't had a pay increase in a generation, and they've tapped out their ability to borrow. So, they aren't going to be able to pay more.

The successful professionals are doing much better -- for people at the 95% in income, pay has been going up at 5% or so, and at 99% closer to 9 or 10%.

Assuming these trends continue, the way to make money in real estate in the long run is to buy stuff that might appeal to as close to the top as you can get. And if you can't buy something that's going to appeal to the top 5%, don't expect long term appreciation.

Of course, the real estate bubble changes all this. Buy now, at any price point, and the next decade's appreciation is already in the price you are paying. If you are lucky.

Posted by: guest at July 7, 2008 3:18 PM

Michelle Williams is a FOXX. I'd totally sire her next child

Posted by: guest at July 7, 2008 3:35 PM

I hate the "convertible" shtick too - and was going to say so - but it seems to me that this one has already been converted. So it is no longer convertible - but converted. I guess it is de-convertible, as some posters have noted.

Posted by: guest at July 7, 2008 3:54 PM

I second - or third - the hating of the "convertable" shtick. Its a freaking one-bedroom that shouldnt have been converted to begin with. Noone looking for a two-bedroom would think of this as a two-bedroom.

Posted by: guest at July 7, 2008 4:03 PM

Considering the fact that I have two friends who bought studios in Park Slope (co-ops in a brownstone) for 399K and 369K, I would have to say this seems like a good deal. Their places are about half this size. While I prefer their location a tad, I do believe this area still has the potential for significant growth.

Posted by: guest at July 7, 2008 4:05 PM

$650 SQ. FT. seems alot for this area.

Posted by: guest at July 7, 2008 4:06 PM

'Stoner, the way to "recuse" yourself is to avoid shilling for your friends' places in the first place.
Just choose house/coop of the day on the merits, not on your personal connnection.

Posted by: guest at July 7, 2008 4:22 PM

$650 is "alot"? Are you on acid? Comps in this neighborhood are double that and will be 3-4x that in a few years.

Posted by: guest at July 7, 2008 4:37 PM

I just went to the Douglas Elliman website to check out this listing. There are more pictures on the site -- new bathroom looks nice

Posted by: guest at July 7, 2008 4:44 PM

This is not Park Slope - so comps don't apply.

Posted by: guest at July 7, 2008 5:19 PM

Brownstoner obviously believes that all publicity is good publicity. And who know, he could be right, though I doubt it.

Posted by: guest at July 7, 2008 5:23 PM

"I just went to the Douglas Elliman website to check out this listing. There are more pictures on the site -- new bathroom looks nice"

you must have looked at the wrong listing. no bathroom photos.

Posted by: guest at July 7, 2008 5:30 PM

"$650 is "alot"? Are you on acid? Comps in this neighborhood are double that and will be 3-4x that in a few years"

You're the one on acid if you think prices are going to be $1950-$2500 psf in a few years. If that were going to be the case every hedge fund, bank, and private investor in NY would be buying every property in that area that comes up for sale and price wars would be insane. Do you see that? No. Didn't think so. You will be lucky to get this same price over the next decade, so better buy to live in a be happy with it. The days of 4x your money within 5-10 years are so over. Don't you even watch the news?

Posted by: guest at July 7, 2008 7:35 PM

this looks like an awful, mean, little, apartment on an ugly block on the wrong side of Atlantic Avenue. Yuk!
This is the kind of unit that will be worth $8o,000 in two years. There is nothing there.
And anybody over 36 buying a walk-up apartment has to have their head examined.

Posted by: guest at July 7, 2008 9:07 PM

"$650 is "alot"? Are you on acid? Comps in this neighborhood are double that and will be 3-4x that in a few years."

I'd say you dropped all the acid yourself.

Comps are nowhere near 1300/psf in this area, and will not be for a very, very, very, very, very long time. If ever.

Posted by: guest at July 7, 2008 9:14 PM

And anybody over 36 buying a walk-up apartment has to have their head examined."

Please elaborate.

Posted by: guest at July 7, 2008 10:38 PM

sorry, i said before it was on the wrong side of Atkantic, but it is actually on the better side. So in two years it may be able to retain its value a little better.

Posted by: guest at July 7, 2008 11:21 PM

I remember back in the 80's when people used to go bonkers thinking that the 200K I bought my brownstone was an OBSCENE amount of money to spend for for house.

I have no doubt that in 10-20 years, the same will be said about nyc real estate.

And btw, 9:07, tell my 87 year old grandmother that she should have long moved out of her 1 bedroom walk up.

4th floor no less. And she does the climb about 10 times a day.

You are a pussy.

Posted by: guest at July 8, 2008 1:49 AM

FOB...Im so envious. NOT

Posted by: guest at July 8, 2008 7:57 AM

1:49 has a point. The odds **are** pretty good that in 10-20 years, people will be saying that current New York real estate prices are an OBSCENE amount to pay. Inflation adjusted, they'll probably be about half what they are now, and people will be scratching their heads, saying did those people think the laws of supply and demand had been repealed?

Posted by: guest at July 8, 2008 10:23 AM

No, when there's no easy oil to be had, people in the most walkable/public transport city the country (with the easiest ability to live carless) will be sitting pretty.

Posted by: guest at July 8, 2008 11:16 AM

Actually, the nicest thing about that apartment is the nice antique oak tall cabinet - that's the only thing that makes the place look good.

An Grandma must be in great shape!

Posted by: guest at July 8, 2008 11:18 AM