Co-op of the Day: 130 8th Avenue, #3H

travy,

if this is the lowest price listed on streeteasy in park slope, how are there "lots" of these "lame" studios sitting around? i see almost zero studios for sale in park slope at this price. or at all, for that matter.

when i see a studio pop up for 300K or less, it's gone quite quickly as a matter of face.

studios at 300 with 20% down are still cheaper than renting. with a decent maintenance, you are paying about 2000 a month (not including the tax deduction) which brings the actual costs to around 1500.

1500 is about the average price for a rental in park slope proper. when renting is that close to owning, i can see why many young professionals choose to buy a studio in brooklyn.

my friend just recently sold his north slope studio for a little less than 350K. he did it fsbo and it sold within a week. i don't think it was this large, but was in a more charming building.

Posted by: 11217 at July 16, 2008 2:36 PM

I think you'd be looking at more like 65K down at closing, but I generally agree with you Bolder. I think this will probably go for around 280-290K or so.

The unspectacular building will be a bit of a drawback, since many people do move to Park Slope for the beautiful architecture. That's why I moved here.

Having said that, it is a great location with lots of what's great about PS close by.

In this market, things are going to take longer to sell. People are nervous right now.

Posted by: 11217 at July 16, 2008 3:01 PM

Travy,

With 20% down (60K) and a $240,000 mortgage at today's rate of 6.15 for a 30 year fixed, your mortgage payment is $1462.15.

With the $455 maint, that is $1917.15 a month. Then figure 5K for closing costs roughly.

So not over 2K a month. When you factor in the mortgage interest deduction (and maint deduction) we are actually talking more like $1400 a month which is a pretty darn good deal for a studio in most parts of NYC.

I know quite a few people in the income bracket you speak of who pay $1700-2500 a month for a studio rental in Manhattan and parts of Brooklyn.

With that in mind, this might make sense for someone who wants to own something. Those who want to live in NYC long term, will appreciate the opportunity to live alone and pay these rather modest housing costs (by NYC standards) for the next 30 years if they ended up staying (which of course we know many don't and upgrade down the line...)

Posted by: 11217 at July 16, 2008 3:09 PM

Fair enough, Travy. We can agree to disagree. For me, once I got into 1500 a month rent, it was time for me to think about buying. That was just a personal thing for me. This place ends up costing about the same as renting, and considering that rents will be going up in the long term (they say double every 10 years here in NYC) this will be attractive for someone to lock in their housing costs.

BTW, I am hearing anectodal evidence of rents going down slightly in the papers, but in real life, I am finding the exact opposite. Every person I know who's lease has or is about to end has seen an increase...some only 50 bucks (a friend in ft. greene's is going up $250 a month, if you can believe it!!) a month, but I do not think rental declines will be the norm. They will need to rise purely to cover the increased cost of energy.

Posted by: 11217 at July 16, 2008 3:29 PM

To compare Concord Village to the heart of the most beautiful part of Park Slope isn't really fair. And I'm not one of those...Park Slope is the best place in the world people, either.

Concord Village is a rather ugly complex of highrises on the edge of a few neighborhoods.

This place is nestled right in the heart of probably one of the prettiest urban historic districts in the country, a block from Prospect Park.

It SHOULD command more than Concord Village. Not all locations are created equal.

While this place might not be spacious, by some people's standards, it is a fine size for most young single people. I know people who would KILL to live alone in this city who are 35 and still have 2 roommates. The size doesn't matter as much as the privacy.

In this everchanging world, a small apt. will appeal to those who want to be earth aware. I personally love living in a small place.

If you want a 1 bedroom in this part of Park Slope you are going to pay at least 400K, but more like 500K, so I think the price seems fair for what it is.

I'm going to quit commenting before ya'll think I'm the owner!

Posted by: 11217 at July 16, 2008 3:34 PM

I had two roommates for a while and that was how I was able to save money to buy my first place...

Posted by: 11217 at July 16, 2008 3:56 PM

I don't think it's realistic that someone would buy this for the Ps. 321 access.

That said, I do believe there are some co-ops (mine for one) who do allow renting on a case by case basis. Also some of the buildings have rules that allow renting after 2 years.

Some of the co-ops with some of the older hippie Park Slope types are quite laid back. That's been my experience, anyway. They just want to make sure the place stays nice...they aren't as interested in running these places with an iron fist.

Posted by: 11217 at July 16, 2008 4:09 PM