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July 31, 2008

Co-op of the Day: 396 12th Street, #2R

This second-floor apartment at 396 12th Street in Park Slope doesn't have a whole lot to get jazzed about (other than the original bay window), but it also doesn't give us much to complain about. It is what it is: A 700-square-foot floor-through one-bedroom with minimal historic detail remaining and middle-of-the-road finishes. (And one helluva ugly building next door.) The seller picked this place up for $326,000 in 2004 and is now hoping to get $463,000. Think he will?
396 12th Street, #2R [FSBO/NYT] GMAP P*Shark

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I think this could sell for 425 or so.

Posted by: wasder at July 31, 2008 12:45 PM

Price sounds about right to me. The maintenance of $450 a month is very reasonable.

And it's right near the 12th Street Bar and Grill...one of the most underrated places in Park Slope...

They also just recently renovated the old bodega on the corner of 12th and 8th and turned it more upscale.

Nice area. The apartment looks fine.

Posted by: 11217 at July 31, 2008 12:48 PM

Right off the bat stoner is that recessed light glaring at you on the post pic. I think that building next door is far better than most things that have been built recently and depicted here as the typical crap Fedders buildings.

Posted by: daveinbedstuy at July 31, 2008 12:49 PM

The maintenance is reasonable, but this guy won't get $463,000 for a one bedroom and with what looks like a smallish living room and lack of windows throughout the apt. The kitchen could use some updating. Maybe if there were 1.5 bathrooms and/or 1.5 bedrooms....

I'm guessing $395,000.

Posted by: lala at July 31, 2008 12:59 PM

I'm guessing $395,000.

Posted by: lala at July 31, 2008 1:01 PM

A friend of mine sublet in this building about 7 years ago. Maybe things have changed, but the stoop to the left was the late night gathering spot for all the teens on the block and the midnight football games they played in the street could get really loud. But I believe the bedroom in 2R is in the rear, so maybe that's not such a problem anymore. Also the building had a pretty bad mouse problem. A woman living there at the time found a nest in the foam padding of her sofa (yecch).

Posted by: greenwood at July 31, 2008 1:21 PM

Cocoran take note. This is the way an apartment should be priced.....this asking price is right on.

With the standard negotating, this will sell quick. And I hope it does, cause Obviously, the seller is not looking to make a huge profit.

Posted by: bayridgegirl at July 31, 2008 1:23 PM

Nope.

Not that price for that co-op in this market.

I'm guessing it closes just over 400K.

Posted by: kuroko at July 31, 2008 1:23 PM

Greenwood - not much has changed wrt the evening stoop party and street football games. I lived on 12th St. and 6th Ave from 2006 - 2008 and it was an eyesore to walk home from the subway everyday. We never parked our car by those buildings because of the kids' various sports. The bodega on 12th and 7th Ave isn't nice at all.

The one positive was living close to Union Market on 7th Ave.

Posted by: FeiFei at July 31, 2008 1:34 PM

463K list with a 425K sale price, List price sounds about right.

Posted by: Xander Crews at July 31, 2008 1:58 PM

Just noticed he was a FSBO so he should expect offers in the high 3's

Posted by: Xander Crews at July 31, 2008 2:00 PM

So, yesterday's mint condition (with parking) house of the day at 31 PPW was deemed overprithe at $900 psf and this dump is priced to sell at $660 psf?

Posted by: Boerum Hill at July 31, 2008 2:07 PM

This place would benefit greatly from taking down those curtains and re-staging the place with smaller and not as much furniture.

I bet the owner could get his/her asking price if he spent a thousand bucks on sprucing the place up.

Posted by: 11217 at July 31, 2008 2:11 PM

according to the inflation calc $326,000 in 2003 would be around $373,000 in 2007. If it goes for 400k it would be a minimal mark up over a 5 year period.

with that being said 400k sounds nice.

Posted by: Santa at July 31, 2008 2:13 PM

I feel like 326K in 2004 for this place was pricey.

Does anyone else think that is kinda high for that time/location?

I just did some searching around a few real estate sites, and for the price and square footage (and maint), this place is a bit underpriced at 463K. Most 1 bedrooms of this size and location are in the 500K's, from what I saw.

This one clearly needs a little TLC though, so a lower price sounds fair.

Posted by: 11217 at July 31, 2008 2:18 PM

If this is really 700 sf, then 425-430 sounds like a pretty decent deal.

I still wonder why people who go the fsbo route can't be bothered to declutter and spend a hundred bucks for a photographer. (or, even better, set up a web page where you can go on and on about your bathroom tile...)

This may be a nice apartment, but it looks like a dark dungeon the the photos.

Posted by: Bolder at July 31, 2008 2:25 PM

Developers are trying to sell similar converted railroads in Bushwick for $350K... so by those standards, this is reasonable.

Of course, that 2 bedroom in Boerum Hill on Pacific Street you all hated was a much better deal, but, eh.

It'll sell, but personally, I hate converted railroads. Unrenovated railroads, sure. But with no original detail they all end up just looking dark, long and and narrow.

Posted by: Heather at July 31, 2008 2:28 PM

First thing that jumped out at me was that PoMo fedders box to the right - that's some hamfisted contextualism.

Posted by: WBer at July 31, 2008 3:37 PM

I do think that the owner overpaid a bit in 2004. However, the price seems just a little over. I think at 600/sf it would go, the low 400's.

Posted by: ks8000 at July 31, 2008 4:09 PM

wow,FeiFei.kids playing sports on the streets.how shocking.i know its a crazy concept for u out of town yuppies to grasp,but thats what kids do in urban centers all across the country.

Posted by: buckfast at July 31, 2008 8:34 PM

i actually looked at the apartment below this one in 1998 for 76k dollars. i didnt buty it because this corner is a major local hangout, i dont think all of the apartments are converted to co ops and has some rent control living in them. that said the bodega on the corner is not too bad and they still only charge 75 cents for a can of coke.

Posted by: mule at July 31, 2008 8:35 PM

« Development Watch: Windows on Grand House of the Day: 1721 Glenwood Road »

July 31, 2008

Co-op of the Day: 396 12th Street, #2R

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