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September 22, 2008

Co-op of the Day: 2 Grace Court, #1J

2-Grace-Court-0908.jpg
2-Grace-History.jpgLook out belowwwwww! A reader directed our attention to this one-bedroom at 2 Grace Court in Brooklyn Heights that's been in free-fall since it was first listed last March at $499,000. According to StreetEasy, the ground-floor unit (which has a monthly maintenance of $598) has had its price reduced on six occasions since, most recently on Friday from $395,000 to $350,000. That's a serious drop! Think this will whet buyers' appetites?
2 Grace Court, #1J [Corcoran] GMAP P*Shark
COTD: 2 Grace Court 2BR [Brownstoner]




Posted by Brownstoner at 12:37 PM | Comments (8)
Categories: Brooklyn Heights, Co-ops

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Comments

Corcoran link not working?

Posted by: cobblehiller at September 22, 2008 12:42 PM

Here's when it was $395K
http://tinyurl.com/4flr86

and heres clist

http://newyork.craigslist.org/brk/reb/849909246.html

Posted by: CobbleHilller at September 22, 2008 12:57 PM

Streeteasy says it is no longer available...

Posted by: BH76 at September 22, 2008 1:20 PM

The sellers problem was going with Corcoran. They overpriced, as usual, but in a falling market. If they'd priced it at $400K back in March it might already have gone.

Posted by: dittoburg at September 22, 2008 2:02 PM

OMG! That's a ridiculous drop. There goes Brooklyn real estate.

Posted by: PropJoe at September 22, 2008 3:24 PM

That apartment can't be any bigger than 450-500 sf. So, at $350K someone is paying $700-$800 psf for a non-descript, 1st flor coop on a nice street. On a psf basis, it highlights how ridiculous the original listing was.

Posted by: Boerum Hill at September 22, 2008 4:42 PM

After viewing the listing on Craigs List, I totally understand why the apartment didn't trade at $499K. The location issues (ie. first floor, proximity to BQE) and condition (out of date bath and kitchen in poor condition)would warrant at minimum a 15K - 25K fix.

You can find a similarly sized apartment in MUCH better condition in the brownstone belt.

Posted by: BrooklynIsHome at September 22, 2008 5:17 PM

Being of limited means but interested in ceasing to be a renter, a first floor apartment near the BQE that has an out-of-date bathroom and a kitchen in poor condition is just what I'm looking for ... except I want the price to reflect the aforementioned conditions. How 'bout two-fifty?

Posted by: altervoce at September 22, 2008 6:52 PM

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