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January 6, 2009
Hey, Something Sold!
Here's a refreshing ray of light in what has been a pretty bleak few months of real estate news: Apartment #3 at 210 Berkeley Place in Park Slope, which came onto the market for $599,000 in late September just days after the collapse of Lehman Brothers, closed just before Christmas for $592,500; the two-bedroom floor-through has a maintenance of $525. (Floorplan on the jump.) In fact, it looks like it went into contract in less than three weeks on the market. Any other anecdotes like this?
210 Berkeley Place [Corcoran] GMAP P*Shark
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Comments
1.085% below ask!!!! Maybe they adjusted for the water bill!!!! LOL
Posted by: daveinbedstuy at January 6, 2009 10:51 AM
a list of $599k in that neighborhood seems cheap. How many sq ft?
Posted by: PropJoe at January 6, 2009 10:56 AM
It is a pretty little ONE bedroom apartment....location, location, location.
Posted by: BH76 at January 6, 2009 10:57 AM
Is this a 650 sq foot 2 br?
Posted by: PropJoe at January 6, 2009 10:58 AM
Hey PropJoe....count the rooms on the floorplan and then add up the numbers. It's pretty simple actually.
Posted by: daveinbedstuy at January 6, 2009 11:02 AM
even tho i find parquet floors gross (they remind me of cockroaches), i find that living room really nice!
*rob*
Posted by: PitbullNYC at January 6, 2009 11:04 AM
Rob: You are a strange (cockroaches?), but oddly likeable, young man....
Posted by: BH76 at January 6, 2009 11:07 AM
I remember seeing this place online and loving it.
They sold another apartment in that building in the fall. It sold on October 7 for $612,000. I remember liking that one even more.
I believe it was on the garden level.
Posted by: 11217 at January 6, 2009 11:09 AM
This conclusively proves that Park Slope is TEH GREATEST NEIGHBORHOOD EVAR, right? :)
Posted by: cwbuecheler at January 6, 2009 11:10 AM
Not sure about that cw, but I do think this is one of the nicest blocks in Park Slope!
But I'm partial...
Posted by: 11217 at January 6, 2009 11:13 AM
I think we forget, with all of the negative doom and gloom in the media, that many people are still doing well, many people are in jobs that are thriving and, gasp, growing, and many people are doing what they would have been doing had this mess not occured. People are still moving to NYC to follow their dreams, and people will still buy apartments and houses in the neighborhoods they want to buy in.
Seems to me that our media's hyper attention to the minutia of every stock market jiggle, every business decision, and especially every business and personal disaster story, has turned us into a nation of hesitating, reactive, quivering masses of jello.
I'm not saying it's not bad out there, believe me, I'm experiencing it, as are friends and family. Would that the media, Congress, the SEC and others who are supposed to be watching, had spent as much ink and pixels on preventing what was preventable, instead of wailing that life as we know it is over. It will indeed be interesting to see how that translates to real estate transactions in Brooklyn. I don't think we are immune, but as we see from the Forum, and from sales, people have bought in this market, and will continue to do so, albeit more slowly.
Just blathering on to basically say, I'm glad this sold, it sold quickly, and let's keep it going. Good news for buyer, seller, real estate broker, attorneys, movers, handimen and perhaps contractors, decorators, and more.
Posted by: Montrose Morris at January 6, 2009 11:15 AM
11217 - Agreed completely. I love both Lincoln and Berkeley from 6th to 8th. They're beautiful, close to the Q/B and 2/3, close to good restaurants and shops, close the the park ... what's not to like? I walk up and down them frequently just to enjoy them.
If I could afford it, I'd have already bought one of the condos in the former brothel on Lincoln. :)
Posted by: cwbuecheler at January 6, 2009 11:25 AM
So... that's what a 1/2 million dollar mortgage buys you these days eh? i.e., AFTER the bursting of the bubble.
$4k a month for a modest apartment for a couple with a kid (maybe).
Am I the only one depressed by this?
Posted by: tybur6 at January 6, 2009 11:28 AM
Agreed, CW. I walk by that old brothel all the time and admire it. The Brooklyn Conservatory and its garden is also a favorite building of mine. It's so pristine and handsome.
I love living a 5 minute (or less) walk to the 2/3 or Q, The Farmers Market on Saturdays, Ozzie's Coffee Shop, 5th Avenue, Prospect Park and ample restaurants, shops and bars to keep me happy.
Posted by: 11217 at January 6, 2009 11:32 AM
i wish i could actually afford those same things i live near that 11217 talks about :-/ ha. i guess i can afford the park. ive only been there twice (honestly i wasn't impressed by prospect park). when i saw horses it was a done deal, never going back!
*rob*
Posted by: PitbullNYC at January 6, 2009 11:36 AM
The Crest - on 4th Ave. Apartment 11H - a 684 sq ft one bedroom sold on 12/12/08 for $430,000. Originally listed at $564,00, then dropped to $495,000.The identical apartment on the 10th floor sold for the asking price of $549,000 on 4/23/08. So, where are we going from here?
Posted by: sjtmd at January 6, 2009 11:37 AM
Tyburg6:
Part of the problem is that your math is off. Very off.
After putting 10% down, the mortgage remaining is $474,000.
With today's mortgage rate, that works out to $2581.00 a month mortgage with $525 maintenance bringing your monthly total to $3106.00 per month.
I know people who pay that to rent a 1 bedroom in Manhattan.
And we haven't even factored in the interest deduction which brings this closer to 2600 or 2700 a month to own a 2 bedroom apartment on one of the loveliest streets in one of the loveliest neighborhoods in Brooklyn.
Posted by: 11217 at January 6, 2009 11:38 AM
Even assuming that the 2nd bedroom is tiny and without a window, i think this was a good deal for the buyer. Its an excellent location which in the end means more than an additional 200 sq ft or terrace balcony u can get at other newer condos in less desirable nabes.
Posted by: bktycoon at January 6, 2009 11:40 AM
I've never heard ANYONE say they weren't impressed by Prospect Park. Even the designers of the park (who also designed Central Park) considered it their masterpiece. When I bring friends out from Manhattan, we always end up at Prospect Park, and people are always struck by it's beauty, in my experience. It's very natural for a park...you can almost forget you're in the city for a minute.
It's one of the most beautiful urban parks in the United States, in my opinion. And I've seen quite a few.
And there are plenty of nice, inexpensive restaurants nearby, although personally I tend to cook a lot. Olive Vine, Roma Pizza, Mr. Wonton....the list is endless...
A cup of coffee at Ozzie's is $1.50
Posted by: 11217 at January 6, 2009 11:42 AM
Sorry, I should have said that $474,000 is after putting 20% down...NOT 10%.
Posted by: 11217 at January 6, 2009 11:43 AM
That's over $800 a square foot. WOW! Location, Location, Location.
Posted by: DeLepp at January 6, 2009 11:47 AM
Tyburg6 -
I don't find it depressing, exactly, but it *is* frustrating. My wife and I have set our drop-dead max for a condo/house at $500k, even though we can technically afford a lot more. We pay careful attention to our money, and we're not interested in being house-poor.
I look at this apartment, and it's lovely, but it sold for almost $100k more than we are willing to pay ... AND there's no way we could fit in that little space anyway, since we both work from home and need office space. We live in and love Park Slope but we've given up even looking here because it's just not going to happen.
Thus my recent interest in Bed Stuy and Flatbush, where prices are still insane by normal people's standards, but not by Brooklyn's.
Posted by: cwbuecheler at January 6, 2009 11:48 AM
Really 11217? "awesome post"? I think that was about the most banal post I've ever read.
Posted by: gkw at January 6, 2009 11:50 AM
no a cup of coffee at ozzies (well iced cuz i like iced) is 2.75 (which really isnt bad) but it's served with attitude when you dont put that quarter in their tip jar hahaha. give me a perky starbucks barista anyday. (i cannot for the life of me actually believe i just typed that) dont hate me! hahah.
maybe i didnt go to the right park of prospect park? i dont know i just walked into it and kept walking til i found a lake. i wanted to see what the lake was like. it was kinda gross and the ducks looked sad. sorry i just was not impressed. but then again im not a nature person so parks in general just dont do it for me.
*rob*
Posted by: PitbullNYC at January 6, 2009 11:50 AM
It doesn't even have a full-sized refrigerator in the tiny kitchen -- and there are no laundry facilities. It is pretty but more likely for a single person who eats out all the time. This is not a family apartment!
Posted by: BH76 at January 6, 2009 11:51 AM
The guys at the Ozzie's at Lincoln and 7th are some of the nicest guys around. At least a few times a week they give me my coffee for free and are always extremely appreciate when I tip them. Perhaps you're talking about the Ozzie's on 5th Avenue Rob, but the one near me is one of my favorite places in Park Slope.
I can't stand Starbucks, think their coffee is horrendous and if I could would love to put them out of business. Although I wouldn't, because that would be a loss of too many jobs. But in theory...
Posted by: 11217 at January 6, 2009 11:54 AM
"It doesn't even have a full-sized refrigerator in the tiny kitchen -- and there are no laundry facilities."
That's funny. In the picture of the kitchen, I see a full size, stainless steel refrigerator.
And I'm guessing they have laundry in the basement like most of these brownstone co-ops do around here.
Posted by: 11217 at January 6, 2009 11:56 AM
This is prime Park Slope. This apartment has it all: location, location, location.
Posted by: sam at January 6, 2009 11:57 AM
And you added SO much to the tone of the discussion, gkw.
Posted by: Montrose Morris at January 6, 2009 12:04 PM
Can we just all agree that Park Slope is the best neighborhood in Brooklyn; in NYC; in NY State; in America; in the World; in the Universe.
Aliens are going to want to land in Park Slope instead of a small farm in Idaho and make crop circles in Prospect Park.
Posted by: bayridgegirl at January 6, 2009 12:05 PM
My 2 BR apt in Clinton Hill sold for an almost identical amount in September after 3 weeks on the market.
Posted by: wasder at January 6, 2009 12:07 PM
Unfortunatley the price difference between September and December is not quantifiable. Like trying to sell a beachfront property the day before a hurricane. We had a one bedroom sell for $545 in Clinton Hill(on Clinton) in July, would guess mid $400s today.
Posted by: DeLepp at January 6, 2009 12:13 PM
bayridge girl, there is Park Slope and there is Park Slop.
Some of the properties I have seen described as being in Park Slope are hardly that. This property is prime park slope. It is one of the best blocks. It is not just about a neighborhood, it is about the location within the neighborhood. You can always change the refrigerator but you can't change your block. Focusing too much on the appliances and too little on the location is a big mistake in NYC real estate. Especially going forward.
Posted by: sam at January 6, 2009 12:19 PM
I love the level of analysis on this site!!!!!
Posted by: daveinbedstuy at January 6, 2009 12:19 PM
I love the level of analysis on this site....about Park Slope!!!!!
Posted by: bayridgegirl at January 6, 2009 12:22 PM
Whatever, one apartment sold does not indicate the market. Get ready, prices are going to drop hard in 09. My brownstone is going to lose 20% of its value from 08 and I am freakin p-ssed about it. I blame Marty Markowits.
Posted by: billyboomer at January 6, 2009 12:25 PM
brg - we had a massive discussion yesterday about Clinton Hill / Fort Greene. It's not just a PS thing.
Certainly some areas of Brooklyn are more heavily represented on this site than others, but then again, it IS supposedly a site about Brownstone Brooklyn, and there are fewer and fewer Brownstones as you radiate outward from downtown Brooklyn's immediate neighbors.
Posted by: cwbuecheler at January 6, 2009 12:32 PM
aah, yes, yesterday's discussion about CH / FG. Are you sure it wasn't about Park Slope???
BTW - many of my comments are with my tongue in my check.
Carry on, Park Slopers.
Posted by: bayridgegirl at January 6, 2009 12:37 PM
billy writes..."My brownstone is going to lose 20% of its value from 08 and I am freakin p-ssed about it. I blame Marty Markowits."
Please explain what Marty has to do with most of this!!!!
Posted by: daveinbedstuy at January 6, 2009 12:41 PM
yesterday's discussion was interesting. Some felt that Clinton Hill is a prime location and others felt that while the architecture is great, and it has improved in many ways over the past ten years, it is still too early to call it prime. However one classified it, the prices had gone up to "prime" levels -that was for sure.
I think that will change now. Location is too important to wave off. Up and coming areas are great, and funky, and cool, but they just cannot sustain the same level of pricing as older, more established, perhaps blander areas.
What I didn't like was that everything used to be priced as if it were in a prime location even though it may have been in the fringes, or even beyond the fringes, of the core neighborhood. Places like this one will sell for a good price (although this unit would have fetched way more a year ago) but other places in less prestige areas may not. The "all of Brooklyn is great" mindset is history.
Posted by: sam at January 6, 2009 12:45 PM
Sam, I agree with you partially, but I still think "all of Brooklyn is great"
Prices have nothing to do with how great something is in my mind. Most of the things I enjoy most in life are free, in fact.
I would agree that prices in fringe areas got too high when compared to their prime counterparts. The whole reason the fringe areas got so "cool and funky" is because by and large...those who make a modest salary and work in arts related fields tend to be the funky ones. They were priced out of even the fringe areas, and I welcome their return.
I also welcome them to smaller places in prime neighborhoods like the apartment we're talking about here.
I do 100% agree with you that we will moving forward revert back to the adage in real estate, which is location, location location. Always will be. When I was looking to buy in 2006, I looked in a number of "fringe" areas and thought for sure I'd end up there.
When I found my place I could tell instantly that despite the fact that I had to settle for a smaller space, I ended up in a location I love, and that has been far more important to me. I may have had a couple hundred extra square feet in a lesser location, but for myself, I'd rather have the smaller place in the fantastic location.
Posted by: 11217 at January 6, 2009 12:57 PM
quote:
those who make a modest salary and work in arts related fields tend to be the funky ones.
w*r*o*n*g. that's a very common misconception. maybe funky in their own minds perhaps.
*rob*
Posted by: PitbullNYC at January 6, 2009 1:02 PM
I knew someone would say something about that. Thanks for correcting me rob.
I should reword it and say that in MY experience in life, people who work in creative industries have been "funkier" than the people I know who work in finance or are lawyers, etc.
Just MY experience. I also tend to surround myself with more of the of the former, so I guess that skews my perception.
I'm sure there are some really super freaky funky wall streeters out there!
Posted by: 11217 at January 6, 2009 1:07 PM
There are!!!
Posted by: daveinbedstuy at January 6, 2009 1:09 PM
Haha. True enough Dave!!
I didn't mean to imply that there are NO freaky deaky's out there in your line of work, just that there seem to be more in mine. You should see one of our conferences...it's like going to the freakin' circus!!!
Posted by: 11217 at January 6, 2009 1:12 PM
well, I know a few lawyer/wall st. types who are definitely more super freaky/funky than many artists I know. (they're just more private about it....unless it's dave who has posted muchly about his Mexican boyfriend :-)
In fact, after the last few years I think artist/freaky IS the new normal.
Posted by: bxgrl at January 6, 2009 1:15 PM
funky wall streeters? I have never met any.
Location location location, never forget it.
What were we thinking?
Posted by: sam at January 6, 2009 1:16 PM
I think a big change is that in the boom people were comparing up and now they are comparing laterally and down. People used to say "this house in [a fringe area] is 1.5M, but it would be 3M in Park Slope!" Which was a stupid and pointless comparision. Now they are saying "This is nice house but for the same money I could get a decent apartment in the slope or the same house for even less in [wherever]."
Posted by: shillstoner at January 6, 2009 1:20 PM
There are definitely more freaky/funky people in non-Wall St. jobs. I'm not going to argue that at all. My office is above the JWT offices here in manhattan and they are a funky lot...and too many hipsters as well!!!! :)
Posted by: daveinbedstuy at January 6, 2009 1:24 PM
Freaky Wall Streeters...there are plenty.
Boring dull artsy types litter, do I dare say it....ah, never mind.
Posted by: bayridgegirl at January 6, 2009 1:25 PM
It's true that sometimes the button-down types one meets during the day become freaks over the weekends, but for the most part they become freaks on the golf course.
Posted by: sam at January 6, 2009 1:30 PM
BRG...you're kinda freaky!!!!!
Posted by: daveinbedstuy at January 6, 2009 1:31 PM
I fall into the boring dull artsy type with a freakish streak :)
Do I dare post the lyrics to Shaggy's Freaky Girl.
I wonder if the people that bought this apt. are artsy or wall streety or freaky.
Posted by: bayridgegirl at January 6, 2009 1:39 PM
sam...by definition people on golf courses are freaks. Especially the ones wearing what I refer to as "asshole pants."
Posted by: daveinbedstuy at January 6, 2009 1:40 PM
good point shillstoner. I will take my designer neighborhood in live in a jewelry box over the knock off brand and live in a palace...
Posted by: Amzi Hill at January 6, 2009 1:47 PM
dave, you mean the bright green pants with little wales or frogs embroidered on them? Or the orange and blue plaid knickers?
Posted by: sam at January 6, 2009 1:54 PM
All of those sam.
Posted by: daveinbedstuy at January 6, 2009 2:02 PM
I found Biff on vacation.
http://www.ssqq.com/stories/images/golfer%2002.jpg
Posted by: bayridgegirl at January 6, 2009 2:26 PM
that's a nice picture of biff. the white tam-o-shanter is particularly fey,
but he is spread legged and handling his slender club with confidence.
Posted by: sam at January 6, 2009 3:27 PM
I wouldn't pay any amount of money to live in this place. Give me a true one bedroom with a centered fireplace and a proper entryway for one person OR a true Victorian two-bedroom with a dining room for a family..at any price. But not this hideous monstrosity (so very typical in New York) that is pretending to be something it isn't. I don't care where it's located.
Which brings me to...cw, we're looking for the same thing. Seen anything decent in your price range? We've seen wreck after wreck and have decided to buy the most picturesque wreck of the bunch.
It's so weird to be able to afford anything but not be able to find a place that isn't a tear-down.
Posted by: mopar at January 6, 2009 3:28 PM
Rob, check out the great meadow in Prospect Park. If you lay down on the grass and squint your eyes a little bit you might think you're in an eternal eden and not New York City. (If a frisbee doesn't hit your head.) I like to imagine it was designed in the style of Capability Brown, the 18th-century English landscape designer.
Posted by: mopar at January 6, 2009 3:31 PM
Sam, I'm holding my tongue at your 3:27 comment!!
Posted by: bayridgegirl at January 6, 2009 3:45 PM
yo CWBUECHELER... couldn't resist a quick NY times search. since you are considering flatbush and bed-stuy, why not williamsburg? you should search up to $600 because i think you can get deals.
here's one right near the terrific St. Nicolas - prek-8th grade + right near the subway on powers:
http://realestate.nytimes.com/sales/detail/721-14092/williamsburg-brooklyn-ny-usa/2-beds/1-baths/0-675000-price/PRICE-HIGH-sort/30-p/2550-1599538--36-B2171045T--46-993616--44-1343047--254-561859--721-14092--254-561875--36-BL112819S--46-928391--46-928388-ls/60-t
Posted by: wine lover at January 6, 2009 4:05 PM
> "why not williamsburg?"
Anti-Williamsburg rant from 11217 in 5...4...3...2...
Posted by: SnarkSlope at January 6, 2009 4:28 PM
snarkslope funny!
i mispelled st. nicholas
also, there's a terrific restaurant on bushwick right there called il passatore. and cooper park is a couple of blocks - it's been totally re-done. looks really good.
i don't live around here, but i walk around and go everywhere, so i check out a lot of stuff.
Posted by: wine lover at January 6, 2009 4:49 PM
11217 -- I think my math is closer reality than yours. $4k is about right (or at least high-$3k) when you include all of the various things that come with owning a place and tack on the $525 (and the assessments for whatever you'd better be saving for).
PLUS... my main point was... A half million dollar mortgage... this is what you get?!
I was depressed by that. Now I'm even more depressed by the responses to my post and other responses. I'm gonna move to East New York and live in a box.
Posted by: tybur6 at January 6, 2009 5:09 PM
Im a bit late to this thread, but I looked at this place when they had the open house a few months ago. The location is indeed really good. But thats about it. The apartment felt very cramped. The kitchen, though renovated nicely, was tiny and everything was right on top of everything else. The closet space was nonexistant. The second bedroom was quite narrow, and if possible, its wall should be removed to enlarge the living/dining space. It would be good for one person - not a couple loooking for a 2-bedroom.
Interesting though that the broker mentioned that they had an solid offer for full price...Was he lying or did that deal fall through...??
Posted by: saminthehood at January 6, 2009 5:35 PM
don't know what went through the buyer's mind (but i can guess what went through the seller's!), assume it went something along the lines of, "I want to live as near to PP as possible in a brownstone that i can afford, and I don't want to keep looking any longer."
Posted by: Bolder at January 6, 2009 9:33 PM
No more ranting on Williamsburg for me.
And Tyburg...I actually DID the math and showed it to you.
My calculation of 3100 a month INCLUDED the 525 maintenance cost.
It's not 4k a month. With the interest deduction it's not even 3K.
I don't think you really understand how much this place ACTUALLY costs to buy. If you pick numbers out of a hat (in this case you LITERALLY rounded up 1000 a month) it gives out false information.
Posted by: 11217 at January 6, 2009 10:15 PM
11217 is correct. the mortgage deduction is a HUGE factor.
Posted by: wine lover at January 6, 2009 11:26 PM
Latest Restaurant Additions
-
Manna
added November 24, 2009 12:00 PM in Williamsburg -
Piattini Ristorante
added November 23, 2009 12:00 PM in Bay Ridge -
Le Barricou
added November 20, 2009 12:00 PM in Williamsburg -
Der Schwarze Kölner
added November 19, 2009 12:00 PM in Fort Greene -
Oak Wine Bar & Café
added November 18, 2009 12:00 PM in Williamsburg -
Mr. Wonton
added November 17, 2009 12:00 PM in Park Slope -
Casa Rosa
added November 16, 2009 12:00 PM in Carroll Gardens -
Cousin John's Café & Bakery
added November 13, 2009 12:00 PM in Park Slope -
Elote
added November 12, 2009 12:00 PM in Williamsburg -
Miracle Grill
added November 11, 2009 12:00 PM in Park Slope
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