Co-op of the Day: 135 Prospect Park West, #44B

If you overprice a new listing these days, there's no point in wasting time in reducing the price. Such must be the logic at Apartment 44B at 135 Prospect Park West in Park Slope. The two-bedroom, two-bath co-op hit the market with a price tag of $800,000 three weeks ago; after less than three weeks, the price was trimmed by $21,000 to $779,000. Hardly a dramatic cut. Think it will be enough? We doubt it, given the apartment is only 867 square feet and comes with a monthly maintenance of $1,197.
135 Prospect Park West, #44B [Corcoran] GMAP P*Shark

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$695,000 will move this puppy.

Posted by: SnarkSlope at February 2, 2009 12:43 PM

Location can't be beat on this one. But I agree the price and especially the maintenance are high.

Posted by: appoggiatura at February 2, 2009 12:54 PM

canadian dollars, floating exchange rate.

Posted by: BrooklynLove at February 2, 2009 12:56 PM

while the sq ft may be small, it looks like a decent 2b/2b and you'd be hard to find a better situated 2/2 for the price.

as usual, I think the psf number is not all that helpful.

I think the bigger issue is whether people are buying at all these days. In a week or a month we may be looking at a government program offering all home buyers a 15K tax credit and a low low govt mortgage of 3.5% or 4%. They better clarify things soon -- I think they're going to freeze the market even further is they're not careful

Posted by: Ringo at February 2, 2009 1:00 PM

I think that's the probem with agents/sellers right now -
you just don't know how to price properties currently.
The market is down (obviously) but how down? And are you starting from a high point of when the market was at it's peak in 2007 and whacking off 20% from there? I have been watching the market and I have seen some properties -( the 3 story brickface on 14th street and 7th avenue for 1.695) which is OBSCENE and then I have witnessed other properties (409 Prospect Avenue going for 1.169 which was featured in your Open Houses this past Friday and felt that was a solid good price for the house
so I don't think it's fair to jump all over brokers and sellers now as they don't know and expect them to properly price a property.

Posted by: gemini10 at February 2, 2009 1:01 PM

Unfair to brokers? Give me a break! Those greedy bastards deserve all the flack they get on this blog and then some. I feel sorry for those who lost money during this downturn, but the brokers deserve no sympathy. 21,000 price cut when a 50,000+ is needed? Location is fine, but that cc is obscene and 800+ is a puny space for 2/2. When will brokers stop claiming old listings are new, stop calling closets bedrooms, stop hiding shafts and worse with closed curtains, stop overcharging, and just adhere to due diligence?

Posted by: househunt at February 2, 2009 1:17 PM

Throw in the Noguchi coffee table, and I'm there.

Posted by: SnarkSlope at February 2, 2009 1:25 PM

I remember looking at apartments in this building in 1989 when there were still security gates on most of the apartment's hallway front doors. I think they were selling in the range of $65K - $110K. The realtor asked me "Why would you want to live here?" I remember thinking that if you had to put a security gate on your place up on the fourth floor then just about anybody could walk in the building.

I'd always thought this had the makings of a gracious building. Nice apartment, tons of windows!

Posted by: Bessie at February 2, 2009 1:26 PM

Oh Boy!
The market is on the downward slide, we know this - but HOW FAR DOWN?I still don't think the majority of brokers have the right pulse yet on what is going on and how much they can cut prices without totally underpricing for their client - the seller. If in 6 months, the market is still down then of course we can jump all over the "greedy brokers" as they are completely out of touch!
I feel it's only been 2009 that we have truly seen the effects on Park Slope prices.

Posted by: gemini10 at February 2, 2009 1:28 PM

I know that pricing is questionable now days. But the thing that really gets me is the rose colored glasses that these realtors use in describing the properties. It so frequently has no basis in reality. I expect them to put lipstick on their pig. But they're claiming Kobe beef instead of fricassee of swine.

Whatever happened to truth in advertising... Is there a way to file complaints on the most egregious ones so the industry starts to clean up their act.

Posted by: Ozymandius at February 2, 2009 2:07 PM

I just saw another lising in this building, a 1200sqft 2 bed for 849k with a lower maintenance!

Posted by: bulla at February 2, 2009 3:21 PM

Nice layout, sunny, etc. but too expensive in price and maintenance. And, I think the style is pretty plain... I don't see any of the lovingly restored moldings, or whatever they called them in the full listing, INSIDE the apartment.

Posted by: meerkatz at February 2, 2009 6:08 PM

Househunt:
Why do you think its the brokers who are pricing everything? Wouldn't you say its the owners who ultimitaly decide where their property is priced?

Posted by: Streetwise123 at February 2, 2009 6:25 PM

It is a beautiful apartment and has lots of sunlight, and I think it could sell at around this price if the seller is patient. It's hard to judge an apartment just by price per sq foot - this one is on the park and has a nice view, but the maintenance is high. January is a slow month, but who knows what will happen when the weather warms up and the finanical stimulus plan starts pumping money through the ecomony? I think gemini10 has it right - it depends where the real estate market goes in the next six months. In six months prices may go down further - or we may be saying that the smart sellers/realtors held firm on their prices through the bottom. Who knows?

Posted by: PropertyLurker at February 3, 2009 11:20 AM

« A Couple of Co-op Sales House of the Day: 1217 Ditmas Avenue »

February 2, 2009

Co-op of the Day: 135 Prospect Park West, #44B

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