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March 17, 2009

Co-op of the Day: 160 Columbia Heights

You had us at the view...This one-bedroom at 160 Columbia Heights has a unique perch overlooking the Brooklyn Heights Promenade; the building's also got a very cool Art Deco awning. On the downside, the 750-square-foot apartment has a fairly onerous monthly maintenance of $1,207 (but, in fairness, it includes all utilities). The asking price is $599,000. Do you think that's achievable?
160 Columbia Heights [Corcoran] GMAP P*Shark

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The maintenance is a deal-breaker.

Blather, rinse, repeat.

Posted by: SnarkSlope at March 17, 2009 12:45 PM

Let's play the game: What furniture was switch in the photos?

Posted by: bayridgegirl at March 17, 2009 12:55 PM

I live in a one bedroom in brooklyn heights that is way closer to the subways. The co-op of the day is admittedly nicer than my place (it is somewhat larger with a view of the water and more services) but my rent is $1,800 a month. I can't see paying anywhere near $600,000 for a similarly sized one bedroom that's a long walk to any form of transportation let alone one with a monthly maintenance fee that is 2/3rds the price of a market rate rental. In my opinion, that price is basically crazy talk.

Posted by: bheights at March 17, 2009 12:55 PM

I lived in this building for a year when I got married. It was like our honeymoon suite for a year (and cost as much).

The views were incredible. The apt had no AC but we did not miss it at all that summer. Always an fresh breeze over the harbor.

@bheights: This building is very close (2 short blocks IIRC) to the Clark Street station on the 2/3 line. No need to walk to Borough Hall for transport.

Posted by: phripley at March 17, 2009 1:05 PM

A long walk? This building is two and a half blocks to the Clark St station. Ow, my legs.

Posted by: buttermilk channel at March 17, 2009 1:11 PM

Why is maintenance almost always so much higher than the rest of Brooklyn. I know the heights is upscale, but come on. There is a loft on Hicks that has a charge of over $2000. It's crazy. It's always such a mystery charge, I'd love to see line-item breakdowns of these maints.

Posted by: Kannerr at March 17, 2009 1:16 PM

the maintenance sucks.

Posted by: Xander Crews at March 17, 2009 1:29 PM

Not having seen this place, I think it's possible someone would pay near the asking price for it. The view and location are real wild cards (i.e. someone might just pony up for the view, in itself).

Would I pay this price? Not a chance.

Posted by: JKB at March 17, 2009 1:30 PM

Real estate tax, underlying mortagages and building service personnel, especially unionized ones, will jack a maintenance way up. Brooklyn Heights building owners definitely have higher RE tax and this one, I think, has doormen.

Posted by: Bessie at March 17, 2009 1:36 PM

RE taxes are really high for coops/condos now (unless there is an abatement -- wait till those new ones get hit!). That said, elec for a 1 bedroom can run $90/month in the summer and $200+ in the summeer - that is included.

Posted by: BH76 at March 17, 2009 1:49 PM

BHeights, it is three blocks to the Clark St. 2/3 Station. A few more to the High Street A station. Neither of these are what most would consider a long walk.

Posted by: punko at March 17, 2009 2:00 PM

those sunken living rooms musta been quite fashionable for about 3 years of building. Look is great but for winos kinda dangerous.
I was in a bigger apt in this bldg once - I think a 2 bdroom with terrace. I was jealous.

Posted by: Petebklyn at March 17, 2009 2:04 PM

Grossly overpriced.

Posted by: 11217 at March 17, 2009 2:13 PM

May I just say... this place is REALLY expensive. I don't care about "location" or "value" or "market" It's just objectively crazy priced.

Again, I'm not saying it won't get that price (and maint fee) or that's what the price tag has to be to pay off the current owner's mortgage... it doesn't take away from the objectively nutso price for a not exactly enormous apartment.

Posted by: tybur6 at March 17, 2009 2:16 PM

While the maintenance is out there, I think the asking price for an apt in that nabe, so close to the subway, with that view is pretty reasonable, and I definitely see it closing at or near asking

Posted by: secondbecky at March 17, 2009 2:23 PM

This place is ugly and it sucks - how common!

Posted by: Ljubitca at March 17, 2009 2:29 PM

"Real estate tax, underlying mortagages and building service personnel, especially unionized ones, will jack a maintenance way up. Brooklyn Heights building owners definitely have higher RE tax and this one, I think, has doormen."

Posted by: Bessie at March 17, 2009 1:36 PM

Very true.

Brownstones 2 blocks from the water run in the neighborhood of $40,000 a year in RE tax (3 blocks away it's down to about $30,000). I can only imagine what a building of that size right on the water would be. Gotta a huge tax bill.

And the employees, if they are union there are the benefits the building is paying as well (health, retirement, etc) in addition to salary.

In addition, co-ops love to have huge reserves, so the monthly fees might be going to a lot of reserve capital.

I don't agree with crazy high carrying charges, but it is easy to see where some of them come from.

Posted by: christopher at March 17, 2009 2:33 PM

"While the maintenance is out there, I think the asking price for an apt in that nabe, so close to the subway, with that view is pretty reasonable"

So... a "reasonable" price can be magically divorced from the maintenance fee? My pretty new refrigerator only cost $150. My electric bill is now $250 more per month, but that refrigerator is very reasonable!

Posted by: tybur6 at March 17, 2009 2:39 PM

If they lowered the maintenance and filled the building with hot Swedish nympho's I might go to the open house.

Posted by: Xander Crews at March 17, 2009 3:02 PM

I see a "dining foyer" not the same as a "separate full dining area," and decent-sized living room and bedroom. Not sure that it adds up to 750sf, but okay, nice view.

But at $1207 a month, the maintenance is almost twice what it should be, so they try to ease the blow by adding "includes utilities." In my case that's $36. a month to Con-Ed and $12. to Keyspan. Okay, so the "maintenance" then would be only $1159!!! And I'd get to subsidize all the people who turn on the air conditioning on April 1 and turn it off on November 1. What a deal.

Posted by: dylanfan at March 17, 2009 3:03 PM

This apartment is insanely overpriced. I've heard all of the pros of Brooklyn Heights before, and I don't care. I would never pay this much for a one bedroom, there or anywhere else, even with reasonable CC's, let alone at $1200/month.

Also, those of us who run the AC from April to November wouldn't have to do so if most buildings didn't crank their steam heating fully open as soon as the temperature drops below 85 degrees out. :P

Posted by: cwbuecheler at March 17, 2009 3:28 PM

cw, you are right about that too. I have windows open all winter long.

Posted by: dylanfan at March 17, 2009 3:34 PM

Hey CW, long time no see.

I came across this the other day and thought of you...

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1499431&ohDat=3/22/2009%2012:00:00%20AM;

Posted by: 11217 at March 17, 2009 3:35 PM

Hola 11217. MrsCWB and I were on honeymoon in Hawaii. I bragged about it (just a bit!) in the open thread yesterday. :)

Thanks for the link. Nice-looking and great CC's. Price is at the high end of our range (assuming she's working again soon) but the location's great. We should go check it out.

Posted by: cwbuecheler at March 17, 2009 4:16 PM

Oh wow, congratulations! Sounds great. I don't read the open threads, so I missed it.

Yeah, I know it's at the top end of your range, but just wanted to show you that prices are indeed coming down and something nice in the 500K range in PS doesn't seem too far off...

Hope you had a wonderful time away.

Posted by: 11217 at March 17, 2009 4:23 PM

Let's examine objective reality. Say you talked the seller down 8% to $550k, put 20% down ($110k) and took out a $440,000 30-year at 6%. Your monthly mortgage is $2638 plus the $1207 maintenance gets you a monthly nut of $3845. You tell me. Pushing four grand a month for 750 sf?

Which reminds me. Even at $550k, a buyer would be expected to pay $733 a square foot. Perhaps in a parallel universe to the one I inhabit.

Posted by: contrarian1 at March 17, 2009 4:32 PM

Nice analysis contrarian1

$3,800 a month will get you the best 1-bedroom apartment of a similar size anywhere in Manhattan.

Posted by: Polemicist at March 17, 2009 4:57 PM

Incidentally, if you're not so fortunate as to find a 6% mortgage and are forced instead to pay at 6.25%, you're up to $2709 a month, or $3906 total. And, at 6.50%, the mortgage is $2781, for a grand monthly total of $3988.

And by the by. When did the maintenance last rise and when might it next?

Posted by: contrarian1 at March 17, 2009 5:02 PM

11217 - Thanks, it was fantastic! And yeh, MrsCWB and I have been watching Park Slope condo prices with great interest. There's a lot of stuff in the $550-$650k range that's just sitting and sitting. Hopefully that means reductions on the way.

Polemicist - Yep, and $3,800 a month will rent you a *palace* if, like myself and many on this blog, you'd rather live in Brooklyn than Manhattan. Huge 3BR in a very good nabe, easily. The price on this place just doesn't make sense for what you're getting, even if the view means a lot to whomever is considering it.

Posted by: cwbuecheler at March 17, 2009 5:20 PM

One bedrooms on the nicer blocks in the Heights are in the 425-550K range and maintenance is generally 800-1000 per month. This place is priced at a premium because of the view and location. The maintenance is a bit high, but there are other buildings in the neighborhood with much higher maintenance overall. This particular building is in good shape financially.

Assuming that everyone buys with 20% down is silly. Whoever buys this apartment will most likely have deep pockets. 550K would do the trick.

Posted by: buttermilk channel at March 17, 2009 6:05 PM

I've been in this building, including the basement areas...it's great and well kept. love those corner casement windows. Yes, it's expensive but on a sunny spring day it's really pleasant. I'm usually one to defend maintenance costs, but even with utilities (unless it includes cable/internet), this is about $150 too high.

Posted by: Bolder at March 17, 2009 7:31 PM

« Last Week's Biggest Sales House of the Day: 735 Decatur Street Revisited »

March 17, 2009

Co-op of the Day: 160 Columbia Heights

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