« A Couple of Houses Reduced on Dean Street House of the Day: 20 Clifton Place »

April 6, 2009

Co-op of the Day: 205 Park Place

The details—mantel, moldings, original floors—give this one-bedroom at 205 Park Place in Prospect Heights a nice vibe. The railroad layout is probably suboptimal for some, with the bathroom through the bedroom in the rear. We have no idea if they are the same size, but the last three apartments to sell in the building went for between $420,000 and $440,000, suggesting that the asking price of $435,000 for this one has some basis in history. Of course, we weren't in the middle of a housing crash when those ones sold, so we shall see. We will be very surprised if the selling price of this place ends up having a "4" at the front of it. It's being sold by the owner who can be reached at siannegarlick AT gmail DOT com.
205 Park Place [NYT/FSBO] GMAP P*Shark

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/9137

Comments

I wish the seller well but I must agree with Mr B's assessment of the first digit of the actual sale price, which will likely be a 3. This is a charming apt and block/location are awesome. I don't begrudge the seller trying to get a price not unlike previous sellers have gotten in the building but the timing is very unfortunate. For 375 this is a solid buy.

Posted by: wasder at April 6, 2009 12:48 PM

You might also like this unit in the same building for $20k less.

- http://www.ahbrooklyn.com/property.php?id=608&type=coop&displaytype=coop

Posted by: SnarkSlope at April 6, 2009 12:48 PM

I looked at an apt with exact layout on the 1st floor in Jan 2005. Thought it was small and dark for the $440 it eventually went for. This looks nicely renovated but I would be surprised if they could get $375 in this environment.

Posted by: DeLepp at April 6, 2009 1:12 PM

I'm loving it. The location is terrific, and the apartment looks really nice.

I prefer the inside of the one you linked, Snark but the one highlighted today seems to have the garden to itself (yes?), which in my mind is worth well over 20K.

Maintenance seems reasonable on both.

Posted by: 11217 at April 6, 2009 1:13 PM

I've seen a couple of units in this building. The garden and roof are shared.

Really great location and the built-ins and detail are pretty amazing in the units.

Posted by: squaredrive at April 6, 2009 1:20 PM

I lived on that block for a short time several years ago. I love that area. Has grocery options improved over time? (There was only Key Food on Flatbush and Met on was it Vanderbilt?)

Posted by: InsertSnappyNameHere at April 6, 2009 1:21 PM

Natural Land on Flatbush across from Key Food and next to American Apparel is pretty amazing. Great produce. Good sushi and fish.

And open late.

Posted by: 11217 at April 6, 2009 1:30 PM

The one vote for 609k is amusing ...

Looks like a nice place. I don't really think any 1 BR should ever sell for more than $400k though, unless the walls are lined with diamonds or something. I agree with wasder that $375k would probably get it done.

Posted by: cwbuecheler at April 6, 2009 1:30 PM

Guests marching through bedroom to go to tinkle in the bathroom....deduct 100K.

Posted by: bayridgegirl at April 6, 2009 1:32 PM

I have to believe that the fact that the underlying mortgage has been paid off (so it says) and the obvious good financials of the building would give this a leg up on price.

We've seen 1 bedrooms highlighted here with $600, 700, 800 per month maintenance.

This one is $440.

Posted by: 11217 at April 6, 2009 1:35 PM

Looks like a lovely place. Wish the floor plan was easier to read and had room dimensions in it. I really need that to be able to halfway picture a place. I stink at holding images in my head and have to go between the photos and the floorplan constantly. Bathroom thru bedroom a negative of course, but not 100k worth!

Posted by: Nomi at April 6, 2009 1:36 PM

Great block, nice and well maintained building with a very prety roof deck. I looked at what I considered to be a pretty crappy one bedroom in there last summer that was asking around 450 if I recall. Nice detail, nice kitchen.

But 435,000 for something around 650 square feet in this market?!? There is a nearly 800 square foot 1BR in an elevator building on Berkeley and 8th on the market for 430, a pair of 725 square foot 1BRs in a doorman elevator building on Clinton in Brooklyn Heights asking 425.

I just dont get paying more for less space in a walkup just because it has "prewar charm." I'd rather have closets, a dinning area and an elevator. I'll be stunned if this goes for more than 375.

Posted by: clintonhillbuyer at April 6, 2009 1:37 PM

Hi
am going to say $400K gets it sold
it's in a great area, the kitchen reno is nice and if that garden does belong to you- pretty sweet
maintenance is ok too

Posted by: gemini10 at April 6, 2009 1:39 PM

quote:

Guests marching through bedroom to go to tinkle in the bathroom....deduct 100K.

yeah but i think the kinds of people who live in these kinds of apartments dont have many friends so it shouldnt be too big of an issue. especially not a 100k issue!

*rob*

Posted by: PitbullNYC at April 6, 2009 1:40 PM

"There is a nearly 800 square foot 1BR in an elevator building on Berkeley and 8th on the market for 430"

I saw this listing too. It's just been significantly reduced to 430K. Thing is...it's like comparing apples to oranges in a way...the Berkeley Place building is hideous. The only post-war apartment house on a block full of amazing brownstones.

I realize some people just want larger spaces, but if these two were my option, I'd choose the Park Place apartment.

Check out the streeteasy info on the Berkeley Place 1 bedroom. Talk about chasing a down market...

06/25/2008
Previously Listed in StreetEasy by Corcoran at $595,000.

11/24/2008
Delisted temporarily by Corcoran. Last priced at $499,000.

12/03/2008
Listed in StreetEasy by Prudential Elliman at $485,000.

01/27/2009
Price decreased by 4% to $465,000.

02/19/2009
Price decreased by 3% to $449,000.

04/01/2009
Price decreased by 4% to $430,000.

Posted by: 11217 at April 6, 2009 1:43 PM

It's beautiful. I love the details. I would reconfigure the kitchen and entry as a separate room, as it no doubt was originally. Hope the bathroom is original and in good shape.

As for the price, if the other apts mentioned were on the same floor and in the same line, then she's probably expecting a ten percent discount from ask. $392,000.

Posted by: mopar at April 6, 2009 1:45 PM

Rob, that's ridiculous. You're a troublemaker.

Plus, some of my best friends don't have many friends. Ha.

Yes, is it clear whether the garden belongs to this apt. alone? If so, obviously would increase the value. Could get asking if that's the case. I guessed $390 but had forgotten about the garden.

Posted by: Nomi at April 6, 2009 1:48 PM

Very nice place.

Tell me, why does the mortgage calculator on NYT listings have a default 30 yr rate of 6% when we're at 5% these days?

Posted by: edgeland at April 6, 2009 2:10 PM

Here's an interesting looking 1 bedroom in Clinton Hill...

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1456358

For someone who doesn't care about details, this one looks like a keeper.

Posted by: 11217 at April 6, 2009 2:15 PM

Ok and yeah...after seeing this 1 bedroom for 375K, I can see that this Park Place one might be a bit overpriced...

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1530058

Posted by: 11217 at April 6, 2009 2:18 PM

I've seen an apartment at 333 4th street with that same layout. Not bad, but the kitchen is very narrow. I would probably opt for it over Park Place, despite the lack of nice detail.

Posted by: SnarkSlope at April 6, 2009 2:34 PM

11217:

?I saw this listing too. It's just been significantly reduced to 430K. Thing is...it's like comparing apples to oranges in a way...the Berkeley Place building is hideous."

Yeah I totally agree that its a hideous building, and this one on Park Place is a far nicer looking building with great charm. My point is that I figure I'll be spending a lot more time inside my apartment than on the street looking up at the ugly building. And I just feel strongly that for real estate bottom feeders like myself the slumping housing market finally means that we can make demands in the sub-450,000 range for things like (**gasp!!**) more than one closet!!

But hey, to each his own!!

Posted by: clintonhillbuyer at April 6, 2009 2:36 PM

Of course Clintonhillbuyer. I think you can do better than the Berkeley Place apartment, though. I mean...starting it at 595K? Really?!!

Don't get me wrong...that block is one of the best in Park Slope (although I'm severely biased!) but you are obviously paying for a triple mint location in the ugliest building on the block.

As for the spending more time inside than out, lots of the details I love about my place are found on the inside. The Berkeley Place apt doesn't even have moldings. I guess they are added easily enough, but it's the details and obvious craftsmanship on the inside I like as much, if not more than the glorious outside...

We all don't like the same things though, as you say.

Posted by: 11217 at April 6, 2009 2:45 PM

That area next to the bathroom, is it a walk-in closet? Unclear.

Posted by: Nomi at April 6, 2009 2:51 PM

375k seems to be popular guess and widget is avg at that level. Nice details but it's size and bathrm in bdrm limits it. I'm going w/ 375k too.

that said, I see worst listing asking for more.

Posted by: more4less at April 6, 2009 2:52 PM

I don't know where lechacal is today, but I just noticed that one of the 3 bedroom/2.5 bath/1500 sf units at The Vermeil has been reduced to 999K...

I think he mentioned he had looked at something there...

Posted by: 11217 at April 6, 2009 3:04 PM

to InsertSnappyNameHere: there haven't been any new grocery stores opening in the last 20 years, but both the Met and Key Food have improved significantly in the time we've been here. They're both fine Brooklyn groceries, and there's always the Key Food on 5th A if you want something exotic like canned escargot or Spotted Dick.

The Hot Bird loss, however, now that's a cavity.

Posted by: frankl at April 6, 2009 10:14 PM

I've seen both apartments. There's definitely a reason why one is priced more than the other - the one for $435k is brighter, has a better layout (compared to the railroad style apt on the 1st floor), and has a great kitchen area. Also, who wants to live in a first floor apt without sunlight?

Posted by: asdfghj at April 7, 2009 11:47 AM

What the seller is asking for in my opinion,is defiantly on point with this market & that area. The comments left here, I believe, most of them, had never seen the place or took into account the location and its surroundings. As for the apt, it holds charm staying with the original woodwork thru-out. It's in a building with no underlying mortgage and a maintance fee that is uncommonly low for an old building. The common spaces,roof deck & garden, are nicely kept. Bike & personal storage included in all that to.
It's so close to Prospect Park, shops, dining, & NYC (15 minutes to Union Square) by train,which is on the corner of the block.
The only negative is the parking situation in that area.

Posted by: GG at April 7, 2009 4:14 PM

« A Couple of Houses Reduced on Dean Street House of the Day: 20 Clifton Place »

April 6, 2009

Co-op of the Day: 205 Park Place

Trackback Pings

Comments

Post a comment

Latest Restaurant Additions