« Brooklyn Food & Drink Round-Up House of the Day: 445 Warren Street »

April 15, 2009

Co-op of the Day: 277 Washington Avenue, #3J

Apartment 3J at 277 Washington Avenue in Clinton Hill is a nice prewar apartment and is in a good location but we're not sure it's really a $399,000 apartment in this market. Judging from the listing photos, it's a pretty tight squeeze to get both a couch and a small dining table into the living room; in addition, the kitchen is really just a recessed kitchenette. We like the plaster moldings, high ceilings and built-ins but we'll be surprised if this sells for more than $350,000.
277 Washington Avenue, #3J [Douglas Elliman] GMAP P*Shark

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Comments

Could be an ok apartment (I guess) but the price is absurd.

That is a studio kitchen, not a 1 bedroom kitchen...

Half size refrigerator for 400K? Don't think so.

Posted by: 11217 at April 15, 2009 12:46 PM

Who's the dick that always enters the high number -- every time.

Posted by: tybur6 at April 15, 2009 12:49 PM

No bedroom picture? Hmmmm.....

Posted by: GHB at April 15, 2009 12:51 PM

The broker.

It's funny....I picture them just sitting at their computer waiting for the Co-op of the day or HOTD to pop up and click as fast as they can to type the largest number they can.

Every day, one of the first "bids" is at the absolute highest end of the scale. It only makes me want to bid less.

This is not even a 300K apartment, if we are being honest.

289K and they'd be lucky to get it. No measurements on the floorplan means it's tiny, which is clear from the pictures.

Posted by: 11217 at April 15, 2009 12:51 PM

A small one-bedroom in Clinton Hill? Even 350k is crazy.

Posted by: alsawo at April 15, 2009 12:52 PM

Wait...if that's the fridge, then where is the 1 drawer dishwasher hiding? And, it looks like the built-ins are eating the living room slowly but surely.

Posted by: InsertSnappyNameHere at April 15, 2009 12:52 PM

I guessed 287,900 and wish I had made it a bit lower.

Posted by: InsertSnappyNameHere at April 15, 2009 12:53 PM

Looking at comps is always a good thing.

Same building, 1BR/1B 900sq for $425K.

Don't know but this looks about 700 sq if the tub is 6 ft.

Makes it about 330K if its the same $/sq. I'd knock it down further because lower floor and less desirable cause 200 sf is a lot more utility.

My prediction is $310K

Posted by: Hot For Brooklyn at April 15, 2009 12:56 PM

Small, dark and minimal closets -- there are better studios on the market now at better prices than this.

Posted by: BH76 at April 15, 2009 12:57 PM

Hot For Brooklyn, does that 1br comp have a real kitchen? How is it laid out?

Posted by: InsertSnappyNameHere at April 15, 2009 12:59 PM

"Wait...if that's the fridge, then where is the 1 drawer dishwasher hiding?"

It's the white drawer on the bottom right of the "kitchen"

I want to make my bid lower too.

Posted by: 11217 at April 15, 2009 1:03 PM

Ahhh. Thanks 11217. Considering that there's no space to cook in that joke of a kitchen, who needs a dishwasher in that joint? It's all laughable.

Posted by: InsertSnappyNameHere at April 15, 2009 1:08 PM

Cute, but tiny. How big are the rooms? There are no measurements. They could expand the kitchen into the closet and turn the back of the bedroom into a closet.

Posted by: mopar at April 15, 2009 1:08 PM

Here's your comp:

- http://www.streeteasy.com/nyc/sale/12735-coop-washington-avenue-clinton-hill-brooklyn

This place is MAYBE 500sf.

Posted by: SnarkSlope at April 15, 2009 1:10 PM

Really more a two-room studio. That said, nice building (I've sold apartments in there in the past), good location, stable co-op. I say $339K, based on some recent contracts signed in the area and in Prospect Heights.

Posted by: babs at April 15, 2009 1:10 PM

I thought the half-height thing was the d/w. But, I couldn't see the fridge (around the corner?) I don't know how people live with those mini-fridges. I have a huge fridge and it's practically filled all the time.
That place has way too many strikes against it, in my opinion. I think it's worth about 265K in this market. But, I wouldn't pay that.

Posted by: broadwayron at April 15, 2009 1:12 PM

As a Clinton Hill fan I feel compelled to point out absurdity in the market place so that my opinions on more reasonable values carry some weight. And yes this is an example of overreaching in the biggest way. This is a glorified studio in a nice if not spectacular building. 275 would be a good sale price for this apt.

Posted by: wasder at April 15, 2009 1:17 PM

Babs! How dare you.... you just lost the realtor like $1500 in commission! Now they'll have to sell 2 houses this quarter!

Posted by: tybur6 at April 15, 2009 1:18 PM

Yeah, I don't think it's 700sf. Not much more than 500, I'm guessing.

Posted by: Nomi at April 15, 2009 1:24 PM

I guess if you eat out all the time? Maybe a Pratt student with wealthy parents? Hard to see a regular adult being ok with the kitchen.

Posted by: Nomi at April 15, 2009 1:27 PM

who's the a-hole that gave a clinton hill comp? don't you know you are only supposed to give comps of incomparable Park Slope pads?

Posted by: Park Dope at April 15, 2009 1:33 PM

Nomi hits the nail on the head here. No adult who has 399,000 to blow on an apartment wants a mini-fridge.

This is insultingly overpriced. Looks tiny and is really a studio. Shouldn't sell for more than 300. But who knows. This seems to me to be yet another example of people valuing "prewar charm" above everything else (namely space, closets and basic adult functionality).

Posted by: clintonhillbuyer at April 15, 2009 1:37 PM

I may be the sole voice of dissent, but I like the kitchen. True, I liked it a little more when I thought it was that small in a separate dining room than the living room, but still.

Posted by: Heather at April 15, 2009 1:42 PM

some people dont care about fridges. lol i remember getting in mad trouble when i threw out my fridge in my first apartment cuz i thought it was a stupid waste of space. (it was a mini fridge tho so no biggie. plus it was filled with roaches ew)

*rob*

Posted by: PitbullNYC at April 15, 2009 1:48 PM

Yeah, rob, but that was a rental and you were a kid. It's different when you're buying a home.

Posted by: Nomi at April 15, 2009 1:50 PM

Could there possibly be anything more to say about this place??

Posted by: daveinbedstuy at April 15, 2009 1:58 PM

Dave, you clearly don't know the art of going on and on and on about something that's been talked about to death. (Not that this nearly has!)

Posted by: Nomi at April 15, 2009 2:00 PM

I used to own this apartment! Let's clarify a few things:

-550 square feet is the size of the place

-this was considered a "junior 1-bedroom" in this building, as there are 900 sq ft 1BRs with a separate kitchen and 1200 sq ft 2BRs also in the building of 70ish units

-I MADE THE KITCHEN AND THE BUILT-INS! I made custom cabinets in a woodshop at the time (2002). The bookshelves are MDF with poplar detailing (typical materials for paint-grade), and I made each cabinet door. The countertop though is 1 5/8" solid walnut. The kitchen is the same to match, and has the single F-P dishwasher as well as a Gaggenau cooktop. I can't remember the fridge brand, but it wasn't Sub-Zero! The microwave above the cooktop is also a convection oven. The Pullman-kitchen is only a 3'x6' space and I chose to keep everything inside that space rather than have an ugly free-standing fridge somewhere.

-i also remade 3 doors and a french door (in front hall) identical to the doors original to the apartment. They are also poplar styles/rails with an MDF center panel.

-we never had a coffee table and he couch wasn't as deep, so the LR looks small right now!

-the apartment is bright when the blinds are open. It fronts Hall St, faces East, and has a beautiful view of Pratt and the Library.

-the bedroom is identical in size to the LR but has no built-ins.

-the building is very solid and has a good board. the lobby and terrazzo floors are very nice but the paint colors aren't coordinated well.

-we sold it for $265k in 2004, which at the time was a premium price for the apartment. I'll let you all comment on what it's worth now!

Posted by: JPD at April 15, 2009 2:02 PM

Nomi...I do. You should pop in to the Open Thread and see how we've truly mastered it!!!!

Posted by: daveinbedstuy at April 15, 2009 2:03 PM

I'm scared of the open thread.

Posted by: Nomi at April 15, 2009 2:04 PM

You did a great job on the kitchen, JPD.

Posted by: Heather at April 15, 2009 2:04 PM

We are back to 2004 prices, so 265K it is!!

Awesome to hear what you did with the place, JPD. Definitely sounds like you made the most of it!

Posted by: 11217 at April 15, 2009 2:08 PM

Wow, JPD. How odd it must be to see your old apt. on here, especially when you did all that work. Interesting. And good info to know.

Posted by: Nomi at April 15, 2009 2:09 PM

Nomi...i'll pave the way for you. Tell all the others to be nice. See you there.

Posted by: daveinbedstuy at April 15, 2009 2:09 PM

Ha, thanks.

Posted by: Nomi at April 15, 2009 2:11 PM

Usually I give some dreedance to the price set by the realtors and adjust down slightly based on market expectations but this one just seems way overpriced. I'd be surprised if the space is even 500 sf. It's more like 425-450 and it seems dark and shadowy. I hate an apartment that feels like perpetual twilight.

Posted by: bessie2 at April 15, 2009 2:12 PM

Usually I give some creedance to the price set by the realtors and adjust down slightly based on market expectations but this one just seems way overpriced. I'd be surprised if the space is even 500 sf. It's more like 425-450 and it seems dark and shadowy. I hate an apartment that feels like perpetual twilight.

Posted by: bessie2 at April 15, 2009 2:12 PM

Nice artwork, Nomi.

Posted by: daveinbedstuy at April 15, 2009 2:17 PM

cute starter place for a young person (ie 20's). I guessed 310k and after reading the other comments, think I need to lower it to 295k. Think a real nice renovated big 1 bdrm unit sold recently for around 390k.

the unit is very cute. just the price is ugly. much nicer than a studio of similar size

Posted by: more4less at April 15, 2009 2:21 PM

Eveyone's waiting, Nomi.

Posted by: daveinbedstuy at April 15, 2009 2:21 PM

Thanks Heather, 11217, and Nomi.

Bessie, it's 550 sq ft for sure! It is a very bright apartment, especially with the Pratt&Lambert bright white everywhere.

Posted by: JPD at April 15, 2009 2:22 PM

more4less, this indeed was a starter apartment for me and size-wise is perfect for that.

Posted by: JPD at April 15, 2009 2:24 PM

starter apartment for someone in their 20s and 1/3 of a million dollars does.not.compute.

*Rob*

Posted by: PitbullNYC at April 15, 2009 2:42 PM

>"Nice artwork, Nomi." Hey, thank you.

Posted by: Nomi at April 15, 2009 2:47 PM

JPD... thanks for the insight. So, the sellers are looking for a 50% mark-up in 5 years. THAT seems appropriate!!

Jesus.

But as I've been corrected several times today, if they get that price, it is not a symptom of an irrational market... it's perfectly reasonable and 50% increases over a 5-year period could very well be an expression of fiscal health.

Posted by: tybur6 at April 15, 2009 3:09 PM

There's a place on Greene and Washington looking for a 500% increase in 10 years. So 50% in 5 years isn't bad.

Posted by: serpentor at April 15, 2009 3:12 PM

To play devil's advocate, you need to factor in that Clinton Hill has gotten "nicer" in the last 5 years.

Not sure how much of a percentage you want to factor in for that, but it must be included since lots of Brooklyn neighborhoods were considered hellholes a couple decades ago.

The revitalization of many of these neighborhoods does involve upwardly pricing the housing stock, although I still find this price obscene.

Posted by: 11217 at April 15, 2009 3:24 PM

Do the math - they are asking $725/psf + a monthly maintenance of $1.07/psf/month. Those are Manhattan prices, not Clinton Hill prices. And this building doesn't even have a full-time doorman.

I smell a co-op with a large mortgage attached to it. And considering the owners know what they paid in 2004 for it, they should know better than to go for a 50% mark-up over what they paid for it.

I mean really - prices have just gone up 10% a year for the last five years, right?

Posted by: Dreadnought at April 15, 2009 8:44 PM

« Brooklyn Food & Drink Round-Up House of the Day: 445 Warren Street »

April 15, 2009

Co-op of the Day: 277 Washington Avenue, #3J

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