« Community Garden Spotlight: Cedar Tree Garden House of the Day: 743 Eastern Parkway »

April 20, 2009

Co-op of the Day: 39 Remsen Street, #1E

This ground-floor two-bedroom at 39 Remsen Street first hit the market in March 2008 with an asking price of $749,000. Since then it's undergone five price cuts and is currently asking $610,000. The layout's nice, as are the high ceilings. Obviously the big drag on this place is the lack of light and views, but we don't think the Ikea kitchen and white appliances are helping the cause either. Lack of a second bathroom may also be a turn-off to some buyers. Where will it end?
39 Remsen Street, #1E [Brown Harris Stevens] GMAP P*Shark

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/9351

Comments

$1,275 in common charges (64% deductible) makes this unaffordable to anyone in this price range just starting out. Is this likely to come down if the unit is sold and the mortgage gets paid off?? Otherwide its the most insane thing I've ever seen.

Posted by: daveinbedstuy at April 20, 2009 12:46 PM

I think the contrast of the building's exterior with the ho-hum interior hurts a lot. The kitchen looks cheap and for that kind of money I'd want light. A lot of it.

Posted by: bxgrl at April 20, 2009 12:48 PM

Yowza, looka them CC's!

I know that $1/foot is fairly standard and blah blah, but I still think it's crazy to pay half as much as your mortgage each month in additional fees.

Also, it's got a half bath ... is it really that much of a detriment not to have a second shower?

Posted by: cwbuecheler at April 20, 2009 12:50 PM

"...Ikea kitchen and white appliances..."

White appliances!!!

THE HORROR!
THE HORROR!

Shield my eyes from the blinding and non-chic white appliances!!!

Quickly dispach the allmighty appliance exorcist to spray paint them a fashionable silver!!

People's priorities really amaze me. If I had kids and was looking for more space in a good Brooklyn nabe I imagine the collor of the fridge would be the last thing on my list of housing worries.

Posted by: clintonhillbuyer at April 20, 2009 12:53 PM

Common charges are high and it's got a 10 cent kitchen. Layout is a little more interesting than the typical brownstone condo layout though. Kitchen probably needs some updating but it's not a gut job.

Posted by: DeLepp at April 20, 2009 12:55 PM

I think it will drop to $575K
the worst of the problems is the high maintenance!

It's a hohum apt in a nice looking building in a great nabe
what more can I say?
you can also get a great looking apt in a crappy new development in relatively sketch nabe for $575K as well...
up to you....

Posted by: gemini10 at April 20, 2009 12:58 PM

I truly think that it's the maintenance that's making this a stretch for people in that price range. Otherwise, it's a great apartment.

Posted by: BrooklynButler at April 20, 2009 1:00 PM

brooklyn heights = highest maintenance in BK. If you're looking there, don't be surprise by high maintenance - ie be surprised if it was LOW.

very good location. good condition. at around 510k, can over look the high maintenance and the white appliance

Posted by: more4less at April 20, 2009 1:00 PM

"Shield my eyes from the blinding and non-chic white appliances!!!"

Shield my eyes from the blinding and non-chic white people!!!

Tiny 2-bedroom; big mistake.

Remsen Street = BooooooooooHooooooo!!

Posted by: Miss Take at April 20, 2009 1:00 PM

there is a second bathroom.

no, maintenance doesn't come down if this unit is sold. why would it?

maintenance always holds units in this building down, but I wouldn't be surprised to see several reluctant buyers coming in to bite at this price point. 2 bed/2 bath on remsen for 600k is a pretty good deal (I think. I mean who knows these days)

I looked at this unit an owner or two ago. It feels big, but no views is a drag.

Posted by: Ringo at April 20, 2009 1:01 PM

Brownstoner - please stop commenting on the color and/or the quality of the appliances. Nobody cares, and nobody will make a buy or not buy decision based on this. You are doing yourself a disservice.

Posted by: Suburbandude at April 20, 2009 1:03 PM

The apt has a high deductibility (64%) which could mean the bldg still has a big mtg and most likely sky-high property taxes. Though I wonder what type of servies they're getting for $450/month remainder.

Posted by: DeLepp at April 20, 2009 1:05 PM

Shame that the living room is quite tight. but a livable space compared to some. i could see it go for 545

Posted by: binnyG at April 20, 2009 1:07 PM

No way. The floor plan is appalling. Turning a bedroom floor into a two bedroom, two bath apt should be illegal.

Posted by: mopar at April 20, 2009 1:10 PM

The color of the appliances isn't what bothers me- I really don't like how the kitchen is laid out and it looks like they didn't get the best quality cabinets. But the street is great- I lived on Remsen for 2 years before going to Schermerhorn- and its lovely. I wonder when they took out all the building detail? Years ago, probably but it must have been beautiful once.

Posted by: bxgrl at April 20, 2009 1:12 PM

what's a bedroom floor?

Posted by: Ringo at April 20, 2009 1:16 PM

Unless I'm mistaken (and Montrose is really the person who knows), this was a building designed as flats, not a one family residence. Hi-end flats, to be sure- my apartment on Schermerhorn was such a building too. Also Pre-war.

The apartment is ground floor, according to the posting- so this was neve a bedroom floor anyway.

Posted by: bxgrl at April 20, 2009 1:19 PM

if there's utilities paid in the $450, then not so bad. living space is tiny for a family.

Posted by: wine lover at April 20, 2009 1:19 PM

Maintenance is in line with the neighborhood. Not crazy about the layout, but a 2BR 1.5 bath with W/D for under 600K in BH is cheaper than comps.

Posted by: buttermilk channel at April 20, 2009 1:20 PM

"brooklyn heights = highest maintenance in BK. If you're looking there, don't be surprise by high maintenance - ie be surprised if it was LOW."

more4less, thank you!

Posted by: Biff Champion at April 20, 2009 1:20 PM

Some in the market for a place like this can get over the lack of light, or the small living space (I will never understand how people deal with small living spaces in apartments like these?), but not the high maintenance. Good location, but price will have to come down.

Posted by: saminthehood at April 20, 2009 1:22 PM

ita with bxgrl about the bedroom floor. this is an apartment building.

Posted by: Ringo at April 20, 2009 1:25 PM

This seems like a good deal to me. It is Brooklyn Heights.
The building itself is very handsome and looks very well maintained. I have often admired it on my way to the promenade. It is not fair to describe this as merely a "good" location. It is an incredibly good location. Maintenance charges are high in Brooklyn Heights because it is a neighborhhod for the affluent. On the other hand you can save a lot on a car, because you don't really need one there. And as people always point out, if the maintenance were a lot lower, the price would be a lot higher.

Posted by: mcKenzie at April 20, 2009 2:26 PM

Is there really a direct inverse relationship between high maintenance and lower price?

Posted by: Nomi at April 20, 2009 2:33 PM

I am not so sure those are Ikea cabinets. And whatever on the appliances at least they are not cheap Stainless Steel.

Posted by: billyboomer at April 20, 2009 2:53 PM

Unless there's a ton of cash buyers out there, Nomi, yes. Not a direct relationship, but since most people figure on what they can afford monthly, maintenance plus mortgage have to be factored in.

By the same token, if interest rates went up, prices would have to fall more too.

It's a nice apartment, that price seems cheap for the neighborhood. Since the neighborhood's blue-chip, it's probably a good deal.

Posted by: Heather at April 20, 2009 2:58 PM

four and a quarter tops.

Posted by: Xander Crews at April 20, 2009 3:17 PM

Sweet layout. Great area.

Nice job to open up the kitchen/dining/living area to maximize light.

Well-staged, too. Yes, maint. is on the highish side, but not a deal breaker for BH. I think price reflects that, anyway.

But...I think the problem is that they priced too high out of the gate, and they've already chopped 20% in 5 cuts. What rational buyer wouldn't assume they'll continue to cut?

(Actually, I think 610K is a very good price. If you got this for 575k it would be a steal.)

Posted by: Bolder at April 20, 2009 3:30 PM

I would guess they may get close to ask on this. A lot of people prefer to live on the first floor (no stairs). I think some folks looking in less convenient neighborhods may realize they can suddenly afford Brooklyn Heights. This is a nice home. And the block can't be beat.

Posted by: mcKenzie at April 20, 2009 4:45 PM

"Is there really a direct inverse relationship between high maintenance and lower price?"

Sometimes. But what really depresses price is a high down payment requirement.

Posted by: mopar at April 20, 2009 6:27 PM

Thanks, Heather and mopar.

Posted by: Nomi at April 20, 2009 9:33 PM

« Community Garden Spotlight: Cedar Tree Garden House of the Day: 743 Eastern Parkway »

April 20, 2009

Co-op of the Day: 39 Remsen Street, #1E

Trackback Pings

Comments

Post a comment

Latest Restaurant Additions