« Corco Cutting Prices, Making Progress at Satori House of the Day: 436 Classon Avenue Revisited »

April 27, 2009

Co-op of the Day: 101 Lafayette Avenue, #6A

Here's a nice-looking one-bedroom at 101 Lafayette Avenue in Fort Greene. A similar, though less nicely finished, apartment down the hall was listed for $580,000 last fall. This one's just hit the market asking $550,000 and carrying monthly maintenance charges of $897. Think it'll fly? Anyone know if the apartment down the hall ever sold?
101 Lafayette Avenue, #6A [Brown Harris Stevens] GMAP P*Shark

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/9457

Comments

Jackass bidding $770k in 5...4...3...2...

Posted by: SnarkSlope at April 27, 2009 12:48 PM

They are out of their minds if they think they'll get ask on that one.

Posted by: RaginCajun at April 27, 2009 12:51 PM

Difficult to comment with no plan, no kitchen/bath pics.

Broker text insinuates no dishwasher so I would imagine the kitchen's not renovated.

Posted by: squaredrive at April 27, 2009 12:58 PM

Was just going to say what squaredrive said. No sf. listed either. Looks like a nice sized and maintained pre-war apt., but price seems too high.

Posted by: Nomi at April 27, 2009 1:01 PM

where are the pics?
the living room looks nice from what I can tell
but 550K - nah
and maintenance that high for a 1 BR in Ft.Greena - double nah
not my cuppa tea am afraid!
I would bid $450K

Posted by: gemini10 at April 27, 2009 1:03 PM

No pic of the bedroom either. I think when there are more pictures of the view than the bedroom, there is a problem there (whether with the apt. or the broker is hard to tell, but either way there is no point to pursuing the apt. further).

Without even knowing the sq. footage or how much work the kitchen/bathroom need it is silly to appraise this.

Speaking of which, if something can't be done about people intentionally putting in absurdly high or low bigs, the Appraisal app should be dropped.

Posted by: northsloperenter at April 27, 2009 1:03 PM

Great location, really nice building, pre-crash price. Factoring in the excellent location and the 24 hour doorman situation I would think that 450 could get this sold.

Posted by: wasder at April 27, 2009 1:03 PM

Comman charges are too high for someone looking in this price range.

Posted by: daveinbedstuy at April 27, 2009 1:11 PM

Here's a better deal. Cheaper, lower maintenance, and in Manhattan:

- http://www.streeteasy.com/nyc/sale/379814-coop-27-west-82nd-street-upper-west-side-new-york

Posted by: SnarkSlope at April 27, 2009 1:16 PM

Apples and oranges SnarkSlope. Thats' an alcove studio in the UWS.

Posted by: bessie2 at April 27, 2009 1:20 PM

common charges in nice co-ops are going up just like everything else. What was considered high four years ago is just average today. We live in a very expensive city. Some would say too expensive. If that is true, then I suspect people will start to leave, as they have done so many times before. I think we are right at that point where everyone is wondering: what will happen next? Will there be an exodus? Will things stabilize and pick up where we left off twelve months ago? Who knows? I put my money on a lot of people leaving. The cost of living here has really just gotten out of hand, and as a recent NYT article pointed out, unemployment compensation in NYS is quite a bit lower than in nearby states where living costs are much lower. You get a smaller unemployment check in NYC than in Pittsburg or New Haven. It is almost like the State of NY is telling people: scram!

Posted by: mcKenzie at April 27, 2009 1:21 PM

How arrogant do you have to be to list a one bedroom at such a pre-Lehman price without even bothering to take some half way decent pictures???

The fact that the listing says the kitchen "could have a dishwasher installed" suggests its a pretty old and un-renovated kitchen...I can't imagine this place going for north of 500,000.

Posted by: clintonhillbuyer at April 27, 2009 1:29 PM

"common charges in nice co-ops are going up just like everything else."

This more than anything else is why I expect to keep renting.

If common charges are 30-60% of the rental cost for similar space, why bother buying?

Especially when those common charges can go up every year which will drive down the value of your home. When rental prices drop quickly (as they are now) you can get stuck in a situation where your common charges are absurdly high (compared to rents) but the only way to get out of them is to sell your co-op/condo at a loss because no one wants to buy it because the common charges are obnoxious.

Really absurd if you think about it.

Posted by: northsloperenter at April 27, 2009 1:38 PM

I've always been intrigued by this building and am somewhat fascinated, even bewildered, at how high the prices became.

If this unit has the same floorplan as 8A (see Streeteasy), then it is indeed bigger than the 1br on the UWS I listed above.

- http://www.streeteasy.com/nyc/sale/309133-101-lafayette-avenue-fort-greene-brooklyn

Posted by: SnarkSlope at April 27, 2009 1:57 PM

co-op ownership is not for the feint of heart. I guess the same is true of home ownership. It is not like the nice life-time guarantee of living in a rent-regulated apartment. But to some, the risk is worth it. Keep in mind that a good chunk of a co-op's common charges is tax-deductable. To buy or not to buy is never an easy choice. Especially today. Owning real estate forces one to make some life-altering choices, and there is always risk.
But risks can be exciting.

Posted by: mcKenzie at April 27, 2009 1:57 PM

Come on, seriously? 1 BR, needs kitchen (and likely bath) reno, in a big brick shoebox?

It's a nice neighborhood, but no way, especially not with those CCs. I wouldn't pay more than $350k. $550k is insane.

Posted by: cwbuecheler at April 27, 2009 2:59 PM

cwb, you're such an old cranky guy.
A brick shoebox? What do you live in -a flying saucer?
This is a lovely, architecturally significant building. Look at those twisty columns at the corners. I love those details!

Posted by: mcKenzie at April 27, 2009 3:09 PM

guess 400k due to insufficient info, pic's, flr plan,....

great location, great building, great hood,....

Posted by: more4less at April 27, 2009 3:24 PM

mcKenzie - I live in the brick shoebox which houses the Bank of America on the corner of 7th and Union in Park Slope. But I rent there ... would never buy on that corner due to the street noise.

The twisty columns are interesting but they don't change the fact that the building is a gigantic rectangle.

I'm not really interested in buildings with more than 4 stories or more than 16 units. Even that's pushing it. Neighbors generally suck. The fewer walls/floors/ceilings that you share with people, the better off you are.

I don't feel particularly cranky. I just think spending over half a million dollars for a one bedroom in a big building like that is complete madness. It's not like $350k is a small amount of money ... that's more than the vast majority of people - even the ones who live in this city - can afford to spend on a house.

Posted by: cwbuecheler at April 27, 2009 3:32 PM

cwb for someone who isn't cranky you sound a little, well, peevish. You know of course that if you don't like living close to other people and if you don't like large buildings, New York City is probably not the best location in the world for you.
But a good solid pre-war apartment house with concrete floors and terra cotta walls between apartmens is probably as good as you're going to do in terms of living unbothered by neighbors. The larger the building, the more anonymous you can be so that you don't even have to say hello to people if you don't want to. So I think you should reconsider larger buildings if your aim is to have as much privacy as possible. There is no privacy in small buildings or even in a house on a block where people are "involved". You can't beat the big buildings for peace and quiet, especially if you are on a high floor.

Posted by: mcKenzie at April 27, 2009 4:55 PM

> "You can't beat the big buildings for peace and quiet,
> especially if you are on a high floor."

I'll second that. My bf moved into a postwar building with concrete walls and floors. It's usually pretty darn quiet.

It's on a high floor so it gets tons of sunlight, which I find fantastic. And speaking of fantastic, it has a terrace, where we spent large portions of the gorgeous weekend.

Posted by: SnarkSlope at April 27, 2009 5:18 PM

McKenzie - a brownstone with two neighbors is just fine -- it's not a privacy issue, it's more of a "I don't like the idea that I'm bothering people" issue. The more neighbors you have, the more likely someone is going to be annoyed by your presence. Especially if you're rarely in bed before 1 AM, like me.

As far as noise goes ... when I lived on 90th street in Manhattan that was plenty quiet enough. 7th and Union is a crazy busy corner on two bus routes, next to a fire station ... it's a bit of an extreme.

There are plenty of acceptable dwellings in Brooklyn for me. This one, at this price, just isn't one of them.

Posted by: cwbuecheler at April 27, 2009 5:59 PM

$900 CC?!?!? At that price the apartment is not worth half the asking price.

I live one block away and rent for $950. I'd love to buy in my neighborhood, but what fool would invest that much money into a mortgage and THEN throw away $900 every month. And while mckenzie has a point regarding the tax deduction, the deductability amounts vary from building to building, and if they're not telling you its 100% deductable, don't anticipate good news.

Posted by: GuyIncognito at April 27, 2009 6:02 PM

in life, there are the owners and there are the renters. those who believe that the cost and the hassle of buying something are ridiculous and not worth it are the renters.

Posted by: mcKenzie at April 27, 2009 6:27 PM

In life, there are also renters who will become owners when they find the right place with a cost to own that is not completely out of whack with the cost to rent.

They sit patiently on the sidelines, saving up cash and watching the air go out of the current real estate bubble.

Their patience - as a wise jackal once said - will be rewarded.

Posted by: SnarkSlope at April 27, 2009 8:08 PM

Jackals talk? I thought they just laughed.
Once you get past your disney phase of taking advise from woodland cratures, you should keep an eye on the market and realize that for the loser, it is never a good time to buy.

Posted by: mcKenzie at April 27, 2009 9:05 PM

> "you should keep an eye on the market"

Oh I am, I am. A very close eye.

And what do I spy with my little eye?

Nothing but downward pointing arrows.

I guess you caught one yourself recently?

Posted by: SnarkSlope at April 27, 2009 9:26 PM

Doesn't this seem even more expensive than a similar apartment would fetch in Brooklyn Heights? I agree it does seem inherently ridiculous to spend this much on a one bedroom, no matter how nice or well located. Of course that never stopped anyone in Manhattan. Find what the last comparable apt in the building sold for and subtract 10 or 15 percent.

Posted by: mopar at April 27, 2009 9:55 PM

Snark: Thanks for the good word.

McKenzie: 1. Take your left hand and place it on the right side of your throat. 2. Take your right hand and place it on the left side of your throat 3. Squeeze. 4. If you wake up, repeat.

Sincerely,
The Patient Jackal

Posted by: lechacal at April 27, 2009 10:06 PM

It's not more expensive than the Heights. I think the problem here is that the broker is doing a half-assed job of presenting it.

(By the way, overheard a broker complaining about having to take pictures and market a mere rental... God forbid these people actually work for a living.)

In this building, at least at the 6th floor and below, the monthly maintenance is less than $1psf. So while it's not listed, I suspect this is a ~900sf apartment. It looks onto the street and is just higher than the surrounding houses, so the south and east exposures will let light in. And the building is in prime location, right between Fulton and Dekalb, near the park and all trains. Basically, this isn't a 1br for a value buyer. A value buyer could get a 2br for this price (squeezed into the same square footage). This is for someone who wants a lot of space but doesn't need two bedrooms.

That said, before you all think I'm some kind of shill, it's still way overpriced. It if was in perfect condition with a great renovation, I'd say $450-500k. As I suspect it is now, it's probably really worth $425-450k.

Posted by: sdrubbins at April 28, 2009 2:30 PM

« Corco Cutting Prices, Making Progress at Satori House of the Day: 436 Classon Avenue Revisited »

April 27, 2009

Co-op of the Day: 101 Lafayette Avenue, #6A

Trackback Pings

Comments

Post a comment

Latest Restaurant Additions