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June 8, 2009

Co-op of the Day: 96 Luquer Street

96-Luquer-Street-Brooklyn-0609.jpg
The broker's right when he calls this two-bedroom co-op at 96 Luquer Street in Carroll Gardens a good starter apartment. If the building itself were a little more up-market the asking price of $549,000 might fly given that the apartment's a solid 950 square feet; as it is, however, we think the price is going to have to start with "4" before it attracts any first-timers. Even though the kitchen is nothing fancy, the overall vibe of the apartment is nice in an understated, old-school kind of way.
96 Luquer Street [Corcoran] GMAP P*Shark





Posted by Brownstoner at 12:40 PM | Comments (21)
Categories: Carroll Gardens, Co-ops

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Comments

I'm confused - what aspect of this apt makes it a "starter" 2 bedroom?

Posted by: squaredrive at June 8, 2009 12:46 PM

How on earth does B'stoner identify these "apartments of the day?" Looks like a what would be a really nice rental for a couple kids right out of college splitting an apartment. But asking well over half a million for a walk-up that looks to be literally directly next to the BQE in this market? Gimme a break.

For 550 you should be able to get a perfectly acceptable 2 BR in Prospect Heights or Clinton Hill, and a true 1BR starter apartment anywhere in brownstone Brooklyn for less than 400,000 these days.

Posted by: clintonhillbuyer at June 8, 2009 12:59 PM

Typical Corcoran "make-the-market" pricing at its best. Without a major price drop NOW, this thing will sit there and sit there and sit there ...

Posted by: JKB at June 8, 2009 1:08 PM

Living area unfortunately quite dark with only those two northern windows. Bedrooms get all the light. And, yes, very close to the highway.

Posted by: Nomi at June 8, 2009 1:19 PM

I rent a similar apartment on a nicer block in Boerum Hill for which I used to pay $2200, but now pay $2000. For the mortgage and maintenance to equal my rent payment, the price would have to be $350,000 (assuming 5.5% and 20% down over 30 years). So, I think it's got a ways to go before being snatched up or it will be bought by someone who will soon regret it.

Posted by: kvnbklyn at June 8, 2009 1:37 PM

Uninspiring apartment in a craptacular location.

Let the price slashing begin.

Posted by: SnarkSlope at June 8, 2009 1:48 PM

It does look nice on the outside. But the block is not the best. Good school zoneing though.

Posted by: satoriz at June 8, 2009 1:57 PM

if you rent a real 2 bedroom of this size on pretty good block of boerum hill for $2000 you have a great deal.
A 1 bedroom (in renovated railroad walkup) on nice block would be $2k.

Posted by: Petebklyn at June 8, 2009 2:15 PM

pete stop trying to artificially inflate real rental prices. jeez.

*rob*

Posted by: PitbullNYC at June 8, 2009 2:55 PM

LOL - I'm not. If you only knew what my 2 tenants pay you'd say I'm cause of deflation.

Posted by: Petebklyn at June 8, 2009 3:06 PM

I don't get it.

It is on the freeway. That just seems so profoundly unhealthy.

Posted by: serpentor at June 8, 2009 3:27 PM

It's cute down there, feels residential and old-fashioned, but you will definitely get the soot from the highway. Not healthy.

Posted by: mopar at June 8, 2009 3:41 PM

Dear Corcoran,

I know that you want prospective buyers to think that this property is actually located between Clinton and Henry, but unfortunately, barring any major, imminent, previously unforeseen road construction, it's actually between Clinton and Hamilton. Sorry about that.

Posted by: Sdc at June 8, 2009 4:14 PM

Nice layout, but how about that kitchen right outside the bedroom!!

But 1/2 a million cool ones to live near the freeway.

Man, we have all lost our senses.

Posted by: MoneyForNothing at June 8, 2009 4:22 PM

SDC....you're expecting Corcorran to let things like facts get in the way?

Posted by: MoneyForNothing at June 8, 2009 4:24 PM

People, how about some compassion for the hardworking folks from Corcoran?!?! They have to pay a mortgage too!

Besides, I lived a block away from that place and I can assure you that the constant background polyphonic engine humming from the BQE did wonders for my insomnia, and I will not even go into what beautiful musical vibrations 18-wheelers used to produce in all glass and other objects in our house!

If I was Corcoran I would employ the following strategy: advertise heavily in Gulf countries with lots of pollution form nearby oil installations. Title of the advertisement: "It's America, but you will feel like home!" However, to attract these buyers would at least double the price...

Posted by: supereks at June 8, 2009 4:49 PM

That's a perfect apt for an insomniac Gulf War veteran provided he got a good pension for the loss of his sight post combat!

Posted by: stringer at June 8, 2009 5:01 PM

Clintonhillbuyer has it right. A buyer would _really_really_ want to be living in edges of Carroll Gardens to be excited about this place at this asking price.

To be fair to the seller, however, kvnbklyn's assumptions are probably not inclduing the tax deductibility from the mortgages here. It would only need to come down a little in price for the monthly nut to equal out to his or her's rental in Boerum Hill.

Strangely, Corcoran itself has a nice looking 2BR in Boerum Hill for the same price in a nice building (from the tiems I have visited). Admittedly the maintennce is about double.

There also seems to be an assortment of 2 brs in PH and Clinton HIll under this price. (Inc a nice looking place in that

And there is even a tiny 2 BR on President Street in Park Slope in PS 321 listed for $475 -- but I think I 'd go crazy trying to raise a kid in such a small space.

Posted by: Boerumresident at June 8, 2009 5:17 PM

Filthy Luquer!

(Sorry, couldn't resist...)

Posted by: sixyearsandcounting at June 8, 2009 6:17 PM

I agree this apartment is way overpriced for this market (it wasn't that long ago that even the "average reader appraisal" price would have been a stretch for that block). But the fact that this is priced higher than much nicer apartments in Prospect Heights and Clinton Hill is likely because the school zone (PS 58) has become very very desirable. Not nearly enough to justify this price, however.

Posted by: CGfan at June 8, 2009 6:25 PM

Yuck, I used to live across the street in a rental apartment.
I can honestly say that my breathing has improved since I moved away. and that unsightly tall building is being built next door, bringing a rodent problem to the block.

good luck getting this sold. it's a bit of a walk from the f train at carroll st, and the walk from smith/9th is depressing and not too safe at night.

Posted by: bkheightscoop at June 9, 2009 10:16 AM

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