« Inside Third & Bond: Week 106 House of the Day: 902 Union Street »

October 29, 2009

Co-op of the Day: 125 Hawthorne Street Studio

125-Hawthorne-Street-1009.jpg
We had to hit the reset button on this post because the widget was set wrong...Across the street from yesterday's House of the Day, there's a nice-looking prewar studio for sale at 125 Hawthorne Street. If you're a sucker for those pointed archways and built-in bookcases like we are, this place might be for you. Even if the listing verbiage didn't say it explicitly, we would have guessed it was a sponsor unit from the cheap, out-of-place closet doors. Bad move. Anyway, the maintenance is low at $338 and the asking price of $189,000 is one of the more affordable we've seen recently. Anyone game?
125 Hawthorne Street [Douglas Elliman] GMAP P*Shark





Posted by Brownstoner at 12:52 PM | Comments (25)
Categories: Co-ops, Prospect Lefferts Gardens

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/12070

Comments

Wait... if I had the downpayment (uggh), this is something I could actually afford. There must be something wrong here. Is this building the headquarters for a violent PLG gang?

Posted by: tybur6 at October 29, 2009 1:09 PM

Hmmm, seems overpriced by about $50-60k, no?

Posted by: DitmasSnark at October 29, 2009 1:17 PM

Ty:

Well, someone said on yesterday's HOTD (same street) that there were two recent incidents of gunfire...

I don't think the place is a bargain at all. For 150K, maybe.

Posted by: 11217 at October 29, 2009 1:18 PM

This is right across the street from yesterday's HOTD. Not sure what percent of the units are owner occupied, but it seems like a nice, quiet, well maintained building. I think 189k is high, other studios around there have gone for 110-160 recently. Co-op financials are key, I've got no idea how healthy they are. And I'm only aware of one shooting incident, non-fatal, in the immediate area last summer. It's mostly working class families on that block.

Posted by: Frederick Law Homestead at October 29, 2009 1:26 PM

I just dont understand people who buy studios!

Posted by: bitter_bubble_buyer at October 29, 2009 2:07 PM

Yet you understand people who rent their whole lives and then when they retire are forced to live by the whims of their landlord rent increases on a fixed income?

Ok.

I don't understand people who judge other people for doing what they want to do. I thought this was New York, not Havana.

Posted by: 11217 at October 29, 2009 2:18 PM

Own a studio, 11217?

***Bill Thompson for Mayor (TUESDAY!!!)***

Posted by: Brownstones Half Off at October 29, 2009 2:28 PM


Bloomberg told me the election was on Wednesday?

Posted by: tybur6 at October 29, 2009 2:43 PM

I don't think a studio apartment on Hawthorne Street is a good investment unless you own an adjacent unit and wish to combine apartments. People with the chops to buy real estate don't want a studio. That's kid stuff.

Posted by: Minard Lafever at October 29, 2009 3:18 PM

What's wrong with owning a studio? For some young people (kid stuff), it's home ownership to be proud of. And some do trade up.

I think this is a very nice sized studio. At 530 square feet (according to the plan) it's as large as a one bedroom. Knock down all those kooky walls around dining/dressing/closets and you have a great big space.
I would agree that the price is a bit high for this area.

Posted by: Tara in the Slope at October 29, 2009 3:36 PM

"I just dont understand people who buy studios!"

It depends on where you WERE. I bought a studio years ago, after sharing a place for a few years. I was tired of renting and wanted my own place, so for instances like that, it works. If you are single, a studio is not bad. But, if you ever have guests, a studio sucks.
However, I wouldn't want THIS studio (at the asking price).

Posted by: broadwayron at October 29, 2009 3:52 PM

no point in buying a studio may as well rent

Posted by: bitter_bubble_buyer at October 29, 2009 4:09 PM

> no point in buying a studio may as well rent

No point for you, maybe.

Take 11217 as an example. He bought his studio a while back, and now gets to own it for less than it would cost to rent. (Point 1)

Whenever he sells it, he will get money back, unlike any rent one pays. (Point 2)

In the meantime, it is also a way to keep from being priced out of a neighborhood. (Point 3)

He can also renovate it any way he sees fit, within the boundaries of what the co-op allows of course. (Point 4)

Posted by: DitmasSnark at October 29, 2009 4:14 PM

"no point in buying a studio may as well rent"

DitmasSnark makes valid points.
If you get a studio for 150K with maintenance around $400. You're monthly payments will be around 1,100.
Sure beats paying rent!

It's a good starting point in real estate for a lot of people.

Posted by: Tara in the Slope at October 29, 2009 4:24 PM

If you're going to buy a studio then for heaven's sake buy it in Manhattan so you will have a chance of selling it.

Posted by: Minard Lafever at October 29, 2009 4:29 PM

That's a silly statement, Minard. Many studios sell all over Brooklyn and in fact there are so few listed right now in prime areas like Park Slope, it would seem they sell to me. I follow them closely, and they most certainly sell.

P.S. the average price of a studio in Manhattan is around 500-600K. You think that's a better investment than one for 250K in Park Slope or Brooklyn Heights?

As has been said, my mortgage payment is HUNDREDS of dollars less per month than a comparable rental. Plus I get to do what I like with the place, never have to worry about rent increases and get to live alone in a city which is so expensive, it's hard not to have roommates even well into one's 30's.

Didn't buy it as an investment...bought it as a place to live and I couldn't be happier.

Posted by: 11217 at October 29, 2009 4:44 PM

If you are going to buy a studio, this is the ideal layout with the perfect pre-war details and nice kitchen. It will never feel like a studio because it has so many rooms, closets, etc.

However, it's on the pricey side. If you only have a little cash, buy a studio for $80,000 or so. When it goes up, you'll sell and have money.

If you can afford this one, I would buy a similar one-bedroom for $189,000. They do still exist. There are a number in Jackson Heights, either teens walkups in the historic district or post-war slightly outside the historic district.

This particular apt is, in fact, practically a clone of my old coop in Jackson Heights, except that one was an 1,100 sf one bedroom. It was also the same price as this apt -- in 2004.

Posted by: mopar at October 29, 2009 4:44 PM

The one unfortunate thing about pre-war coops is they often require at least 20 percent down, which can be hard on the first-time buyer. But not all do.

Posted by: mopar at October 29, 2009 4:46 PM

I don't see the 20% rule as unfortunate.

It might help ensure that people buying in are more able to actually afford it, and they have more skin in the game.

If you don't have 20% to put down, should you really be being?

The recent national housing bubble tells me no, you probably shouldn't.

Posted by: DitmasSnark at October 29, 2009 5:15 PM

I don't have 20% -- I shouldnt' be being. Goodbye cruel world!

Posted by: tybur6 at October 29, 2009 6:00 PM

I used to say I'd never have a studio. Now I say I would never buy most studios. Most studios, like the ones a block away from this on Winthrop, are one room and tiny kitchen. With the large foyer and large kitchen separate from the living space this is much more 'livable' than most studios.

I bought this year, from the same sponsors, a couple blocks away from this one. Very similar layout, same kitchen and bathroom. I was able to create a bedroom area and there is room to eventually really make it a one bedroom.
However, I paid considerably less than this asking price. The only advantage this place has is it is slightly over 50% owner, while mine is slightly under 50% owner. And the maintenance on this one is lower.
Speaking from a recent buyer in this neighborhood - this one should go for $129000.

And as far as 'investments' go - to me it's a great place to live and I plan on being here quite awhile. I'm sure in the long run, seeing I'm paying less than what I was paying in rent, it will be a wise investment.

Posted by: Flatbushrising at October 29, 2009 6:58 PM

only wimps buy studios.

Posted by: Minard Lafever at October 29, 2009 7:51 PM

When you make asinine comments like that Minard, it's very difficult to take you very seriously.

I'd say quite a few people who read this blog own studios. So your comment is a little ridiculous and potentially offensive. Personally I'm not offended, because I already know you are a nutjob from reading your other posts.

Posted by: 11217 at October 29, 2009 8:10 PM

Ha! 11217, really, how old are you? Are you on meds?

Posted by: Minard Lafever at October 29, 2009 10:54 PM

I have a little Brownstoner crush on Minard.

Posted by: mopar at October 30, 2009 12:05 AM

Post a comment

Please be patient while your comment is published. It may take a moment.

Latest Restaurant Additions