« The Toren Holds First Closing, Wants in on FHA Program House of the Day: 371 8th Street »

December 7, 2009

Co-op of the Day: 360 Clinton Avenue, #5B

Here's a very generously-sized one-bedroom at one of the nicer prewar apartment buildings in Clinton Hill. The fifth-floor co-op at 360 Clinton Avenue has a good layout and some original architectural details to recommend it; and the monthly maintenance of $809 is pretty fair for a building with a part-time doorman. Still, the asking price of $520,000 seems like a bit of a stretch for a one-bedroom in this part of town, even if it is large and attractive.
360 Clinton Avenue, #5B [Douglas Elliman] GMAP P*Shark

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/12527

Comments

So, how come the link says its Ochocinco Realty where the link is actually to that cheeseball Jerry Minsky, who is apparently now at Elliman?

Posted by: Brokedeveloper at December 7, 2009 12:55 PM

The orange on the ceiling is not for the faint of heart. $520K seems rich but I think they would be delighted with $475 if they brought before 2006.

Posted by: DeLepp at December 7, 2009 12:57 PM

I don't really think $809 is that great maintenance on a 1 bedroom in Clinton Hill.

This seems wildly overpriced to me. by 100K.

Posted by: 11217 at December 7, 2009 1:00 PM

good call on cheeseball.
if you search the archives, you'll discover that the cheese was downsized (last year i believe).
real estate and realtors are the same. the bad ones don't go away, they just get repriced. or move into the shadow inventory?
***half off half ass brokers***

Posted by: antidope at December 7, 2009 1:02 PM

Having sold an apt with exactly this layout in this building last year I have a pretty good sense of what is possible. We had configured ours pretty optimally for the space and had done a really nice reno. And we got higher than this ask for essentially the same apt. Now that was over a year ago and our pad was in better shape than this. Wouldn't surprise me if they could get 500 for this but that would be the absolute ceiling I would imagine.

Posted by: wasder at December 7, 2009 1:03 PM

Why is Jerry Minsky considered a cheeseball? What's he done?

Posted by: bxgrl at December 7, 2009 1:10 PM

jerry embodies the word "schmooze". A picture of him should accompany the word in the Yiddish dictionary.

Posted by: wasder at December 7, 2009 1:13 PM

This apartment is about 150k over priced at least, 2BRs are selling in the higher 300s low 400s. Even if this apartment sold anywhere near asking price the bank would cut the appraisal short by an astronomical amount. I can not see this place selling any where near the asking price, if it does Id be absolutely shocked! With 20% down they'd hold a loan of about 400k, which is approximately $2200 a month + 800 Maintenance, $3000 a month for a 1BR is pretty insane.

Posted by: BKREGUY75 at December 7, 2009 1:19 PM

BK--there are comps in the building to support this ask. Whether that means that an appraisal will come back at the ask I can't say but if you go and look at the building sales history you will see that apts in this line have sold for over this ask.

Posted by: wasder at December 7, 2009 1:22 PM

Yesterday I looked at new construction co-ops in Red Hook, 2 and 3 bedrooms, for around this price. Even the three-bedroom was considerably smaller than this; the kitchen was the size of a large closet with no window, the walls were made of paper, the floors were a terrible engineered wood with the yucky feel/sound under your feet, the living room/ dining room had no room for a dining table larger than an end table. No elevator; no doorman. And no subway Red Hook.

So ... while I still think this is high considering that the kitchen and bathroom are probably in need of redoing, it does not seem crazy high to me.

Posted by: Nomi at December 7, 2009 1:28 PM

It is also a really well run, nearly 100% owner occupied building in a cherry location. These things should count for something.

Posted by: wasder at December 7, 2009 1:31 PM

BKREGUY75, this is not an ordinary one-bedroom. It's far larger than most one-bedrooms and it has an extra room that is large enough to actually be used. They are asking $562 a foot. I do not think it's 150K over priced.

Posted by: Nomi at December 7, 2009 1:32 PM

When I lived in an apt of this configuration I used that den as a second bedroom for my daughter. Worked great til I had another kid.

Posted by: wasder at December 7, 2009 1:33 PM

Stay away from new construction, Nomi.

Posted by: daveinbedstuy at December 7, 2009 1:33 PM

Oh leave Minsky alone. Whether or not you like his style, he works hard for his clients and is really good at his job. You know what else you might see next to "schmooze" in the Yiddish dictionary? A diagram of how business gets done in the real estate world. Not saying the guy is perfect, but the amount of hate he gets from the Brownstoner peanut gallery is pretty ridiculous.

Whether or not there are 2-br's going for high 300s/low 400s, this is a really nice apt in a really nice building half a block from the G and three blocks from the C, and pretty much immediately between all the cool stuff on the Bed Stuy side of Clinton Hill and the Clinton Hill side of Fort Greene. There's a whole lot more than sf'age and number of bedrooms to value an apartment.

Posted by: GoGoMrPoPo at December 7, 2009 1:37 PM

Thanks Wasder, I definitely will. My experience the last few months though is that banks are coming in automatically having their appraisers shave off 10-20%. Ive Sold a few Clinton Hill co-ops over the last 3 months and all have appraised in the high 300s for the 2BR, and the 1BR have been appraising in the low 300s. I know each building is different and each block is as well, with that being said a 1 or 2 block difference is not worth 200k, in my opinion. For 520k you can buy a 1BR condo in Fort Greene or Clinton Hill and pay a much lower maintenance and actually own the place. The co-op inventory in Clinton Hill is huge the demand because of the maintenance issue has not been as high. I look forward to seeing what this place will sell for, for the markets sake I hope I am wrong.

Posted by: BKREGUY75 at December 7, 2009 1:39 PM

Ask Adam Dahill about recent experiences with appraisals!!!!!

Posted by: daveinbedstuy at December 7, 2009 1:45 PM

Nomi, I understand your point on the Sq ftge. It does not seem that unreasonable, but in this market the best way to Gage whether or not a property is over priced is to check out its competition, there are many properties on the market at a much lower asking price and in this economy a buyer might look to save 150-200k and lose a little space, or live a block down or over.

Posted by: BKREGUY75 at December 7, 2009 1:45 PM

"Stay away from new construction, Nomi."

Well, this seemed to be extra poor new construction. Can't all be THAT bad.

Posted by: Nomi at December 7, 2009 1:47 PM

BKREGUY--agreed that its block to block and certainly I have seen real 2 beds on the market for less than this apt. When I was selling there were real two beds with great views selling across the street for 150K less than what I was asking for the 1 bed plus den in this building. For reasons that I understand after living here, this building commands a premium price vis a vis other large co-ops in the neighborhood. It is a really nice, well run, friendly building and the location is prime as far as Clinton Hill goes.

Posted by: wasder at December 7, 2009 1:51 PM

The clinton hill coops always seem to be overly discounted, that's what makes them such a value.

Posted by: DeLepp at December 7, 2009 1:58 PM

Did Minsky get Lasik?

Posted by: DitmasSnark at December 7, 2009 2:08 PM

My understanding of "schmooze" is that it's pretty innocuous, self-interested perhaps, but hardly as skanky as implied by "cheeseball." Wish I could find my Leo Rosten "Joy of Yiddish." At least half the definitions in Urban Dictionary seem inaccurate or far-fetched. To me, a cheeseball is probably a schmoozer (and not a very good one), but a schmoozer is not necessarily a cheeseball; he could even be a mensch under all that.

Posted by: Brenda from Flatbush at December 7, 2009 2:10 PM

Posted by: GoGoMrPoPo at December 7, 2009 2:16 PM

"Schmooze" can and often does mean merely to shoot the breeze, to chat. It can also mean something slightly more cynical than that, something like, but not quite as obvious as, kiss up.

Posted by: Nomi at December 7, 2009 2:18 PM

Hate the orange creamsicle living room paint color so much I think it damaged my eyes.

Posted by: Nokilissa at December 7, 2009 2:18 PM

one bedrooms are not a good investment. never have been unless they are wildly lux and have incredible views or a terrace or something.

Posted by: Minard Lafever at December 7, 2009 2:34 PM

Really? Is that true? One bedrooms are not a good investment, even a nice sized flexible one like this?

Posted by: Nomi at December 7, 2009 2:39 PM

The Clinton Hill Coops have 8ft ceilings throughout. Which is why they're discounted. Is this building well managed? The PShark listing shows a good number of active Lis Pendens against the owners corp.

Posted by: serpentor at December 7, 2009 2:46 PM

> one bedrooms are not a good investment.

Any data backing this up? Given that half of this city seems to be single or live alone, how do you arrive at this conclusion? Or is this just an extension of "only introverts live in in studios" thesis?

Posted by: DitmasSnark at December 7, 2009 2:56 PM

"one bedrooms are not a good investment."

I have not noticed a discernable difference between the relative movement in the prices of 2 BRs and 1 BRs, I don't see the logic of this statement. If anything, i have noticed that the prices of 1BRs (coops) have been relatively stable during the downturn. The entry point is not significantly different at least in brownstone brooklyn - still pretty much takes upper 3's to 400 to get in the door, same as 2008.

Posted by: squaredrive at December 7, 2009 3:11 PM

@serpentor - The Clinton Hill Coops are discounted because the maintenance fees are atrocious!

Posted by: mksk at December 7, 2009 3:25 PM

Also on clinton hill coops, I've heard a number of people who have commented that they could not live there because they feel too much like projects. Fair or not, that does dampen demand, along with really high maintenance.

Posted by: squaredrive at December 7, 2009 3:32 PM

This is a split-up of a prior listing; the original was two apartments combined. The owner has now split them in two and added a kitchen to the 1BR.

http://www.brownstoner.com/brownstoner/archives/2009/02/coop_of_the_day_193.php

It is a nice place, clean building, great location. But there is almost nothing in the way of nice views and you have to have your laundry in the basement; also the super is not 24/7. She turned down one offer already and she may not be willing to come down.

Posted by: gidgetgoesbrooklyn at December 7, 2009 4:04 PM

One more thing: this isn't in the Clinton Hill Coops. It's in a prewar building across the street.

Posted by: gidgetgoesbrooklyn at December 7, 2009 4:05 PM

"This is a split-up of a prior listing; the original was two apartments combined. The owner has now split them in two and added a kitchen to the 1BR."

Wow, interesting. The photos for the old listing are obviously from the other half. But if this one has a new kitchen, I wonder why it's not shown.

Posted by: Nomi at December 7, 2009 9:59 PM

« The Toren Holds First Closing, Wants in on FHA Program House of the Day: 371 8th Street »

December 7, 2009

Co-op of the Day: 360 Clinton Avenue, #5B

Trackback Pings

Comments

Post a comment

Latest Restaurant Additions