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May 13, 2007
1.1m for 1700sq ft?
What could be wrong with a park slope pre-war co-op in a decent building that offers 1700 sq ft, 3 bedrooms plus dining room, on PPW, in district 321 with light and views, and maint of 700 bucks a month? the same size sold 7 months ago, before the market heated up again, for the same price.
Just trying to understand what i should be questioning, when small 2bedroom floor-thrus go for 800 to 900k and have maint of 1000 a month.
Is there a "brownstone premium", over pre-war co-ops?
Comments
I couldn't begin to guess (although I think 1.1 is still lots of money). But maybe there's a noisy or disturbed neighbor in the building and new buyers want out asap.
Posted by: Anonymous at May 13, 2007 12:23 PM
The biggest factor may be that the pre-war co-ops on the park have strict co-op boards and are more difficult to get approved. Remember that. Some of the co-op buildings on Prospect Park are just as snooty and tough as Manhattan buildings. Young buyers who are taking on big mortgages (but who have big incomes to pay the mortgages) have a harder time with those co-op boards. So they're more likely to buy a brownstone co-op in a smaller building with a more relaxed board of young buyers who are like them. And they have to pay more for those apartments if the demand is higher.
Posted by: Anonymous at May 13, 2007 1:52 PM
Yep, agree with anon 1:52. Co-ops are priced less than condos & brownstones because of the difficulty in passing the board. This is not a bad thing, because shareholders want other shareholders to be in good financial shape.
Posted by: Anonymous at May 13, 2007 5:23 PM
Ah well I visited the OH and one possible reason is both the floors and ceilings had major sag, to the point where doors no longer closed square and the trim in the wood lined dining room had dropped a good 5 inches in parts. I knew there had to be something! While a good inspector may say whether the sag is important or not, the extent of it was off-putting, to say the least..
Posted by: Anonymous at May 13, 2007 8:49 PM
All other things being equal, co-ops are less pricey than condos because co-ops generally have secondary mortgages.
The board issue is certainly a factor but a strict board can also be a plus . . . allegedly.
Posted by: John at May 14, 2007 11:46 AM
I live in this building (bought here last year) and can tell you there is no hidden snag. It's a nice place to live. The board is not unreasonably strict.
Posted by: Anonymous at May 14, 2007 12:36 PM
Wait. There's a unit listed with Corcoran on PPW but asking is $1,850,000.
Posted by: anonymous at May 14, 2007 3:33 PM
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