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November 15, 2007
$628K for 570 sq. ft?
I've only just entered the Brooklyn condo market and am totally lost as far as pricing goes. I was hoping someone could help me out since I'm seriously thinking about putting in an offer on an apartment I just saw. It's a pre-war condo in "prime" Park Slope for $628K for 570 sq. ft. It's not in a brownstone, just a regular 6 story pre-war building. Is this a lot for the space or is this the market value?
Comments
This seems like an awfully lot of money, more than $1000 a square foot! I think way too high. What is the maintenance?
Posted by: guest at November 15, 2007 12:20 PM
Seems overpriced, now matter how prime, way too few square feet to justify the price. Is it a studio? Also, what are the maintenance/taxes?
Posted by: guest at November 15, 2007 12:23 PM
Maintenance is $410 and it has high (13ft) ceilings. It's essentially a large-studio, even though it's marketed as a 1-BR. The draw is the building and the ceilings. But I'm having a tough time finding comps based on things other than the square footage. It does seem very high to me. Do high ceilings and pre-war building carry a premium? I'm really lost.
Posted by: guest at November 15, 2007 12:29 PM
Seems high, but I'm lost too in terms of the Slope prices and finding comps. What has been you experience for the typical range for a 1 bedroom prewar condo in the slope?
Posted by: guest at November 15, 2007 12:36 PM
The ceiling height is nice, but not sure enough to add a loft, probably not, bugt I don't really know. I would just continue to search for 1 BR/studio's in that specific area and try to compare that way, but I think the Sq. footage is the killer for this deal.
Posted by: guest at November 15, 2007 12:37 PM
You're crazy.
You can find 1000 square feet for 700k in nice south slope, which means you can find 800 square feet for 550k, just keep looking until you KNOW when you see value.
Posted by: guest at November 15, 2007 12:55 PM
not everyone wants south slope. i can see the attraction, but personally when i moved from manhattan to brooklyn, it was VERY important to me as a single person to not feel isolated and to be within easy train access to manhattan.
i choose north slope so i could be close to the Q and 2/3 and sure...i paid more for it. it turns out i ended up falling in love with brooklyn and now spend most of my non-work time in park slope, but having those trains nearby is still incredibly important to me.
sure...you can get cheaper in the south slope...but it's just not for everyone.
Posted by: guest at November 15, 2007 1:22 PM
what i'm seeing in prices for pre war co-ops and i'm talking park slope proper...not south slope...
studio: 280-350K
1 bedroom: 375K-550K
2 bedroom: 550-900K.
3 bedroom: 1 million and up.
Posted by: guest at November 15, 2007 1:24 PM
seems steep to me, prime slope or not.
i agree, educate yourself aboutt the market and see some comps before putting in a bid.
Posted by: pluvious at November 15, 2007 1:28 PM
1:24, show me a 2 bedroom in northern park slope for 550K. Not gonna happen unless (1) really high maitenance and (2) needs renovation. Try 700K for the lowest you'll find.
Posted by: cwh812 at November 15, 2007 6:47 PM
Oh, and to Original Poster, despite my last post about 2 bedrooms 628 is way to high for 570 sq feet. Need to knock off at least 100K.
Posted by: cwh812 at November 15, 2007 6:48 PM
yes, buy the first apartment you see. always smart.
Posted by: guest at November 15, 2007 11:16 PM
cwh812, a 900+sqft 2 br in my prewar 8 co-op building went for $550 this summer in north slope. It needed new kitchen cabinets and some paint, but those don't cost $150k. The ceilings are high which is normal with prewar. We've worked hard to keep the building in good shape physically and financially, but the maintenance is not very high. As financing is more difficult for buyers now, prices should be lower not higher. This seller is asking for $628 so they can pay for more crack.
Posted by: guest at November 16, 2007 12:26 AM
Thanks for all the responses. I agree it is very high. I believe the seller is most likely basing the listing price on a comp in the same building (I just found it). Property Shark shows that in August 2007 someone paid $590K for 523 sq ft, averaging out at $1,128 per sq ft. I can't understand it. Can they expect this to be the new bar, even with the current market softening?
Posted by: guest at November 16, 2007 1:13 AM
i said park slope proper, not north slope.
you could find a 2 bedroom for 550-ish down near 7th street, 9th street, 12th street...
that is still park slope proper in my mind...and not north slope either.
no?
Posted by: guest at November 16, 2007 10:49 AM
I think 7th is sort of central, but not really and 9th and 12th are definitely south slope to me. If it's a hike down 7th ave from the Q or from the R at Union, you live in the south slope. Maybe that's because I'm north slope too. It seems brokers have enlarged park slope tremendously over the years. What was south slope is now central. What was greenwood heights is now south slope.
Posted by: guest at November 16, 2007 1:15 PM
The sellers may want that to be the new bar, but that doesn't mean you should pay it or above. The place that sold in August may have been listed in January and entered contract in Feb-Mar when things were very difft in the markets. Make a much lower offer if you want the place.
Posted by: guest at November 16, 2007 1:18 PM
cwh812, we sold our 2BR on Berkeley Place in an 8-unit brownstone building for $550,000 a year ago. Even with the market going up in Park Slope since then, the OP can still find a full 2 BR coop for under $700,000 in Park Slope and not have to go to South Slope to do it.
Posted by: guest at November 17, 2007 12:35 PM
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