Park Slope price per sq. foot- what is reasonable?

Don't worry about owners "laughing" at you. There are a quite a few brownstones in Park Slope that have been sitting for a while because the asking price is too high. If the house you want has been on the market (you can find that out easily) then make an offer you feel comfortable with. It's hard to find a general price per square foot for a brownstone. I think it's easier for apartments, but even then it can vary. I just go by comps for the house in general. Don't be afraid to make a low offer. As you said, you don't really need to buy right now anyway. And many times, even if they reject your offer, they'll come back to you later.

Posted by: guest at January 17, 2008 1:02 AM

I think price per sq. ft, is a good place to start, so long as you take into account the variables you mentioned above which can increase and lower that price. A beautiful renovation is a beautiful renovation whether it is modern or traditional. Both can be mucked up and both can be beautiful.

Posted by: guest at January 17, 2008 9:53 AM

I wouldn't pay a penny over $500 a sq. ft. in Park Slope.

Posted by: guest at January 17, 2008 9:54 AM

I have been thinking about similar pricing issues as I am trying to determine a good asking price for my 2-br 1,000sf coop in PS but not is the PS 321 zone. How many dollars deducted for schools? Added for laundry in apt., etc. Is $600 a sq ft. still reasonble for a coop vs. a house?

Posted by: guest at January 17, 2008 10:14 AM

north slope between 6th and the park is averaging close to $1000 psf so this sounds like a good deal, if you get it.

Posted by: guest at January 17, 2008 10:54 AM

New brooklyn condos go for way more than $500/sf.
10:54 sounds right.

Posted by: guest at January 17, 2008 11:37 AM

On the off-chance you're referring to one of the two houses on a street beginning with the letter "P", I'd say make a LOW offer since they've been on the market for a long time. The one that's closer to 5th has been marketed by pretty much every broker in town in an effort to unload it. The one further up "P" street, which is much nicer, has also been on the market for a while. Offer low. Like you said, it won't devastate you if you don't get it. And keep in mind that they might reject your offer now but come back later as the market softens even further.

Posted by: guest at January 17, 2008 12:23 PM

i wish the kitchen wasn't in the extension in 683 president. otherwise it's a fine renovation and quite liveable.

that being said, i also wish the price was about $500,000 less, which coincidently is about $670 sq/ft. (perhaps it may be soon enough.)

601 president must be the most "offered" house in brooklyn. is there a broker in brooklyn that doesn't have this listing?

i wonder if the owners just won't negotiate or what?

Posted by: guest at January 17, 2008 2:52 PM

Thanks 2:52! You took the words right out of my mouth. I agree completely. And the reno on 601 is cheap and generic. I think 683 is a much better quality house all-around. But it's obviously not moving at that price. Needs to come down.

Posted by: guest at January 17, 2008 3:06 PM

601 has a rental, would that make it worth more or less than the other one which does not?

Posted by: guest at January 17, 2008 3:44 PM

I think 3 stories should get discounted off the sq ft price to begin with as should anything narrower than 20'. don't freak out people. Sorter/narrower houses are fine for many and preferred by some, but they are less appealing to most. Therefore, they should be discounted more than just for there fewer sq ft.

Posted by: guest at January 17, 2008 4:08 PM

Co-op's and condo's will trade at higher price per square foot. I would say in the range 10% to 15% lower. The price per square foot will also range in terms of amenities. I have seen co-ops and condos trade in the prime part of the slope between $650/square foot to $850/square foot. Be cautious with your comparisons and consider the current market environment when making your comparisons. In addition, with conforming mortage rates for 30yr fixed at 5.50% and jumbo mortgage rates for 30yr fixed at 6.50% it will be difficult for price to decline substantially. Remember with mortgage interest deductions and inflation at 3.6% these current mortgage rates is almost equivalent to borrowing free money.

Posted by: guest at January 17, 2008 4:11 PM

There isn't a huge - or any, I don't think - discount for not being in 321 for 2-bedroom apartments. I found when selling my place (larger than yours) just outside 321, I had offers from single people who want extra space, couples with no kids, couples expecting, couples with infants - there's enough of a market for apartments from people who aren't looking to send kids to public schools (and lets face it, lots of people buying at these prices, with lots of family money to help them, won't be sending their kids to public school - the neighborhood has changed that way from when prices were much lower).

More important is the location, the size, the size of the rooms, the layout (is it a sensible brownstone reno, or would you rather the rooms were in different places?), the condition of the apartment, the maintenance, the light, and the sense of openness one gets inside the apartment (or not.)

Posted by: guest at January 17, 2008 4:48 PM