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January 15, 2009
Thoughts on a Condo?
Anyone have any thoughts on this condo? I realize the facade is hideous, but size-wise, it's rare to find something like it in the Slope. I'm curious what people think.
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=1246167
Comments
Though advertised as a 1.5 bedroom, by law it's really a 0 bedroom, unless you're using the home office or "recreation room" for sleeping. Apparently, the rec room is far enough below grade, with insufficient windows to qualify as a bedroom under NYC code. Hard to figure why they're not identifying the home office as a bedroom unless it has similar problems. If the apartment appeals to you, certainly go take a look. Just be aware the role of apartment's configuration in pricing (and resale). How many other units in condo, etc., also to be considered.
Posted by: vinca at January 15, 2009 6:09 PM
Price is good. Is this the first floor and basement?
Posted by: Adam Dahill at January 15, 2009 6:09 PM
Vince - Thanks, yeh, we were wondering why the floorplan doesn't list any bedrooms. Probably some weird legal issues, as you mention.
Adam - It seems to be, yes.
Posted by: cwbuecheler at January 15, 2009 6:12 PM
Weird is not the word I would choose. Caution is an approach I'd suggest.
Take a look and see whether you like it, but read this in advance, and understand clearly how it affects both use and resale (and, one would assume, your bargaining position re: pricing): http://www.nyc.gov/html/hpd/downloads/pdf/PreservationSvcsBrochure_BasementCellar.pdf
Posted by: vinca at January 15, 2009 6:18 PM
cwb, I think it's worth a look. I don't know what the area is like, but it's a good size for the price (although these days, I would still throw out a lowball offer on anything I was interested in).
Posted by: Biff Champion at January 15, 2009 6:20 PM
vinca - awesome link, thanks! Also, sorry for typing "vince" above.
Biff - yeh, we're not really ready to buy yet anyway. I was just surprised by the listing.
Posted by: cwbuecheler at January 15, 2009 6:26 PM
Even though that link is for 1 & 2 families, it clarifies the problems you'll encounter with cellar and basement dwellings. As to location, I have good friends approx. 2 blocks away, closer to the park. Their location is very convenient in terms of proximity to train, movies, various amenities. I sometimes drive, but don't often walk past this block. Can't call to mind right now any particular downside. Also, if you go to look, make sure you ask about floods, waterproofing, sump pumps, etc. Though that location is more uphill than downhill, wet basements and cellars are a real problem in PS, and the premises are likely to be humid, even if not flooded.
Posted by: vinca at January 15, 2009 6:34 PM
Seems like a good deal for this area...
Posted by: Amzi Hill at January 15, 2009 7:09 PM
An underground lair with a bunker-like facade?
I'm curious to see it, but I have grave doubts...
Posted by: MrsCWB at January 15, 2009 7:37 PM
If it's below grade it can not be legally called a bedroom, that's why the floorplan says recreation room. Also on a true appraisal the square footage can not be counted since it's below grade. You'll see a lot of these in Scarano buildings, ala those 6ft tall "loft" bedrooms. If you don't care it's a lot of square footage for the money.
Posted by: Adam Dahill at January 15, 2009 8:25 PM
I wouldn't go for it. Vinca made a good point. Think about the time you would like to sell it. Personally I think you will have a hell of a time selling this apt. Maybe that is one of the reasons people want this sold ASAP
Look for something better
Posted by: karo25 at January 16, 2009 11:40 AM
Are both floors underground? Freaky. Maybe you can sleep in another building.
Also, one of the problems with sleeping in the cellar is the proximity to the boiler and the danger of carbon monoxide poisoning or fire. It's "How the Other Half Lives" updated for 2009.
Posted by: mopar at January 16, 2009 12:20 PM
It isn't just that you can't legally call it a bedroom, you legally can't sleep there.
Posted by: serpentor at January 16, 2009 2:28 PM
Personally, I don't like basement/first floor duplexes, they tend to be dark and I always feel like they're damp (although that is probably just in my head). Go there and have a look, but before you make an offer, talk to an experienced, reputable mortgage broker and find out what lenders think of these arrangements. Lenders, particularly in this market, are looking at the potential resale value carefully. You might find that lenders are not willing to finance as much of this type of property as they would a second floor apartment.
Posted by: bohuma at January 16, 2009 3:24 PM
If one of Cocorean agents is trying to broker the sale, you should immediately know that it is over priced and over-stated. Cocorean is excellent at over stating values.
Posted by: hannible at January 17, 2009 9:18 PM
Appears that the "home office" on the main floor has only a lot-line window. If someone decides to build next door, you will lose all the windows on that side of the building, and there's nothing you can do about it. So you'll be left with only the two windows at the bottom of the floorplan, and a very dark apartment.
Posted by: zinka at January 18, 2009 2:26 AM
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