Mario M's Profile
- Mario Michelena
- Not yet, next year
- 2 months
- Brooklyn
- Park Slope
- Co-op
- Translator
- Male
- 38
Author's Posts
October 27, 2009
Creating a Second Bathroom?
The great majority of brownstone listings that I'm finding in Park Slope (especially the rail-road type of apartments available in 6 or 8 unit brownstones that have 2 identical L/R units per floor) have only 1 bathroom, even the ones that are rather big and can accommodate 3 bedrooms. So I guess it may be rather difficult (or impossible) to create a second bathroom or half-bath, unless you own a duplex unit and you can put it directly below an existing bath. Is that so? What about buying a 1st Floor unit, with a non-occupied basement underneath, so that you have easy access to the pipes and you're not bothering/endangering anybody with the construction. Would that make it possible? Is there any specific type of brownstone/townhouse that would make it less difficult? How much would it cost, ballpark? Thanks a lot.
Author's Comments
dittoburg, you're just misleading (or trying to) in the most horrible way. FHA loans have always been around, but were intended for low- and moderate-income buyers. They only amounted to less than 5% of real estate transactions, while Fannie and Freddie (which were also intended for somewhat moderate income properties, respecting the old 417K conforming loan limit) took a little bit more of the slack. When private lenders stopped in their tracks, Fannie and Freddie stepped in, lost money like hell and were bailed out. As a result their standards got tightened and they've been somewhat out of the game, licking their wounds (er,...our wounds) In comes the FHA, which now insures something like 75% of all new mortgages, has the most irresponsible underwriting standards, and has default rates that are monstrously high in a post-bubble world. Shaun whatever, the young and scared FHA boss, just admitted a week ago that they're running out of funds and bleeding cash because of losses. But they continue to relax their standards, what's left of them anyway, because they're the only thing still propping up the housing market. FHA is THE bailout candidate for early 2010.
Your nonchalant tone is facetious to the extreme.
Posted by: Mario M at November 18, 2009 12:16 PM in response to A Few More Sales Trickle In at BellTel
Mopar, mopar, mopar. And Park Slope is immune from what's going on in the rest of the city because of what exactly? Think hard. You won't be able to claim that it has limited space because it's an island like realtors always shill about Manhattan, but I'm sure you'll come up with something good. Meanwhile, please take into account that "It won't happen here" is what realtors everywhere claim when the neighboring borough is crashing and burning. Theirs isn't because it's hipper, more stately, has better schools, or it's closer to Manhattan. But since areas of Manhattan that have all those characteristics are already 25% down, then you can try the opposite: it's farther from Manhattan, less hip, the best kept secret, doesn't look good from the outside, etc. Try, please.
Posted by: Mario M at November 17, 2009 10:13 AM in response to Co-op of the Day: 130 8th Avenue, #7C
I find it pretty surprising that most people here seem to be commenting based on their gut feelings and professed love for Brooklyn (per opposition to that soulless land of wealth disparity and block envy, Manhattan) rather than thinking this in terms of a market. The real estate market was at its absolute peak in 2007/08 and has come down at least 20% from there, and a lot more in certain cases (unless you think that Park Slope is immune) so if there were 2/2 in that building asking 749 and 789 in those years, even if those apartments were in low floors, this apartment cannot be worth more than those. I mean, you've gotta be kiding. Factor in 10% for condition and 10% for high floor, you would merely break even. And that's generous.
Posted by: Mario M at November 16, 2009 8:05 PM in response to Co-op of the Day: 130 8th Avenue, #7C
Thanks, guys.
Yeah, I think this may be an issue of wet-over-dry rather than of whether it is technically doable or not. You could literally install the second toilet rear-to-rear with the first, just at the other side of a wall, creating only 15 square feet of new wet floor (inc. sink) and the board would probably still reject it. Bummer!
Posted by: Mario M at October 28, 2009 1:42 PM in response to Creating a Second Bathroom?
Maintenance is not a tad high at 1047 for 850 sqft without any services. It is a ludicrous, Manhattan-style maintenance. Most walk-ups that size in Park Slope have maintenance charges around $500. The added 500 in this case adds up to an additional 85,000 in mortgage payments (30 yrs. @ 5.125) So the question is would you pay 780,000 for an apartment like this with normal maintenance? No way! Spiral staircase, tiny dining/living area? Very bad deal, says me.
Posted by: Mario M at November 18, 2009 1:56 PM in response to Co-op of the Day: 85 8th Avenue, #3R