Park Slope price per sq. foot- what is reasonable?
I know none of us know the future. But if you were a real buyer in PS right now, what price per square foot would you be considering paying on a house? We are considering putting in an offer around $670 per sq. ft on a smallish brownstone (3 floors). We are hoping that will…
I know none of us know the future. But if you were a real buyer in PS right now, what price per square foot would you be considering paying on a house?
We are considering putting in an offer around $670 per sq. ft on a smallish brownstone (3 floors). We are hoping that will protect us from a market downturn, as it is likely about 15% less than the average ppsf right now.
Does that sound reasonable? Or is it more reasonable to expect the ppsf to go even lower? This is in move-in condition and in a nice part of the Slope.
(NO guarantees the owners won’t laugh at us with our offer, but realistically, we don’t HAVE to buy so we want to buy only at a safe price.)
Any opinions?
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.)
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.
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.
601 has a rental, would that make it worth more or less than the other one which does not?
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.
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?
12:23- I am not referring to those places but have seen them. I actually think the one that is b/w 4th and 5th is much nicer (except for location- the 5th-6th block is def. better). I’m curious as to why you would think the other one is much nicer. Would love to hear your thoughts!
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.
I’d consult the What before making any offers.