Co-op appreciation
I found a co-op in Bay Ridge listed for $199k. After some research I noted it sold back in October 2007 for $110k. Considering the economy/housing market in the past year, I cant believe a co-op would have appreciated 80%. I was told some renovations were done, but come on 90k’s worth? I’d like to…
I found a co-op in Bay Ridge listed for $199k. After some research I noted it sold back in October 2007 for $110k. Considering the economy/housing market in the past year, I cant believe a co-op would have appreciated 80%. I was told some renovations were done, but come on 90k’s worth? I’d like to hear what this community has to say. I like the place but I wonder how much would to a low-ball offer?
Thanks,
If you post the link then everyone will be after this apartment! Get the deal for yourself!
Sounds like a good deal. What’s the monthly maintenance?
quickazoid,
how about posting a link to the listing? $199k sounds cheap for shore rd area. Is the maint. very high?
quickazoid,
how about posting a link to the listing? $199k sounds cheap of shore rd area. Is the maint. very high?
WOW!!!! That is a deal!!! 700 s/f coops on Shore Road range in the mid 200’s to mid 300’s. I would jump on this before someone else does!
110K in 2007 for a 1-bedroom 700 sq. ft. apt. in Bay Ridge sounds very very low.
I agree it must have been a major fixer upper at the time.
Even today in the 90’s / Shore Road area 199k sounds like a bargain.
Is it on Shore Road? Water views? Mint Condition. If so, those 1-bed’s are listing at 260k+
I would look at the buildings financials, something doesn’t sound right.
Bklnite… I know a little too much about Citigroups stock :). I got in at like 5 bucks. And BAC at 15. Ouch.
If you want something that’s a good deal now compared to what it cost in October 2007, consider Citigroup stock.
Prior price may be interesting, but as others have noted the relevant thing is what it’s worth now. For that look at comparable recent sales, and what else is on the market, keeping in mind the general consensus that prices are heading down in the short term.
Most 1 bedroom co-ops are in the low-mid 200s in Bay Ridge right now. The 2007 sale must have been either a distressed sale or a sale between family members. I was in the market for a 1 bd co-op in 2007 and looked at about 30 different units over the course of many months, along with scanning the listings pretty much daily the whole year (even after I bought). There was not a single 1-bedroom listed below $189k at the time. Anything below $189k was a studio being advertised as a 1 bedroom. Vast majority of listings were between $229k-279k.
I think the important thing is the relative value now. Can you find anything nicer, cheaper. If not, then it is a good value assuming prices remain steady.