need advice on 40 Ocean Pkwy
My husband and I are first time buyers and have been shown a 2bed/ 1 3/4 bath co-op apartment at 40 Ocean Parkway. The story is that it is a sponsor sale and was on the market ‘as is’ for 6 months but didn’t sell (it is a mess). The owner pulled it from the…
My husband and I are first time buyers and have been shown a 2bed/ 1 3/4 bath co-op apartment at 40 Ocean Parkway. The story is that it is a sponsor sale and was on the market ‘as is’ for 6 months but didn’t sell (it is a mess). The owner pulled it from the market and it doing minimal work (patching the cracks in the walls, etc and will put it back on the market.
My husband and I love the ‘bones’ of the place not to mention the location and schools (we have 2 kids).
I was hoping to get some thoughts on a reasonable price and if anyone has heard of the place when it was up and if any offers had been made.
Thanks
I am very close to accepting a 2 bed/ 2 bath apt with terrace at 135 Ocean Parkway for 399K. I was just wondering if anyone has heard anything good/bad about the place.
We have been looking all over WT and Kensington. This particular building is really well kept, has a ton of closets, x-tra free storage in the basement, a bike room and you can have a W/D in the apartment.
Most of the apartments that we have seen either don’t have many perks and have very small 2nd bedrooms.
I don’t understand the appeal of that corner of Windsor Terrace. You’re not really close to anything (other than the park), and yet the prices are significantly higher than if you went a few blocks further down Ocean Parkway.
That is interesting. This is a different unit, but it is helpful knowing the sales history.
Thanks
Interestingly, there was a coop of the day post … http://www.brownstoner.com/brownstoner/archives/2007/10/coop_of_the_day_78.php
from 2007 which links to a broker listing that’s still active
http://warrenlewis.com/6074/
Does warren lewis keep a 40 Ocean Parkway listing forever?
If the coop didn’t sell for $399,000 18 months ago, I’d think they’d have to take a little less now.
I don’t know these buildings well, but re: Kensingtonian’s comment about a block or two out – I’d prefer this place which is like a block to the park (without crossing the highway), to others that are further out.
In that case, I can’t comment if you don’t know the price. $450K is steep for a 2 bedroom in that building with complete remodeling. You can do much better in the same area. If we are talking like $350, then it might be worth it, depending on the size of the apartment.
The rule is 20% but speak to a mortgage broker about that. I don’t know of a single person who put down less than 20% for their co-op (most co-op boards require 20% anyways but since this is a sponsor sale, I am not sure).
alsawo: as I understand it a 3/4 bath is a sink, toilet and shower. No tub.
Kensingtonian: I don’t know what asking or maint is. It isn’t listed, not yet on the market. A friend of a friend lives there and told us about it. We assume that it is reduced because of all of the work that needs to be done (baths and kitchen). We heard that it might be around $450 , 800 maint but who knows.
Also, does anyone know if banks are requiring 20% down or are there still some banks that would accept 10%?
Hi, it’s a nice building but the prices are a little too high for that area. If you are willing to look a block or two out (say 100-250 Ocean PKWY blocks) you’ll get at least 1/3 cut off the price. That was the case when my sister was looking in that building and setted for a much better layout apartment on the 200 Ocean PKWY block. If you list the price and maintenance of this particular co-op, I’ll be able to tell you if you’re getting a deal for that building and area, or not.
Do you have a link for the listing? Hard to judge otherwise…
P.S. What’s a 3/4 bathroom?