Renting Condos
Living in Park Slope, condo’s have been sprouting up like weeds. Considering the downturn in the market and the number of available units as a whole, what effect, if any, will renting high end condo’s (see NYT’s Article) have on those building that are not condo’s? Can they expect to compete at current rental rates…
Living in Park Slope, condo’s have been sprouting up like weeds. Considering the downturn in the market and the number of available units as a whole, what effect, if any, will renting high end condo’s (see NYT’s Article) have on those building that are not condo’s? Can they expect to compete at current rental rates or will they have to drop rent prices (which some are doing now)?
A bunch of you people take these internets way to seriously.
As a ‘lifer- I confimr Gemini’s rant in that back in the day, a hand full of these nabes did not exist- at least not by the appellation they retain now.
Keep at it folks.
Landlord – I think it’s a bit naive to think that renters just want to live in any old apartment on a stately brownstone street – you are fooling yourself. Am sure your place is nice and all – but if it was wouldn’t you be able to command the rents that I was seeing apartments for? Please! – don;t tell me about Park Slope for reals!
I live in South Slope now and command a higher price for my duplex rental than apparently you can with your name street apartment
so there 😛
In that respect, would it be wise to modernize (which in some ways will dilute the charm) or to lower rents (which will dilute your pockets)?
MrSmith – removing the charm factor I will have serious competition. If 3ed avenue between 5th and 6th looked like 4th avenue….I would be worried.
All thats left to say is…Viva La Difference!
Landlord,
I totally agree with all your points about the charm of PS. However, that same charm is certainly not the selling point in Williamsburg and I can guess that LL there might have this similar issue as well. Removing the charm factor, how does a LL compete with a Condo that are competing for the same middle to high end tenants?
I think the overall point is non condo rentals and condo’s will compete for the same tenants. How does the non condo rental compete against units that are cleaner, nicer, in some cases larger and much more modern? Why would a realtor work with the non condo LL especially when they can see the potential for more money? If there are any LL on the forum I would like for their opinion.
As a park slope landlord I don’t believe the new developments on 4th will have any affect on park slope rents for a few reasons:
1. The rent they charge for a new condo apartment on 4th is very high (and you get small bedrooms with low ceilings and no character).
2. 4th avenue will NEVER have the charm of proper park slope! Not now, not 10 years from now! There is nothing more beautiful then a row of stately brownstones in a tree lined block.
My brownstones my not have new construction with marble flooring and steel appliances….but they do have tall tin ceilings, exposed brick walls, and are on beautiful tree lined streets.
Gemini10 – My park slope apartments have brand new bathrooms with no mold and large kitchens. I rent them for less then $1800 per month. When I do place an apartment on craigslist, it never stays on the market for more then 2 days. You simply need to look better. Additionaly, you can call 6th and 15th park slope…but it does not look like park slope, does not feel like park slope, does not smell like park slope. If it looks like a duck…..
11217 – I agree with your park slope definition.
Yeah, if I were 25, the 4th ave condos would be much more appealing. In fact, they are nicer than where I was living when I was 25.
Of course, when I was 25, I couldn’t have afforded them…
I guess the city doesn’t recognize South Slope. It used to start at 9th Street, these days it seems around 15th Street.
But this development on 6th Ave and 15th Street certainly does not have the location of ‘prime park slope’.
Notwithstanding what some people think about 4th Ave condos like the Novo and the Crest, if I was 25 and looking for a rental, the location, a block from all the bars and restaurants on 5th Avenue, as well as proximity to the subway, would certainly be attractive.