Purchase Price of Condo
Am I crazy? Really like a condo that is for sale on 13th b/t 6th and 7th aves. Nice 2 br/2 ba with 100 sq ft terrace. 2nd floor walk up/no building amenities. small roof deck that looks like no-one uses as it’s not all that much anything and people have terraces. Sponsor sale (buyer…
Am I crazy?
Really like a condo that is for sale on 13th b/t 6th and 7th aves. Nice 2 br/2 ba with 100 sq ft terrace. 2nd floor walk up/no building amenities. small roof deck that looks like no-one uses as it’s not all that much anything and people have terraces. Sponsor sale (buyer will have to pay 1.8%transfer tax) Sponsor will not go below $945K. Am I crazy or is that just ridiculous high? almost $900 per sq ft for south slope, not even PS 321! Thinking of waiting it out as I figure no one will pay that much money these days. Am I plum loco??
passing up a place (and only thing I’ve seen and really liked) or being taken taken for a chump by greedy sponsor?
Thanks all.
Happy 4th!
isn’t it between 5th and 6th? yes, the price is absolutely insane. you’re probably paying a price per square foot plus some premium for the terrace, there is usually a premium for terrace and condo (as opposed to co-op). but this should be easy to verify if you do the right homework on comps.
you should ask the developer or broker how they value it. seems outright crazy to pay this amount if your metrics are correct.
$900/sf anywhere in Brooklyn is just nuts, in my opinion. You can get a lot more for your money without sacrificing much if any location.
Is this by chance with a certain broker? Initials are P.B.?
Look at his Corcoran site and check out ALL his condo listings. He represents quite a few newish condos and as far as I see only one is contract out of his pipeline of the last half year. This tells you something.
IMHO – in case this is indeed him – he is off market with his prices by about 20% on new condos.
If you are talking about the new condo I think you are, that developer has two other properties coming to market very soon. I think he paid top dollar for those lots… $600,000+ for the tear downs.
That said, Prospect Park Terraces (Lake Windsor) is now selling at mid $600’s.
On 15th Street alone there has to be 100+ units coming to market… I think I saw prices in the low $700’s.
For $9oo per SQ. FT. they better have a fully decked out safe room/bomb shelter in the cellar for when the end times come.
I’m gonna buy when BHillGuy’s prophecy comes true… already have a few inches in my penny jug. Just gotta keep myself from using it to buy drugs from kids.
If I were the buyer I wouldn’t buy anything right now. There’s every indication that we’re in for a long haul w/ this economy. In one or two years I feel things will get much, much worse.
Lee Maison’s ill-informed nonsense is hardly worth commenting on. I wonder if her Lefferts Manor friends are anywhere near as “stuck” as she is in the new construction condo she foolishly bought without doing proper research?
We are in the process of buying a 2 BR 2 Bath (1300 sq. feet) in a prewar building in Prospect Heights, and I’m fairly familiar with the market. Are the carrying charges ridiculously low? Because that price does seem out of line, esp. for a building with no elevator or amenities.
re original post — that seems very expensive! but really, what do i know? maybe a million dollars for a 2 bed south slope apartment while new york state and the mta slash their budgets and the stock market falters and everyone worries about the effect of retrenched government spending on a global level is actually reasonable — i really don’t know.
but if you love it and you can afford it, why not? assuming you don’t want to rent and wait until the world economy is more stable…