Co-op of the Day: 62 Montague FSBO
We’ve got no idea whether they’ll get $1,000 a foot for it, but this 1,500-square-foot pad at 62 Montague Street in Brooklyn Heights should have no trouble attracting attention as an FSBO. The photos make the place feel very loft-like, a sense that’s enhanced by the clean wood floors and exposed brick; the master suite…
We’ve got no idea whether they’ll get $1,000 a foot for it, but this 1,500-square-foot pad at 62 Montague Street in Brooklyn Heights should have no trouble attracting attention as an FSBO. The photos make the place feel very loft-like, a sense that’s enhanced by the clean wood floors and exposed brick; the master suite is also huge. There are two real bedrooms plus an office that could handle a small child. So waddya think? Will they get $1,550,000 for it? There was an open house yesterday so maybe they already have.
62 Montague Street [Squarespace] GMAP
Building photo by Scott Bintner for Property Shark
Anons – re: Comparable Pricing
I don’t think it is a good idea to extrapolate the asking price of a brownstone from the asking price of a co-op. An appraiser would never do such a thing. It is also unlikely that an appraiser would compare a co-op to a condominium when determining value. Comps should have similar variables – i.e. ownership structure, age, size of unit, number of beds and baths, etc. While co-ops and condos do share some of these attributes (with exception of ownership structure) brownstone single-family homes have additional value components, such as building width, that are not part of a value consideration for co-ops/condos. It is also not a good idea to compare co-op or condo units of different sizes as there is an escalation in per square foot pricing as the unit increases in size (to a certain point). If you look at Brown Harris Stevens 2006 year end data for Manhattan apts (since they don’t publish for Brooklyn) the premium from studio to 1-bdrm to 2-bdrm to 3+-bdrm goes something like; 4%, 11%, 20% respectively. And as evidenced by Corcoran’s published data there is an approx. 25% premium for condo ownership over co-op ownership.
This is not the same unit as the one listed with Corcoran.
Well, to be fair, they don’t list it as a 3rd br. I couldn’t afford this place, but it appears about ideal for my wife and I – no kids and no plans to have them; but we both need work studios. I’d rather have two full baths than 1.5, but it wouldn’t be necessary for us.
So there’s definitely a market for this kind of place, but I agree it isn’t as a 3BR (unless for an infant only).
this place has been on the market for months on corcoran. came on at 1.695mm if i remember correctly and has dropped at intervals since then. i’ve seen it and it is ok, but the third bedroom is a joke, unless you’re putting a dog in it. floors need work and second bathroom has no tub, which makes it tough for kids. tough to imagine paying that much for an apt without a functional third bedroom.
looks nice
Maintenance is not totally out of line…depends on what services the building offers. What struck me about this place is the recent reno and the two working fireplaces. Being in BH a lot of buyers will compare this to the UWS and UES, and looking at that way it should go close to ask.
That is a whopper of a maintainence charge
2:03 here. Not exactly true about no closets, 2:11. The walk-in in the master br was very big and there’s a standard size one in the 2nd br. I think there was also storage under the bay window seat in front. It didn’t strike me as a problem.
Actually Brooklyn has two MLS sites..the Bay Ridge/Bensonhurst and the Brooklyn MLS. I don’t think Manhattan has one though. Someone mentioned earlier that there is no MLS (I think they meant for the city though), so just wanted to make sure we’re accurate.
Even though I am a RE agent and I’m not supposed to talk about FSBO’s 🙂 I think one of the better sites out there is isoldmyhouse.com. It’s pretty big in the New England area but not sure how effective it is here. Or, you can just use Postlets which will automatically post your ad to a bunch of different sites. Definitely go with NYTimes as well..can’t go wrong with that!