Brooklyn Sales: Under a Million
Some of the sales recorded last week that went for $1 million or less: Under $250K: PARK SLOPE 195 Garfield Place, Apt. 4H; Price=$230,000 GMAP This 400-sf studio co-op was originally listed for $299,000 last November, according to StreetEasy. The price was reduced to $280,000 in January. Maintenance=$423. Entered into contract on 2/27/09; closed on…
Some of the sales recorded last week that went for $1 million or less:
Under $250K: PARK SLOPE
195 Garfield Place, Apt. 4H; Price=$230,000 GMAP
This 400-sf studio co-op was originally listed for $299,000 last November, according to StreetEasy. The price was reduced to $280,000 in January. Maintenance=$423. Entered into contract on 2/27/09; closed on 4/14/09; deed recorded on 4/21/09.
$300-$500K Range: CROWN HEIGHTS
1368 Park Place; Price=$495,000 GMAP
This is a 2,952-square-foot, 2-family, according to Property Shark. Entered into contract on 12/3/08; closed on 3/23/09; deed recorded on 4/21/09.
$500-$750K Range: BUSHWICK
1305 Bushwick Avenue; Price=$605,000 GMAP
A 3,000-square-foot, 2-family house, according to Property Shark. The listing history on StreetEasy says it hit the market last April for $624,000 and its price was reduced several times, until it was asking $545,000 in September. Perplexing that it sold for more than the last ask after being on the market for awhile. Entered into contract on 1/5/09; closed on 4/17/09; deed recorded on 4/24/09.
$750K-$1 Million Range: RED HOOK
52 Dikeman Street; Price=$980,000 GMAP
Last November, when this 2,620-sf, two-family was an Open House Pick, it was listed for $975,000. It got the Times treatment that month and did not linger on the market. Entered into contract on 1/21/09; closed on 4/9/09; deed recorded on 4/21/09.
Photos from Property Shark.
Oh woops…you beat me to it Saminthehood.
Studio rentals in this part of PS are still around 1500 or so I’d say, so this is definitely back to “normal” pricing for a PS studio.
Rob, there is a studio in my building for sale (Kensington) for 80K or so in horrid but livable condition. Maybe just needs some cleaning, light spackling and a new paint job. If you have or can get about 10K down, I highly suggest you take a look because that can end up about $900 a month between mortagage and maintenance (maintenance is $430). I might even let you steal my internet access :o).
Yep, and then the mortgage interest deduction probably works out to around $1100 a month or so when all is said and done…
You’re not going to find a studio to rent in this part of PS for 1100 a month.
$230,000
20% down is $46,000
Mortgage payment is $988 a month
Maintenance is $400 a month
Total is $1388 a month
Mortgage interest deduction probably averages out to 200-300 per month (that might even be conservative) making this essentially around 1100 a month to own.
Red Hook is not bad BUT no transportation at all and restuarant choices are scarse plus there are loads of undeveloped lots. Not worth a mil in my opinion.
I think the person figures 20$ or so down (around 50K) with a mortgage of 180,000 at a little over 5% gives you a monthly mortgage under $1000. With maintenance and mortgage/tax interest deduction you are looking at like $1150-1200 a month net. so,m a bit off – but definitely as good or better than rental for that area and size.
$1,400 including the maintenance and excluding paying down the principle.
quote:
The studio basically costs a little over $1000 a month to own. Sweet deal, indeed.
okay, how do you figure?
*rob*
That’s a sizable chop on that Slope studio.
Looks like prices are coming back to earth.
Bushwick house deal dodgy? Crown Heights looks pretty and nice price, I think?