Condo of the Day: Resale at The Washington
After a rocky couple of years of Scarano-related delays, first-round buyers at The Washington Condo at 35 Underhill Avenue in Prospect Heights were able to close and move in last year. Now we’re starting to see the first resales in the building. One owner has just put his 1,474-square-foot second-floor apartment on the market for…
After a rocky couple of years of Scarano-related delays, first-round buyers at The Washington Condo at 35 Underhill Avenue in Prospect Heights were able to close and move in last year. Now we’re starting to see the first resales in the building. One owner has just put his 1,474-square-foot second-floor apartment on the market for $799,000, an increase of $100,000 over what he paid for it in early 2007. That doesn’t seem unreasonable to us.
35 Underhill Avenue, #A2E [FSBO] GMAP P*Shark
The point is, still, this is not 2007. I have been looking for the right place for what seems like forever and I can honestly say prices are coming down from 2007, not going up more or less. There are a few exceptions to this for a particularly good apartment (layout, schools, convenience, etc.) but if the place is nothing too unique or has more than one or two trade-offs the prices are coming down. So, this apartment will likely not go for much more than the owner paid for it. Sad for them, but could be worse. As for it being near the a train, true, but the A train is not exactly the best line right?
The point is, still, this is not 2007. I have been looking for the right place for what seems like forever and I can honestly say prices are coming down from 2007, not going up more or less. There are a few exceptions to this for a particularly good apartment (layout, schools, convenience, etc.) but if the place is nothing too unique or has more than one or two trade-offs the prices are coming down. So, this apartment will likely not go for much more than the owner paid for it. Sad for them, but could be worse. As for it being near the a train, true, but the A train is not exactly the best line right?
roger that lechacal…then i understand. I’ve been really liking those Hello! Condos but it’s a haul to anything in that northeast corner of PH.
and from what i hear re: schools— PS 9 has also improved by leaps and bounds over the last couple of years.
Fjorder – deep from the approach that matters to me (and I think generally to others), i.e., from Flatbush, GAP, the park, Atlantic Terminal. I don’t know why you would say I have never been to Prospect Heights, which simply isn’t at all accurate.
i looked at the building back in 2005/06 and actually liked the layout and construction and psf pricing. in the end, decided that there’s still too much of the hood around, and didn’t want to live through AY construction. also, wasn’t a fan of sending the kiddie to school there.
do agree that many have and will continue to raise their children in apts. my place now is 2000 sq ft with a yard, so how is that different from a brownstone with rentals? it isn’t.
“Deep in prospect heights.” what does that even mean? East? North? South? “Deep” as in a 15-minute walk (for a slow walker) to the central Park Slope?
lechacal has NEVER been to Prospect Heights. I guarantee that.
No worries – you didn’t sounds like a dick, you were just making a point.
Fair enough. I have no idea what 500k would have bought in that location in 2003/04 so why argue about it. FWIW, I think you are making a good bet holding off buying for another year or two. If my wife were not pregnant with our second child I might join you in your wisdom but alas life deals you the cards and you play them the best you can. I have found a house that makes financial sense to my family and is in the neighborhood we want to be in so even if it declines in value over the next few years we are not in over our heads and the market will presumably bounce back at some point. Sorry if I sounded like a dick.
This place is a very short walk to the Flea…that’s a plus in my book!