Condo of the Day: 1405 8th Avenue
This 715-square-foot two-bedroom condo at 1405 8th Avenue looks nice—and photographs well—but we’ll be surprise if it’s able to sell for the asking price of $629,000. That would translate into a valuation of almost $900 a foot which sounds like a lot for a ground-floor apartment, even one that’s just one block from Prospect Park…
This 715-square-foot two-bedroom condo at 1405 8th Avenue looks nice—and photographs well—but we’ll be surprise if it’s able to sell for the asking price of $629,000. That would translate into a valuation of almost $900 a foot which sounds like a lot for a ground-floor apartment, even one that’s just one block from Prospect Park and has monthly carrying costs of just $440. What do you think?
1405 8th Avenue [Brooklyn Heights RE] GMAP P*Shark
The kitchen is clearly the nicest element. But 715sqft is small and the streets around the Armor/shelter can be creepy at night for a ground floor apartment. I can see why another unit in that building (not on the ground floor) went for $699k. Funny they didn’t mention the school across the street — it’s a good one. I guess they figure no one would raise school age children in such a small space. Also, I’m flabbergasted that owners who are inspired by Frank Lloyd Wright would not notice how awful the web photos are. $575k is a more reasonable price for the space.
I went to see this at their open house this weekend. I too thought it looked great in the pictures. But I didn’t like it at all. The kitchen looks better in the pictures, the bedrooms felt very cramped (but we prefer one bigger master bedroom and a smaller bedroom, these felt about the same size), and the entire thing seemed dark. In fact it is the first apartment in a long time that both my boyfriend and I agreed on – we both disliked it.
Let’s just say the kitchen cost $50,000 to renovate. At a 6% rate, that would equate to about $250 a month in rent. So, it’s not that much more.
Anyway, the proximity of the Armory and the Theater would kill the deal for me. You’re also in definitive F train hell, which is a real drag.
z, got it…I was just thinking that 715sf is really small for a 2BR and remembering that I looked at the 832sf 2 BR condos at the Modern Post and felt that the BR were teeny. There’s a valid, sound argument that one can make that says small bedrooms are just fine and dandy if the LR, kitchen is (somewhat) spacious; at least i think there may be.
Ok, maybe not MUCH more. But the point is, is that this place is not a rental, it’s a home that has clearly been renovated well.
Heather,
While 2800 sounds about right for a 2 bedroom in this part of Park Slope, what you aren’t taking into consideration are the much higher end finishes that were most likely involved with renovating this apartment.
No 2800 rental is going to have a kitchen like that.
We have to at least be able to take the cost of upgrading these places into their sales prices when comparing them side by side to rentals.
This place would rent for MUCH more than 2800, were it a rental. Someone would pay more to have it done up so nicely.
fjorder, 715sf + 2BR + no floorplan = cause for concern that rooms are small and/or layout is cramped. the photos do seem to suggest the contrary, but a wide-angle lens can give a false impression of space (even at fuzzy low-res).
Would rent for $2800 at best? It’s pretty small.
The clean, minimalist design is nice. No floor plan though (Lord only knows how BH76 surmised that it’s “a chopped up, albeit large, one bedroom”) and you’ve got to be some kind of fool to put blurry photos on the listing page; one wonders what goes through the heads of some brokers or who(m)ever it is that handles the Web stuff for them.
I don’t see $629K to be too unreasonable a price; probably priced a wee bit high for the square footage, but if for a true 2BR in south Slope, they should get pretty close to ask. $599K seems more reasonable.