Condo of the Day: 497 12th Street, #1R
It’s hard to get your arms around this ground-floor duplex at 497 12th Street in Park Slope without a floorplan; despite having some nice original woodwork, the layout looks a little awkward and the views aren’t exactly uplifting. Our guess is that the eventual buyers will have a similar profile to the sellers—a couple with…
It’s hard to get your arms around this ground-floor duplex at 497 12th Street in Park Slope without a floorplan; despite having some nice original woodwork, the layout looks a little awkward and the views aren’t exactly uplifting. Our guess is that the eventual buyers will have a similar profile to the sellers—a couple with a small baby (or one on the way). The asking price of $849,000 for the 1,020-square-foot apartment seems a bit aggressive to us, but the outdoor space helps soften the blow. What do you think?
497 12th Street, #1R [Betancourt] GMAP P*Shark
11217
I think it’s laughable that you don’t understand the importance of hard data. I could care less what your brothers and sisters and parents and uncles and god knows who else can afford. I am referring to a specific potential market that we can quantify – i.e. a pool of buyers in specific industries that can afford such a mortgage. If not financial services, what else? Pray tell.
Pretend I am a banker funding the conversion of this building into condos. I would want to see evidence that there is a market of qualified buyers. Who would they be?
49712th
I admire your bravery coming on to this site, but the kitchen seems to suffer what we call in the business “functional obsolescence”. There is a stairwell in the middle of the kitchen!
parkedslope:
As I said, I lived by this building for years. You know what? The F train sucks. It’s horrible. I would never live by it ever again.
I like that the seller is on here, joining the conversation.
49612th…on Monday, you should come back on here and do a re-cap of the open house.
I wish you luck. Lovely Apt.
Is there anyone here who got a $700,000 mortgage or above who does NOT work in the financial services and would like to chime in?
I think it’s laughable that Polemicist thinks that every mortgage in this city over 700K was through someone on Wall Street or environs.
wasder- thanks!
KS8000- understood- good luck with your search
Miss Muffett- Complicated answer, we had several offers (higher than what we are asking) under another broker, some things where done that we weren’t too happy about and took the “high road” and cut our ties so they would not have our business-might have been a big mistake- but oh well. Took it off the market for several months- perhaps another big mistake- and have now put it back on- we’ve had a few more bids from people who need to sell first- not our ideal but neither is the market. We will have a floor plan at the open house this week- thanks for the feedback- we are so very new at this and will take all the advice we can get
FatLenny- we did FSBO for 4 weeks and thought it was too hard to get the listing out to the masses and after a full price offer at our first FSBO open house and the buyers mortgage fell through we chickened out
Nokilissa-thank you for forwarding the listing and got the joke- so no worries 🙂
Polemicist- sorry you think our kitchen is crazy- I’m a bit biased because I renovated it but I have seen some things in home renovations that I would call crazy, 80’s style bathroom tile, purple ceilings, etc….but cherry cabinets, granite countertops, and stainless steel appliances – not so sure if that would go under crazy, not incredibly innovative? Maybe. Personally, I think it’s one of the best rooms in our house- call me crazy:)
Bkny- the back bedroom can fit a queen sized bed- the apartment next door had there queen sized bed in the same room- they had 3 kids and the place worked very well for them. The layout is a floor through- you walk into the dining room which flows into a breakfast nook and home office which adjoins to the kitchen. In the kitchen there are stairs going into the lower level which we use as a TV Room and another office, there is also a 1/2 bath and walk in closet on this level. Back upstairs from the kitchen you pass through a hallway which take you into the first bedroom- there is a full bath on the way – from the bedroom you can access the yard. The second bedroom is all the way in the rear of the building beyond the first bedroom. Wish I had a floor plan:) that would be a lot easier
Polemicist – re: your earlier comment that the commute from Greenwich is comparable to the commute from Park Slope.
Simply put, are you nuts?
Yes, if you could walk to the train in Greenwich & take an elevator from Grand Central to your office in the city, then maybe – just maybe – the commute times are in the same ballpark.
But the fact is most commuters drive/are-driven to the train. And except for those who work in the clusters around GCT or Penn Station, you need to add-in the schlep on subway or bus or foot to/from the office.
And if you have to work late one night, fuggedabout it! When’s the last time you paid for a cab to take you to Greenwhich? And do you even know how much train parking & a monthly MTA pass cost?
Who knows how the credit crunch/bank failures will affect NYC real estate – but one thing is for certain: as long as I work in the city, the time & expense of coummuting to the suburbs will always be a deal-breaker for me.
“Who precisely can afford a $700,000 mortgage besides such people?”
Let’s see…off the top of my head…my parents, my two sisters, two of my ex boyfriends, 3 of my co-workers, and at least 2 of my neighbors in my co-op.
None of which have ever set foot in a financial sector job to my knowledge.
Polemicist wrote: Uncle Ben can just give us BILLIONS and we’ll live the life of kings! All we need is love!
If Uncle Ben is giving us millions it must be printed on rice paper!
Shyte.
“The price of residential real estate is directly tied to the high end prices of residential real estate.”
I meant to say the price of high end residential real estate is tied to high incomes in the financial services sector.
11217
Ahh, my old nemesis.
“While that might be partially true, prices also inflated because NYC saw the level of crime plunge to historic lows, the streets cleaned, the parks returned to their former glory, and the world becoming a more urban place in general.”
Your knowledge of the neighborhood is decidedly limited. Very little has changed in the vicinity of this property in the past decade. It’s mostly the same restaurants, the same stores, and a few notable additions. The park is the same, and the streets are probably less clean due to the larger number of Midwesterners with their damn cars. I think the verdict is out on crime.
“If you think it had everything to do with Wall Street, you are more naive than I thought. ”
The price of residential real estate is directly tied to the high end prices of residential real estate. Who precisely can afford a $700,000 mortgage besides such people? To which employment sector is this property marketed if not people who work in financial services? Those artistic, fashion loving lawyers?
“I came here in search of freedom, of expression, of culture and arts, of fashion and yes…a little of that Sex in the City image that NYC presents to the world.”
I fail to see how this translates into wealthy people choosing to spend a fortune on a tenement apartment. I typically condemn Sex and the City as nihilistic and decadent, so I will stop with that. It certainly has little relevance to the pricing of this apartment.
“It has been a wonderful place to live and will continue to be a wonderful place to live.”
This is also irrelevant to the pricing of this apartment
“You do realize that Wall Street did not even exist when the millions of immigrants came through Ellis Island in search of a better life. Wall Street may be important, but is by no means the reason most people love living here.”
Of course, they came here to live the Sex and the City lifestyle! Who cares about jobs? Money is free! Uncle Ben can just give us BILLIONS and we’ll live the life of kings! All we need is love!
You’re right, what was I thinking?