Condo of the Day: 145 Park Place, #2B
The owners of this two-bed, two-bath condo at 145 Park Place are selling the place they’ve owned since early 2007, but it’s not to leave the building. They’re buying a bigger place upstairs. In addition to the location, this place has a good layout going for it. The price of $925,000, however, seems pretty aggressive,…
The owners of this two-bed, two-bath condo at 145 Park Place are selling the place they’ve owned since early 2007, but it’s not to leave the building. They’re buying a bigger place upstairs. In addition to the location, this place has a good layout going for it. The price of $925,000, however, seems pretty aggressive, especially since they only paid $695,960 for it a year and a half ago. Anyone have any general comments about this building?
145 Park Place, 2B [FSBO] GMAP P*Shark
Condos of the Day: Park Place Doubleshot [Brownstoner]
Lots of Price Cutting at the Park Place Condominium [Brownstoner]
Miss muffet,
On the contrary, it’s always east to see how much you are saving vs losing in a rent or own analysis. By the sound of your post, it seems your probably losing money renting vs owning. Sure in two years?! You could negotiate lower and save in the future but that’s a Gamble plus what you save then And if there’s any time I’d rather be saving owning vs renting, plus building equity instead of losing my profit in stocks or making a neglligle (and soon to be even more negligible with the fed continuing to dillute your savings rate) rate in a cash or cash equiv, it’s right now.
The gist of it is is that re rationale to sell one two years ago was to cash out at the top and dump your profit into another asset class. Turns out what people thought was a great asset class that could return you roughly 7-10% is now a -25 to -40% BOMB. For anyone to have cashed out on this rationale (and not because they had to for some other reason) is losing and when they do decide to hop back in, they will have either a net loss or maybe, maybe be even.
Of course, if your numbers reflect differently, of be curious to hear. I know my numbers are slanted about 3-4k/year in favor of owning vs renting.
I live in 145 Park Place and in the same type of unit, i.e. the same exact floor plan as Apt.2B. There are a lot of inaccurate comments on this discussion thread. First off, this apartment is on the Park Place side of the building and does not face Flatbush Avenue and it is not noisy. The picture above is not what the Park Place side of the building looks like at all as many of you know. Also, the layout for this unit is pretty traditional, it’s not one of the units with angular rooms. If you look at the floor plan it is two squarish bedrooms and a rectangular living room between them, which is nice because if you use the smaller BR as a guest room they are not right next to you and their bathroom is right there. Virtually all the units on this side of the building sold very quickly and I barely able to negotiate the price on my unit.
Also, this building has great neighbors, and an active condo board that holds open resident meetings. The super lives on the first floor and is always around and the doormen are professional. The building is working on a lot of other things including permanent storage space for residents. I would encourage people to attend the open house and visit the building and speak to any residents they encounter.
k91, as someone who also sold and is now renting, it’s impossible to answer your questions definitely re: how much one saves by doing so. That said, several properties we were interested in wound up getting big price cuts (we’re talking over 100K) so even if we spend quite a bit on rent (though when we were looking, we found several good options for rents that were very reasonable and I’m noticing rents are softening a bit now too), we can still come out well ahead by buying a home 6 months-2 years from now for a price that is significantly less than we would have paid 6 months ago. Like lechacal, we are in active mode, looking all the time, so maybe we’ll buy something next week if we fall in love and the price seems reasonable. There are a few sellers out there who are starting to price more realistically – but alas, they for now are in the minority as most sellers still are coming out of the gate at high prices, hoping they’ll do OK, only to find their places lingering and eventually forced to take big price cuts.
Lechal,
You say you sold last year. I am curious about your details, specifically your hold period and in deciding to rent, how much cheaper (after tax) you are saving doing so.
You should list it with corcoran so you have an excuse for justifying the 925 asking price and you could blame it on your mouth breathing realtor, as a fsbo you should be asking 750 tops.
Hey ParkPlaceOwner,
I live on the other side of Flatbush from you, and I can your building from my apartment (NOTE: This is NOT a reference to Sarah Palin, okay?!?). Glad you enjoy the neighborhood.
See ya on the Q…..
billyboomer, I found your post interesting because I am in active search mode and go to open houses pretty regularly. I have been to enough to see some pretty consistent and annoying behavior by the lookers. Particularly common are the people who make sneering comments about a property that are clearly meant to be heard by the realtor, as if that is going to make the price drop or convince someone to accept a lowball offer. I actually have sort of a “looker code” for myself. I am always very respectful and never make sneering comments. I recognize that realtors wants frank and open feedback from the lookers, and I always offer that when I have the chance. If I think the price is higher than market (regardless of my view of the direction of the market), I say so. If there is something in particular that takes a property out of consideration for me, I will tell the realtor very frankly what it is (and not in a haggling kind of way).
At the end of the day, my decision is binary. I either bid or I don’t. And after looking quite a lot of properties in the past 6 months or so I have bid on exactly zero (though I have come close a couple of times). There is simply no point in walking around open houses and trying to make realtors and/or owners feel bad. Market prices will come down, and then I’ll buy. In the meantime I have nothing but time and patience.
I think lechacal nailed it. ParkPlace owner, I also salute you for coming on here which must be a hard thing to do when the comments can get so nasty. You sound like a nice person, and I’m sure you really believe that you are doing the right thing. And if you get your price, or close to it, then more power to you. But in this market, overpricing – especially as aggressively as you seem to have done – can be very risky. You do not want a property to linger in this market. Did you have your place appraised before you put it on the market? When we sold, we had many, many brokers give us a price to make sure we were on target.
This apartment is unrealistically and absurdly overpriced. As pointed out, bought at the top. Only downhill from here.
Brownstoner, please check back in six months on this one.