Condo of the Day: 264 Cumberland Street
When the new conversion at 264 Cumberland Street in Fort Greene hit the market last May, the units were priced pretty affordably, which may, in part, explain why there haven’t been a whole lot of price cuts during the dark times of the last couple of months; to be fair, though, the cheapest units on…
When the new conversion at 264 Cumberland Street in Fort Greene hit the market last May, the units were priced pretty affordably, which may, in part, explain why there haven’t been a whole lot of price cuts during the dark times of the last couple of months; to be fair, though, the cheapest units on a per square foot basis are those on the ground-floor with large subterranean rec rooms. To date, five of the 13 apartments are spoken for. The remaining ones range in price from $615,000 for a 912-square-foot studio-plus-office to $925,000 for a 1,874-square-foot duplex with outdoor space. And then there’s this space (shown in photos) at the top of the church for $685,000.
The Sanctuary Condos [StreetEasy] GMAP P*Shark
My point is… these aren’t “Dream Homes” that one should be salivating over. These are serviceable apartments for a single person or a couple in a decent neighborhood.
I *almost* understand $1 million and $2 million price tags for homes with many bedrooms, a little back yard, a couple toilets, and such…. ya know, a single-family brownstone. (and I want to stress *almost* because we’re still talking about needing a household income deep into the 6-figure range… deep in that range…. or a nest egg from exploiting the irrational market over the last 5 years.)
But when we’re looking at paying $4,000 to $6,000 a month for a little apartment… and the reaction is “it’s a touch expensive” “maybe they should shave off $10k from the price” “it’s in line with comps” etc etc etc. This just makes me angry.
I don’t give two craps about “comps” in Portland, Boston, SF, Seattle or even Brooklyn… This irrational pricing of real estate is one of the sources of our economic downfall.
I don’t care what the location is… you’re going to tell me that a rational mind shouldn’t have a problem paying around $4,000 a month for a studio apartment?!?!
Or around $6,000 a month for a 1-bedroom apartment?!?!
Seriously?
You think that this is sustainable and acceptable? The fact of the matter is that a HALF-MILLION has become basically the entry-level for owning anything in this retarded city. How many people can afford that? What is the percentage of this fine city’s population with an income of over $150,000??
OK – if you don’t make this much, then you rent. BUT NO! The real estate prices have gone NUTS so owners have to charge astronomical rental prices as well.
It’s not sustainable or rational or even smart to keep thinking that $600k for a damn studio or almost a Million $$ for a 1-bedroom is acceptable. Simple as that.
Tyburg6,
What’s your deal today? These are maybe a little overpriced, but not by much…
These are comparable to apartments you’d find in Portland, Oregon’s Pearl District, Seattle, Boston and San Francisco.
“but the pricing is a touch too steep in our opinion”
How is it just a touch? You must all have inhaled too much dust from your granite countertops… and all enjoy enormous amounts of extra cash on hand. (And by extra I mean hundred and hundreds and hundreds of thousands.)
We live nearby as well but couldn’t make the open house. These spaces are very attractive and that upper loft space is simply amazing. Wish some rich artist buys it but the pricing is a touch too steep in our opinion.
BrooklynGreene while a community garden is nice we think this is an excellent use of that space especially since an effort was made to preserve some of those beloved cherry trees. There is a community garden just 2 blocks away on Dekalb Ave & South Oxford ? that doesn’t get much use at all even in the warmer months plus Fort Greene Park is very close if lack of open spaces was the concern.
Absolument fantastique comme espace mais en meme temps trop chere!
re-write
Biff…stop…I was engaging MM.
Your ship has sunk!
“I was engagine MM.”
re-write, please…
Biff…stop…I was engagine MM.
Your ship is sinking!
“I also wouldn’t mind living in a lighthouse. I keep my eyes open for those.”
So you can see your ship coming in or two ships passing in the night?