Condo of the Day: 11 Terrace Place, #2

IMBY: the SKY building is somewhat informative and so so would those condos across from Key Food on Prospect Avenue. I concede that 18th street would fetch a few more dollars a SF than McDonald Ave, because it cuts down the walk to the subway and PPW in half to about 3-4 minutes and the perception of being on the noth side of PP Exwy is very different. And the ones across of Key Food are closer to the Park and the Ft. Hamilton Spot. I would be interested to see how it plays out.

My husband and I looked at an apt in this building, as well as several other newer constructions in the same vicinity and thought this was the best looking of them all both aesthetically and in terms of the actual construction. We are still looking at places, but found the walk to the subway from here not bad at all – slightly less then 10 minutes, and thought the proximity of Greenwood Cemetery to be a positive, not negative – green space, obviously peaceful and quiet…The comments about rats in the ceilings sounds like absolute nonsense. If there were any leak issues sounds like they were resolved according to bwrobel. I’m sure if there were widespread issues in his building he would have heard about it – it is not that big of a place. And there is a garage and storage space which we have not found with most of the other apts in the area.

bwrobel, a poster popped up onto the OT (has to be within the month) complaining about it

IMBY: “Should be plenty of comps to look at for new construction for that corner of Windsor Terrace.”

Well yes and no…. The only new buildings that could provide comps for this unit are the 11 Terrace Place building itself and the neighbor the Simone. While the comps from this building and the Simone may suffice, all the units in those buildigns all sold 2 years ago so it is hard to say how accurate those sales are for comparables today. Also Simone units went for mid 700’s a SF and this building went for mid 500’s a SF. Presumably due to central A/C verses wall units, and some higher end appliances and fixtures at the Simone. I still question though whether that alone was worth the extra 200/SF. Also note with regard to comps, this unit’s deed as recorded in ACRIS reflects a price of 225k, but all other 1-beds in the same building sold for 395 – 465k (absent the 4 that were retained by the sponsor for rental). 11 Terrace Place is an 18 unit building with 9 2-bed/2-bath and 9 1-bed/1-bath. All 2-beds were sold between approximately 499k and 625k, and 5 1-beds are sold with 4 1-beds retained by the sponsor as rental units. Note: I think this particular unit (2E) was sold at a builders price from the sponsor to an individual that worked on the building in exchange for work done. So the previous sales price of this particular unit is skewed as it was an insider price. The other 1 bedroom unit sales of 395-465k could give a good idea, but again they were 2 years ago.

more4less: “didn’t a renter complain that there are leaks, mold, and/or rats running around in the ceiling?”

As far as I am aware I have never heard of rats or mold being an issue for any unit owner or renter. Leaks have occured in the basement but have been systematically dealt with. I could be wrong though I am not privy to each and every renters issues. Where would you have heard that though?

I liked the simone, but was glad I didn’t end up buying there. I do think its a great quiet location for the right person…but not if it has rats!