Condo of the Day: 98 Bergen Street, #2
Brownstone condo conversions don’t always work very well, but unless we’re getting fooled by the fisheye, we’d say that this floor-through at 98 Bergen Street in Boerum Hill turned out very nicely. Granted the second bedroom is mighty small and there’s only one bathroom, but the finishes and layout seem to work pretty nicely. Plus…
Brownstone condo conversions don’t always work very well, but unless we’re getting fooled by the fisheye, we’d say that this floor-through at 98 Bergen Street in Boerum Hill turned out very nicely. Granted the second bedroom is mighty small and there’s only one bathroom, but the finishes and layout seem to work pretty nicely. Plus the common charges are only a combined $286 per month. The apartment itself is asking $750,000. Within reach?
98 Bergen Street [Prudential Real Estate] GMAP P*Shark
You need to reread my post, Boreum Hill.
I said private school was 15-20K (and up) a year and said the difference between owning the BH place vs the PS place was 5K a year.
Which is why I’m suggesting that the PS place is an ok comp because when you factor in school costs, you’ll actually be spending much less per year to live there for the slightly larger pricetag (and larger apartment) vs the one in Boreum Hill.
Of course, not everyone wants to live in PS. I was just posting what I thought was a nice alternative for someone looking is all.
Speaking of kidding yourself, public v. private is a 24K per year decision (not 5K as y9our 5:48 post suggests).
“and apparently buyers in the universe you inhabit see no difference between 3392 and 3836.”
Only takes one buyer.
You’re kidding yourself if you think people are this rigid when looking for places. I know people looking at rentals for half what this would cost to buy who have more than a $400 leeway a month in what they look at.
We thought about schools when we purchased; in fact, it was the single biggest consideration. I suppose everyone is different, but the public v. private equation was settled – and divorced from the buying equation – before deciding on what we can afford.
IOW, we realized we could afford XXX if we sent our daughter to PS. In deciding to send her to private, we had to lower our range considerably.
s/b “would not be considering”…but I see you posted while I was typing that up…and apparently buyers in the universe you inhabit see no difference between 3392 and 3836.
That doesn’t pass the real world smell test, but whatevs.
Sorry, I WASN’T saying it was a perfect comp….
Ok, so they’ll take the 3.3K per month Boreum Hill apartment and spend 15-20K (and up) a year on private school.
Sounds like a much better deal instead of paying the extra $5280 per year for the place where you could send your kid to a terrific public school for free.
People DO think about those things when purchasing, even if you may not.
This is a silly conversation. I was saying it was a PERFECT comp, but it’s close and yes…there are some who have a 400 a month leeway in what they can afford. You make it sound so outlandish when it really isn’t. The Boreum Hill apartment is way overpriced, that’s what I’m saying.
fyi – came up with those #s plugging in the parameters of a 15-yr mortgage; obvs, the % would be higher if you had a conventional 30-yr.
You can get 180 month mortgages @ 4.19% right now. If you were getting a 360 month @ 4.99%, the difference between this property and what 11217 calls a comp is 3302 v. 3726.
I don’t know what color the sky is in your world, but I’m pretty sure most buyers who can afford $3.3k per month would be considering a property whose payment is 12.84% higher.
Not sure about your numbers there.
With 25% down, the Boreum Hill place is $3392 and the Park Slope place is $3836.
And yes, I believe those would be in the same ball park of someone looking at 750K apartments.
When you talk about comps, no one ever talks about the maintenance….they talk about the purchase price of the apartment. While I agree that because maintenance costs vary, they should be included in the calculations, comps seem to reference the price of the apartment and not the monthly carrying costs. No??
In any case, it’s not the EXACT same thing here, but it’s a pretty darn good comp, especially given how much bigger the Park Slope place is. It’s 1000 sf vs this one coming in at a little over 700 sf. Plus when you factor in the far superior public school for the PS pad, I’d say it’s a much better deal, in fact.