Condo of the Day: One Hanson Place, #13F
We’ve devoted plenty of ink over the years to the condos at One Hanson Place but don’t think we’ve ever highlighted a one-bedroom unit in the former Savings Bank tower. This 13th-floor apartment is 722 square feet and has the same high-end kitchen and bathroom finishes and high ceilings that you find throughout the building;…
We’ve devoted plenty of ink over the years to the condos at One Hanson Place but don’t think we’ve ever highlighted a one-bedroom unit in the former Savings Bank tower. This 13th-floor apartment is 722 square feet and has the same high-end kitchen and bathroom finishes and high ceilings that you find throughout the building; based upon the listing photos, the views are pretty sweet from this apartment as well. Monthly common charges are $888 and the asking price is $515,000. Fair deal given the building, finishes and location?
One Hanson Place, #13F [Corcoran] GMAP P*Shark
@ Maly this is not my “plan” this is what I see happening in Fort Greene on a day in a day out basis. Please dont try and “school” me with you fancy verbiage and numbers. Im saying @ 500k you have a strong, very strong possibility of gaining a ton of equity over the next few years because of what is going on in and around this neighborhood. Your math does not make a difference….the smart move is home ownership…the stock market could crash tomorrow also…not likely.
If someone said to you…you can rent this great 1BR for 2,500 a month on some block in Brooklyn or you can own this 1BR in the most iconic building in Brooklyn, have some great views, be in a amazing neighborhood and have every single train line including the LIRR below your home…for the same…What would you say? Im on board…I dunno bout everyone else..
Not to mention the “potential” to build equity. If your going to drop half a mil some where in Brooklyn this is where you do it…I really cant see the market effecting the value of anything in Fort Greene…unless people just decide to stop paying their mtgs, rent etc…this is not ENY or Bed Stuy or Bushwick. There is a huge lack of inventory in Fort Greene and I don’t see that changing anytime soon. Mark my words Fort Greene will sell for btwn 800-1000k per square foot with in the next 3-4 years.
A couple things that show how completely boneheaded your “plan” is:
– Transaction costs are very high in NY. You can count on 10-12% between buying and selling, or about $55,000 (20K when you buy, 35K when you sell.) You are counting on real estate to appreciate by 20% in 3 years just to break even. That’s as frothy as the bubbliest years.
– On a cash-flow POV, you could rent a very nice 1BR pretty much anywhere in Brooklyn for about $2,500. Buying this apartment will cost you an extra $500 a month, tax advantage and lost opportunity on your $100,000 downpayment included.
– There is a very high risk that prices could decline slightly or at best just keep pace with inflation. With transaction costs, selling 2 years after you purchased, you could just lose close to your entire 20% downpayment (extra monthly payment compared to rent + transaction costs). Ouch!
It’s a very risky bet, with limited upside. With $120,000 (your DP + closing costs), you could buy blue chip stocks with high dividends, or municipal bonds if you’re concerned about your taxes, and it would still be less risky than what you are proposing.
Hey Tybur thank you for the tutorial…!!!!!!
its a 1BR so 2-3 years is usually the turn around time for property of this nature. Your not buying a home for your family obvi…it’ll be a young buyer probably 25-35…so when the “single” person or newlywed couple who buys this place decides its to small when they want kids or decide to get married they’ll sell it and make a profit.
You shouldnt be looking at a 500k purchase and be thinking 2-3 years…why the f*ck not…last a i checked they were building some type of stadium across the street that should boost property value, create jobs and make the surrounding neighborhoods boom! Especially this building…guaranteed!
Nine exclamation points is a definite sign its time to take a day off from Frownstoner.
“This is a good deal…if some one can grab this @ 500k I’d bet it’ll could sell for closer to 600k in 2-3 years.”
BUYING A HOME IS NOT THE SAME AS SHORT-TERM RENTALS!!
AAARGH! Fucking pisses me off. NO ONE should be looking at a Half Million Dollar purchase and thinking “2 or 3 years”!!!
THIS IS A SYMPTOM OF WHAT’S WRONG WITH ALMOST EVERYTHING!!
Aaaaaack!
http://www.corcoran.com/property/listing.aspx?Listingid=2098467&Region=NYC
Brenda –
This apt comes with TO-DIE-FOR views of Staten Island. TODIEFOR – and its the Lighthouse Hill side to boot. Pretty effing sumptuous and unique right there.
Boring interior, considering the sumptuous and unique building it’s in.
This is a good deal…if some one can grab this @ 500k I’d bet it’ll could sell for closer to 600k in 2-3 years.