Condo of the Day: Price Cut at 38 7th Avenue
Corcoran just whacked about 14 percent off the asking price on one of the units in the brownstone condo at 38 7th Avenue. Some readers may remember that this development got some nice press from the New York Post back in May of this year. And from where we sit, they didn’t a decent job…
Corcoran just whacked about 14 percent off the asking price on one of the units in the brownstone condo at 38 7th Avenue. Some readers may remember that this development got some nice press from the New York Post back in May of this year. And from where we sit, they didn’t a decent job on the reno. Looks like the apartments haven’t exactly flown off the shelf though. In addition to the 841-square-foot place that Corc just marked down from $729,000 to $629,000, Aguayo & Huebener has a 1,733-square-foot duplex with roofdeck on the market for $1,199,000 (at which there’s an open house on Sunday). Since Aguayo started out as the exclusive broker, we wonder whether the developer has brought in Corcoran or whether the unit it is selling is a flip. Update: Turns out Corcoran and Aguayo have been the co-exclusive agents from the get-go and that the price cut was building-wide and driven by the owner.
7th Avenue Condos [Corcoran] GMAP
Co-ops and Condos [Natefind]
38 7th Avenue [Aguayo & Huebener]
Sales Start at 38th Seventh Avenue [Brownstoner]
On the other hand, if you invest wisely the resources that would be needed to buy rather than rent, you’d be able to send the kid to college without burying yourself in home equity debt. It’s all about which market(s) you think are most likely to pay good returns, and for my money, housing ain’t it.
Well can you take out an equity loan on a rental, to send your child to college? Didn’t think so.
I have never personally understood the notion of “throwing money away” renting. It does not seem to be a sound economic arguement.
You need to pay for housing. Whether that is through rent or interest expense on a mortgage + property taxes. Mortgages + prop taxes are tax deductible, but you often have to spend more for equivalent properties, which economically eliminates the benefit of the taxes deduction.
So you’re spending money either way. If you are renting you can build equity in other assets (such as bonds or stocks), so the building equity arguement doesn’t make much sense.
Finally, paper gains on houses rarely enrich people. This is because owners often sell a house, only to roll the gains right into another house. If housing prices all rise, then gains really just serve to increase the cost of living and enrich realtors.
Owning property allows you to customize it without answering to anyone (unless you own a co-op), which is an intangible benefit. And if you pay down the mortgage you can effectively reduce your cost of living, while rent is subject to annual increases. However, this seems to me to be the extent of the benefits.
I’ll be interest what to read truly thoughtful responses to this…
buy them or don’t. why go on line and b*tch?? not working for this agency, but really folks, this type of forum makes no sense. as with all listings, most people don’t want to buy them and then one person/couple/family will step up and do the transaction at the price the seller is happy with. this is just the way it is. are you all waiting for pricing to encourage bidding wars? that’s not a very nice way to treat buyers, but some agencies do it i suppose.
I saw these apartments at a recent open house that Corcoran was having and they are beautiful. If you are in the market grab one while they are still around.
“GOOD, now KEEP WHACKING because there’s still a LONG way to go before prices get REALISTIC.”
So now who decides what is realistic?? I guess its realistic when you can afford them right? HATER
Yup, if you rent you’re flushing money down the toilet but if you buy it’s free to live there plus you can sell later for a gazillion dollars. Simple as that.
I would say the side streets of Park Slope definitely command a premium over locations on 7th Avenue which, while convenient for shopping and dining, involve less attractive features like heavy foot traffic (with the noise and litter that go along with that) and of course much more vehicular traffic including a bus route.
Well I can’t understand the fools who pay rent. But that’s just me, and then again, I have always made a lot of money buying and selling real estate. But whatev dude, to each his own. Good luck with that big plan for your life.