Condo of the Day: 34 Park Place
Whether to own half a house in a more upscale neighborhood or a full house in a less gentrified area, that is the question. It’s a question we’ve discussed before, but it’s made all the more relevant by this new listing at 34 Park Place which is asking $1,350,000. This particular apartment combines the parlor…
Whether to own half a house in a more upscale neighborhood or a full house in a less gentrified area, that is the question. It’s a question we’ve discussed before, but it’s made all the more relevant by this new listing at 34 Park Place which is asking $1,350,000. This particular apartment combines the parlor and ground floors along with the garden and cellar. Historic details are nicely intact and there’s a recently renovated good-sized kitchen. According to PropertyShark, this is a standard Italianate brownstone with standard 20-by-45-foot dimensions. Given that a full house like this would sell for close to double the asking price on this unit, it looks pretty reasonably priced to us, at least on a relative basis. Agree?
34 Park Place [Aguayo & Huebener] GMAP P*Shark
It does not matter what your budget is, if you cannot afford a house in Park Slope, look in other neighborhoods or boros. Or buy a condo or coop in a larger building. But owning half a house, being tied by the hip one other family, is all downside. What happens if the other family goes bankrupt? What about if they refuse to pay for needed repairs? The problems are endless.
In a bigger building one can build a concensus and work around the nuttier or more difficult owners. But in a 2-unit condo, you are buying into whatever financial,legal, or personal problems beset the other family. This type of arrangement can ruin your finances as well as your mental health.
Or maybe you’re just not very easy to get a along with, Sam.
For lots of people, spending 3 million on a house isn’t an option.
This is a good one for those with a more modest budget.
Condos are going to be in trouble if this housing stuff keeps up. People are going to try to rent out their places as they tire of their now outdated new construction and some of these places will turn into glorified dormitories. I think they are good for some.
Not such a new listing – it’s been on the market at least a month.
Buying half a house is really like entering into a marriage of inconvenience with total strangers. It brings with it all the responsibility of home ownership but none of the control. It is not a good way to own a living space. I recommend either buying a house, or buying a condo in a building with more than six or so units. Both are excellent means of owning real estate. But half a house? Forget about it. You’re asking for trouble.
Not to mention that as things seem to be looking more and more grim in the economy, I’d rather hunker down in Park Slope over the next 5-7 years instead of in Bed Stuy.
Violent Crime was up 2% last year, was up in 2005 as well.
If the economy continues this downward spiral for the next couple years, Bed Stuy and other fringe areas are going to see a substantial rise in crime.
I’d rather be in a smaller, safer place knowing that the next few years are potentially going to be rough.
I’ve heard from people in PLG and Bed Stuy that crime is definitely up significantly this year over the past few.
While I’m not one for thinking that prices are going to tank (I actually think that in the prime areas of Manhattan and Brooklyn they’ll probably stay relatively flat) I do think that some of the previous social ills that have stricken New York City in the past may again rear their ugly head…at least a little bit.
i agree with ‘stoner. reasonably priced, good neighborhood and zoned for PS 282, a superlative school according to myriad reports. i’d offer 1.15M (will they take it?) and use the remainder to convert the basement into master bedroom and bathroom…that is if it’s legal.
In this market? Yes,no question. Much better to own half a bstone in Park Slope than an enitre one in a “less gentrified area.” It is only a matter of seconds before the slump hits full force, and we all know what happens to the less gentrified areas when prices drop–they drop a lot further than those in the established areas. I just can’t see investing 1.3M in one of those areas at this stage of the market.
how easy is it to convert a 2/3 family into condos?
Condo conversions are such the way to go if you buy a house and are going to live in only half of it anyway. The costs to buy and renovate a house in Park Slope is so huge even a high rental income might not make sense financially. I know I’d rather have the $1.3 million up front than collect $3,000 rent per month and deal with the hassles of being a landlord.