Condo of the Day: 163 Washington Park
When we first took at look at the four-unit condo conversion at 163 Washington Park in Fort Greene back in July, there were no interior photos to work with. Now we’ve got a couple to work with. While we’re not on board with all the aesthetic decisions (like the exposed brick fireplace), the slate counters…
When we first took at look at the four-unit condo conversion at 163 Washington Park in Fort Greene back in July, there were no interior photos to work with. Now we’ve got a couple to work with. While we’re not on board with all the aesthetic decisions (like the exposed brick fireplace), the slate counters with white country cabinets is a nice change from granite and bland wood that you see in most of these conversions. If this ground-and-parlor-floor duplex is really 2,432 square feet, then the asking price of $1,395,000 is in the right ballpark on a per square foot basis. As the case of 302 Washington Avenue (which has been on the market for over a year) shows, though, there are definitely psychological barriers in this part of town to paying over a million bucks for only partial ownership in a brownstone. The other three units in the building are already spoken for, though, so we suspect this one’ll go pretty soon.
163 Washington Park [Douglas Elliman] GMAP P*Shark
Condo of the Day: 163 Washington Park [Douglas Elliman]
These apartments had enormous potential. I’m disappointed to see that a slap-and-shellac job was done to flip these. I don’t think it will work, while I think that a little more craftsmanship could have made these into a real moneymaker. I was excited to see how these turned out, with great expectations. This looks like the same Washington Park monthly rentals just patched up a bit. Maybe the intent is to draw in a buyer with the “I’ll fix that†mindset, which I think sucks. If you have a property and give a damn about the neighborhood, preserve it, restore it, improve it. Good point about the kitchen appliances—a little more effort (and I mean a little—off brands, not even big names—would have drawn in more buyers). I guess there’s a flip and there’s a lazy flip, and hopefully karma rewards us who work harder to pass on something beautiful to another generation.
“The point that 9:03 is missing is that these are the sorts of people who would rather die than leave Manhattan.”
Absolutely. And to buy that place that they’re renting would probably cost double. So anywhere you find an outrageous rent, it will be dwarfed by a nearby sales comp of an equilvalent property.
10:28 = Fucked Buyer
The WHAT is our hero. Really, more and more this guy is making far more sense than anything I have seen or read here in yonks.
Keep up the excellent work.
I haven’t seen this apt. But the lower level usually is the hardest to sell in these type of brownstone conversions that use basement space that can’t legally be used for bedrooms or have a full bathroom in it. So when evaluating price per square foot, which I normally encourage you all not to do since the math is really hopeless because who knows what the heck anybody else is measuring, I would not value the lower level at more than 1/2 the price of the upper level. So on that type of basis I don’t know that this is cheap or not for this type of square footage or not. But I think it makes more sense to see a place and decide if it is maybe where you want to live before you get that calculator out. And then only bother to get the calculator out to figure out if you can afford it. And I am in sales, but tell all buyers that they absolutely shouldn’t buy unless they want to live in a place for at least 5 years. Otherwise it’s just a gamble. Happy hunting everybody.
The point that 9:03 is missing is that these are the sorts of people who would rather die than leave Manhattan.
Folks, Fortune magazine just ran a large article about the inevitable decline in prices that will even affect, yes, New York. And 9:03, one of the points of the Fortune article is precisely the ratio of rents/mortgages. IMHO, I don’t actually think $7K in rent is “unexceptional in every way” – it strikes me as steep, and I think the very people who are moneyed banker types will come to realize that the value in owning now is over-valued, and will wait til prices to own are a better value. It’s like P/E ratios in stocks – there are stock market corrections, and there will be a housing market correction. The rise in prices since 2000 has been simply irrational – we lived in FG back then and brownstones were selling for maybe 700-900K, not 2-3 mil like today. A correction will happen.
I’m not questioning The What’s math, but there was an interesting story in The Time RE section about a young couple who didn’t bat an eyelash at paying $7k to rent a 1br in the Village.
The point to me was that they were unexceptional in every way, just run of the mill banker types who are paying $84,000 a year in rent. I bet their combined income is over $300k. If they wanted to own, this place would be right in their ballpark.
There are tens of thousands of these folks out there in NYC; a lot of them want to buy homes and have the wherewithal to pay what seem to many of us like outrageous prices.
“The What…I’m disturbed at how much sense you’re making lately….”
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.
– Arthur Schopenhauer, (1788 – 1860)”
YES YES YES!!!!!! See come to the light brothers and sisters. Hallelujah!!!!!!!!!!
“The What: You’re quite sexy when you start throwing the maths around like that, but I’m disturbed at how much sense you’re making lately….”
Nope new approach, Let’s look at the math!!!!!!! I like to see any asshead refute that!!!
The What
Someday this war is gonna end…..