Condo of the Day: 535 Dean Street Penthouse Price Cut
Can you say Atlantic Yards Effect? There’s no other reason we can think of (other than that pesky global financial crisis, of course) to explain why this 1,400-square-foot penthouse at 535 Dean Street in Prospect Heights just had to cut its asking price from $899,000 to $799,000. In its current configuration, it’s also not much…
Can you say Atlantic Yards Effect? There’s no other reason we can think of (other than that pesky global financial crisis, of course) to explain why this 1,400-square-foot penthouse at 535 Dean Street in Prospect Heights just had to cut its asking price from $899,000 to $799,000. In its current configuration, it’s also not much of a family apartment either. Still, you’d think there’d be at least one childless buyer out there who would be digging the open space and views (and rather low monthyl maintenance of $701). What gives?
535 Dean Street [Corcoran] GMAP P*Shark
Um. $570 per square foot before you figure outdoor space. Beat that anywhere. And then consider that any property around a Frank Gehry building (agree with the aesthetic or not) always gains value. Even if you lose the view, you gain value in proximity. Please show me one building within a block of any of Gehry’s buildings that has lost value. Better yet, find out how much each residential property has gained in value when this close. Everyone wins here. Even as a mid-term investment, you really can’t really lose.
From today’s NY Post about the new US Census bureau’s estimates:
“Brooklyn remains the city’s most populous borough with 2,528,050 people in 2007, an increase of 5003, or 0.2 percent.”
5 thousand more people in Brooklyn in what was considered a slow-growth year hardly promises to make rents lower. Fewer people are buying sure, but then of course that means more renters.
You can do all the math you want to support renting, and I myself do think it’s a good idea for some people if and only if you also save money. Problem is I’ve only ever observed most renters do not have a substantial savings at all, even when they make a very good income. They have neither equity nor a savings. So how is that financially smart? If you are renting you need to be putting at least 10% of your income in savings every year on top of having an investment portfolio.
12:40’s post is confusing, but the basic point is correct: IF you pay the same monthly price for renting and buying (after tax interest plus maintenance/taxes), and IF rents and house prices both go up with inflation, owning is a better deal: the leverage guarantees that.
But IF you pay double to own instead of renting, and IF rents go up and house prices go down, then owning is a much worse deal: the leverage guarantees that.
If you are buying as an investment, you have to think that overpriced property is going to go up more. Or that renters will want to buy so badly that they will be willing to pay any price. Or that calling people “pussies” will convince them to buy ugly apartments in bad locations for more than it would cost them to live in a nice apartment in a good location.
if you’ve ever lived in ANY city, you’re used to construction, 11:18.
people on this blog are the biggest bunch of pussies.
I just bought in this building and LOVE it!!! Worth every penny! There already is construction going on (my view is on AY) and although I don’t work from home, I barely notice it. If you’ve ever lived in Manhattan, you’re used to construction everywhere.
That apartment has not sold since its UGLY !
The first floor ceiling is so LOW it feels like a CAVE. The windows are the smallest in the entire building.
12:40. you just bitched slapped the hell out of 10:39!!!!
question 10:39? how if your paying 3000 a month in rent and i pay 3300 in a mortgage payment which includes 400 a month principle will you save 500K. are you planning on living in the street? again do you expect to be paying the same 3000 a month in rent 10 to 15 years from now. even if you had a rent controlled apartment at 3 percent increases in 10 years your rent would be over 4000 dollars and in 15 over 4500. obviously the math is complicated(at least for you). lets see 60000 dollars down and saving 300 dollars a month equals probably far less then 500k. at 10 percent it would be probably closer to 350k which you have to pay tax on. where are you putting your money to earn this rate at 2 percent in the bank or in a falling stock market. if your going to say that the market goes up then i say real estate always goes up. as it turns neither is true although my house may be about even but im getting killed in the market. for the record on a 600k mortgage in 15 years i will pay 474k in interest less a 142k tax deduction plus gain 174k in principle. meaning i will have really spent 158k over 15 years or 10,500 a year plus lets say 7000 for maintanence a year for a total of 17500 a year while you pay 36000 a year rent again assuming never a rent increase. where are you better off. the numbers don’t lie but you do.