Condo of the Day: 1138 Ocean Avenue, #5E
This big (1,279 square feet) two-bedroom condo at 1138 Ocean Avenue in Ditmas Park just came on the market with a price tag of $899,000. It’s got a nice modern feel to it and appears to be in great shape. Both bedrooms have a decent amount of room and there’s a private balcony off the…
This big (1,279 square feet) two-bedroom condo at 1138 Ocean Avenue in Ditmas Park just came on the market with a price tag of $899,000. It’s got a nice modern feel to it and appears to be in great shape. Both bedrooms have a decent amount of room and there’s a private balcony off the living room. How does the price strike you for the area?
1138 Ocean Avenue, #5E [Corcoran] GMAP
totally insane. Ditmas ave is too far down to be considered “prime” anything, unless it’s a giant victorian house. Man, i know for a fact those brooklyn hearth realty peeps have been working hard to artificially inflate the condo/co-op prices in the area, even though this is not one of theirs. when i was looking for a place, they actively tried to influence potential buyer’s bid amounts, and of course every apartment i lost out on ended up going for 12-20% over asking. it’s gotten ridiculous over there in the DP and PPS area. and to think things *just* a block or 2 east of Flatbush ave go for like a third this much money. smh
“they actively tried to influence potential buyer’s bid amounts”
Of course they did and do. The seller’s broker represent’s the seller’s (and their own) interest, and that is getting the highest possible price. If they aren’t doing that, you hired the wrong broker to sell your property.
Nice apartment, but definitely overpriced. Kensington neighborhood which is a few blocks over has 3 bedrooms 2 bath condo at over 2,000 sg feet for 779K on Brooklyn mls. There are not that many condos in Ditmas Park, though, but it’s Ocean avenue, a rather busy street that narrows down in that area. The buildings are sitting on top of each other.
That’s a strong price in a decidedly non-prime area. Lost in all the talk of Bed-Stuy and Crown Heights’ meteoric rise, Ditmas Park *apartments* have quietly gone bonkers in the last 12-18 months.
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Each closing is higher than the one before it, hence setting the floor for the next one. It seems like the neighborhood really skipped a couple steps, going from like $250-300k straight to $400-500k and up.
In what way is it non prime? Median income is much higher in that neighborhood than it is in bed stuy or crown hts, ergo price the place accordingly.
It’s not prime as far as Ditmas Park goes. Ocean Ave is busy, somewhat more distant from trains and retail. Median income in a neighborhood is not how apartments are priced. I am not saying that prices here should necessarily be cheaper than Bed Stuy for instance, just that there’s been lots of ink about those neighborhoods and the rising prices, while a lot less ink about the greater Ditmas Park region, where apartments have doubled in value in 18 months.
It appears to be less than a 5m walk to the Q or less than 10 minute walk to the 2/5. Bedstuy is dependent on the G train which sucks because it sucks and bc you must transfer to get into Manhattan. Trains shouldn’t even be brought up.
There has been a lot of ink about bed stuy/crown hts because those were run down neighborhoods, and are filled with projects. Nobody really cares if prices appreciate in places like Park slope, slope south, flatbush, ditmas, PLG or kensington. The prices have gone up in a similar fashion as the rest of borrough. Just because you didn’t notice it doesn’t mean it didn’t happen. Did Bedstuy catch a little extra appreciation? Yes. Developers buy anything that makes sense and then develop it as it as soon as it makes sense.
There is a certain old world mystique one gets from brownstones but, brownstones next to the projects in a crime riddled neighborhood takes some guts. So they were priced to move (I know I lived on the 500 lafayette block in 2002), and move they did (although clinton hill was much hotter then). At this point you might say ‘how uncouth to site a neighborhoods faults’ but comparitively speaking prices were always expensive Park slope! No projects lots of brownstones higher median income.
Now however, people are on the move looking for any place that’s inexpensive to live in, and they’re really running out of options. The trains only go so far.
price should start with a six
Agreed. Overpriced by at least $200k. The comparable condos right on Cortelyou are selling for $100k less, and their location is actually prime. This building is close to Newkirk plaza, which is about five years behind Cortelyou gentrification-wise.