Condos of the Day: Price Cuts at 402 Pacific Street
The first month on the market was not a good one for 402 Pacific Street, the four-unit townhouse conversion in Boerum Hill. As a result, all four apartments have just had their asking prices trimmed an average of about five percent. The biggest unit, for example, was reduced from $1,250,000 to $1,150,000, a function, perhaps,…
The first month on the market was not a good one for 402 Pacific Street, the four-unit townhouse conversion in Boerum Hill. As a result, all four apartments have just had their asking prices trimmed an average of about five percent. The biggest unit, for example, was reduced from $1,250,000 to $1,150,000, a function, perhaps, of about a third of its square footage being located on the ground floor. By comparison, the cheapest unit (the second floor) came down just $30,000 to $895,000. The overall reno doesn’t really move us, but the windowed extension is a nice touch. These condo conversions seem like an increasingly tough sell to us as prices in larger new buildings only get more competitive.
402 Pacific Street [Streeteasy] GMAP P*Shark
402 Pacific Street Gut Job [Brownstoner]
if the buyer wants crack and they would have to be smokin it if they bought this they can walk just 3 blocks to the PJ’s to score at any hour of the day.
this neighborhood is half ghetto. $650 psf would be a stretch. next.
3:35 you pay your money on this and watch as you go upside down on the mortgage
Yea move into a Doorman building then watch your maintance fees go thru the Roof. I would rather just pay my mortgage keep my money and walk up 4 flights.
i rent a place down the street on flatbush thats much larger and its $3200 a month.
scamola.
only an asshole would invest a million dollars in a walk-up apartment in a 4-unit condo in Brooklyn in 2008.
walk a couple of blocks and you can have brand new building with a doorman and gym for 700 PSF. I would like this at 550 PSF
2:59 — I don’t think a family of four could _comfortably_ live in any of these except maybe the ground/basement apartment. The bedrooms don’t seem that large on the layouts, so even if two kids do share, it will feel relatively tight. (I guess one could give the kids the large bedroom in the front, but even so it seems tight for 4 to live comfortably).
And I think 2:34 is right taht back in March there were some decent (not gigantic, but equivalent to these) 2BR’s for about 2400-2500 in Boerum Hill. Admittedly, they were not high end newly renovated, so that may be the differnece on which you are focusing. I think good size 2BR is probably 2800 or so in B Hill (although I always think there is a chance for a spike in May/June and September, when more people are looking to move).
I think your better argument would be to say that the real price difference between renting a “nice” 2 BR apartment in B HIll for $2800 and buying this apartment is only $800 after taking the mortgage interest tax deduction.
The counter-argument would be that a renter would rather keep their $190K downpayment invested elsewhere (in what I’d like to know)and live in a decent apartment with a LL to handle all the maintenance issues, not worry about how to have enought cash on hand to pay the monthly while waiting for the tax deduction, and pocket the $9600 in savings between rent and after-tax mortgage.
Not everyone wants a whole brownstone.