Co-op of the Day: 469 Eastern Parkway
This one-bedroom at 469 Eastern Parkway in Crown Heights is a beautiful, generously-sized apartment. Unfortunately, we don’t think the days of a $400,000 one-bedroom (okay, $399,000 in this case) are here yet. After eight weeks on the market, the price was just shaved by $11,000 and we suspect it has further to go. That said,…
This one-bedroom at 469 Eastern Parkway in Crown Heights is a beautiful, generously-sized apartment. Unfortunately, we don’t think the days of a $400,000 one-bedroom (okay, $399,000 in this case) are here yet. After eight weeks on the market, the price was just shaved by $11,000 and we suspect it has further to go. That said, it’ll make someone very happy some day. What do you think of the layout?
469 Eastern Parkway [Douglas Elliman] GMAP P*Shark
I’d rather take this place. Smaller, but with a garden in a location 100 times better.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1189980
listing has it at 900 sq ft which works out to $433/ft. I think this is very much in line for that neighborhood.
You can get a 1 bedroom in Prime Park Slope for this amount.
another foolish “guest” statement. seriously, you’re insane in the membrane if you truly believe this.
In 2006, a 2 bedroom in the same building was featured as a co-op of the day: http://bstoner.wpengine.com/brownstoner/archives/2006/09/coop_of_the_day_12.php
If I remember correctly, it had an asking price in the mid to upper $400K. While people criticized the neighborhood, no one seemed to have an issue with the asking price. Has that much changed in 1 1/2 years? Or are two bedrooms really worth that much more than one?
I don’t know this neighborhood and don’t care much about the market there but I had to laugh at the ridiculous comment that 3:06 just made….”You could buy an entire house for 400K in that neighborhood 5 years ago. Maybe two of them.”
Duh, everywhere in the world prices were lower 5 years ago…insightful!!!
I’m not of the “one should always buy, buy, buy” contingent, but it does seem to me that what one could buy something for 5 years ago is never really relevant to the decision of whether to buy something at a given price now.
I’d rather buy a studio in a nicer neighborhood.
For $3000 a month, you could rent in the West Village or Soho. You do realize that, right?
Absurd pricetag. Those people who paid anywhere near 400K for a 1 bedroom in Crown Heights are real suckers.
You could buy an entire house for 400K in that neighborhood 5 years ago. Maybe two of them.
According to Property Shark, there was a unit in the same building that sold in this past January for $410,000. There was a unit that sold in August of last year for $392,000. Another in May of last year $427,000. Then there is a unit in the building next door to this one (465 Eastern Parkway) that sold for $392,000 in January of this year.
Of course, there is no indication what size these units are, but its probably safe to guesstimate 1,000 square feet since that seems to be a pretty common size for pre-war units.
Based on this, I think the price per square foot is probably on the high side. Maybe $350,000 would be more reasonable.
You can get a 1 bedroom in Prime Park Slope for this amount.
I would not pay more than 225K for this place with that kind of maint.
With mortgage and maint, we are talking almost $3,000 a month. Who would pay such an absurd price to live here?