Co-op of the Day: 164 State Street FSBO
Spring is here and the FSBO’ers are coming out to play. First up, this floor-through at 164 State Street in Brooklyn Heights. A one-bedroom plus den or small second bedroom, the 900-square-foot place has been recently renovated and carries a relatively small monthly maintenance of $695. The bathroom has been recently renovated as has the…
Spring is here and the FSBO’ers are coming out to play. First up, this floor-through at 164 State Street in Brooklyn Heights. A one-bedroom plus den or small second bedroom, the 900-square-foot place has been recently renovated and carries a relatively small monthly maintenance of $695. The bathroom has been recently renovated as has the kitchen. Asking price: $639,000. Think it’ll sell? Decide for yourself at the open house on Saturday from 1 to 3.
164 State Street [FSBO] GMAP P*Shark
Dorks
4:01, it’s For Sale By Owner, also referred to as Fizzbow.
What is an FSBO?
Apologies…I didn’t see he had included oppoortunity costs as well. Still beats throwing rental money into a toilet though. At under $710 psf (seller says 900+) its not overpriced. Depends upon what the building looks like…new roof, tuckpointing,windows and new boiler??? I would assume all of the above were the case. If not then??
Dave, I suppose I’m an ass man as I’m always being told, “You’re an ass, man!”
Dave, you are usually good with economics, but you are missing on this one. 2:57’s point isn’t much dependent on how much mortgage is taken out, since he/she is including both mortgage and opportunity cost. If a smaller mortgage is taken out, the opportunity cost (money lost on the alternative investment of your down-payment) goes up. The mortgage makes a difference only to the extent that the after tax rates on your mortgage and alternative investment differ, and this is usually a marginal difference.
went to an earlier open house for this place. location was great, apt was pretty nice, good reno — but… it’s on the third floor or 4th floor and is a walkup, my wife has bad back so that was a dealbreaker for us. but in response to all the sq ft comments, the place felt spacious. very large master bedroom, second bedroom def big enough for a kid up to a certain age. seemed to be a fair to good deal to us, hard to find anything that price in that hood, and i’ve been looking. and will continue to… sigh.
Not if you’re really an a$$ man Biff
2:57 how can you pretend to know what someon’e mortgage will be??? Maybe they have saved more money than you could possibly imagine and are only taking out a $200-300,000 mortgage.
The bust is usually worth the wait.