Co-op of the Day: 7 South Portland Avenue, #5A
Stunning building, mediocre apartment. That kinda sums up the situation with this fifth floor co-op at 7 South Portland Avenue. The 7,000-square-foot, 8-unit building is on what’s been called the
Stunning building, mediocre apartment. That kinda sums up the situation with this fifth floor co-op at 7 South Portland Avenue. The 7,000-square-foot, 8-unit building is on what’s been called the best block in the city. Bereft of historic detail, the apartment, however, has a boxy, 1980’s vibe to it. As for the $425,000 asking price, guess it’s possible but wouldn’t be surprised if it came in a little under $400,000. Waddya think?
7 South Portland Avenue [Brown Harris Stevens] GMAP P*Shark
Also, the top floors of these houses get stuffy as HELL in the summer. Better have a major league AC.
it will definitely sell for over 400k
the maintenance is reasonable. the price is a little high—daveinbedsty says $389K and he’s is right on the money. if it were lower floor=less freaking stairs, then that 425K would be very close to what they’d get.
This price seems fine to me. Even if you paid asking and borrowed 80% at 7%, and assuming a 30% income tax level your after tax outgoings including the maintenance are only $1,832 per month.
Add to that your loss of income on your $85k deposit and you’re still only out of pocket $2328 per month and less of course because that’s assuming a 7% after tax return on your 20% deposit.
All up that seems a very fair price to pay to live in this area, in an apartment this size, plus you have the upside to come from slowly working on the kitchen and bathroom which will only help your asset appreciate.
Sheesh it sure beats renting.
it’s also five flights carrying your groceries, briefcase, luggage when you travel, laundry, etc etc. People do it, it is not unusual, but it needs to be taken into consideration when setting a price. I agree that this would be a fine place to rent for a year, but to buy? Not so much.
as a single guy i would never live in this. the drunk girls i bring home would be sober after the 3rd flight up. I would live in this at no price
1:29 you are not that bright…
One flight of stairs is no problem but 5 flights is brutal and gets old very quick…
Your MOM in the burbs goes up and down flights all day which is no problem when its one flight of stairs… But when you forget something and need to run up 5 flights and down 5 flights it sux and will always hurt the resale…
I think there have been a few other valid points made about the negative aspects of the place…yes, on the fifth floor the windows are not full height and the fifth floor walkup issue, as so many people here seem to have a hard time with, is really going to limit marketability when you want to sell.
Dave,
Thanks for the suggestion. When I first saw this, I thought about it, but I really want something with a little more charm. The two studios I bid on in Park Slope were just adorable…arched doorways, gorgeous molding, the old floors, some great details. I know I can’t have it all for 400K, but after seeing those, I know it’s what I want.
The one I’m supposed to look at this week in PS looks charming so I’m holding my breath.
I suppose I could always add some details to this place, but I’d already be stretching my budget thin.
And to be perfectly frank, I LOVE Ft. Greene, but I love Park Slope more. Especially the named streets up by the Park. I’m a huge Prospect Park fan and I love the Greenmarket and 5th Avenue.
I’m sure I’d be happy in either neighborhood, but given a choice, I’d much rather be in PS. That’s just me.