Co-op of the Day: 179 Ocean Parkway
While the kitchen isn’t exactly doing it for us, this convertible three-bedroom at 179 Ocean Parkway in Kensington looks like a reasonable way to pick up a family-sized pre-war apartment for under $500,000. (The asking price is $459,000 and the monthly maintenance is $703.) Think this is a good deal for 1,200 square feet? Any…
While the kitchen isn’t exactly doing it for us, this convertible three-bedroom at 179 Ocean Parkway in Kensington looks like a reasonable way to pick up a family-sized pre-war apartment for under $500,000. (The asking price is $459,000 and the monthly maintenance is $703.) Think this is a good deal for 1,200 square feet? Any readers live in this building? Sweet lobby.
179 Ocean Parkway [Corcoran] GMAP P*Shark
9:45 – i think you probably tie for winner of that prize…
“100,000K poor person – you take home $5000 you say, but I’ll bet you have a tremendous 401K and I bet you get a tax refund in the order of tens of thousands of dolars.
If not, you have the wrong accountant.”
You think its possible for a renter with this income to get at least a $20,000 tax refund? DING, DING, DING. We have a winner for stupidest comment on the thread.
I make a 5 figure salary and bought a place recently for $550k. Saved $150k for a down payment/closing costs first. Monthly I pay less than $2200 in equivalent rent, taking into account tax effects. This is within the 40:1 ratio I could rent for, and is more than affordable for me, even while maxing out my 403b.
7.57, I hear you. I’m on 200, my wife is in college and looking after the kids. My car is 10 yrs old and I’m running it till it disintergrates. My rental for a three bedroom is similarly low, and I’m in a 23 min commute to Midtown. Its going to be tough to buy, I’m sure I will feel poor when I do. The tax deduction just won’t make up for it, you can rent a better place than you can buy for the same amount since house prices and rents diverged so dramatically back in 2005.
my wife and i combined make close to 150k a year and this 459 place is too expensive
we currently rent a 3 bed 2 bath for $1740 includes all except electric (avg $80 a month) so why rush out the door?
we do not live the high life- we have a 6 year old car paid for which we only drive on the weekends
we pad our 401ks heavily and have $0 debt!!
we also have 90k liquid cash for a down payment and our credit scores are 750+
i refuse to be house poor and will not buy until i can afford the place with less then
30% of net but 25% net is my goal
we looked for quite sometime but i was not going to bid against some jackass playing with the banks funny money
i just signed a new lease (no rent increase)
thru 5/09 and plan on seriously scoring a place in early 09 if it makes sense
this part of brooklyn is bland imo
for all the others in a similar boat hang in there affordable apts. just may be available
in the not too distant future
Heather,
Anyone who is middle class but paying $2000 monthly for daycare is crazy. If they get rid of the nanny and put the kids in daycare, like millions of other middle income families, that bill would get cut down to under $1000 monthly. There are daycare centers on every corner in every “middle class” neighborhood.
I live in Kensington and off Ocean Parkway. I’ll say honestly, I wouldn’t want my bedroom window overlooking it BUT if this were in the back it’d be fine. The nieghborhood is safe, quiet and has a family feel w a couple hipsters mixed in. Our building is a lot of teachers and artists all who seemed to have worked hard for thier down payment. I like Kensington although we are missing a coffee shop! Anyway, it ain’t Park Slope but we’re ok w biking to a bar or hopping a couple stops on the train. I like that we don’t live around a bunch of entitled 6 year olds and grumbling housewives but *working class* and diverse REAL people
7:51, a dual income family with kids has to pay to put them somewhere during the day, unless they work opposing shifts. I know a few that do. I also know a few that pay $2K a month in child care expense. I do realize child care can be less than that… but it’s not that easy to find.
6:52:
You should visit the post on charter schools. Since they’re not bound by the UFT contract, salaries are usually higher.