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
Sdrubbins:
You are a bit of a hypocrite, aren’t you?
So the other day you posted the following quote regarding a home for sale for 1.499 million dollars:
“I will say: if I did make $150K (or was married with a double middle-class income), I’d be sorely tempted to snatch up the 10th St house or the Degraw house. I love these small multifamily houses – they give me hope that I can eventually move up from an apartment to a house without selling out and becoming a rich jerkoff like the above poster.”
But now all the sudden someone making 100K can’t afford a 600K place?
Wow man…you are all over the map.
No Sdrubbins, After tax Take home pay is closer to $80K or $6,700 a month because you will have roughly $22K in deduction for interest and another $5K or so in property tax deductiions.
Your tax libilty will be very little if anything over the 7.65% for SS and Med.
Do you really take home only 50% of your income? are you sure you are not including 401K, transportation, medical, Child Support Garnishment, etc?
again, it comes down to lifestyle. If you dont think you can budget yourself on $3K or $4K a month after housing, then definatley not affordable. Personally, I think this is more than reasonable but I dont live your life, so you have to figure it out yourself.
teachers make 43k out of college.
I know some that have masters who make around 70k. They area all around 25.
Anonymous coward at 2:11pm = 2:37pm = seller?
And: Brooklyn born and bred, friend. You?
5:25pm: that’s a bit of a tough proposition. After tax take-home pay on $100k salary has got to be what, $4,500? Probably less. So a couple would have to spend 2/3 of their combined income on the apartment. And have maybe $1,500 leftover for food/drink/clothing/diapers/whatever. What if there’s an assessment? Some other unforeseen financial issue?
amen, 5:25!!
With the deduction of morgage interest, you are basically paying less than 2500 a month to live in a 1200 sf, 3 bedroom in a neighborhood which really only seems to be on the up and up….even if it never becomes another park slope…
My Wife and I make $150K bought a place for $600K with 80K down and are easily affording it. We have no other debt.
A couple making $100K should have no problem buying a $450K Home. Just stop wasting your money on whatever it is you are currently wasting it on.
With 20% down your mortgage and maintenace is $2,150 + $700 or $2,850. Thats $34,200/year. Your really cant afford that on $100K? Even after taxes (Which will be virtually nothing after deducting mortgage interest) this is more than affordable.
Your income will grow over time, but the mortgage stays the same. I guess if you are buying $5 Lattes and shopping in Soho every weekend this is not affordable, but that comes down to lifestyle choice and not affordability.
so basically for $3100 a month (or roughly the average price of a manhattan/doorman 1 bedroom) you can purchase a 3 bedroom in brooklyn…
sounds about right to me.
and very few people only spend 30% of their income on housing in nyc. it’s much closer to 40%.
if you have no car, insurance or gas costs, the higher percentage works out just fine…
Closing costs on a home this price (I know, I just bought one) is around $6500-7500.
Not $13,000.
4:51,
That includeds closing costs. Housemath calculation, should have clarified. Great site if you aren’t familiar.