Co-op of the Day: 90 8th Avenue
What’s not to like about this two-bedroom co-op at 90 8th Avenue in Park Slope? Besides the fact that there’s only one bathroom, not much. It’s about as classic as a prewar co-op gets. We’ll see how the asking price of $785,000 flies though. The apartment directly upstairs sold for just $580,000 three years ago…
What’s not to like about this two-bedroom co-op at 90 8th Avenue in Park Slope? Besides the fact that there’s only one bathroom, not much. It’s about as classic as a prewar co-op gets. We’ll see how the asking price of $785,000 flies though. The apartment directly upstairs sold for just $580,000 three years ago and the C-line on the 8th floor just closed for $785,000 last month, but who knows what kind of shape those places were in. Think the sellers will get their price?
90 8th Avenue [Warren Lewis] GMAP P*Shark
“that’s not a bargain. i pay less than that for my mortgage and maintenance on my north slope studio…just recently purchased..”
so lets say your maint is around 300 or 400 if your lucky. after tax deduction your Studio would have cost around 250k to have a monthly cost of less than $1650 which is a great deal for park slope if you bought in the last year. But recently purchased might mean 4 years ago.
but with that being said 1650 for a studio is still retarded, renting or buying.
Muffin shops ???? HEATHER IS BIFF!!!
park slope is nicer than the manhattan neighborhoods i know about where you can buy a 2 bedroom for less than 750K.
and williamsburg is for losers.
i should know…i live there.
I just get a disconnect when someone says “750 square feet”, “2 bedroom”, and “$750,000” all in the same sentence. You could easily find a comparably-priced apartment in several Manhattan neighborhoods that have just as many banks and muffin shops (even the ones without annoying hills). Or, you could buy a new condo in Williamsburg near Macarren Park, and several brownfields that have been attractively decorated by Karl Fischer.
Zowie, trotting out that ridiculous and tired “faberge egg” metaphor?
Sales must be WAY down.
6:09 – your analogies dont hold economically. You cannot compare consumer items with real estate. While there is alot of emotion involved with real estate – in the end it is an investment. In the long run almost always a good one (though def. not always the case in the short run – ask my sister who bought a condo in 1987 and had to sell in 1993!). You can (generally) rent a comparable apartment to one that you can buy, and whether to do one or the other is a financial decision pure and simple. Of course, if there is no rental market for the real estate you want to purchase (e.g. whole browstones), then that is another story.
A-“i rent a 1 bed on 8th and president for 2800”.
B-“We rent a 2 bedroom on 8th and Garfield for $4200 a month”
I hope these number triple 15 years from now!
6:05 – I think the point is that you have to look at all factors in making the decision – you cant just compare monthly rent and monthly net ownership costs. You have to factor in intentions and the marketplace. If you see yourself leaving and selling in 5-6 years (say you now have 2 kids and you need more space) like some posters have alleged, then at this point I think it might make finacial sense to rent. You have to factor in investment value of your down payment (how you would invest $160K if you didnt use it for a down payment) compared to the market over the next 5-6 years (will the market be flat, increase at 2-3% a year, 10% a year, go down??)- add to that closing costs at sale, transfer, state and brokers fees, etc etc. If you’ll be there for a long time or there is a liberal sublet policy, maybe buying is better. It all depends. Its an investment – some are good and some are not. Over the long haul, real estate and blue chips always increase. Over the short period, maybe not.
actually, you can live in a jacket. just not very comfortably…