Co-op of the Day: 467 Pacific Street
Today’s Co-op of the Day at 467 Pacific Street in Boerum Hill is a FOB listing as opposed to an FSBO listing. (For those scratching their heads, that would translate as Friend of Brownstoner as opposed to For Sale By Owner.) Because of the personal connection, we’ll recuse ourselves from making any qualitative judgements and…
Today’s Co-op of the Day at 467 Pacific Street in Boerum Hill is a FOB listing as opposed to an FSBO listing. (For those scratching their heads, that would translate as Friend of Brownstoner as opposed to For Sale By Owner.) Because of the personal connection, we’ll recuse ourselves from making any qualitative judgements and leave that to the crowd. Here are the basic stats though: Convertible two-bedroom, 700 square feet, $636 maintenance, $459,000 asking price. Think they’ll get their price?
467 Pacific Street [Douglas Elliman] GMAP P*Shark
Considering the fact that I have two friends who bought studios in Park Slope (co-ops in a brownstone) for 399K and 369K, I would have to say this seems like a good deal. Their places are about half this size. While I prefer their location a tad, I do believe this area still has the potential for significant growth.
I second – or third – the hating of the “convertable” shtick. Its a freaking one-bedroom that shouldnt have been converted to begin with. Noone looking for a two-bedroom would think of this as a two-bedroom.
I hate the “convertible” shtick too – and was going to say so – but it seems to me that this one has already been converted. So it is no longer convertible – but converted. I guess it is de-convertible, as some posters have noted.
Michelle Williams is a FOXX. I’d totally sire her next child
Besides, the Williams/(formerly) Ledger house is a huge private house in top-notch shape one block from Smith. That said, this area IS only going to improve in future. But I really hate the whole “convertible 2-bedroom” shtick.
2:07, once you get over Ledger, who left the neighborhood before he died, consider this.
If you are looking for price increases, you’d be much better off buying in the Heights, assuming you are paying fair value in both neighborhoods.
Basic economics: people can pay more only if they have more or earn more or can borrow more.
The real middle class hasn’t had a pay increase in a generation, and they’ve tapped out their ability to borrow. So, they aren’t going to be able to pay more.
The successful professionals are doing much better — for people at the 95% in income, pay has been going up at 5% or so, and at 99% closer to 9 or 10%.
Assuming these trends continue, the way to make money in real estate in the long run is to buy stuff that might appeal to as close to the top as you can get. And if you can’t buy something that’s going to appeal to the top 5%, don’t expect long term appreciation.
Of course, the real estate bubble changes all this. Buy now, at any price point, and the next decade’s appreciation is already in the price you are paying. If you are lucky.
Even if Heath Ledger was ALIVE, why would that compel me to live here?? Who gives a crap about Heath Ledger or Michelle Williams??
Brownstoner: while I love this blog and the info you offer and stories you cover, sometimes i think you do a diservice when you post HOD or COD. I pity the poor fool who’s place you pick because it’s a lolose lose situation for them.
Sad to say, I agree that the location is ick. subway access is not enough to attract me to the amount of traffic, school yards, AY, and the projects. Heath has been dead almost a year now. sad as that is, if he were still alive, it still wouldn’t have been enough to attract me to this area.
the place is a two bedroom based on the floorplan. small but a two. it seems sort of gloomy and i’d love to know how many flights i’m walking up! they do say it’s a renovated bathroom but no photos….hmmm