Co-op of the Day: 130 8th Avenue, #3H
Apartment 3H at 130 8th Avenue in Park Slope has the distinction of being the cheapest apartment currently listed on the Aguayo & Huebener website. It began its listing life in early May at $319,000 and took a brief stop at $309,000 in June before settling in at $299,000 last week. While nothing fancy, this…
Apartment 3H at 130 8th Avenue in Park Slope has the distinction of being the cheapest apartment currently listed on the Aguayo & Huebener website. It began its listing life in early May at $319,000 and took a brief stop at $309,000 in June before settling in at $299,000 last week. While nothing fancy, this actually seems like a decent starter apartment given its location and the fact that it’s in move-in condition. Do you agree?
130 8th Avenue [Aguayo & Huebener] GMAP P*Shark
I know Polemicist is kidding. And honestly, I don’t find the building ugly. Definitely a starter apartment. The drawback? A 400 sq ft apartment is not “spacious”. It’s a box with a Murphy bed. Price not out-of-line but perhaps people are hesitant because this is the kind of property that could take a hit in the future and be difficult to sell at profit or even break even when you want to upgrade.
$1917.15 is pretty close to 2k and $455 maintenance is optimistic in the areas i’m looking at. i rent a place that is much more livable than this for $1500 and i see rents coming down. ymmv…
Travy,
With 20% down (60K) and a $240,000 mortgage at today’s rate of 6.15 for a 30 year fixed, your mortgage payment is $1462.15.
With the $455 maint, that is $1917.15 a month. Then figure 5K for closing costs roughly.
So not over 2K a month. When you factor in the mortgage interest deduction (and maint deduction) we are actually talking more like $1400 a month which is a pretty darn good deal for a studio in most parts of NYC.
I know quite a few people in the income bracket you speak of who pay $1700-2500 a month for a studio rental in Manhattan and parts of Brooklyn.
With that in mind, this might make sense for someone who wants to own something. Those who want to live in NYC long term, will appreciate the opportunity to live alone and pay these rather modest housing costs (by NYC standards) for the next 30 years if they ended up staying (which of course we know many don’t and upgrade down the line…)
I think you’d be looking at more like 65K down at closing, but I generally agree with you Bolder. I think this will probably go for around 280-290K or so.
The unspectacular building will be a bit of a drawback, since many people do move to Park Slope for the beautiful architecture. That’s why I moved here.
Having said that, it is a great location with lots of what’s great about PS close by.
In this market, things are going to take longer to sell. People are nervous right now.
i shop the other areas of brooklyn so can’t speak for the slope, but in the heights, ft. greene, cobble hill etc, the $300k+ boxy studios seem to be sitting. and yes, there are tax savings but month to month out of pocket is north of $2000 and i’m doing much better than that renting in a prewar on the water in the heights.
the point is that the buyers for these level of apartments probably make between 75k-100k a year and coming up with 60k plus for the down payment, then being on the hook for 2k a month is a stretch for most…
Wonder how much you can charge for the parking space? if you could get $300 a month…but I think that this is sort of a neither-here-nor-there proposition, i.e. its right on the rent/own line.
You’d need to put nearly 80k down at closing, then figure a 225-230k mortgage, plus you’d have to show cash reserves for the board.
11217’s cost analysis looks good, so why isn’t this long gone? I don’t think there actually are a lot of people with 100k or so in assets looking to buy studios in a shaky (at best) market.
I’d have to disagree with the conventional wisdom and say that it ain’t a bad deal. Great location, not a bad apt, and you all missed something! PARKING! Seems to be included, altho it also seems to be rented. If it is rented, should be able to reduce that maintenance by about $200 per month.
travy,
if this is the lowest price listed on streeteasy in park slope, how are there “lots” of these “lame” studios sitting around? i see almost zero studios for sale in park slope at this price. or at all, for that matter.
when i see a studio pop up for 300K or less, it’s gone quite quickly as a matter of face.
studios at 300 with 20% down are still cheaper than renting. with a decent maintenance, you are paying about 2000 a month (not including the tax deduction) which brings the actual costs to around 1500.
1500 is about the average price for a rental in park slope proper. when renting is that close to owning, i can see why many young professionals choose to buy a studio in brooklyn.
my friend just recently sold his north slope studio for a little less than 350K. he did it fsbo and it sold within a week. i don’t think it was this large, but was in a more charming building.
this is also the cheapest apartment in park slope on streeteasy.
250k would be a better price.