Co-op of the Day: 193 Sterling Place
This floor-through co-op at 193 Sterling Place in Prospect Heights looks pretty nice to us but could benefit greatly from a little staging. The bulky, not particularly charming, furniture and the clutter make the apartment feel much smaller than it actually is and prevent its strengths—the original architectural detail—from taking center stage. Given that there’s…
This floor-through co-op at 193 Sterling Place in Prospect Heights looks pretty nice to us but could benefit greatly from a little staging. The bulky, not particularly charming, furniture and the clutter make the apartment feel much smaller than it actually is and prevent its strengths—the original architectural detail—from taking center stage. Given that there’s a good-sized private roof deck and a relatively low monthly maintenance of $391, the asking price of $575,000 seems reasonable to us, especially if the seller’s can improve their presentation.
193 Sterling Place [Corcoran] GMAP P*Shark
“not just a shmutz who rents.” Do you people ever listen to yourselves? The arrogance and condescension just oozes out of your pores. As if being a homeowner makes you a better human being? Not judging by this thread.
tyburg
I don’t know anyone that fits your description, I suppose those kind of people are out there, but so what? they are the exception, not the rule. Most people buy to make a home, if things go well, they move up, what’s wrong with that? Home ownership baby, that’s where it’s at.
If you can’t afford it here, then move there. really, it’s that important.
Sam…
I TOTALLY agree with you. The problem is that people don’t seem to be buying as a long-term thing anymore. They never get to the point where it is comfortable/cheap. They are looking to trade up or flip or whatever you want to call it after 2 or 3 years.
And the *problem* is that these folks get the crazy, not in line with reality 30% return on their investment… after 3 years. But that’s not going to keep happening.
So my point about buy vs. rent is that if your buying like you’re renting, you should buy so your monthly expenses are similar to renting. Otherwise you’re being dumb. But I’m 100% with you… one should buy to buy. Not buy and act like a carefree renter.
I don’t understand this argument about the relative merits of buying versus renting. It is the most fundamental reality of our economic system. Owning a home is the keystone of most Americans’ financial health. One rents when young and carefree, but when one marries, or starts getting long in the tooth, one had better buy.
Rents will always keep going up and you build no equity. Buying is expensive initially but over time will become very comfortable and even cheap. And of course the beauty part is that the equity is building up and making one a “person of property” and not just a shmutz who rents.
biff- whine lover is over here too? I know it’s hard to see with those little eyeholes in the hood but maybe he got lost on the way to his bonfire?
Out of whack or out of weck?
“You’d be looking at around $3700-3900 per month”
A 30 year mortgage on this place would be $2908 with today’s mortgage rate. With maintenance, that makes it $3299 per month.
With the tax deduction, more like 2500.
So yes, I do think it’s relatively comparable to rent. Perhaps a bit more to own, but really not that out of whack.
tyburg6,
I think historically 15x annual rent is considered a baseline for fair sale price — so by that metric $3000 (assuming it could go that high because of the roof deck) x 12 x 15 = $540,000. If it will only rent for $2500, then x 12 x 15 = $450,000.
So by that metric it is pricey, but recently things were selling at well over 15x annual rent, so who knows what it will sell at.
I wouldn’t pay that much for it, tbh.
“roofdeck…Think of the possibilities!”
TownhouseMan is surely a very lucky guy!