Co-op of the Day: 141 Lafayette Avenue
As anyone who’s ever been in the courtyard of 141 Lafayette Avenue can tell you, this 21-unit co-op is one charmer of a building. (The casement windows seal the deal for us.) This two-bedroom apartment has lots of original architectural detail and plenty of windows; the one drawback, for some, may be that there’s only…
As anyone who’s ever been in the courtyard of 141 Lafayette Avenue can tell you, this 21-unit co-op is one charmer of a building. (The casement windows seal the deal for us.) This two-bedroom apartment has lots of original architectural detail and plenty of windows; the one drawback, for some, may be that there’s only one bathroom. The 950-square-foot pad has a monthly maintenance of $744 and is asking $635,000. There are open houses on Saturday and Sunday this weekend from 2 to 4 p.m.
141 Lafayette Avenue [FSBO/NYT] GMAP P*Shark
thanks for the example SnarkSlope – my point exactly.
This definitely seems overpriced to me. It might include access to a nice courtyard, which is certainly a plus, but the apartment itself is quite cookie-cutterish, in my view, and nothing at all special. In fact, I find the pictures rather depressing…
Victoria Flatbush sucks. Better to live in Montclair. At least you’d have a yard. You can’t walk anywhere from VF.
11217, I am in the market to buy – but at the right price.
That half of the US population over 55k has less than $10k in savings is very sad and can, in part, be attributed to the housing bubble.
Don’t worry about the chicken – I save plenty and am very long term in my outlook.
ps I am not, nor in any way related to, The What or Miss Muffett and am very up for debating houses and their associated prices.
I wish my place had casement windows. It’s insanely hot in here at all hours of the day and night.
Anyway, this is not bad. We’re starting to see bigger spaces in the 600s, and in better areas too — that part of Clinton Hill has some very pretty blocks. I still think $600k is a mildy insane amount to pay for a 2 BR co-op though (particularly once you add in the maint charges), even for New York. I’m hoping to see decent 2 BR’s fall to the 400’s by summer 2010 … which I think is a bit more than they were in 2000 before the market went berserk?
Probably wishful thinking, though.
Price is way too high. Here’s an example why:
http://www.streeteasy.com/nyc/sale/333385-101-lafayette-ave-fort-greene-brooklyn
It failed to sell at $580k. The mortgage would have been about $2,933. The maintenance added another &800/mo, for a monthly nut of about $3800.
It’s now marketed as a rental for $2200:
http://www.tregny.com/detail.jsp?apt_id=70979&list_index=0&aptList=70979&ref=streetEasy
Sorry PropJoe, I didn’t mean to get into a pissing contest about neighbourhoods.
I like Victorian Flatbush a lot, you like Fort Greene a lot. Let’s leave it at that.
c’mon DIBS, you work in the market – you’re supposed to be dispassionate about the numbers.
I’ve been a homeowner for 14 years (still am in London) so I know all the benefits like freedom to modify, enforced saving through mortgage, etc. but my argument is only on the numbers.
The 5% I gave was for the long-run interest on the principle, not for any capital repayment.
Rent might increase forever but I will have a choice whether to pay up or move – and that will be based upon my ability to pay it.
Look at it another way. I see this being a nice home for a couple on $100k – I don’t think that is too unreasonable. 3.5x combined income mortgage and a nice $50k deposit they have saved up over 5 years and that gets you to $400k.
The Chicken is claiming his neighbourhood is better than Fort Greene? Seriously? That’s pathetic