Co-op of the Day: 30 Ocean Parkway 2 BR
As we’ve noted before, we think the art deco building at 30 Ocean Parkway in Windsor Terrace has a very nice feel, which is probably why we’ve already featured a couple of units as co-ops of the day in the past. Make that three times now: Today we’ve got another two-bedroom on tap. This one,…
As we’ve noted before, we think the art deco building at 30 Ocean Parkway in Windsor Terrace has a very nice feel, which is probably why we’ve already featured a couple of units as co-ops of the day in the past. Make that three times now: Today we’ve got another two-bedroom on tap. This one, which just hit the market, weighs in at 1,000 square feet and has all the pre-war trappings you would expect. The asking price is $525,000, a bit lower than a similar one last summer but not dramatically so.
30 Ocean Parkway 2BR [Aguayo & Huebener] GMAP P*Shark
Co-op of the Day: 30 Ocean Parkway 6/08 [Brownstoner]
Co-op of the Day: 30 Ocean Parkway 7/07 [Brownstoner]
So Snarky, I didn’t realize we were both on team bear.
cwb – You sound very practically-minded. That’s a good thing. I could of course be wrong, but I think time is now on our side. OK, time to log off before the martinis start talking.
When I was a little kid I Iived in a similar looking building. All the neighbors were nice and friendly.
Now with the explosion of the hipster popularion, who knows?
SnarkSlope – Yeah, we’re still saving up our down payment, and we’re not buying *anything* until MrsCWB has a job again. So it’ll be a while yet. Hopefully prices will drop a bit during that time. 🙂
Chaka – thanks for the info. We’ll definitely be checking out Ditmas Park, especially as the weather warms up and it starts being more enjoyable to walk around Brooklyn again!
Again, I can’t speak on the prices of co-ops or condos but the prices of houses haven’t dropped much out here. There have been a couple of sales in the last two months of the more modest 5 bedroom homes with the more expensive 10 bedroom mansions not selling at all. I’ve heard that the co-ops have always been very reasonably priced and if that is so, prices may not drop much. It can’t hurt to wait and see though because I don’t think prices will rise. The new condo buildings in this area, like everywhere else in Brooklyn, are sitting vacant or going rental. Considering that we are only a 5 minute train ride from Park Slope, there are considerable ammenities in the area, the schools are good and getting better and there is plenty of parking, I think that you would get your money’s worth with the purchase of a co-op, when you are ready.
cwbuecheler – Sounds like Ditmas Park will fit your bill. I suggest waiting to buy though. Everywhere I look out there, prices are only going down down down.
zuleika,
The link you’re referring to is just a mortgage calculator that takes the asking price of the listing and some default loan terms (6.5% for 30 years) which you can change. Has nothing to do with market rates. Look around on places like bankrate.com or
http://www.us.hsbc.com/1/2/3/personal/home-loans/mortgage/mortgage-rates/
Rates are closer to 5% if you can get a loan.
Staying on the Q/B would be awesome. We’d love to stay in North Slope but that just ain’t gonna happen. There’s no way we’re going to get 1000 sq ft here for under $500k, and I’m not paying more than that for it. In fact, I’d really rather not pay more than about $350k for anything that’s not a rowhouse. So, yeh … North Slope? Not likely. 🙂
Our goal is to get the mortgage to a spot where we could afford it on one to one-and-a-half of our salaries, even though we both intend on working fulltime for the foreseeable future (during which we will hopefully continue to increase our yearly earnings). That way we’ll have plenty of available cash for remodeling, investing, and safety savings. Also probably paying the mortgage off faster than 30 years, thus saving on interest.
Not to mention traveling, dining out, etc.
I’m confused about interest rates.
The Corcoran web site links to Manhattan Mortgage Finder, which continues to cite 6.5 as an interest rate.
Is that correct?
What are the current typical mortgage interest rates in New York? Do they vary depending on whether you’re buying a co-op, condo or single family house?