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]
11217 – That 2 BR you linked is nice. I don’t think it’s quite as nice as the co-op of the day, but for 225 less it’s super appealing. Only issue is that I think it’s just a bit too far from Manhattan, to which I have to commute at least three days a week, and where my wife will likely have to commute daily once she finds a job.
all – Thanks for the thoughts on condos vs. co-ops. Still learning the differences, but I can see the value in both. I don’t personally have any need to rent my space out, so that probably won’t be a big concern.
We looked at a very similar apartment in that building in 2003, the asking was 495,000. So, this price seems reasonable in light of that. Maintenance was about the same then too, if I remember right.
Coop ownership while a pain in the ass in some ways, also offers a certain element of safety in a community environment that you wouldn’t have with a condo, both personally and property wise.
Also a good portion of the maintenance is tax deductible. Closing costs on condos are much higher then for coops, and condos are subject to NY State mortgage tax because they are considered personal property rather than real property.
11217–as always you say what I want to say better. Nicely done.
Wine lover:
I don’t want to get into a debate about condo’s vs. co-ops as each have their pluses and minuses and the debate has been had before. I would like to note 2 things though.
1. I live in a co-op and we are allowed to rent.
2. The very thing you are using as an example (renting) is the one HUGE thing I don’t like about condos. Some of these condo buildings my friends live in are turning into very transient glorified dorms with no rules and regulations whatsoever on who rents and how often.
And none of this is taking into consideration that co-ops were much more concerned of the status of finances of it’s incoming buyers, and therefore are much less susceptible to mortgage defaults, etc.
You love condos now. Wait 10 years when the common areas have gone to shit, 90% of the people are renting and you have zero control over anything outside your walls.
“wasder – i think that makes no sense. in what way? at least you can rent out your condo. coops are ridiculous.”
winelover–I am talking about resale value in a tough market like this one. While new condos are struggling to fill their apartments, going rental, upping their common charges (see today’s One Hanson post) established coops are much more stable. This is what I am talking about. Yes it is a drag that most co-ops restrict how long you can sublet for, but what I am talking about is how sellable they are in tough markets. I found out this fall when my coop sold in two weeks when lots of condos were sitting on the market. Of course this is anecdotal info but it is common sense to extrapolate that a long standing coop with close to 100% owner occupancy is a safer, more stable investment than a condo (especially newish condos).
Or you could go a little farther down Ocean Parkway and get this much nicer looking 2 bedroom (in my opinion) for 225K less.
With $565 maint and 10% down.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1488722
The aparments in that building are nice, and being so near the park and tennis center is great, and there’s a library on the other side of the expressway. But there’s no parking and it’s a good six or seven blocks to Key Food. And of course the F train sucks.
wasder – i think that makes no sense. in what way? at least you can rent out your condo. coops are ridiculous.