Co-op of the Day: 360 Clinton Avenue
This massive prewar apartment at 360 Clinton Avenue in Clinton Hill just hit the market and looks pretty interesting. With its current price tag of $850,000, the 1,972-square-foot apartment is priced at about $430 per foot; given that there’s not a doorman, the monthly maintenance of $1,673 doesn’t seem like a bargain (but is probably…
This massive prewar apartment at 360 Clinton Avenue in Clinton Hill just hit the market and looks pretty interesting. With its current price tag of $850,000, the 1,972-square-foot apartment is priced at about $430 per foot; given that there’s not a doorman, the monthly maintenance of $1,673 doesn’t seem like a bargain (but is probably explainable by the fact that, from all appearances, this big spread is likely the result of combining two apartments). Waddya think?
360 Clinton Avenue [Douglas Elliman] GMAP P*Shark
Guys, I think your comments are a little beside the point. When determining how much an apartment is worth, you need to consider how much an equivalent apartment would rent for (in fact, when computing the CPI, the gov’t uses “owners’ equivalent rent” not housing prices). If rents get too out of whack with prices, people will choose to rent instead of buying, driving sale prices down, and vice versa when rents get too high (say in 1997)
I completely agree with the concept of looking at a place as a home rather than an investment, but when considering how much one is willing to pay for a given place one looks at prices on comparable apartments, which are effectively set by rents as per the logic above.
In fact, buying a place solely because you think someone will pay more for it in the future is the definition of bubble mentality, as described by the greater fool theory.
http://en.wikipedia.org/wiki/Greater_fool_theory
The ignorance in this country about fundamental economics is astounding and worrisome. That said, I have some real estate to sell you. You should pay whatever I ask because the more you pay, the more money you will make when you sell it for more in the future!
Yes, sam, that’s a good reality check. I bought my brownstone for $820 and didn’t expect it, so I put it in afterwards. This is a good price for this unit.
well sure, there’s grand and then there is deluxe grand.
I agree that a master bedroom should have his and hers baths and walk-in cedar lined closets and an attached dressing room. But for $800,000, this is pretty good.
buttermilk–its a really great building over all. offer 750 and see what happens.
Thanks very much Wasder and DIBS. The Minskster would have given me the old runaround.
This is a very nice apartment. I could finally have an air-hockey room.
Rob, these nine-foot pre-war ceilings always look short partly because they are and partly because the 1930s rooms are so ridiculously long. I like brownstones much better.
thedudeabides, they also probably don’t allow owners to sublet their apts to renters. Few coops do.
Wasder… do they allow W/D’s in the apartments of this building? I’d ask Minsky, but he’s too slick.
buttermilk–they definitely do not allow W/D in these units, much to some people’s consternation. However they have a very generous laundry facility in the basement that I never had a problem with…
buttermilk…you might not get a correct answer from the broker. Ask the super….and if he says no, ask him if that’s cast in stone. My condo in Manhattan didn’t “allow” them but many had them and all you had to do was make sure the delivery went smoothly by tipping the super.