Co-op of the Day: 344 6th Avenue, #2
This floor-through brownstone co-op at 344 6th Avenue (between 4th and 5th Streets) is attractive but not a show-stopper. The bay windowed-living room is the nicest part of apartment; the kitchen is pretty blah and the bedrooms, while attractive, are on the narrow side. The sellers cost basis for this place is $610,000 from back…
This floor-through brownstone co-op at 344 6th Avenue (between 4th and 5th Streets) is attractive but not a show-stopper. The bay windowed-living room is the nicest part of apartment; the kitchen is pretty blah and the bedrooms, while attractive, are on the narrow side. The sellers cost basis for this place is $610,000 from back in ’05, so the current asking price of $665,000 is reasonable in that context (and the monthly maintenance of $520 is pretty low too). That said, we’ll be surprised if this one clears $600,000. We shall see.
344 6th Avenue [Corcoran] GMAP P*Shark
an extra $1,000 a month cash outflow would be pretty significant for most people. Maybe not in Sam land though.
“When strollers fly!”
lmao. You know, now I’m going to think of this every time I lug a stroller up to the third floor…
There is a similar place for sale on 15th Street right now–a little smaller but with a much nicer kitchen, 1.5 baths and a huge backyard. It’s $599K and the open house was pretty dead. Based on that, $665K looks overpriced.
“so, if they overpaid, what do they do now? Bring a check to closing? Stay there indefinitely?”
Ummm… Those are the two options, yes. Although if they made any kind of down payment at all, they shouldn’t have to bring a check to closing.
It looks like that fireplace in the master bedroom is going to eat the bed.
Location is nice. Shame the space is so narrow.
I think it is interesting to note that the difference in carrying costs (mortgage and maintenance) between this little walk-up with a tiny bedroom and one bath and yesterday’s 8th floor unit with two baths and big bedrooms is approximately $12,000 a year. I don’t think that is very much considering the world of difference between this walk-up new-law tenement and the magnificent St. George tower in the heart of Brooklyn Heights.
BH76- Agreed. Either ride out the market (because it will come back up eventually) or take the hit. I’m guessing this will languish at the current price.
So if you overpaid and have to move — you have to expect to take a loss. There is not entitled return on housing.
I’ve been stifling myself, since I feel like a broken record, but when are the brokers coming down to earth? The piece in the NYT real estate section this weekend suggested reality was beginning to seep in — that brokers realized folks care more about square footage and location than the type of refrigerator, but the BS pervades all of these descriptions. “Real” bedrooms? Free heat? Come on! I think Corcoran and Warren Lewis are probably the biggest offenders, but that may be because the former is still the dominant firm in our market.
so, if they overpaid, what do they do now? Bring a check to closing? Stay there indefinitely? I agree that the apartment is pretty blah, on an avenue, etc., but they aren’t trying to do anything but cover their costs for a realtor and taxes from the sale.