Co-op of the Day: 160 Columbia Heights
You had us at the view…This one-bedroom at 160 Columbia Heights has a unique perch overlooking the Brooklyn Heights Promenade; the building’s also got a very cool Art Deco awning. On the downside, the 750-square-foot apartment has a fairly onerous monthly maintenance of $1,207 (but, in fairness, it includes all utilities). The asking price is…
You had us at the view…This one-bedroom at 160 Columbia Heights has a unique perch overlooking the Brooklyn Heights Promenade; the building’s also got a very cool Art Deco awning. On the downside, the 750-square-foot apartment has a fairly onerous monthly maintenance of $1,207 (but, in fairness, it includes all utilities). The asking price is $599,000. Do you think that’s achievable?
160 Columbia Heights [Corcoran] GMAP P*Shark
I’ve been in this building, including the basement areas…it’s great and well kept. love those corner casement windows. Yes, it’s expensive but on a sunny spring day it’s really pleasant. I’m usually one to defend maintenance costs, but even with utilities (unless it includes cable/internet), this is about $150 too high.
One bedrooms on the nicer blocks in the Heights are in the 425-550K range and maintenance is generally 800-1000 per month. This place is priced at a premium because of the view and location. The maintenance is a bit high, but there are other buildings in the neighborhood with much higher maintenance overall. This particular building is in good shape financially.
Assuming that everyone buys with 20% down is silly. Whoever buys this apartment will most likely have deep pockets. 550K would do the trick.
11217 – Thanks, it was fantastic! And yeh, MrsCWB and I have been watching Park Slope condo prices with great interest. There’s a lot of stuff in the $550-$650k range that’s just sitting and sitting. Hopefully that means reductions on the way.
Polemicist – Yep, and $3,800 a month will rent you a *palace* if, like myself and many on this blog, you’d rather live in Brooklyn than Manhattan. Huge 3BR in a very good nabe, easily. The price on this place just doesn’t make sense for what you’re getting, even if the view means a lot to whomever is considering it.
Incidentally, if you’re not so fortunate as to find a 6% mortgage and are forced instead to pay at 6.25%, you’re up to $2709 a month, or $3906 total. And, at 6.50%, the mortgage is $2781, for a grand monthly total of $3988.
And by the by. When did the maintenance last rise and when might it next?
Nice analysis contrarian1
$3,800 a month will get you the best 1-bedroom apartment of a similar size anywhere in Manhattan.
Let’s examine objective reality. Say you talked the seller down 8% to $550k, put 20% down ($110k) and took out a $440,000 30-year at 6%. Your monthly mortgage is $2638 plus the $1207 maintenance gets you a monthly nut of $3845. You tell me. Pushing four grand a month for 750 sf?
Which reminds me. Even at $550k, a buyer would be expected to pay $733 a square foot. Perhaps in a parallel universe to the one I inhabit.
Oh wow, congratulations! Sounds great. I don’t read the open threads, so I missed it.
Yeah, I know it’s at the top end of your range, but just wanted to show you that prices are indeed coming down and something nice in the 500K range in PS doesn’t seem too far off…
Hope you had a wonderful time away.
Hola 11217. MrsCWB and I were on honeymoon in Hawaii. I bragged about it (just a bit!) in the open thread yesterday. 🙂
Thanks for the link. Nice-looking and great CC’s. Price is at the high end of our range (assuming she’s working again soon) but the location’s great. We should go check it out.
Hey CW, long time no see.
I came across this the other day and thought of you…
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1499431&ohDat=3/22/2009%2012:00:00%20AM;