Co-op of the Day: 692 President Street
This top-floor duplex at 692 President Street has a couple of things going for it: It’s cute and it has exclusive roof rights. (The listing describes a slick new kitchen but fails to include a photo.) On the flip side, at 650 square feet, this one-bedroom is on the small side. Luckily, the monthly maintenance…
This top-floor duplex at 692 President Street has a couple of things going for it: It’s cute and it has exclusive roof rights. (The listing describes a slick new kitchen but fails to include a photo.) On the flip side, at 650 square feet, this one-bedroom is on the small side. Luckily, the monthly maintenance is only $536. The asking price, however, is $499,000, which is high on a per-square-foot basis, unless you place a lot of value on the undeveloped roof.
692 President Street [Corcoran] GMAP P*Shark
or you could buy this apartment, also a coop in Park Slope, but right by the park, with 2 bedrooms and a perfectly accessible and furnished roofdeck.
http://www.citi-habitats.com/viewsales.php?adID=145622
DIBS, my point was for someone who can afford comfortably 500k for this small pad, that person probably making big coin (ie hence has enough savings to commit the $100k down) and likely close or in AMT cap. the 4% NYC income tax (for the big earners) almost guarantees these people will be in AMT. So for them, mortgage interest deduction is small to none on tax return.
For someone who is safely below the AMT levels & bank claim the interest deduction, 500k is not an easy or comfortable purchase price for this small pad.
if I had $100k+ savings, I rather rent right now and felt safe knowing I have the $100k safety net for in case econ gets worst or stays this bad for long time, or lose job. Now if one is loaded, then yeah why not
“That was a great comment, Nomi! I liked it :)”
Hey thanks, ISNH.
And, lucybb, yes, even if some of the staging is a little corny, it plus decent photos make a huge difference for the *average* buyer. I know there are some visionaries on here who can see past just about anything, but most of us schlubs are somewhat limited as far as that. I am, anyway.
This place was on the market a few months ago. The asking price then was $500k when I went to the open house. It is small!! I laughed at the price then and still can’t see it going for anything in the 400k range. The spiral stair case is narrow and opens right into the bedroom. Access to the roof is from the bedroom, which isn’t ideal.
I think more4less was talking about the AMT limiting your deductions, especially as we go to the next fiscal year.
I see the hand of a stager here: the wooden bowl with the oranges, the colorful canvases, the carpet on the roof (??), which just goes to show far some cute furniture and a little taste along with decent photos can go to generate interest.
more4less…you don’t lose the mortgage deduction at $100k…it fades quite slowly actually.
mortgage interest deduction is over-hyped. Given the high prices currently, many people who can afford these prices are making over 100k/yr. I suspect many of them is or will soon be subjected to AMT limitations on their tax returns – rendering little to no deduction allowed on the mortgage interest. As NYC income and property taxes rocket up to close budget gaps, many more people will be slammed with AMT caps. So I view the whole mortgage payment (vs. netting it against mortgage interest deduction) as an outflow.
Park slope is a very nice neighborhood – particularly for families. If no kids yets, not the optimal hood. So this small bachelor pad type aptmt is not where park slope would be most attractive / competitive vs. other prime hoods. Not saying it’s bad but would suspect most singles or young couples with no kids plans soon would prefer other hoods (ie less judgemental / disapproving stares from the stroller crowd)
who is 11217?
The mayor of Park Slope?