Co-op of the Day: 325 Clinton Avenue, #11E
Here’s a solid one-bedroom on a high floor in the Clinton Hill Co-ops at 325 Clinton Avenue. These apartments aren’t fancy, but they are generally priced lower than similar places in the nabe. And this one, asking $319,000, has the benefit of great views from the 13th floor. (The kitchen is hurting though.) The monthly…
Here’s a solid one-bedroom on a high floor in the Clinton Hill Co-ops at 325 Clinton Avenue. These apartments aren’t fancy, but they are generally priced lower than similar places in the nabe. And this one, asking $319,000, has the benefit of great views from the 13th floor. (The kitchen is hurting though.) The monthly maintenance of $720 is also decent for a 750-square-foot apartment. Good buy?
325 Clinton Avenue, #11E [Corcoran] GMAP P*Shark
Tybur6, the windfall you cite (and year!) illustrates the bubble, not housing as a sound investment over time. Historically, according to the analysis I read (in a money magazine, or the NYT Sunday business section), housing is not a great investment.
with current economy, renting is superior to buying. But let’s not apply that belief selectively only on this or another unit. This applies across the whole mkt – unless something is priced super cheap that it is same or less than renting on monthly cashflow. Let’s also not say only coop maintenance is going up. Condo fee’s and ppty taxes are going up too. NYC gov, utilities, insurance companies are not sparing any ppty type as far as jacking up rates. for water. If you own, fees are going up. I know cause I own and I don’t lie to myself as to what I’m seeing right now (ie prices are down, costs are up, economy in da dumps)
Zuleika… real estate produces a 30-70% annual return. Haven’t you seen the prices? Things like “Bought in 2006 for $450k, now listed for $1.95mm”
Yes, it is a pretty story that 11217 tells. If only it were all the story.
To quote: “Some of you REALLY underestimate the mortgage interest deduction, especially in the first few years of buying a home. This place with 20% down comes in at $2100 a month, before the deduction, and probably around $1800 with.”
But as a poster above notes, the mortgage deduction goes away if you lose your job (just when you most need it).
And as no one else has observed, the 20% down represents a sizable opportunity cost. You could take your $70K (20% down and closing costs) and invest it elsewhere in something that might actually earn you an annual return of 3 or 4% (at a minimum).
Did anyone else see the recent essay (in the NYT?) elaborating how housing historically just does not generate a return?
I like a couple of the Clinton Hill apartments that I’ve seen, but I don’t believe that an apartment, especially, is a great place to park a lot of your money unless you really don’t need to be earning anything on it. And you can get stuck in a co-op with rising maintenance costs year after year.
Obama error is more like it.
yup! this is the Obama-era baby. Soak it in!
Thanks, Sam. Obama-era renaissance. That’s funny. There’s already an “Obama-era”?
Clinton Hill used to be one of the most exclusive neighborhoods in brooklyn ie: “The Heights, The Hill and The Slope” used to be it. then it became one of the most dangerous and dicey neighborhoods in Brooklyn. It wasn’t just bad, it was BAD. Now it has come full circle and is enjoying a diverse, Obama-era renaissance. It is very expensive, maybe too expensive at the moment for what it is, but this little apartment is a bargain.
The real downside is that subway access for most of the area sucks. But keeping a car there is easy.
I don’t really know Clinton Hill. Can someone give me a relative (to other neighborhoods) idea how desirable it is?