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
Friends renovated a (just renovated) kitchen in the apt. they just bought in Brooklyn a few months ago. They DID use Ikea cabinets, but also got Ceasarstone counter tops, higher end appliances, a small section of handmade tile for the backsplash, took down a section of a wall to open the room to the living room, and did have to use a licensed contractor. They left the floor alone. It was $40,000.
11217 – you’re only presenting one side of the story on interest deduction. When your are gainfully employed or have other income, the place could be effectively $1800. If you somehow get laid off, guess what – its $2100! Not insignificant if in the same scenario your rent would be $1500 or $1600. Not to mention rents are falling too.
TD – was yours an “appraisal” for a home equity loan? if so, guess what, they can yank those amounts down right after you blink. Many heloc lenders still appraising at comp asking prices (what sells at ask these days?)
Guess there’s a lot of people defending their purchases in this building, and that’s cool. After all, its the low end of the market and less savvy buyers that prop up this end of the market based on interest rates, which look fine for now.
This place is grim to me, though. $220.
Agree that the maintenance is high, but still a relatively good value.
I renovated a similar apartment — you could renovate the kitchen and bath here for 25-35k. Maybe less if you DIY/go more of the Ikea route.
> “I don’t really see it as a major expense.”
Well, not if you are going to go the cheapest possible route as you outlined. But if you are going to replace the cabinets, with real cabinets actually attached to the wall, a good counter surface, and new appliances, it will add up quickly.
And in a co-op like this, I imagine they require that you use a licensed contractor for your work.
> And bath? As long as there aren’t leaking issues, what do
> you really need to do?
Depends. How ugly is the tile? Does the tub need reglazing?
Okay, I admit I’ve never renovated a kitchen or bath, but going from the prices of appliances, even fairly nice ones, I don’t really see it as a major expense. I think people have bought into the hype that you need things like cabinet lighting, a 6-burner stove, etc for too long. Kitchen seems especially easy, especially blank space like this one. Free-standing ikea units and done. Hell, you could put up wall shelves, leave that stove alone (it does work after all and it has a hood, which is more than I can say for my luxury rental’s) and be fine.
And bath? As long as there aren’t leaking issues, what do you really need to do?
1st time buyers need to wait cause there’s no reason not to wait. Prices have dropped from peak but price are NOT cheap. Just cheaper. If someone is able to sell another ppty and roll proceeds into buying another ppty, it’s an easier (albeit one can debate if that’s a wise move) decision to make.
Mopar, that rental of yours will soon make you make an impulsive decision to move. It can’t be that bad right?
Isn’t there some kind of $8,000 first time buyer tax incentive a la the Obama plan these days??
Does that apply in NYC?
The E units look across Layfayette Avenue into the courtyard on the South Campus. They don’t have the same expansive views of the units across the hallway. Within the building they have are across from the Elevator shaft and next to the fire stairs. They are tend to be the slowest units to sell.
If it’s really a fantastic deal and really underpriced, it might get ask, but otherwise I think it will sit there because first-time buyers (the buyers of one bedroom coops) don’t have money to re-do kitchens and baths.
The two windows in the LR/DR that don’t match are a real problem for me. In fact, I have the same problem now in my rental and it drives me insane.