Co-op of the Day: 32 8th Avenue
This floor-through co-op apartment at 32 8th Avenue in Park Slope is the best deal we’ve seen in a while. The 900-square-foot one-bedroom has all of the exquisite detail one would hope to find in a Park Slope brownstone, from the beautiful wood moldings to the inlaid parquet floor. A small extension on the rear…
This floor-through co-op apartment at 32 8th Avenue in Park Slope is the best deal we’ve seen in a while. The 900-square-foot one-bedroom has all of the exquisite detail one would hope to find in a Park Slope brownstone, from the beautiful wood moldings to the inlaid parquet floor. A small extension on the rear of the building also means that they layout works much better than your standard floor-through conversion. We’re going to go out on a limb and say that we wouldn’t be surprised to see this go for more than the asking price of $599,000, which would be quite an achievement in this market!
32 8th Avenue [Corcoran] GMAP P*Shark
11217, I’m pretty bearish, which is why I left it view-neutral.
THL BTW i left out moving costs assuming renters have to move too.
Snark,
Although I guess anything is possible, do we really think that a city like NYC will have zero growth for 10 years?
In a couple years all of the inventory will be bought or rented up, since building has all but come to a halt.
If anything remotely like the predictions about more people moving to NYC come true, there is going to be a serious housing shortage in NYC in the coming decade.
E. Continuing price declines for 2-5 years. Zero growth for 5-10 years thereafter.
This place looks great. It only takes a couple of folks to start bidding against each other to get that price right around the ask. I think this will sell and sell quickly. It’s in a great location, looks awesome and is priced to sell IMHO. Would not be suprised by 600+
I don’t see the comparison to the Brooklyn Heights apartment and the Park Slope apartment at all, regardless of neighborhood.
One is in an apartment house which requires 25% down and $1283 a month maintenance.
The other is in a small brownstone co-op (literally feet from Prospect Park) which requires 10% down and $637 a month maintenance.
I feel that the buyers for each apartment do not overlap.
11217, huh. if you can do that, you only need a tiny bit of appreciation to beat renting. 2% annual price increase gets you there in a year, and turns a profit in two. but if you jump too early and swallow a 10% price decline in the first year, it takes you 10 years to break even with renting (assuming rents stay flat).
you’re right. who needs a realtor? no one deserves 35K for selling a place like that when every possible comp is all over the web.
oh silly me; I haven’t learned anything; I forgot to provide the link:
http://www.prudentialelliman.com/Listings.aspx?ListingID=1090217&rentalperiod=&SearchType=apartments&Region=NYC
man, this is a nice looking unit, great location, good size, love that parlor flr ceiling height. Even I have to put away some of my gloom and say $575k – predicting someone from Man trades in their pricey studio or small 1-bdrm for this gem.
think bath & kitchen are so so else no reason to not post pic’s unless the agent is super dumb.
Hey Joe,
So which of those most closely resembles the NYC real estate market, in your opinion? Cause I’d say D. None of the above
C. is technically I think where we’re “supposed” to be at, I believe.
But I suppose this time things might be different, but in the past the multi-year busts have been followed by a multi year boom of 150% appreciation. This has happened in each of the last 3 housing cycles.
Down 24% in the 90’s bust, up 157% in the following boom…and so on…