Co-op of the Day: 277 Washington Avenue, #3J
Apartment 3J at 277 Washington Avenue in Clinton Hill is a nice prewar apartment and is in a good location but we’re not sure it’s really a $399,000 apartment in this market. Judging from the listing photos, it’s a pretty tight squeeze to get both a couch and a small dining table into the living…
Apartment 3J at 277 Washington Avenue in Clinton Hill is a nice prewar apartment and is in a good location but we’re not sure it’s really a $399,000 apartment in this market. Judging from the listing photos, it’s a pretty tight squeeze to get both a couch and a small dining table into the living room; in addition, the kitchen is really just a recessed kitchenette. We like the plaster moldings, high ceilings and built-ins but we’ll be surprised if this sells for more than $350,000.
277 Washington Avenue, #3J [Douglas Elliman] GMAP P*Shark
Do the math – they are asking $725/psf + a monthly maintenance of $1.07/psf/month. Those are Manhattan prices, not Clinton Hill prices. And this building doesn’t even have a full-time doorman.
I smell a co-op with a large mortgage attached to it. And considering the owners know what they paid in 2004 for it, they should know better than to go for a 50% mark-up over what they paid for it.
I mean really – prices have just gone up 10% a year for the last five years, right?
To play devil’s advocate, you need to factor in that Clinton Hill has gotten “nicer” in the last 5 years.
Not sure how much of a percentage you want to factor in for that, but it must be included since lots of Brooklyn neighborhoods were considered hellholes a couple decades ago.
The revitalization of many of these neighborhoods does involve upwardly pricing the housing stock, although I still find this price obscene.
There’s a place on Greene and Washington looking for a 500% increase in 10 years. So 50% in 5 years isn’t bad.
JPD… thanks for the insight. So, the sellers are looking for a 50% mark-up in 5 years. THAT seems appropriate!!
Jesus.
But as I’ve been corrected several times today, if they get that price, it is not a symptom of an irrational market… it’s perfectly reasonable and 50% increases over a 5-year period could very well be an expression of fiscal health.
>”Nice artwork, Nomi.” Hey, thank you.
starter apartment for someone in their 20s and 1/3 of a million dollars does.not.compute.
*Rob*
more4less, this indeed was a starter apartment for me and size-wise is perfect for that.
Thanks Heather, 11217, and Nomi.
Bessie, it’s 550 sq ft for sure! It is a very bright apartment, especially with the Pratt&Lambert bright white everywhere.
Eveyone’s waiting, Nomi.