Co-op of the Day: 101 Lafayette Avenue, #6A
Here’s a nice-looking one-bedroom at 101 Lafayette Avenue in Fort Greene. A similar, though less nicely finished, apartment down the hall was listed for $580,000 last fall. This one’s just hit the market asking $550,000 and carrying monthly maintenance charges of $897. Think it’ll fly? Anyone know if the apartment down the hall ever sold?…
Here’s a nice-looking one-bedroom at 101 Lafayette Avenue in Fort Greene. A similar, though less nicely finished, apartment down the hall was listed for $580,000 last fall. This one’s just hit the market asking $550,000 and carrying monthly maintenance charges of $897. Think it’ll fly? Anyone know if the apartment down the hall ever sold?
101 Lafayette Avenue, #6A [Brown Harris Stevens] GMAP P*Shark
It’s not more expensive than the Heights. I think the problem here is that the broker is doing a half-assed job of presenting it.
(By the way, overheard a broker complaining about having to take pictures and market a mere rental… God forbid these people actually work for a living.)
In this building, at least at the 6th floor and below, the monthly maintenance is less than $1psf. So while it’s not listed, I suspect this is a ~900sf apartment. It looks onto the street and is just higher than the surrounding houses, so the south and east exposures will let light in. And the building is in prime location, right between Fulton and Dekalb, near the park and all trains. Basically, this isn’t a 1br for a value buyer. A value buyer could get a 2br for this price (squeezed into the same square footage). This is for someone who wants a lot of space but doesn’t need two bedrooms.
That said, before you all think I’m some kind of shill, it’s still way overpriced. It if was in perfect condition with a great renovation, I’d say $450-500k. As I suspect it is now, it’s probably really worth $425-450k.
Snark: Thanks for the good word.
McKenzie: 1. Take your left hand and place it on the right side of your throat. 2. Take your right hand and place it on the left side of your throat 3. Squeeze. 4. If you wake up, repeat.
Sincerely,
The Patient Jackal
Doesn’t this seem even more expensive than a similar apartment would fetch in Brooklyn Heights? I agree it does seem inherently ridiculous to spend this much on a one bedroom, no matter how nice or well located. Of course that never stopped anyone in Manhattan. Find what the last comparable apt in the building sold for and subtract 10 or 15 percent.
> “you should keep an eye on the market”
Oh I am, I am. A very close eye.
And what do I spy with my little eye?
Nothing but downward pointing arrows.
I guess you caught one yourself recently?
Jackals talk? I thought they just laughed.
Once you get past your disney phase of taking advise from woodland cratures, you should keep an eye on the market and realize that for the loser, it is never a good time to buy.
In life, there are also renters who will become owners when they find the right place with a cost to own that is not completely out of whack with the cost to rent.
They sit patiently on the sidelines, saving up cash and watching the air go out of the current real estate bubble.
Their patience – as a wise jackal once said – will be rewarded.
in life, there are the owners and there are the renters. those who believe that the cost and the hassle of buying something are ridiculous and not worth it are the renters.
$900 CC?!?!? At that price the apartment is not worth half the asking price.
I live one block away and rent for $950. I’d love to buy in my neighborhood, but what fool would invest that much money into a mortgage and THEN throw away $900 every month. And while mckenzie has a point regarding the tax deduction, the deductability amounts vary from building to building, and if they’re not telling you its 100% deductable, don’t anticipate good news.
McKenzie – a brownstone with two neighbors is just fine — it’s not a privacy issue, it’s more of a “I don’t like the idea that I’m bothering people” issue. The more neighbors you have, the more likely someone is going to be annoyed by your presence. Especially if you’re rarely in bed before 1 AM, like me.
As far as noise goes … when I lived on 90th street in Manhattan that was plenty quiet enough. 7th and Union is a crazy busy corner on two bus routes, next to a fire station … it’s a bit of an extreme.
There are plenty of acceptable dwellings in Brooklyn for me. This one, at this price, just isn’t one of them.