Co-op of the Day: 100 Remsen Street, #8K
This one-bedroom at 100 Remsen Street in Brooklyn Heights has just changed broker directions. After buying the 750-square-foot apartment in May of 2007 for $430,000, the current owner put the place on the market in April for $525,000 for a month before yanking the listing; two weeks later, it popped back up with Corcoran asking…
This one-bedroom at 100 Remsen Street in Brooklyn Heights has just changed broker directions. After buying the 750-square-foot apartment in May of 2007 for $430,000, the current owner put the place on the market in April for $525,000 for a month before yanking the listing; two weeks later, it popped back up with Corcoran asking $499,000. This place isn’t for someone whose obsessed with things like plaster crown moldings and six-panel doors, but it’s a fairly-sized unit in good shape with nice windows. What do you think this ends up going for?
100 Remsen Street, #8K [Corcoran] GMAP P*Shark
cwbuelcher,
the mortgage deduction can most definitely impact monthly payments. You just have to calculate it into your federal allowances on your W-4 so that you get a certain amount more per month and break even on your taxes at the end of the year. No big rebate, but more money month-to-month.
Went with my friend to one-bedroom open houses on the UWS yesterday. We saw some comparable one-bedrooms for about this. No way anything in brooklyn should be priced in line with the UWS. You can do much better rentwise – which is smart if you are looking at one-bedrooms (most people who can afford this are at a point in their life that they will need to upgrade within a few years, in which case buying is not the bext idea)
Oh yes, as to mortgage deduction – unless you are living paycheck to paycheck (in which case you shouldnt be spending this much in this market), you most certainly should count the deduction in your overall monthly payment. Anyone spending this much should have at least a year (preferably two-years) worth of mortgage and maintenace socked away after purchase – in which case you are looking at your annual payments, amortized over a year. Mortgage deduction included. Smart financial planning looks at the entire year for all payments and credits ((insurance, repairs etc etc) even if those payments or credits are realized at the end of the year.
bessie2:
I’m sure thats part of the problem here…I looked at a place in here maybe 2 or 3 years ago and the maint was much, much more reasonable. I’m surprised people on this blog dont recognize ground lease issues very often…maybe it isnt as much of a problem in BKLYN as opposed to Manhattan. My parents owned a co-op on the Upper East Side for 25 years and sold just before the ground lease on the building expired and maintenence seriously went up well over 150% in many cases. People who didnt get out have lost upwards of 30-40% of the value in their apartments. Its a big issue that people should watch out for!!!
Isn’t this the building with the ground lease? I think I saw apartments here in 2002 or so and the ground lease was due to expire.
“If you can’t make the monthly payment, it doesn’t matter how much you’re getting back at the end of the year.”
Definitely agree on that point!
Keeping the mortgage deduction in mind is absolutely valuable. Applying it to your monthly cost is not.
That was the point I was trying to make. You don’t GET that deduction monthly, so you shouldn’t apply it monthly. Let’s say you save $4800 in mortgage deduction per year (totally arbitrary number). That does NOT mean you’re saving $400/month.
Basically, the mortgage deduction should not factor in when determining if you can afford a house or not. If you can’t make the monthly payment, it doesn’t matter how much you’re getting back at the end of the year.
The tax deduction is “overblown”? That’s like saying math is overrated. Whether or not it comes out of your total tax liabilty, it’s still money you don’t get if you’re renting, and it’s easy to calculate how much it will benefit you. Why would you not factor it into the cost of owning?
I’ve been in the K line in 100 Remsen. Good use of space; don’t think it’s quite 750 sf, though…more like 700 or a bit under. It’s a very well maintained building, but yes, the maint. is too high for this ask. No, not a lot of charm, but if you like original casement windows, these actually work and keep out most of the drafts…
I don’t know why so many people base their current value of an apt on what the owner paid. What if he got a great deal? What if he got a lousy deal? What if he dumped $75K in reno’s? I think the original price is a non-factor when determining current price.
That said, that crazy maintenance will make this tough to sell.