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
I think they were trying to rent out this unit, or a similar unit on this floor. Saw it and found the building pretty charmless and wouldn’t want to be paying more than $2800 all in, wherever that puts the price after almost $1200/month maintenance.
Nice layout, great light, but the maintenance, as others have said, is a dealbreaker.
Think the place looks pleasant. Good sized rooms (lol at the converted closet ‘home office tho’). It’s on a beautiful block.
High maintenance probably because of high RE taxes – very common and very big problem with a lot of BH co-op buildings.
Deductibility % of maintenance is not given in the listing, so can’t assume anything about underlying building mortgage.
No idea of fair value on this one, but I know that two bedroom apts in BH seem to be selling – I saw several in late Feb and almost all in contract now.
actually, now that I consider it further, they would be lucky to get $400K–there is no way it should presently get May 2007 prices
You’d better be pretty damn creative to afford $3,600 a month. And to have a $100k (plus) in your pocket means you’ve been extremely creative for a while… or your daddy is.
This coop make it clear why the creative professional are flocking to Brooklyn. Oh, and the co-op board doesn’t just dig your oboe playing, they want you to join the house band!
Maintenance is insane. It should be around $750/month at most, and even that’d be pretty crazy. There’s no way, if you take utils out, that they would add up to $~500/month. I have a bigger place with multiple computers running full-time and don’t spend anywhere NEAR that much on electricity/gas/etc.
This person bought at the absolute peak of the bubble. They should be happy if they manage to get the $430k they spent.
How much would the maintenance typically run if it didn’t include all utilities?
perfect for a creative professional with an extra $1200/month to pay the very high maintenance! Take 10% off and it moves at $440K
This is a perfect place for a creative professional.