Co-op of the Day: 80 Poplar Street, #1R
This two-bedroom at 80 Poplar Street in Brooklyn Heights hit the market in April 2008 with a price tag of $775,000. Like yesterday’s Co-op of the Day, however, the owner doesn’t seem to be particularly motivated (in real estate parlance) judging from the fact that the asking price has been trimmed by only a paltry…
This two-bedroom at 80 Poplar Street in Brooklyn Heights hit the market in April 2008 with a price tag of $775,000. Like yesterday’s Co-op of the Day, however, the owner doesn’t seem to be particularly motivated (in real estate parlance) judging from the fact that the asking price has been trimmed by only a paltry $15,000 to $760,000. The backyard space definitely gives this place a little extra sex appeal and the beamed ceiling in the kitchen is also quite charming; the 1,100-square-foot apartment’s monthly maintenance, however, is a rather unsexy $1,430. Reactions?
80 Poplar Street, #1R [Douglas Elliman] GMAP P*Shark
$1,430 maintenance is dealbreaker.
There’s a psychological difference and something of a practical difference between maintenance fees for a coop, and maintenance costs for a house. The amount and increases in the former are out of your control. With the latter, one feels, and to some extent is, in more control with some aspects maintenance. The roof is going, but save an urgent situation, you get to decide which year you’re going to sink the 40K into it. The yard is not “landscaped,” but that’s your choice, etc. I understand the bias.
sam — money is money. Expensive maintenance destroys the value of the property.
Whether or not this is “fair” is irrelevant.
If the properties in Brooklyn Heights are subjected to higher taxes than new construction then the selling prices should be cheaper to compensate for this. Likewise if they are expensive to heat.
When maintenance is 40% or more of what a comparable rental would cost, why the heck would you buy in that building?
At least you have privacy. I too think the maint. is high, but unless I’m wrong, this is essentially an entire carriage house. So the price looks good, and if you can square that with the maint., I guess it’s priced ok. Of course, it hasn’t sold, so obviously not…
save your breath, to many the term maintenance translates to “taking my money for no reason”. They don’t have to pay maintenance in a house, of course they have to pay real estate taxes, and water and sewer bills, and insurance, and bills to maintain the boiler and the windows and the garden and to fix leaks, but those costs are not “maintenance” they are legitimate bills you pay for maintaining your property in good shape.
Some people don’t get it.
Once again, maintenance includes real estate taxes. Coops get killed — particularly in BH. Subsidize single-family and all those new condos with abatements. RE taxes could be 60% of the maintenance…
“Brooklyn Heights, everyone is asleep by 9pm.”
Pets are allowed but no card playing or alcohol!
“Is it just me or does this kind of maintenance make no sense? Its almost a whole other mortgage payment, and must be a huge deterrant to folks who might otherwise be looking in that price range.”
It makes no sense at all and is a massive deterrent.
You know when you take out a mortgage what your monthly payments will be, but how do you know what your maintenance charges will be 5 or 10 years from now?
Over the course of a 30 year mortgage you would pay $514,800 in maintenance assuming it NEVER goes up. But, of course, it will go up.
What if it goes up 2% a year? What do you pay after 30 years… $696,148 ($2,539/mo in year 30).
And if it goes up 4% a year? That will cost $962,417 over 30 years ($4,456/mo in year 30).
So, yeah. Maintenance is a huge deterrent. It is a massive uncontrollable cost.
And did you ever notice how those “monthly expense calculators” never seem to consider the possibility that maintenance will increase?
Thanks ITM. Wait, this unit is NOT in the house shown in the photo?? Walk down an alley to get home? Is that safe? But then again, it is Brooklyn Heights, everyone is asleep by 9pm.