Co-op of the Day: 328 Clinton Avenue, #3
This two-bedroom, two-bathroom duplex co-op at 328 Clinton Avenue in Clinton Hill has a very nice vibe to it—lots of original detail and the kind of spacious vibe you’d expect from a Victorian brownstone. (We’re guessing the square footage comes in at around 1,300.) It’s currently set up for family living right now but we’re…
This two-bedroom, two-bathroom duplex co-op at 328 Clinton Avenue in Clinton Hill has a very nice vibe to it—lots of original detail and the kind of spacious vibe you’d expect from a Victorian brownstone. (We’re guessing the square footage comes in at around 1,300.) It’s currently set up for family living right now but we’re thinking this would make a pretty sweet pad for a childless household if you could just open up that lower level into one giant living/dining space. The maintenance is a reasonable $855 per month and the asking price is $860,000. Think that’s achievable in this market?
328 Clinton Avenue, #3 [Brown Harris Stevens] GMAP P*Shark
Wasder – GM/Chrysler bankruptcy was no less dramatic. It’s consistent with my tagline. Peak comps for the ‘Hill were roughly $1.5M, fixer-up or not. Halve it and there you go, less than $0.860M.
***Bid half off peak comps***
I didn’t create the apartment – I just bought it. It actually is two-thirds a parlor floor and half the floor above, a reconfiguration of what had previously been two floor-throughs. There is a complementary apartment in the front of the building. It (as a one bedroom) is incredibly gracious and spacious. The spiral stair was a bit of a challenge when I’d arrive twisted from the city at 4 in the morning. But fortunately I frequently had help up the stairs (ah those were days!).
Given that none of the houses on my block are moving and they are priced at 800k and 900k, I think it is a very reasonable statement. Given that I have shared that this very apartment sold for ONE-TENTH the asking price 10 years ago, and sold for 40% seven years ago, doesn’t that suggest that realistic prices are much, much more lower. (Sorry Wasder and Amy C. says hi…)
Guys – $2,500 is gonna get you a duplex. Rents are still falling and they can’t get up. If you sign for a single floor-through in that amount, pick a bridge (it’s yours for another $2,500).
Where are you looking, more4less? Craigslist (you can’t even locate those puppies)? Check the Times (the listings smart enough to locate themselves). Rentals are sitting and sitting and sitting…
***Bid half off peak comp***
File under D for “Delusional.”
Thr first number in the price should be a 5.
Ugh. No offense to Putnamdenizen, but taking half a floor and putting it on top of another half floor and calling it an apt….ugh. I can’t stand these chopped up places. And the high prices.
“Nevertheless, whole Clinton Hill brownstone move-ins will go for less than this by the time prices stop falling.”
Wow–just saw this. Do you really think that whole houses are going to go for less than this pad before we see the bottom? That is a bold prediction–I won’t say it can’t happen cause obviously it could but that would be a pretty dramatic turn of events.
“Not new leases. Nuh uh!”
Said with such confidence BHO. How do you know? Clearly the rental market is softening but I would imagine that 2500 is still a reasonable starting estimation of two bedroom rentals in that area of Clinton Hill.
BHO, I beg to differ. I live in the area and has been monitoring the listings (cause I want to sell then rent) and that’s what I’m seeing. if you see better deals, don’t withhold the info.