Co-op of the Day: 70 Remsen Street, #3J
This 400-square-foot studio at 70 Remsen Street looks like a solid deal at the asking price of $249,000. The main room is a simple, classic prewar space and the kitchen, while we don’t love some of the design decisions, has recently been redone and looks perfectly nice. The current asking price comes out to about…
This 400-square-foot studio at 70 Remsen Street looks like a solid deal at the asking price of $249,000. The main room is a simple, classic prewar space and the kitchen, while we don’t love some of the design decisions, has recently been redone and looks perfectly nice. The current asking price comes out to about $620 a foot, a reasonable level for a prewar apartment in Brooklyn Heights. Thoughts?
70 Remsen Street, #3J [CBHKG] GMAP P*Shark
Shillstoner:
So if renting is the same price as renting, why would someone rent, if they had the option to buy and could do so?
Even if you are able to sell in 10 years for the same price you paid with no appreciation whatsoever, you are still WAY ahead of the costs of renting.
I don’t understand your logic. Especially given the fact that the tax benefits to owning far outweigh those of renting. It only doesn’t make sense to buy when rental costs are significantly less, and in this case they are equal.
Keep in mind also, that the place you mention is probably literally on top of the BQE.
Where do they mention the maintenance in the listing other than to say it includes all utilities? I looked really carefully and either I’m going blind or they don’t state the amount per month (which I guess is in and of itself an indication that it’s high).
“even with the crazy maintenance it would cost less then 2k a month (if my mortgage calculations are accurate) to own this – not much more, if at all to rent a studio in BH.”
$1,900 gets you a 588 square foot studio at One Brooklyn Bridge Park–no maintainance and a “private storage unit” on the same floor. I’d rent.
http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1407833
Hey DH:
There are actually quite a few studios for sale in BH under 250K…more than most of the other Brownstone Brooklyn neighborhoods for some reason…there’s even one listed here for 199K and 388 maintenance.
http://www.corcoran.com/property/search.aspx?Region=NYC&RentSale=SU
DH:
From my experience shopping around, the average BH maintenance is about $1, psf or so, perhaps a bit more for a full service building. When you figure that 400 sf is probably rounded up, I think this is probably close to $2 psf. I would rather pay a bit more for the apartment itself to have a lower maintenance, but that’s just me.
To give you an idea, my apartment is roughly this size and my maintenance is less than $275 a month. Granted it’s in a brownstone and not a full service building, but still. That’s a hefty difference in per month costs…
even with the crazy maintenance it would cost less then 2k a month (if my mortgage calculations are accurate) to own this – not much more, if at all to rent a studio in BH.
i misread – thought maint was 620
11217 – what is the maint like in other buildings for studios in BH?
It seems the price takes this into account, as you don’t see very many 250k studios floating around (or maybe you do, and i havent’ been looking hard enough)
It sounds like a good deal until you realize that the maintenance is $740 a month.
For A 400 sf studio, that is OUTRAGEOUS!
This building is notorious for high maintenance and I immediately crossed it off my list when I was looking for this very reason.
Nice – my instincts are to check this out. kitchen is a little tiny though (even for a studio)