Co-op of the Day: 27 Prospect Park West
This co-op at 27 Prospect Park West in Park Slope is quite a pad: 2,000 square feet of beamed ceilings, wood floors and park views. But they’re definitely not giving it away: The price tag of $1,300,000 is hardly a lay-up in this market, especially given the onerous monthly maintenance of $2,799. Sure is nice…
This co-op at 27 Prospect Park West in Park Slope is quite a pad: 2,000 square feet of beamed ceilings, wood floors and park views. But they’re definitely not giving it away: The price tag of $1,300,000 is hardly a lay-up in this market, especially given the onerous monthly maintenance of $2,799. Sure is nice though.
27 Prospect Park West [Douglas Elliman] GMAP P*Shark
Funny, Sam. I was just last night describing you as opinionated but not nasty. Wrong I guess.
Now don’t go telling me you have some long history with 11217 that I don’t know anything about or some such crap!
I’d choose the “crammed units” any day
11217: that is because you are a little crammed yourself, rectally.
Where exactly on the autism spectrum have your doctors placed your disorder?
At $1.3, they’ve definitely factored in maintenance. Its a little on the high side, but not by much. I’m guessing that the kitchen/bathrooms are not in good shape, however, and it could easily run you 80k to renovate them all.
I’d say this is 25% off peak 2007 pricing. What will it sell for? $1.15 is my guess.
northsloperenter: Many people on this Board act as if there is something stupid, greedy or nefarious going on when they see high maintenance for apartments in prime area when coops like these struggle to keep maintenance in line. The inequality of real estate tax assessment for 1-3 family houses v. coops and condos is something that I hope someone will have the political balls to address one day. Maybe when thsoe new condos start coming off their abatements in 10 years there will be a chance for reform. And with houses paying their fair share, BHO may get his brownstone!
BH76 — what the heck does that mean?
If the maintenance is “too high” then it is “too high”. You don’t get an exemption just because it is taxes that cause it to be too high.
Money is money.
And for $9k/mo, most people can do better than this.
When a $1.3M house anywhere in NYC starts paying the same amount in real estate taxes as this aprtment, then we can talk about whether the maintenance is too high. You should just be grateful that they are subsidizing your homes.
Me too!
According to the calculator, the monthly carrying costs are about $9k/month with a 6.5% mortgage. Add to that a return on your downpayment — say 8%, which would get you corporate bonds that are significantly less likely to drop in value than this downpayment — that’s another 2k/mo.
So you are paying about $11k/mo to live here — and far more if prices drop between when you buy and you want to sell and you lose much of your downpayment.
Even after the tax subsidies to leveraged homeowners, that’s significantly more than comparable rentals. Also, it’s more than it would cost a developer to build a modern building that some people would view as comparable or to convert an older rental or industrial/commercial building to coops or condos.
This price is too high. So it is likely to go down. Which means that the above calculations are too optimistic; it is going to cost more.
“nomi…jealousy…every person that is priced out of this hood and rationalizes living in bed stuy – hoping everyday it becomes park slope…keep dreaming…”
Yep, I’m seething jealous that I’m not living in a hi-rise.