Co-op of the Day: 32 South Oxford Street
We wish the original crown moldings were still there and the bathroom’s a little too trendy for our tastes, but otherwise this studio at 32 South Oxford Street in Fort Greene is cute. (Some folks probably won’t like the fact that it’s on the ground floor facing the street either.) Maintenance is $375 and asking…
We wish the original crown moldings were still there and the bathroom’s a little too trendy for our tastes, but otherwise this studio at 32 South Oxford Street in Fort Greene is cute. (Some folks probably won’t like the fact that it’s on the ground floor facing the street either.) Maintenance is $375 and asking price is $249,000. Realistic?
32 South Oxford Street [Brooklyn Properties] GMAP P*Shark
There are many places in Bed Stuy for half a million that dont need too much work
http://newyork.craigslist.org/brk/reb/1303385013.html
11217 — no your ATTITUDE ABOUT WHAT IS ACCEPTABLE TO PAY… The market is made up of people… people that accept or refuse to accept the $$ that is presented to them. New York seems to be full of people that just play dead and are willing to put up with the most absurd shit. $1500-2000 a month (each) to SHARE an apartment of questionable quality and size… How is that not truly fucked up to you?!
I know you are very open to the continued skyrocketing of prices because I am assuming you’re a property owner that is looking for a payoff.
But if the *market* would just wake up and start resisting… just a tiny fucking bit. Maybe, just maybe a little normalcy would return to the market. Folks won’t need to make $80k minimum (or have roommates at 45) to live in this city…
And don’t throw Seattle, Chicago, LA and such in my face. Those markets are just as fucking retarded.
Can your really buy a townhouse in Bed Stuy for half a million that in good move-in condition?
Posted by: Nomi at August 3, 2009 1:10 PM
NO, you most definitely cannot.
“Keep in mind when you are appraising this that to OWN this apartment, you will be paying around $1700 per month which includes maintenance. That doesn’t factor in the interest deduction which is at least a few grand back at tax time.”
Peak Price = 250/0.8 (market already down 20%) = 313K
After 5 years (and flat from there)…
Half Off = 313/2 = 157K
Money Paid = 50K (down) + 72K (1,200/mo w/ ded) = 122K
Money Received = 157K – 150K (loan bal) = 7K
Loss = 7K – 122K = -115K
Equivalent Rent = 115K/60 = $1,917/mo (for 400 SF?! Whew!)
“You ain’t gunna find a nice looking studio on this street to rent for much less than that.”
Yes ya are. And this assumes that maintenance stays at $375/mo which it aint.
***Bid half off peak comps***
this is 1 of the more move-in ready, great location, and relatively decent-priced studio in the mkt recently.
“I put 175 in on the widget but in retrospect I would not pay that at all”
Cause you don’t have it.
In my opinion, this apartment is located in a more prime area than most of Brooklyn Heights. The street is more beautiful, has more train options and has 3 times the variety of retail, restaurants and bars.
BO talks a lot of crap. We’ve all been blessed by his/her prose and logic.
BO said 489 16th St wouldn’t go for over a $1.0 mio.
So either the buyer was senseless or BO misjudges the market by 50%.
I guess they are not mutually exclusive.
No, I don’t find it repugnant at all.
It is what it is. NYC is expensive.
My attitude (pointing out that this apartment is getting back to a more realistic asking price and now is about the cost of renting) is the cause of inflated prices?
Ok.
I think you’re right. I think it is time for you to move. You don’t seem to understand the way our society, supply and demand, capitalism etc. work.