Co-op of the Day: 27 South Portland Avenue, #3
How much more is a parlor floor studio worth than a ground floor studio? That’s the question that leaped to mind when we contemplated this detail-rich listing at 27 South Portland Avenue, currrently listed for $325,000, on the heels of Monday’s co-op of the day at 32 South Oxford Street. In addition to the ceiling…
How much more is a parlor floor studio worth than a ground floor studio? That’s the question that leaped to mind when we contemplated this detail-rich listing at 27 South Portland Avenue, currrently listed for $325,000, on the heels of Monday’s co-op of the day at 32 South Oxford Street. In addition to the ceiling height and architectural details, today’s studio is also on the rear of the building overlooking the garden rather than the street. Is all of this worth the extra $100,000 or so?
27 South Portland Avenue, #3 [Corcoran] GMAP P*Shark
if this place sells for over its going on my wall for years
Hey m4l that house is really beautiful and we heard there was a bidding “war” for it so most likely sold over asking price….yep deep pockets appreciate the location and luxury.
Hey mopar we think you are being too hard on this place. You are correct it is overpriced but studios can be quite practical for some folks as 11217 has pointed out above. Also this is NOT an SRO in its current configuration plus the location is hands down one of the best in all of NYC in our opinion.
Slum ?? You are clearly exaggerating or maybe you’ve never been to the area. Have you been to a slum my dear?
As expensive as this is we are pretty confident it will sell quickly maybe for around $300k…South Portland Ave is just that special!
Rob, no. The standard valuation is approx 5 x the yearly rent. Another way to value it is the monthly cost should not be too much more than the monthly rent.
Also, you asked about foreclosures in another thread: Think of it as repossessing your car. You take out a loan (mortgage) secured by the house/car. They repossess it when you don’t pay. You do technically still owe them if the sale comes up short, but I don’t think they can collect it. Coops and condos can be foreclosed. In the case of coops, the coop gets first dibs on unpaid maintenance, and they can also reject the buyers as in any other coop sale.
who the hell would pay 1300 to live in that thing? More like 1000
no way 100k. arent apts value when buying supposed to be 12 months worth of what youd pay in rent? that little studio should be 1300 a month in rent x 12 months = that studio should be 14,600.
*rob*
I think its worth 100,000 but the widget does not allow
Here’s that lovely $2.2M house sold on that blk fairly recently:
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1556856
Now, that parlor is real estate porn quality and can see why it sold so so quick
sorry i missed out on all the fun today on this thread. The thing most of you dont get is that a studio is always a bad thing to buy. They are very hard to move in a down market. Anybody catch that IYR trade?