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
Rodolfo will get ask for it. I’ve never worked with, nor do I know him, but he has an excellent track record. I’d be interested to what happens 3-6 months from now.
> On that first one you highlighted in the Griffin, even with
> the lower asking price, the maintenance makes the place
> more expensive than this one at $1933 per month.
True enough, but given that it appears to be significantly larger, doesn’t that make sense?
Rent vs. Own.
I also this is totally F-ing retarded what people pay to *rent* a tiny little box. So, yeah, BOTH sides of the equation need to go down. But guess what, totally foolish purchase prices drive totally foolish rental prices.
It’s all just ridiculous.
Rob,
Don’t you basically live in one room? And how much do you pay to rent it per month?
If I remember correctly, this is barely a couple hundred more a month to own than you pay to rent something and share with someone else. And you’re in your 30’s, correct?
This might not be for you, but some people do enjoy having their own private space.
“The only reason to buy a studio is if it’s all you can afford and you hope to sell it on the upswing, so you can use the equity to buy a bigger place.”
Yes, that’s a big one. And lots of people do it.
Another reason is that once you hit the age of 30, a lot of people don’t want to have roommates and living in a 1 bedroom rental is prohibitively expensive in this city in the good areas. (average 1 bedroom rental in Manhattan is currently $3100 per month). And buying a 1 bedroom is usually 400K or higher in any prime area.
So yes, a studio is a great stepping stone for many people, and it turns out that many people find that they enjoy living in small spaces and live in said studios for much longer than they ever thought.
I know people who have lived in NYC for 30 years and still live in a studio. It’s really not all that uncommon.
Living in a 3000sf brownstone is uncommon, but some people here seem to have lost touch with reality just a wee bit.
Only in the U.S. is the notion of a small, functional apartments considered ghastly to so many people.
or a suckers residence occupancy
*rob*
it IS an SRO. a STUPIDhead Residence Occupancy
*rob*
This reminds me of living in an SRO. This is terrible.
Sorry, Nomi, I was reading some other post!
I am not one of those people who believe rents always have to equal price or whatever, like BHO or Brickoven. BUT the idea of paying more than rent to live in one room just offends me. I guess it’s more palatable if you’d consider living in one room in the first place.
But as far as building equity goes: You don’t need to build equity to live in one room. You can rent all your life, then become a ward of the state and live in one room in senior housing paid for by the government. I don’t see the difference.
The only reason to buy a studio is if it’s all you can afford and you hope to sell it on the upswing, so you can use the equity to buy a bigger place.
Frankly, at this price, you could have your pick of decent apartments in good areas.