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
serpentor, NYTimes has a great calculator for rent vs buy:
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?_r=1#
You can use the advance settings for maintenance/deductablility/tax bracket, etc…
Why isn’t anyone responding to my excellent point? It’s been like 15 minutes! I have things to do!
Speaking of the Griffin, here is one at a lower price (but a higher maintenance) than this place, but it’s bigger and has much more closet space. Views from the 9th floor too:
– http://bk.ly/kq
For about the same amount of space as the COTD, and a similar maintenance, this place clocks in at $50k less:
– http://bk.ly/kr
Serpentor:
I think the 2005 price sounds about right. We are in the midst of a housing crash, afterall. If she gets more than 290K for this, then the bears on this board don’t have too much to screech about.
Again, the big question is, can she sell it for what she paid in ’05?
$290,000
I want someone to help me with the math here. How far under my purchase price can my sale price go before I really would have been better off renting? It is a bummer to lose money on real estate but if you figure she would have been paying $1500 for a comparable rental, lob off the maintenance, that means there’s a good $54,000 she didn’t spend on rent. Though she presumably did spend it on mortgage interest, right?
Studios in NYC almost always have a higher cost per square foot than apartments or homes of a larger size, M4L.
That’s just the way it is.
I guess I have a different outlook on this stuff…I personally think this looks like a great pad. I have a million friends who pay $1500 each to share a 2 bedroom in Manhattan…many of whom would give their right tit to live alone, but simply don’t have the downpayment.
If they did, they’d be all over this place.
purely on the interior, the south oxford unit is more enticing to me – way nicer kitchen, bathrm, and walk-in closet. Not sure the higher ceiling, fancy mirror or facing garden (with this unit) is enough to offset the Oxford unit’s interior
11217, think a very nice 2 family sold super quick on that blk. Corco listed it for $2.2M and suspect they got close to or dare I say over asking. So you’re probably right on your math above. The only point I would add is I think people looking for family size houses are usually much more deep-pocketed and more willing to paid a premium vs. most studio buyers are more on the value-buyer side of the spectrum.
But whoever said that mortgage plus maintenance should equal what you’d pay in rent? You’re building equity here; in a rental you are not.
Of course, especially in NY, there are plenty of situations where it’s smarter to rent than own.
But this is not one of those situations,nor are many that people call “stupid” on here.