Co-op of the Day: 130 8th Avenue, #7C
Here’s a pretty standard but perfectly nice two-bedroom co-op at 130 8th Avenue that just hit the market. It has a nice layout and appears to be in good shape; the views also look sweet. The maintenance is a little high at $1,399 and the asking price of $865,000 seems mildly optimistic but not crazy…
Here’s a pretty standard but perfectly nice two-bedroom co-op at 130 8th Avenue that just hit the market. It has a nice layout and appears to be in good shape; the views also look sweet. The maintenance is a little high at $1,399 and the asking price of $865,000 seems mildly optimistic but not crazy talk. What do you make of it?
130 8th Avenue, #7C [Brown Harris Stevens] GMAP P*Shark
I’m with Wasder, and only wishes I were a renter already. If we sign the contract this week, we should be renters in February, and not bitter at all.
To get back to the subject at hand, I think the pricing is aspirational. It fits in a 25x 40 rectangle, so it’s about 1,000 sf, claustrophobic for a 2bed/2baths. The maintenance is medium-high, and although PS 321 is good, there are excellent schools on the UWS. To add 30 minutes to someone’s commute, they need either 20% more space or 20% less money.
I don’t know Columbiatch. Everyone has a different definition of a good neighborhood. In my book that kind of money (865) would have to be something better than a highly pedestrian 2 bedroom apt in any neighborhood. 700/725 would still be a lot to pay for a two bedroom pad but I would buy that as the prime PS levee. Certainly this pad in most other neighborhoods besides PS and BH would go for 550 or so. 150G as a prime neighborhood tax seems about right.
It’s a nice sized 2b/2b that could actually even become a 3b someday in a great location – close to park, subway, PS 321 – I think it will go over ask.
I can’t believe that anyone who wants to live in prime Park Slope or Brooklyn Heights would find this high – it’s what you expect to pay for a good neighborhood.
@11217: I nominate you for quote of the day:
“Making fun of renters is SO 2007.”
The 2/2s that were listed in 2008 were 2nd and 3rd floors, and there’s no indication they came with parking. Another parking spot sold last year for $37.5K.
So, who knows. I’m not an appraiser, either. 😉
I am a bitter renter who recently became the happy buyer of an apartment in this area of PS. 🙂
By the way, here’s a recent comp a block away that just sold a couple of months ago for $700/square foot (closing price $1.3M for a classic 6) — and that’s if you believe the broker’s square footage estimate (which I think is probably inflated by 100 to 150 square feet): http://www.streeteasy.com/nyc/sale/429643-coop-90-8th-avenue-park-slope-brooklyn
A smaller 2 BR unit in that same building (90 8th Ave) with only one bath and a more awkward floor plan than our Coop of the Day went into contract in April and closed in September for $725,000: http://www.streeteasy.com/nyc/sale/379156-coop-90-eighth-avenue-park-slope-brooklyn. It’s on the second floor. The widget currently says the Coop of the Day will get $735,000. But I’d wager it should command quite a bit more than this comp.
There’s also a studio listed for sale in this building for 259K.
Judging from the listing history on this building in Streeteasy, this price is a little high. A 2 bedroom/2 bath was listed for 749K in 2008 and another for 789K in 2008 and those look to be the highest prices asking so far for 2 bedrooms. And it looks like a parking spot sold for 25K…
http://www.streeteasy.com/nyc/building/130-8-avenue-brooklyn
“Before I get flamed — no, I’m not a broker (or a seller).”
But are you a “bitter renter”, lol?? 😉
I’d be shocked if this didn’t go close to ask. Assume 1150 square feet. The place looks like it needs little or no work (plus it has views, P.S. 321, a pretty ideal location, etc.), so I think the sellers have a very good shot of getting $700/square foot or more. That brings the price to $805,000. Assume the parking spot is worth $40K or $50K (not a crazy assumption) and you’re quite close to ask. (And the maintenance is $1.20 per square foot if you assume this place is 1150 square feet. That would be well below average for a full service building on the UWS or comparable Manhattan neighborhoods.) Before I get flamed — no, I’m not a broker (or a seller).