Co-op of the Day: 360 Clinton Avenue, #5B
Here’s a very generously-sized one-bedroom at one of the nicer prewar apartment buildings in Clinton Hill. The fifth-floor co-op at 360 Clinton Avenue has a good layout and some original architectural details to recommend it; and the monthly maintenance of $809 is pretty fair for a building with a part-time doorman. Still, the asking price…
Here’s a very generously-sized one-bedroom at one of the nicer prewar apartment buildings in Clinton Hill. The fifth-floor co-op at 360 Clinton Avenue has a good layout and some original architectural details to recommend it; and the monthly maintenance of $809 is pretty fair for a building with a part-time doorman. Still, the asking price of $520,000 seems like a bit of a stretch for a one-bedroom in this part of town, even if it is large and attractive.
360 Clinton Avenue, #5B [Douglas Elliman] GMAP P*Shark
Nomi, I understand your point on the Sq ftge. It does not seem that unreasonable, but in this market the best way to Gage whether or not a property is over priced is to check out its competition, there are many properties on the market at a much lower asking price and in this economy a buyer might look to save 150-200k and lose a little space, or live a block down or over.
Ask Adam Dahill about recent experiences with appraisals!!!!!
Thanks Wasder, I definitely will. My experience the last few months though is that banks are coming in automatically having their appraisers shave off 10-20%. Ive Sold a few Clinton Hill co-ops over the last 3 months and all have appraised in the high 300s for the 2BR, and the 1BR have been appraising in the low 300s. I know each building is different and each block is as well, with that being said a 1 or 2 block difference is not worth 200k, in my opinion. For 520k you can buy a 1BR condo in Fort Greene or Clinton Hill and pay a much lower maintenance and actually own the place. The co-op inventory in Clinton Hill is huge the demand because of the maintenance issue has not been as high. I look forward to seeing what this place will sell for, for the markets sake I hope I am wrong.
Oh leave Minsky alone. Whether or not you like his style, he works hard for his clients and is really good at his job. You know what else you might see next to “schmooze” in the Yiddish dictionary? A diagram of how business gets done in the real estate world. Not saying the guy is perfect, but the amount of hate he gets from the Brownstoner peanut gallery is pretty ridiculous.
Whether or not there are 2-br’s going for high 300s/low 400s, this is a really nice apt in a really nice building half a block from the G and three blocks from the C, and pretty much immediately between all the cool stuff on the Bed Stuy side of Clinton Hill and the Clinton Hill side of Fort Greene. There’s a whole lot more than sf’age and number of bedrooms to value an apartment.
Stay away from new construction, Nomi.
When I lived in an apt of this configuration I used that den as a second bedroom for my daughter. Worked great til I had another kid.
BKREGUY75, this is not an ordinary one-bedroom. It’s far larger than most one-bedrooms and it has an extra room that is large enough to actually be used. They are asking $562 a foot. I do not think it’s 150K over priced.
It is also a really well run, nearly 100% owner occupied building in a cherry location. These things should count for something.
Yesterday I looked at new construction co-ops in Red Hook, 2 and 3 bedrooms, for around this price. Even the three-bedroom was considerably smaller than this; the kitchen was the size of a large closet with no window, the walls were made of paper, the floors were a terrible engineered wood with the yucky feel/sound under your feet, the living room/ dining room had no room for a dining table larger than an end table. No elevator; no doorman. And no subway Red Hook.
So … while I still think this is high considering that the kitchen and bathroom are probably in need of redoing, it does not seem crazy high to me.