Co-op of the Day: 7 South Portland Avenue, #3A
Last year, Apartment 5A at 7 South Portland Avenue in Fort Greene hit the market asking $425,000 and ultimately sold for $415,000. That unit however wasn’t nearly as nice as this new listing for Apartment 3A. The half-floor, one-bedroom co-op has a light, airy feel and has recently undergone a tasteful renovation that maintained historic…
Last year, Apartment 5A at 7 South Portland Avenue in Fort Greene hit the market asking $425,000 and ultimately sold for $415,000. That unit however wasn’t nearly as nice as this new listing for Apartment 3A. The half-floor, one-bedroom co-op has a light, airy feel and has recently undergone a tasteful renovation that maintained historic detail while lightening the space up. This one’s asking $550,000. What do you think it’ll go for?
7 South Portland Avenue, #3A [Corcoran] GMAP P*Shark
This is insanely expensive. You could rent a 1br with a garden, on the park, for $2,400. Why would anyone plop down $100,000 for the privilege to pay more (even after tax deductions) for a 1br without a garden? It seems completely unreasonable.
I’m not an accountant either (ha), but the rent vs own question — purely the financial part — is a lot more complex than comparing what you’d pay in rent for the same space. Because you can rent the same place for less doesn’t not mean that that renting is automatically more financially advantageous. I don’t know by how much and it would vary obviously with individual tax situations, etc., BUT your rent would have to be more than a few dollars lower than your expenses to own for it to be truly a better deal, low enough to put away — invest — enough to overcome the amount you are “throwing away” in rent. Right? Of course there are unknowable factors here — how much will the owned property appreciate; how much will rent go up — but there are formulas that account for this in whatever ways that are beyond my knowledge. Just saying you cannot merely say that you could rent this place for less than the mortgage, etc. That makes no sense.
Anyway, at this asking, the price per foot is close to $800. I don’t know what the best areas of Fort Green can get, but this seems a little high to me. Looks like a really nice place for its size, tho. Too bad the exposures are darker ones with all those lovely window, tho.
I think we can all agree that this is a “nice” apartment.
However, even if you factor in the annual tax deductions (mortgage, property tax, etc) its still over $2,500/month which is more then you could rent it for. I looked at a rental on South Elliott this summer; parlor floor, private outdoor patio, two working fireplaces and it was $2,400 in rent.
I just don’t see any conceivable way in which you could consider this a good deal. Fort Greene park is nice, but its not that nice.
Arches, the mortgage deduction under AMT is being phased out. That’s how I read it, anyway. I am, admittedly, no accountant.
this place is awesome and the block couldnt be better. its close to the park, with nice updates, original details and decent monthlies. i think that when this place sells (which will be sooner than later) the widget will be off by more than 10% yet again.
>>The mortgage interest is not deductible from regular income if:
>>1) You hit the AMT
Not true – mortgage interest is deductible under AMT. You might lose a _portion_ of your real estate tax deduction, but this is much smaller than the potential tax savings on interest.
agreed with DeLepp, with a fireplace, and a deck, this place might, might, be worth $550,000 -that’s a lot of money in this economy for a view of Fort Greene Park.
$2750 rent for this is absurd. I know of larger pre-war doorman building apartments on the UWS (a more expensive ‘hood) for less. And I know of a one bedroom around the corner in a similar Brownstone that recently rented for $2150 (which I thought was high).
At $550 this place should have a working fireplace and outdoor space. Granted Fort Greene park is right across the street but this place is too small for the price.