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
Agreed, brokedeveloper. And obviously you are still paying out of pocket $3300 a month (if 10% down) so you need to have a very healthy income to support this place, but I just don’t think some people really get what market rate rents are like around this city in the prime areas. I truly don’t. As I said, if they are charging (and getting) $2400 a month for 1 bedrooms over at Avalon FG, then one would expect this place to command a little more because of the ideal location. I still think this place will sell for a number with a 4 at the beginning, though…
WHO THE HELL IN THEIR RIGHT MINDS IS GOING TO RENT A TINY ONE BEDROOM APARTMENT FOR 2750 A MONTH IN FORT GREENE? sorry for going all… ugh what was that posters name who complained about prices on everything? but that prices for a one bedroom rental just seems bananas. even for a share.
it’s gotta be geared toward a couple who BOTH have parents subsidizing their rent. that’s the only thing i can think of
*rob*
The mortgage interest is not deductible from regular income if:
1) You hit the AMT
2) You rent the apartment out
3) You don’t have a job (and therefore no income)
You have to be very careful how you value the mortgage interest in potential trade-offs.
WOW what a beautiful apartment in an AMAZING neighborhood!! i think its fairly priced for the renovations done and the prime location of it. Love it!!
I saw that too, Snark about the rent.
And if it indeed rented for $2750, that is actually probably a little MORE than it costs to own the apartment when you factor in the mortgage interest deduction.
Some people still don’t get it.
I think this place is a bit overpriced, but not by as much as BHO would like some people to believe.
It seems to me that the price on this place should start with a 3 and not a 5. But I wish the sellers good luck — it’s a cute place.
Too much money. This is July 2008 pricing. 10% down is not surprising for brooklyn coops, many places are fine with that. If worried about shareholders finance’s you can always ask for 1-2 years maintenance to be placed in escrow.
Sure much of that maintenance is property taxes.
How is $630/mo maintenance suspect? It actually seems a little high for a small unit in a small co-op with no services.
Saying it is “well on the way to $1,900/mo” makes you sound like a buffoon.
> who the hell would even rent it for 2500 a month?
Well, according to Streeteasy under the rentals tab, the info for this very unit says:
11/11/2009 – Listed by Corcoran at $2,750.
11/18/2009 – Listing is no longer available.