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
Primetime location and a lot more space than one would think. The large hallway entrance naturally curves into a spacious living room set just off the dining area. Plenty of light pours through the many windows that offer views of the park! A cute but and efficient kitchen allows for plenty of home cooked meals. This lovely apartment finishes off well a large bedroom that also offers plenty of natural like. Located on the 3rd floor this beautifully renovated apartment is perfect for couples! (and pet friendlyïŠ)
this is an absolutely lovely apartment, and having bought right in this location myself i can attest to how wonderful it is to live in the heart of fort greene. but i agree that it is over-priced. a couple of weeks ago i saw this as a FSBO on the NYT website for i think around $569k. the seller obviously didn’t get any offers at that price point and turned to corc. Very interested to see what it moves for.
Not a bad pad if you can get it for Four Fiddy and plan to stay a while. Five Fiddy just seems like too much. Definitely not an apartment for a pack rat.
Rent, joeingowanus. Price/(10 x 12). 10 x annual rent is a NYC historic market fundamental that this collapse will crash down to.
http://www.gmaloneco.com/oct5nyt.htm
Yeah, 11217. That $630/mo maintenance (and only 10% min. down for a co-op) is kinda suspect. Way out of whack with the ask. As taxes and utilities spike, it’ll be well on the way to $1,900/mo.
***Bid half off peak comps***
From the pictures, this apartment looks great. I especiallly love the neighborhood!!
WRT “RE pumpers” I was referring to mainstream media.
C. To monthly mortgage/maintenance, add the quantity of hypothetical net loss (or subtract hypothetical net gain), divided by hypothetical months of ownership. That’s the true rent versus buy analysis, not just the short-sighted monthly nut. You have to put money down and get it back at resale to use just that monthly nut. A longshot during this housing collapse and greater depression.
That being said, I realize that either this brownstone is bigger than your typical 20×40 or it’s not really half a floor. So rather than a retarded price, it’s just a run-of-the-mill stupid price (overweight by factor of two).
***Bid half off peak comps***
Great apartment, great price. Comps from last year are irrelevant – the market is up and in much better shape now. And this is a fantastic renovation in a prime building located in a great neighborhood. It should go for at least 550K.
“important question to ask: what is the 2010 maintance?”
If you ask, BHO, I guess it’s around $1900 a month.
🙂
looks real nice to me. price seems about right.