Co-op of the Day: 449 9th Street, #2F
This one-bedroom co-op at 449 9th Street is very cute. Great brownstone-y moldings and parquet floors plus good natural light. The major negative is the size of the bedroom, which appears to be just a standard single-windowed side room. Still, for one person, this could end up working quite nicely. Do you think they’ll end…
This one-bedroom co-op at 449 9th Street is very cute. Great brownstone-y moldings and parquet floors plus good natural light. The major negative is the size of the bedroom, which appears to be just a standard single-windowed side room. Still, for one person, this could end up working quite nicely. Do you think they’ll end up getting close to the asking price of $389,000?
449 9th Street, #2F [Warren Lewis] GMAP P*Shark
Honestly… I think I’ve figured out why I feel so ‘resistant’ about this apartment. It’s tiny and when i think of BUYING a property, I’m not thinking about a space that’s only 3 times bigger than my office at work.
Not to mention, the idea of ponying up an $80,000 downpayment for this tiny space just makes it worse. That’s a lot of money — like $26,000 per window.
I get the “trading up” process, but to start here? Really?
I guess I’ll never wrap my head around the idea that a very healthy salary and a huge savings account gets you nothing substantial in “prime” Brooklyn (and no, these two rooms does not make for a substantial property in my book). Just a little sad.
“This apt is for a single, first-time buyer who’s sick of sinking more money into rentals when – for a couple hundred more/month – ownership is possible.”
See me @ 3:50 and revise my math, Bklynight.
***Bid half off peak comps***
11217, I’m seeing a bunch of upper west and upper east Man 2-3 bdrm listings that are cheaper than BK prime
Of course today’s comps are reality, 11217. You have to have SOMETHING to crash FROM. But historic fundamentals will eventually show how euphoric it is that these comps would stay this way.
So far, I’ve been right on the money. DOW/SP touching down to 8000/800, rents falling, Forte bankrupted and reincarnated, etc etc. Of course I’m crazy! Sense aint common.
“I don’t know why you think anyone here should listen to you”
Yes you do – it’s because I have a point. And it’s your worst nightmare.
“The rest have gotten smart and ignore him.”
Or, they’ve gotten smart and are starting to “listen”. I’m over the top sometimes but most of what I write has not been strongly refuted except that it hasn’t happened YET. Can’t seem to keep that key word away from your statements.
***Bid half off peak comps***
> Park Slope is NOT a starter neighborhood unless you are
> willing to compromise (greatly) on size.
A perfect summation.
Mopar has it right.
Park Slope is NOT a starter neighborhood unless you are willing to compromise (greatly) on size.
They just recently did a report somwhere which said that Park Slope is more expensive than Murray Hill, LES and Hell’s Kitchen.
It ain’t cheap, people.
Are we really having this discussion? This is a starter apartment, but Park Slope is not a starter neighborhood.
Try Jackson Heights, the aforementioned Ditmas Park, etc.
In Jackson Heights, you can get a perfectly lovely 1,100 sf two/three bedroom prewar in a walkup in the historic district for $350,000. Or a similar flex one/two bedroom in one of the same buildings for $180,000. Or a 1,100-square-foot one bedroom in an elevator building with a shared garden for $270,000.
Even cheaper in the Bronx.
This place is great – ideal location, doesn’t require any reno (just maybe some paint, though I do like the red) and it has a good layout (no walking through kitchen to get to the bedroom).
This apt is for a single, first-time buyer who’s sick of sinking more money into rentals when – for a couple hundred more/month – ownership is possible.
Yes, the kitchen is small, but it’s great for someone who doesn’t make large meals at home and orders in/eats out from all that awesome restaurants that Park Slope has.
Yes, the bedroom is small, but why do you need a huge bedroom when you have a great living room and dining room? You’d invite guests (plural – singular guests will be ok w/the small BR) over to hang out in the living/dining area not hang out in the little BR.
Yes, you can get cheaper and bigger in other areas in B’klyn, but, generally, people who prefer to live in those areas are a little more settled in life than those interested in this pad. They’re an established couple, a little older, don’t mind being away from the pulse of the borough, etc. Around this area is what I want to live – 9th St. is actually close to my cut-off on the south…
Albeit, someone like me is currently only dreaming about the day when I can actually weigh the pros and cons of buying this place…
If I had the 20% down, I’d visit this place tomorrow and prob make an offer; I like it and the demographic this co-op will sell to will also drool over this place. If anyone wants to be my sugar daddy/momma, or y’all would like to pool $ and put the 20% down for me to serve as a ginuea pig, I’d be happy to show the general audience that a single person (and hopefully one day couple) earning $75k+ would fare quite well in this “starter home” for 5+ years.
I’d even blog AND TWEET about it!!!
“If prices fell another 40%, I think we’d see half the world try to get in on some NYC real estate action.”
You got it backwards, buddy. Through Ponzi credit, half or more of the world did get in. -20% down into the Ponzi credit collapse, we have another -40% to get to the intrinsic value.
Interest rate hikes AND fear will rule the market, joe. Obviously, fear has not peaked. It started to last March but Wash/FED’s have kicked the can down to summer ’10. Guess what, nothing has changed. So-called toxic assets (overpriced RE loans) are still on the books and worse, more gov debt. All this bad debt needs to be defaulted so we can start all over again (real recoveryy). This requires a substantial RE crash.
DIBS, please elaborate on the demise of DMM/UMM.
***Bid half off peak comps***