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
I think you’re off the mark, but I do understand you.
I just don’t think you realize that NYC is the cultural and financial capital of this country (and some say the world). It is very expensive. No, it’s not Tokyo or Hong Kong…some would say NYC is so much better than either of those cities. And Brooklyn is the “it” place to live right now.
But you know what…you’d pay 350K for a (slightly larger) 1 bedroom in nice areas of Seattle, Portland, Washington DC and Boston as well. This apartment is not outrageously priced at all.
As I said, the average Park Slope 1 bedroom rental costs $2000 a month. Given that this place costs about the same means that it’s actually not off the mark…it’s about right.
But certainly I agree with you that there are many places in this city which ARE severely overpriced. I just don’t happen to think that this is one of them.
This is exactly the kind of place I would be interested in upgrading to in the next couple years. But I don’t want kids, so I don’t really have any desire to have more than a 1 bedroom apartment in my lifetime. I like living in a small, compact space and find that it makes life simple and enjoyable (for me). It also allows me extra money to travel, eat out a lot and do other things which I love.
11217 — I get this. I understand the process.
But I have a serious problem with the ‘entry threshold’ that seems to be silly. This is a very small place. This isn’t Tokyo, Hong Kong or even the Village… While just my opinion, I see this as a pernicious real estate sickness that is very harmful to this city in the long-run. A single person or a couple should get a lot more than 450 sq ft in the form of 2 rooms if they earn $75,000+ and have $80-100,000 in their savings account.
Or am I totally off the mark here?
“Seems you could earn almost as much sticking your $100,000 in a CD or savings account.”
Clearly you haven’t been paying attention to the 3 J condo sales in the past month which have sold for 200K more than they were bought for 2 years ago.
And that was DURING THE BUST!
You think you’re gunna make that in a CD???
Here’s the thing Ty. While no one is necessarily predicting it, in 5 years from now, prices might shoot up again because construction in the city has practically come to a standstill and as more and more people move to the city, the housing shortage here will be even more pronounced. It’s certainly shaping up that way.
Imagine….if the new owner landed this place for 375k and were able to sell it for 450K in 5 or 6 years (or whatever, I’m making those numbers up) that’s an additional 75K to plunk down on the next place. Plus they’ve got the amount of the downpayment on this one in addition.
It would be easy to trade up to a 2 bedroom and then be set for life. Just getting the foot into the real estate door is the hard part and assuming you aren’t in any rush to move and can buy and hold you can make money. If not, one expects that your salary will increase with time and you will be able to afford more home in 10 years.
Either way, it’s a process, nothing is certain but if history has anything to say about it, prices will rise again. And probably more than anyone right now is predicting.
The thing with starter anything is that waiting around for things to start, it never does. Just do it already!
However that transformation is often very hard to do.
But sure… Brooklyn real estate will outstrip the inflation rate by 5 or 10 fold. So, in a few years you’ll be sitting on tens of thousands of dollars of pure profit!
Between 1.25 and 2.00% — better than the current negative yield on real estate…
Do you know what current CD and savings account rates are????
I know this is Park Slope and I can just as easily live in Canarsie, East New York or Bay Ridge or commute in from Westchester. BUT… this IS a starter home. That means it should be the same as rent because you’re not keeping it. Right?
I dunno. This just seems strange that you have to earn $75,000+ and have $100,000 in your savings account to get a little 1-1/2 room starter pad like this. But I’m probably alone with this one.
Not to mention, during the first few years of a mortgage you’re not building any equity anyway — you’re just banking on your property to increase in value (from one high price to an even higher one). Unless you win this little lottery, what have you gained after, say, five or so years? Not a whole lot i would imagine.
Seems you could earn almost as much sticking your $100,000 in a CD or savings account. Rent for cheaper, and then just skip to the next “level” of home buying… when you’re earning $250,000 and have saved another $200,000.