Co-op of the Day: 76 Remsen Street, #1C
We’re loving this FSBO at 76 Remsen Street in Brooklyn Heights. It’s totally charming, has a nice flow and is obviously in a great location. The only thing getting in the way of it achieving its $849,000 asking price that we can see would be that it appears to work much better as a generous…
We’re loving this FSBO at 76 Remsen Street in Brooklyn Heights. It’s totally charming, has a nice flow and is obviously in a great location. The only thing getting in the way of it achieving its $849,000 asking price that we can see would be that it appears to work much better as a generous one-bedroom with home office than as a true two-bedroom, as evidenced by the floorplan and the fact that the sellers have a young child and are now outgrowing the apartment. Wonderful place though.
76 Remsen Street, #1C [FSBO] GMAP P*Shark
Hey, the why:
Haven’t you ever seen Jeeves & Wooster?
🙂
By thwackamole1 on April 15, 2010 5:49 PM
Given mortgage interest phaseout…
Please explain. TIA
Given mortgage interest phaseout, points, etc, you are looking at
$60-70k/year to live there (some of which may be deductible)
PLUS around 2-3% in transfer taxes (i.e. $25k)
PLUS assessments.
Are there really enough people who have the ability and desire to spend 60k/year on a dark and not-too-big apartment?
Guess I was going on where I used to live in the 20 Pierrepont / 65 Montague co-op as a comparable, where it was considerably lower than that.
In fact, Corcoran currently has a few 1000sf apartments there for sale that have monthly maintenance fees in the $800s.
My point was more about looking closely at the financials of a building like this whose maintenance is already up there, since any additional assessments or increases down the road would be a real kicker.
“Perhaps counterintuitively, it often seems to me that the FSBO people overprice.” (Lesloaf)
Well, often it’s not the broker that’s overpricing, but the seller insisting.
The maintenance doesn’t seem that high for Brooklyn Heights–which, from what I understand, has higher property taxes than other neighborhoods. But yes, compared to any other neighborhood that maintenance is really high for an apt. this size.
Perhaps counterintuitively, it often seems to me that the FSBO people overprice.
Has anyone noticed FSBO’s getting better at this game? Better than the brokers in some cases (granted not too hard to do). This is a good effort, and i just saw another today in PS http://www.8158thavenue.com I am rooting for the FSBO’s!
Hrm. Just noticed that monthly common charges are $1,066.50, and that’s without a doorman.
That’s pretty steep, no?
In that context, the $849K asking price seems pretty ambitious, especially without a broker fee involved here.
Interested buyers would do well to see what’s going on with the underlying mortgage and to what degree funds are set aside for ongoing repairs and building maintenance, if the common charges here are already up there.