Co-op of the Day: 232 President Street, #3L
If you don’t mind ’em long and skinny, this two-bedroom co-op at 232 President Street in Carroll Gardens could be for you. The apartment has lost some of its original detail to a middle-of-the-road-looking renovation, but there’s still some plaster moldings left in the main living/dining area. Located in the rear, the master bedroom is…
If you don’t mind ’em long and skinny, this two-bedroom co-op at 232 President Street in Carroll Gardens could be for you. The apartment has lost some of its original detail to a middle-of-the-road-looking renovation, but there’s still some plaster moldings left in the main living/dining area. Located in the rear, the master bedroom is probably nice and quiet. The maintenance for the walk-up apartment is $650 and th e asking price is $699,000. What do you think?
232 President Street [Corcoran] GMAP P*Shark
By saminthehood on November 5, 2010 4:57 PM
Can you explain your thinking BoerumHill? Why did you make the decision you did? Not being snarky, I’m curious. All I am saying is that if one is looking to stay in their cramped 2-BR for only a few years, then think about renting. You can get alot more for alot less, and you might make more in other investments with the difference. Plus, quality of life is important. Anyway, each to his own. Hell, some people like cramped apartments.
And, plenty of “finance experts” rent and advocate it in this market…..
…
Sorry, missed this when I popped in earlier.
I never said we would be staying in our cozy apartment for a few years; that is your assumption. However, it should be noted in this price range ($650-850K) in Brooklyn Heights/Cobble-Boerum-Carroll, that second bedroom will always be smallish. It is what it is. We have plenty of room in the LR, MBR, so we’re content with a floor through unit.
As for ‘you might make more in other investments with the difference’, that is true in theory – but I find human nature gets in the way. Folks rationalize with that popular tag line (i.e., buy term instead of whole life, invest the difference!), and it seems like sound advice. I just never see folks who follow through with it.
We bought way less apartment than we can afford, for two reasons. One is we are allocating $24-28K per year for private school (though at preschool level it’s around $14-15K). Two, we will be buying a second home – but we’ll take a few more years to decide whether we want to be in VT or the east end. In the interim we are doing seasonal rentals to help us evaluate.
NYC is the most upside down rent vs. buy market in the country. Been that way for 20+ years, won’t be changing anytime soon. Its supercharged for a number of reasons – the volume of industry HQed here, foreign investment, density, et al. But even given all that, you only have to hold for about 6 years for it to make sense.
We’re not having any more children, and won’t be selling for 12-15 years, so it was a pretty easy decision to buy now.
By NYGuy7 on November 5, 2010 9:26 AM
“pwned
So much for #1L being a comp, eh.”
You’re right, an exact apartment that sold over ask in the same building on the less desirable 1st floor only two years earlier isn’t a comp at all
…
STOP
$140K over comparable units in the same building? Does that smell right?
#1L had something no other unit had – a private outdoor garden.
Private. Outdoor. Garden.
You’re pretty dense, guy.
Can you explain your thinking BoerumHill? Why did you make the decision you did? Not being snarky, I’m curious. All I am saying is that if one is looking to stay in their cramped 2-BR for only a few years, then think about renting. You can get alot more for alot less, and you might make more in other investments with the difference. Plus, quality of life is important. Anyway, each to his own. Hell, some people like cramped apartments.
And, plenty of “finance experts” rent and advocate it in this market…..
The first floor, with outdoor space, is more desirable than third floor, in a walk-up building. You typically lose 5% in value per floor in a walk-up building, the reverse occurs in an elevator building. Also, you need to value the outdoor space; some people think outdoor space can count between 30 and 50% of the indoor square footage value, others think it adds up to 10% to the total value of the apartment (depending on the layout, ease of access and plantings.)
Either way, 1L’s comp should be about 20% above 3L, so that would put an estimate around $550K. You are right that Carroll Gardens has held up remarkably well in the market downturn, but it’s still about 6-7% off the frothiest peak (which accounts for the bidding war for 1L?) That would put this apartment value around $510,000-515,000 right now. Still high on a psf basis (the 3q10 reports put the median sf in CG around $650), but not unreasonably so. In fact, smaller apartments often do well this way, because at the end of the day, it’s still functionally a 2br, no matter how small the rooms.
The first floor apts go for more because they have a yard.
“pwned
So much for #1L being a comp, eh.”
You’re right, an exact apartment that sold over ask in the same building on the less desirable 1st floor only two years earlier isn’t a comp at all despite the fact that sales prices are still doing well in Brownstone Brooklyn. That fabulous renovation was so nice they only showed pictures of the kitchen and not much else.
As I’ve said before, but you can’t seem to follow, is that I said the price is high and never said they’d get it but the previous sales in the building have shown that people are willing to pay closer to that amount for the same exact space. People have paid well into the $700 psf. range for the Mill.
I think the place looks great. super location. 1 block from park 2 or 3 blocks from subway and 2 real bedrooms! If my memory serves me correctly I think the bedroom views are of the church on carroll street.
Whoa, I agree with BoerumHill.
This summer we spent $700K + to buy a cramped 2 bdrm with a 25 m.o. baby who won’t be in pre-K for a few years down the line. Although we don’t anticipate our daughter requiring more space when she turns 4 or 5, it is true we could have easily rented a bigger place for less money. I’m a CPA turned VP of Finance; she is an MD. Just a couple of garden variety morons doing their part to distort the market.
Seems like you’ve taken a really well thought out stance there, Sam.