Co-op of the Day: 44 Prospect Park West
44 Prospect Park West, while not the fanciest apartment building on the park, still offers up a nice prewar vibe on the inside. This particular two-bedroom unit has some nice details but suffers from a slightly awkward layout, in our opinion. The owners, who paid just $650,000 for the two-bedroom pad in 2009, are looking…
44 Prospect Park West, while not the fanciest apartment building on the park, still offers up a nice prewar vibe on the inside. This particular two-bedroom unit has some nice details but suffers from a slightly awkward layout, in our opinion. The owners, who paid just $650,000 for the two-bedroom pad in 2009, are looking to make some money on this one by slapping an asking price of $825,000 on the new listing. There’s no square footage information provided so it’s hard to critique the price too much but we suspect the odds favor the selling price starting with a 7 rather than an 8.
44 Prospect Park West [Brown Harris Stevens] GMAP P*Shark
@saminthehood: comps play a huge role in the appraisal process which determines whether or not your mortgage gets approved. Especially now, banks are leery of issuing loans for amounts too high above recent comps.
But are “comps” in the building always comparable? What if someone in the building sold for way under market because they didn’t care and just wanted out? That just happened in my friend’s building (it sold in 2 days for over $100K UNDER market–and the seller admitted to severely underpricing it), and now she can’t sell her place for even close to market. Anyway – it’s off topic, but comps seem to be all over the place in some of these buildings.
“One question – do most buyers really care about the comps in the building? Or do they say, hell I want a 2-BR in the slope and I can pay XYZ, and who cares what the seller paid less than 2 years ago, or what the guy upstairs paid 2 months ago.”
Regardless of how much you can pay, most people do not want to be ripped off.
why are the pictures on the marketplace smaller and the floor plan isn’t there? is it so people have to click through to the broker site?
There are plenty of comps in the building for this apartment. The sellers are definitely being very very aggressive. C9 has 2 bathrooms, and is a different and generally better apartment, and would command a premium – though not sure how much. There is no question the buyers bought towards the bottom of the market and got a good deal. People were nervous then, and sellers wwere willing to make deals. But, again, even for NYC, the return they are looking for in such a short time is too high.
I will second the above posters, there is little inventory in the slope, and it only takes one “dumbass”.
One question – do most buyers really care about the comps in the building? Or do they say, hell I want a 2-BR in the slope and I can pay XYZ, and who cares what the seller paid less than 2 years ago, or what the guy upstairs paid 2 months ago.
“how many sold for 25% over what they sold for in 2008? that would be a more telling stat.”
They’re selling on average a little above 5% over ask. It doesn’t undermine his original point that NYC isn’t seeing the kind of housing lump that other large metropolitan cities like Miami or Seattle are seeing.
Oh sorry, meant to put that in the OT with regard to the Vietnamese place opening up.
http://www.heresparkslope.com
C9 had park views. There’s a premium for that (what size premium is open for debate.)