Co-op of the Day: 1719 Avenue H, #A3
This FSBO at 1710 Avenue H in Ditmas Park has a nice feel to it and feels like a decent value. The two-bedroom, two-bathroom apartment has 1,200 square feet, attractive prewar details and a reasonable maintenance of $1,160. Add to that a recently renovated kitchen and the asking price of $355,000 sounds pretty good to…
This FSBO at 1710 Avenue H in Ditmas Park has a nice feel to it and feels like a decent value. The two-bedroom, two-bathroom apartment has 1,200 square feet, attractive prewar details and a reasonable maintenance of $1,160. Add to that a recently renovated kitchen and the asking price of $355,000 sounds pretty good to us.
1719 Avenue H, #A3 [FSBO] GMAP P*Shark
With things being on-line(thanks bloomy-too late for me) it’s so much easier to check things now. The bldg had a great reserve but neglected to pay water bill and taxes for 1 and half years. Since I brought early in fiscal year tax returns had not been prepared to identify. Worst was treasurer was 2 years behind on her maintenance! Total lax board.
Wow, DeLepp, what an awful position to be in. Nasty.
One of the best ways to ensure that your coop or condo’s maintenance fees are at the right level is to ask the Board if they have a capital replacement and improvement budget, prepared in consultation with a professional engineer. Such a budget would allow you to determine if they are setting aside reserves in accordance with this budget.
DeLepp’s comment is a very very important caution to anyone who is looking to buy a coop who thinks unusually low maintenance is an indicator that the building is well run. It probably means just the opposite.
DitmasSnark, here you go: Cortelyou and East 8th. Not Ditmas Park, but neither is the coop of the day.
http://www.brooklynhearth.com/listing.php?id=855
When I moved into my bldg and became treasurer I had to raise maintenace by 30%. It was artifically low so that old timers could sell at higher prices. Deferred maintenance has cost my bldg a small fortune. Still gets my blood pressure up.
> Plus, E17 off Cortelyou is way better than E17 off Ave H
I totally agree. But good luck finding 2br/2ba units near Cortelyou, as there aren’t that many. The duplexes at 415 Argyle are nice, but they are now fetching $500k or more:
– http://streeteasy.com/nyc/sale/594330-coop-415-argyle-road-ditmas-park-brooklyn
> The apartment at 1818 Newkirk is much larger
The apartments in that building tend to be nice and big. And yes, the terrace is a definite plus.
Keep in mind that not all buildings are maintained properly. Low maintenance could signal deferred repairs and decrepit infrastructure. Would you rather pay slightly lower maintenance and live in a building with dangerous elevators and unreliable heat and hot water?
“maintenance should be $600 to $900, depending on whether there’s an underlying mortgage.”
that’s ridiculous. what if the roof leaks? what if the boiler conks out? what if the elevator needs a major overhaul? Those things all have to be paid by the tenants. Some buildings impose assessments, which are tough for people with fixed or low incomes. Most capital improvements are at least partially covered by maintenance charges either directly or to service a line of credit.
Only in an ideal world does anyone really have full control of how much they must pay each year to keep a roof over their head. Stuff happens, things break and wear down.