Co-op of the Day: 915 President Street
This one-bedroom a block from Prospect Park will undoubtably hold some appeal for those partial to the old-school brownstone aesthetic. The co-op at 915 President Street in Park Slope has some lovely parquet floors and a nice old fireplace to anchor the living room. On the downside, the bedroom is tiny and the bathroom and…
This one-bedroom a block from Prospect Park will undoubtably hold some appeal for those partial to the old-school brownstone aesthetic. The co-op at 915 President Street in Park Slope has some lovely parquet floors and a nice old fireplace to anchor the living room. On the downside, the bedroom is tiny and the bathroom and kitchen appear not to have been touched since some time in the 1980s. The asking price of $400,000 is also $50,000 higher than any unit in the 12-unit building has ever sold for. That said, it appears to be on a high floor with nice light, so maybe it does deserve premium. Anyone in the market for a one-bedroom in this area care to weigh in?
915 President Street [Douglas Elliman] GMAP P*Shark
1:56-
1:13 PM Here- I also said it was priced too high, so I’m not aguing that it’s a good buy. Just saying that comparing the rental to the own price isn’t best way to judge- especially in this weird market. It’s probably better to look at the price per square foot and then decide. Also, as others mentioned, it’s a coop, so it’s probably not relevant to think of it as a rental investment anyway. Most won’t let you rent for more than a year before forcing to you sell.
At any rate, to go along witht the rental compare, if you put 20% (it’s a coop)down on a 400K place, you’re mortage will be really be around 2200/month (at a 7% rate), so the carrying costs on a monthly basis are under three. If it will rent for 2200/month- you’re inching closer to a 25% difference, which is still too hight.
I saw a 550 sq ft studio that was asking $1100/sq ft. The broker said it was expensive because high ceilings and nice light command a premium. But $1100/sq ft? Come on. Suffice it to say, the unit is still on the market and it’s been a few months.
The Twhat
“It probably would not rent for 3000/month. It might rent for close to 2000. However, that’s not really a good measure. It’s often more expensive to buy than the own for similar space.”
Umm, yeah, it is a good measure for someone currently renting in the area and considering buying!
It’s one thing to pay a premium for the security of knowing your monthly nut will stay the same, and for the investment value.
But 30% more?
Not. A. Chance.
“Hey ‘the what’- (and your supporters). Still don’t buy it. The people who will lose their jobs will not be the fat cats, but the people in back offices, offshore, in branches, tellers, etc… there are plenty of peope who work at banks who don’t make enough to live in brownstone brooklyn. This is usually the labor hit with layoffs. These are not the people to laugh at.
Posted by: guest at November 26, 2007 1:47 PM”
Put down the bong! This crash will fuck everybody and everything up!
My purpose is to wake up the dumbasses who think everything is fine. The middle class (remember them) will be crushed! These are the same people who bought overpriced housing, thinking they was going to be rich. Look at MSM the rout is on and GOD help us all.
The What
Someday this war is gonna end….
$400K for shit kitchen and no closets…Does the bedside coffin come with the place?
1000 psqft is super high. How does the per square foot ratio work in Park Slope? I.e., if a studio is 1000psqft, what is a 1 bed, 2bed, 3 bed, house? Does it get much lower each time you add a bedroom? And why?
Hey ‘the what’- (and your supporters). Still don’t buy it. The people who will lose their jobs will not be the fat cats, but the people in back offices, offshore, in branches, tellers, etc… there are plenty of peope who work at banks who don’t make enough to live in brownstone brooklyn. This is usually the labor hit with layoffs. These are not the people to laugh at.