Co-op of the Day: 16 Lincoln Place
The asking price on this third-floor 2 1/2 bedroom co-op at 16 Lincoln Place in Park Slope was just trimmed from $615,000 to $599,000. The apartment next door, which is of a similar size but probably not identical layout, sold for $615,000 back in September of 2006 so this has to be in the right…
The asking price on this third-floor 2 1/2 bedroom co-op at 16 Lincoln Place in Park Slope was just trimmed from $615,000 to $599,000. The apartment next door, which is of a similar size but probably not identical layout, sold for $615,000 back in September of 2006 so this has to be in the right ballpark. The apartment is pretty non-descript, though we suspect most potential buyers will at least think about tweaking the bathroom and kitchen. The maintenance is a reasonable $611 per month. We suspect a deal will get done pretty quickly at the new price. Agree?
16 Lincoln Place [Corcoran] GMAP
Question for you, 4:19…
Has the increased development near Columbus Circle (Time Warner Center and 15 Central Park West, among others) depreciated that area’s housing prices due to increased supply??
How about all of the construction of thousands upon thousands of housing units in Williamsburg or Dumbo or Downtown or Tribeca?
Seems to me the opposite of what you say has been true of every other area of the city where significant development has taken place.
Why do you think prime Brooklyn, 15 minutes from Manhattan and towers build by one of the world’s leading starchitects would be the exception to that rule…?
I agree fully, 4:11.
The only hitch is if said person has been unable to save the 120K necessary for the downpayment.
Anyone who’s been making 200K for a number of years should be able to save some money, but it depends on lifestyle. If they have significant debt issues, go out every night for dinner, buy 400 dollar pairs of shoes or take extravagant vacations, this maybe not be possible for them.
“In 5-7 years w/ AY coming on, prices will head to $1000 sqft.”
Because increased housing supply will push up prices?
Not following your “logic” here.
For someone making 200k, after taxes you’re paying a net cost of roughly $2300-2400 which is much better than the $2500 the other couple pays for a rental. The owners have the chance for capital appreciation that the renter does not plus the satisfaction of owning a renovation to one’s wishes. Again, the renter does not. Right now, given interest rates, owning anything under $700k for a 2br in Prime Brooklyn is a bargain. In 5-7 years w/ AY coming on, prices will head to $1000 sqft. AY will cause Prime Brooklyn to be Manhattan East at a discount.
-Dagny Taggart
600k with 20% down and $600 a month maint is $3658 per month.
That isn’t doable for someone on a 200K a year salary?
Once you take tax deductions, we are talking less than 3K a month for a 2 bedroom plus den in a prime location.
Isn’t that the average rental rate for a 1 bed in Manhattan??
you get a digital cookie, 3:34
I’m not sure how someone making 200K a year can’t afford this place. I make less than 75K and bought a place around half this price and was easily accepted by the co-op board.
My mortgage and maintenance is very manageable.
Given the listing is (a) from corcoran and (b) has had a small haircut I am hopeful that prices are at least trending the right direction.
Unfortunately they are not yet there.
As the $200k per year honest poster points out these things are still not affordable for anyone on non wall street salaries, unless they are selling a slightly smaller apartment that has appreciated remarkably, and are willing to put all that windfall gain back into the housing.
And of course with the current buyer/seller strike the pool of “i’m sure i can sell my current place” must be half what it was.
Personally I think the government is about to screw up things royally in a desperate but misguided effort to avoid a minor league recession in an election year. So I’m going to stay flexible. Lots of opportunity for the cashed up over the next six months. Scary rigidity for the over-leveraged.
Yeah, well, see I’d like to buy my aging parents a small 1-BR in Brooklyn, and co-ops won’t let me do that. So, I have to resort to a condo, pre-war if possible. It gives you a lot of freedom, and actual ownership. I don’t know why co-op residents always have to knock condos.