Co-op of the Day: 10 8th Avenue
Prime, baby. Prime. This parlor-floor two-bedroom at 10 8th Avenue in Park Slope has a lot going for it: Original detail, high ceilings, new kitchen, convenient location. As best we can figure, it’s probably about 1,200 1,500 square feet or so (the bottom two floors have a 15-foot extension), which puts the asking price of…
Prime, baby. Prime. This parlor-floor two-bedroom at 10 8th Avenue in Park Slope has a lot going for it: Original detail, high ceilings, new kitchen, convenient location. As best we can figure, it’s probably about 1,200 1,500 square feet or so (the bottom two floors have a 15-foot extension), which puts the asking price of $1,250,000 around the $1,000 $825 per square foot mark. The top floor unit, which must have lower ceilings and may have a smaller layout depending on setbacks in the rear, sold for $865,000 in the summer of 2006. The most similar listing we can recall was the parlor-floor unit at 101 8th Avenue that Warren Lewis had listed for $995,000. Think $1,250,000 is stretching it?
10 8th Avenue [Brown Harris Stevens] GMAP P*Shark
I agree that $700/sqft is closer to where the market is right now in the prime slope. We’re in the process of selling our prewar 3-bedroom in this area for just over $650/sqft–and the response we got was overhwhelming (4 offers at/over asking in less than a week). Which makes us think the market is closer to $700…but certainly NOT $1000. Please….
I agree that $700/sqft is closer to where the market is right now in the prime slope. We’re in the process of selling our prewar 3-bedroom in this area for just over $650/sqft–and the response we got was overhwhelming (4 offers at/over asking in less than a week). Which makes us think the market is closer to $700…but certainly NOT $1000. Please….
Look – would all of you brokers and/or PS co-op owners please stop pushing the obvious fiction that $1000/sq foot is the going rate for co-ops in prime Bronwstone Brooklyn?
Renovated townhouses and some special condos can get this, but not a run-of-the-mill co-op. Anyone buyer with some sense and internet access can figure that out by searching current listings.
I’m in the market for a two bedroom but not in any particular hurry to buy given the current market. I visited this particular place last month and it is NOT that special. That is why it’s been for sale since October. The seller is stubbornly clinging to an inflated price, which indicates to me that either he does not really need to sell or his fellow co-op members are pressuring him to keep his ask high. Either way, the few buyers that are currently out there looking can get MUCH better value. This won’t sell above $1 million.
1:44 – please provide streeteasy link on your sale.
$1,000 WAS the going rate for delusional brokers who saw a couple of comps going for $900-1,000 before the credit crunch. look at natefind.com in brooklyn today on the 6th ave place for an example. nice apt, but not $925k nice. especially when the clearing price seems to be closer to $700k in that part of the slope for that sized co-op. there were some condo conversions that sold for ~$1,000 around the corner from Carroll and 6th (condo of the day at one point on bstoner). they sold most likely to manhattanites who cashed in their 1br. there’s still one unit they can’t unload. they won’t be able to now that you can’t get a 10/10/80 or low/no doc and no co-op is getting anywhere near that price.
i sold my place for $1100 psf.
around the corner from here.
1:31 – that’s funny, I am not at all involved in the real estate biz. In fact, I generally dislike brokers, which judging from your comment you must be (why else would you take a jab at Corcoran, unless you were a competing broker).
I’m your target audience – a potential buyer. And I was singularly unimpressed by this open house. I left after 5 minutes. The platform in the kitchen coupled with the price made it at best a non-starter, at worst laughable.
1:27 – look on Streeteasy. $1,000 psf is definitely NOT the norm for PS. At the high end, you’re looking at the $800s, and that’s for high quality stuff. $1000+ psf, to the extent it exists, just sits sits sits sits on the market and is the delusional fantasy of incompetent brokers, such as 1:31.
Eh, How is going to lend money on this co-op? The Mortgage and Maintenance is going north of 6500 a month. Lending guidelines are very different this year and I don’t think this place will sell at the asking price.
The What
Someday this war is going to end…
BTW Oil prices have increased 57% in 2007!! Plus today oil hit the 100 dollar mark. This will put pressure on asset prices everywhere!
I’m sorry but I have a hard time believing that 1:26 is a bitter Corcoran broker who did not get the listing. All the realtors benefit from expensive sales since it inflates the comps. Look, I own a prewar apt in PS myself, so I have a vested interest in seeing the p/sf be high, but I am pretty amazed that 1000/sf is now the going rate in PS for an apt – I was told it was more like 900, if that, and of course there are many variables to consider i.e. outdoor space (which this apparently does not have), carrying charges, layout, school district (this one is not good), etc.