Crown Heights Condos Fly Off the Shelves
That was fast: A little more than two months after hitting the market, only one condo is still up for grabs at 794 St. John’s Place. The Crown Heights conversion’s 16 one-bedrooms were running between $229,000 and $260,000. Brad Phillips, the Apartments & Lofts agent who’s been marketing the property, says the price points made…
That was fast: A little more than two months after hitting the market, only one condo is still up for grabs at 794 St. John’s Place. The Crown Heights conversion’s 16 one-bedrooms were running between $229,000 and $260,000. Brad Phillips, the Apartments & Lofts agent who’s been marketing the property, says the price points made the building especially attractive to buyers, who are mostly first-time owners. Phillips also said that though 794 St. John’s was the first property Apartments & Lofts has handled in Crown Heights, its speedy sales mean the brokerage is now gearing up to work on other projects in the neighborhood. When we first postedabout this one in late May, comments ran the gamut from these are steals to I think a crack whore is a nice amenity. Anyone feeling non-buyer’s remorse for missing out on this one?
794 St. John’s Place [Apartments & Lofts] GMAP P*Shark
Condos of the Day: 794 St. John’s Place [Brownstoner]
Are there any comparably priced apartments on nicer blocks? Anyone have experience living in a recently condoized building in a similar location which can speak to the likelihood of the project itself helping change a neighborhood for the better. In my area I had hopes that the blight on Classon and Fulton would at least bring in a whole bunch of people who were investing in the neighborhood and would change the tone of the area (and mind you I am not talking skintone). Seems to me that a building of owners might bring about greater improvements than the lone gentrifier or new homeowner.
Remember Park Slope in the early 90’s?
Kudos to Crown Gardener for having the balls to register. It took immense courage to do so. Now we know her gender, profession, and neighborhood. Wow, so much braver than us lowly guests. Just as brave as Nelson Mandela or Gandhi.
This block is not the greatest nor are the appliances top of the line. The block on which I purchased my first home was very similar and I therefore negotiated a good price because of the location. As other bargain hunters moved to the area we joined the already established block association to improve our services and living conditions. I later sold because I wanted a larger place for myself and I made more than four times what I paid for the home. That house was the best investment that I made. I am sure that the neighborhood will change for the better and those who got in on the ground floor will reap the benefits. Remember Park Slope in the early 70’s? I do.
So the biggest hater on here, the guest at August 16, 2007 12:33 PM who so eloquently said, “250k to live in a crime ridden ghetto, no thanks” lives in STATEN ISLAND… TALK ABOUT A PLACE THAT SUCKS… YOU SHOULDN’T EVEN BE ALLOWED ON THE BOARD
You can’t compare property values in cities to “average home prices” in America. That average includes double-wide trailers in the middle of nowhere. The appropriate comparisons for NYC are other large cities in the U.S. and in those cities $250,000 gets you nowhere, even during this RE slump. Do some MLS searches. You’d be way more scared of any neighborhood in L.A. you can buy into for $250,000.
That 250 thousand is being divided by 2 since most if not all the buyers who purchased a 1 bedroom unit are couples. I’ll wait to see the resell value increase when these young couples start having kids.
250K is still a lot of money in America, but going by the 2-and-a-half rule, a couple making $100K could swing one of these. That’s still a fair chunk of change, but hardly unheard of. NYC had 550,000 households making at least $100,000 in 2005 (out of 3MM households total). This is affordable to the top 20%… if you do the same numbers for Brooklyn, it’s the top 10%.
Actually, that sucks. Never mind. $250K is very high for a one-bedroom in Brooklyn, even though it isn’t. I think I have to move to Philly now.
If people want to be nasty about this sale/block, fine, but AT LEAST HAVE THE BALLS TO REGISTER YOUR NAME…