Open House Picks: Apartments
Clinton Hill 93 Lexington Avenue Loft Co-op Anne Peabody Sunday 1-3 $1,500,000 GMAP Brooklyn Heights 75 Livingston Street, #6C 2 BR Co-op Corcoran Sunday 12-2 $1,075,000 GMAP Park Slope 478 3rd Street, #4L 3 BR Co-op Aguayo & Huebener Sunday 1-3 $979,000 GMAP Williamsburg 450 Manhattan Avenue, #5A 2 BR Condo The Developers Group Sunday…
Clinton Hill
93 Lexington Avenue
Loft Co-op
Anne Peabody
Sunday 1-3
$1,500,000 GMAP
Brooklyn Heights
75 Livingston Street, #6C
2 BR Co-op
Corcoran
Sunday 12-2
$1,075,000 GMAP
Park Slope
478 3rd Street, #4L
3 BR Co-op
Aguayo & Huebener
Sunday 1-3
$979,000 GMAP
Williamsburg
450 Manhattan Avenue, #5A
2 BR Condo
The Developers Group
Sunday 1-4
$799,000 GMAP
CH is a fabulous neighborhood. The loft is great. And, it is in Bed-Stuy on a really bad block. There are beautiful blocks in Bed-Stuy but this is seriously not pleasant. What wealthy people would want to live in a place without a dry cleaner? A florist? A green grocer? A hardware store? Oh, right, there is a great bakery on Franklin Ave. I get it.
11:18 – where are you holding your cash at decent return? We’ve been at ING, where we’re getting about 5%. I also in some ways feel no pressure since we own a very nice place now – we just want more space and have a chunk of change (beyond our apt value) to trade up. But in the last year, we’ve been really surpised that the market is anything has taken these crazy leaps, which I honestly don’t think can possibly be sustainable. Let’s see what the discussion is about the dollar. Any economists out there? I thought the dollar was set to stay low for a while, but aren’t we pissing off our trading partners by not taking any action? I really do wonder who these buyers are who are leaping in at crazy prices right now – are they all Manhattan transplants?
I concure that these prices are way over the top (esp. the CH place). I’m in the market for a 2 br. myself, but don’t feel any real pressure to buy because I have a nice 2br rental in BH at below market cost because I’ve been in it for a few years. To buy a $1m + co-op, my interest and maintenance costs alone in the first five years would be significantly more than my rent (around 200% more in fact). Unless I see a place that is very nice AND a decent value, I’m holding my cash (earning a decent return). Sometimes buying just doesn’t make economic sense. For first time buyers in NY, even Brooklyn now, it no longer pays to buy at these prices.
I think the point in 10:53’s questions is, if the dollar does regain significant strength, is there a possibility of a significant burst in the property balloon.
I too have to say- what the what? the what is right.
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The What even forgot the lost earnings on the 300k cash you need to close (another $1000 per month) .. and the fact that the place HAS to be sold for 1.65m+ when you come time to sell if you want to avoid principal erosion on top of all that foregone interest.
I saw the PS apartment a few weeks ago. It’s pretty but tiny – they aren’t giving out the square footage but it can’t be over about 1000 sq ft. The 2nd and 3rd bedrooms are both very very small. Would maybe suit a couple with 1 small child but beyond that I don’t think it’s really suitable for a family. And, it’s a 4th floor walkup, which is not exactly first choice for a lot of families with small kids. It is a pretty street, though, and nice location. It will be interesting to see if someone pays that price for it – very expensive on a per sq. footage basis, and maintenance is indeed high considering size of apt. and fact that building has no services.
10:53 – I feel that your question is like some kind of Zen koan, but maybe that’s because I’m too thick-headed to get where you’re going with it. What effect would a stronger dollar have? There was an article recently about foreigners buying up a lot of places in Manhattan, so would a stronger dollar dampen the market? The weakness of the dollar is an interesting conundrum since DC seems to be dragging their feet on doing anything about it, precisely in order to at least keep the trade deficit under control, since US goods are doing better on the international market. But I’d love to hear others’ (specifically, the economists out there) take on how the dollar’s recovery could affect the NYC real estate market.
I’m sorry the CH loft just reminds me of a barn my family use to have back in Ireland. All it needs is cows and milking machine. It is dark and frankly characterless. And the What is right, How can over $800/month fees be considered low on top of the monthly mortgage payment.