Open House Picks: Apartments
Park Slope 125 Prospect Park West, #3B 2 BR Co-op Corcoran Sunday 12-2 $849,000 GMAP Williamsburg 26 Broadway, Multiple Units 2 BR Condo Aptsandlofts.com Sunday 1-4 $715,000 GMAP Cobble Hill 174 Pacific Street, #4E 1 BR Loft Co-op Brown Harris Stevens Sunday 2-4 $625,000 GMAP Clinton Hill 201 Clinton Avenue, #9C 2 BR Co-op Corcoran…
Park Slope
125 Prospect Park West, #3B
2 BR Co-op
Corcoran
Sunday 12-2
$849,000 GMAP
Williamsburg
26 Broadway, Multiple Units
2 BR Condo
Aptsandlofts.com
Sunday 1-4
$715,000 GMAP
Cobble Hill
174 Pacific Street, #4E
1 BR Loft Co-op
Brown Harris Stevens
Sunday 2-4
$625,000 GMAP
Clinton Hill
201 Clinton Avenue, #9C
2 BR Co-op
Corcoran
Sunday 2:30-4
$455,000 GMAP
According to ACRIS it looks like unit 10C in the same building sold for the exact same price just 8 months ago, so maybe 455K isn’t a stretch just a reflection of the market in that area. Other 2BDs are selling for almost 100K just one block away.
Uh, the Co-ops are not projects. I live in the South Campus and can tell you they are not projects!
I did see the 201 Clinton Ave. I like the Brownstoner site and congratulations! But this “pick” was a blunder. Located in a project with 4 high buildings. Nothing wrong with that but 455k is too steep.
Speaking of 201 Clinton Hill, I closed a deal for my cousin in 2000, one of the 1 bedrooms with a dining room, for 65K. They’re probably going to 275k these days. At the time, I thought the complex was too project like, but now, the neighborhood has changed a lot. Vacany rates are down and ownership % are up. Would have been a good investment had I had the foresight. Should of bought 3.
um…interest rates weren’t in double digits in the early 90’s. i bought in park slope in 93 and our interest rate was 7 percent. Not that bad. Interest rates now are still historically low, despite the uptick…
Now is a great time to buy. Interest rates are still at a very low point because people think the fed might lower rates further. But once they start tightening, and rates rise again, it’ll be a tough time to sell and to buy. That’s okay if you don’t believe me. Just wait, I think a lot of us on here remember the many, many years when mortgage rates were in the double digits. I bought in the early ’90’s in Park Slope and things just sat and sat on the market for years because nobody could afford to sell for less than what they paid for a place and nobody could afford to buy until the rates went down. Also parts of Park Slope were truly scary after dark then, as they were in much of NYC. Now it really is safer, much more commercial activity in many parts of Bklyn where there was nothing to speak of after dusk. And many communities worked hard to get their local schools to improve. And so now people are paying more to live in these areas as a result.
Those who are saying prices won’t be rising as fast, that’s certainly true. But just because rising prices have slowed (to return to normal) doesn’t mean it’s a “crash”. I think those here who are trying to point that out to renters who are hoping to buy – it’s not to be nasty, it’s to be helpful. Because it could be a good idea to go ahead and buy now or within the next several months while sales have slowed and sellers are unsure of what’s next. You could pick up a good deal if you find a very motivated seller who needs to sell before the end of 2006.
No one can know whether we’re in for a ‘soft landing’ or crash, whether or when prices pause or fall or start to rise. Too many unknowns from too many external factors. Rather than look back to 80s NY, the best I can think of is compare to recent markets in comparable cities. The anomaly arguments about NY being a different or special market can be made for London UK and Sydney AU. The economic conditions in these cities are broadly comparable to those here, with some differences in timing: they peaked 2-3 years ahead of NY. London appears to have been flat since 2003 and Sydney is down about 10-15% overall in that time.
So I’d be surpised if prices started rising again faster than inflation here before the end of the decade, and I’d also be surprised if they’d fallen more than 10-15%. Best guess is that what people are willing to pay a month as a percentage of salary on a new mortgage stays about the same for a few years and prices move sideways according to interest rates.
When I came to NY in 1993, my first studio apt. in Manhattan was $500/month. That year Giuliani won the election, and everything has changed after. Rent market has become so tight and drove many people out from Manhattan and many parts of Brooklyn. I believe the market will be corrected soon, as many people say. Crash? I don’t know. But I feel every dollar we spend for our house is worth than paying rent.