Open House Picks: Apartments
Brooklyn Heights 111 Hicks Street, #13 MNO 3 BR Co-op Douglas Elliman Sunday 2-5 $990,000 GMAP Boerum Hill 423 Atlantic Avenue, #3D 2 BR Loft Co-op Corcoran Sunday 2-4 $799,000 GMAP Park Slope 1113 8th Avenue, #1L 1 BR Co-op FSBO Sunday 1-4 $549,000 GMAP Brooklyn Heights 150 Joralemon, #2C 1 BR Loft Co-op FSBO…
Brooklyn Heights
111 Hicks Street, #13 MNO
3 BR Co-op
Douglas Elliman
Sunday 2-5
$990,000 GMAP
Boerum Hill
423 Atlantic Avenue, #3D
2 BR Loft Co-op
Corcoran
Sunday 2-4
$799,000 GMAP
Park Slope
1113 8th Avenue, #1L
1 BR Co-op
FSBO
Sunday 1-4
$549,000 GMAP
Brooklyn Heights
150 Joralemon, #2C
1 BR Loft Co-op
FSBO
Sunday 11-2
$447,000 GMAP
Kensington
811 Cortelyou Road, Multiple Units
1 BR Co-op
Brooklyn Properties
Sunday 2-3:30
$249,000 GMAP
You’re right, “reality check” – it’s not Staten Island. You could get a house in SI for that price. But if your satisfied with 1700 sq. ft, maintenance fees and co-op boards then it’s probably perfect for you.
The real point is that the real estate market has changed over the last few years. People who have lived in Brooklyn for several years now seem bitter and sadly confused. If you think that a 3 bedroom apt in the Heights for 900k with 1700 in maintence is too high you need to sober up and realize that the place is a good deal…The heights is not Staten Island…
The level of intellect on this board is stunning
It (the Park Slope apartment) is still only 25K-30K less than a couple 2BR co-ops with bigger bedrooms, on much better streets and blocks in Park Slope that are listed right now. Sellers need to compare what’s on the market currently, in the same price range in the whole neighborhood. Not just use at reference what happened to sell in the same building at some point or another.
1:10 is wrong – the identical unit was not identical, did not have landscaped garden, kitchen/bath needed work and went for 30K less.
That Park Slop apartment is overpriced. An identical unit in the same building was sold for 50k less – through broker.
<http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=902054>
I wouldn’t buy into 111 Hicks but I think 9:49 is wrong. I know the bldg has new mgmt and a new board as of a couple of years ago and they have been addressing the issues of building up a reserve, a poor commercial tenant (they’ve had to sue, etc), and their bldg upkeep issues (they had some major structural work done and more to do).
In other words, the plan is not for the maint costs to “be there forever and will go nowhere but up” but instead once they’re bad on stable ground to get it into line with neighboring bldgs. The question is is that in 3 years or 15 years.
You can bring the cost of your mortgage down over time by repaying principal and opportunistically refinancing. That maintenance cost is going to be there forever and will go nowhere but up.
I don’t think any of us have sticker shock over the price of the Hicks Street apt. It’s the price based on the maintenance that’s ridiculous. The 1 BR in Park Slope may be 1/2 the price for an arguably lesser apt, however, the common charges are less than 1/5 those of Hicks Street.