Short Sale at The Washington
The economic crisis has worked its way all the way to The Washington Condos at 35 Underhill in Prospect Heights. Blogger Set Speed spotted a short sale in the buiding: the 1,156-square-foot two-bedroom, two-bath unit is asking $569,000. We weren’t able to figure out what the current owner paid for it, but it appears that…
The economic crisis has worked its way all the way to The Washington Condos at 35 Underhill in Prospect Heights. Blogger Set Speed spotted a short sale in the buiding: the 1,156-square-foot two-bedroom, two-bath unit is asking $569,000. We weren’t able to figure out what the current owner paid for it, but it appears that the listing started out asking $675,000 last August. The current price tag comes out to less than $500 a foot. Deal?
35 Underhill Avenue [Douglas Elliman] GMAP
Short Sale at 35 Underhill [Set Speed]
We’ve been in that building too. Seemed like cookie-cutter finishes, do you agree? Also, what do you think all the other current residents paid $ per sq.ft, especially those in those controversial duplex apartments?
saw the unit. pretty nice, but not worth nearly close to the ask in my opinion. don’t see how they are trying to sell it for 20% more than 2 years ago given the market changes, especially as this is supposedly a short sale
I’m surprised at the shock, since all of those people have been priced out of gentrified Brooklyn for at least the five years.
That actually brings up the question of what prices should be be based upon a reasonable portion of income.
Where does a couple making 120k deserve to live? 80k? 150k? 200k?
I’ve been in the building a couple of times. Compared to most new constructions, it’s a gem. Well built, well maintained, peaceful setting, nice extras.
But… the location is rough. Crossing Atlantic to wait for the C on a dank platform isn’t fun. And walking the half mile (your can verify – Google Maps) to the B/Q or 2/3 is dreary even in the best of weather.
Atlantic Ave is indeed horrible with little hope of getting better, and even the immediate surroundings down Washington or Vanderbuilt leave much to be desired.
Long story short: it feels like an oasis once you’re there, but the getting there ain’t pretty.
The asking price would be fine if it were halfway closer to the park, but it’s tough to justify given the unfortunate spot.
And you’ll be taking a lot of cabs if you live there. Guaranteed.
cwbuecheler –
i’d say the Q/B & 2/3 are walking distance as i do it everyday from this location. Its actually easier to get to those trains than having to wait the same amount of time to simply cross Atlantic & Fulton. Not to mention its only a 15 minute walk to Atlantic Station.
And on those cold days you speak of, the walk is of course faster.
As a potential condo purchaser,the comments on this post have been “spot on”. Must be giving speculators and realtors nightmares! Keep up the good work! Will reality and realty ever coalesce?
Pete – that was kind of my point. A couple making $120k/yr is making GOOD money and still would struggle to afford this place. That’s ridiculous.
People seem to forget that just because a small percentage of Manhattan professionals make like five hundred grand a year, doesn’t mean that most of New York does.
ltjbukem73 –
I have friends who live on Bergen and Vanderbilt and I myself live in Park Slope. I’m over in Prospect Heights a lot, and know this specific block. The Q is not what I’d consider a reasonable walk from this condo, when it’s freezing cold out. There’s no way the 2/3 is either.
I’ve been to GEN several times, and it is indeed good. Also, yes, the shops on Vanderbilt are above fast-food quality. I was referring more to the stuff on Atlantic. Pacific street in that stretch is also a wasteland, and Dean’s not much better. Washington’s pretty ugly in that section too, tho there’s a pretty great beer store hidden over there.
Far as I’m concerned, this price is crazy overinflated. I wouldn’t pay $600k to live on Underhill at Pacific. At $400k I’d start thinking about it. At $300k, I’d consider it the “deal” Brownstoner was asking about.