This is an 850sf one-bedroom on a decent block in Bklyn. They've lowered the asking price to $109k.

It's a short sale, and it wasn't moving at $149k. So they figured they would drop the asking price about $20k under market, and see if they could start a bidding war.

At least that's my take.

http://streeteasy.com/nyc/sale/624286-coop-811-cortelyou-road-kensington-brooklyn

this short sale will never happen, that is why they are playing games. the building's maintenance skyrocketed a few yrs ago and will most likely rise even more until it almost matches the rent in the neighborhood.

the other issue is that you'll have to go in front of the board and close in 30 days as that's how short sales are typically structured. good luck getting that done.

What is going on with this unit?

They raised maintenance just to raise maintenance and the board was okay with this.

Also, do they allow investors?

from i know, they do not allow investors. my guess would be that there was an old board that kept absolutely no reserve and kept assessing the living daylights out of the shareholders. now that the new board came in, they are trying to stabilize. unfortunately, they are abour 30 years late.

there are a few buildings in the neighborhood that had the maintenance increase signficantly over the past 5 yrs and the new blood bought and saw what stupidity the old timers were doing. unfortunately, the apartments they purchased are worth significantly less now that the maintenance is 50% higher and some of the highest in the neighborhood with some of the lowest amenities privided.

Thanks ab

If you could rent it, how much would be fair to ask? Conservatively versus Good Market?

1400-1600?

Interesting comments, ab_11218. Many thanks.

Is the printed maintenance figure (in the $800s) wrong? It doesn't seem *that* ridiculous.

Consigliere - 1400 would be tops, as I'm guessing.

3_0 - this is not manhattan, it's brooklyn. a 3 Br/2 Bth with a terrace and doorman has maintenance around $1K in that neighborhood. most 1 Br of that size are in $500-650 range.