Sometimes listings seem to good to be true. For many savvy real estate hunters, a two-bedroom in Chelsea listed for under $1,000,000 is an automatic red flag, causing immediate skepticism and prompting low expectations.
It’s probably not a true two-bedroom; the location’s got to be bad; it’s a walk-up; the list of potential flaws is endless.
So, when a two-bedroom co-op located at 340 West 19th Street in the heart of Chelsea comes on the market listed for $775K – 66 percent less than the median asking price for two-bedrooms in Manhattan – it’s tempting to write the property off as a lemon. This co-op, however, requires some closer scrutiny.
See below for a breakdown of the pros and cons.
- The price! $775K for a two-bedroom in Chelsea? You’ll be hard-pressed to find another two-bedroom Downtown for less
- The location. West 19th Street between 8th and 9th Avenues is prime real estate in Chelsea. It’s right in the heart of Chelsea’s historic district on one of those blocks with lined with trees and Greek Revival brownstones
- The apartment offers a true two-bedroom layout with bedrooms on opposite sides of the layout
- The bathroom has been recently renovated with classic subway tile and is finished with marble
- There’s an in-unit washer-dryer
- There are hardwood floors throughout
- The master bedroom offers lots of built-in closets
- The apartment is a third-floor walk-up
- The maintenance fee is $1,220/month
- The room off the kitchen is indicated as a dining room, but is probably too small for dining and includes the washer-dryer, making the space hard to use
- The majority of windows look out onto the interior shaft of the apartment building
Do the positives outweigh the negatives? It is hard to judge by the listing alone, so a visit to this Sunday’s open house may be necessary. Regardless, the price makes this place stand out. (Amazingly, it’s only listed for $5,000 more than what it sold for in 2008!) Check it out and let us know what you think!
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