Well-Priced 1BR Charmer in Prospect Heights

I went to the OH a week ago with a friend, we both loved this unit. Great light on the top floor, everything in pristine condition and a gorgeous vintage building across from the Museum and that glorious fountain. My friend is not yet ready to buy but fell in love with it.

why $20 K more than 4n?

Higher floor?

I rather like the quirky floorplan.

same as 2 fls below...

at $665 psf and maint approaching $700, a little too much.

It will cost approx $2,300 a month with 20% down and 5% interest rate. $1,880 after taxes. This place cannot cost more than $1,400 to rent.

CC, am I wrong in thinking that higher floors, even with the same floorplan, generally command a higher price?

As AB points out, both apartments are probably priced too high for current market.

yes...they do...but think of the percentages here. that's why i asked the question....does the higher floor clear a bunch of buildings that changes everything or is it basically the same idea 16-18 feet higher?

Ah, I understand now. Thank you.

Thanks for the comments folks! To AB's point, my building really does not allow rentals (only brief periods with board approval) so renting would not be an option anyway.

Regarding the difference in price, though I have not personally seen unit 4N, from its listing photos and others who have seen it, mine is much nicer, in mint condition and brighter being on the top floor. Admittedly there's no view, but I have sky! Also with no upstairs neighbors, it's really quiet.

We had great turnout at Sunday's OH, all said the place was "beautiful" and seemed fine with the price so hopefully that's a good sign. Time will tell...

Good luck, HK!

Thanks EV :-)

That's an edgy neighborhood for walking around in. No problem getting to the train but what about any other kinds of travel on foot, like to grocery store, hardware store, etc. Those are not very safe blocks if you are are on foot, at least not much beyond the major thoroughfare.

I'm a potential one-bed buyer, but you are way over priced for me. I know you will think I am too bearish, but this is honest response.

If I were willing to rent at your location for $1400, you would have to beat that monthly cost in order to induce me to buy, because there is risk that the market has not bottomed yet and the value of the apartment will fall below the price I pay you.

So just hitting a price equivalency of $1400 rent is not enough. However, I would not rent at your location for $1400. I can rent on nicer blocks in Washington Heights or Kensington for 1400 or less. Those are safer blocks. I would prefer to be near Prospect Park but am not willing to sacrifice safety at the price you charge.

So for me, you have to come up with a price that is a monthly price equivalent to rent of about $1000 to induce me to think about it, and I doubt I would bite. If you got it down to about $900 per month I might do it.

I guess that's less than half your current ask. I am not trying to push back hard, just being honest. To me, living at that location is not worth more than $900 per month.

My point was that you are overpriced. When I bought my Jr 2 Br, I was paying, after taxes, less than what I would be paying if I were to rent it. Having the possible rent equal the after tax is what people are looking for now-a-days. This is not last year or a year before.

It does not matter if your building has rentals. There are numerous buildings in your area with similar apartments that are renting, that's what should be reviewed to determine an asking price as well as recent sales within a block or two in similar building.

As far as your OH. If someone really liked it and felt that the price was right, you would have gotten an offer already.

I would agree with GG about the neighborhood 5-10 years ago, but it has gotten much better since then.

Really, ab? I admit I don't hang around them anymore but I do go to a First Saturday at bklyn museum once a year or so, and occasionally do a gallery show near there.

I haven't seen that much improvement. I went to look at a rental near there about 2 years ago and it still looked pretty scary. Maybe there is a lot of variation block by block.

I got the feeling that if I were to wander very far from the main strip by the museum area, it would get creepy. But you may know better than me.

Anyhow, I still think hkdoglover is overpriced.

also, I will tell you a story. My friend is a caterer, she knows all the foodies: the restauranteurs and gourmet vendors, etc.

She knows this guy who operates 4 or 5 fashionable restaurants in Brooklyn. I forget if Patois is one of them; maybe. Maybe he is a partner of the guy who runs Patois.

Anyhow, one of his restaurants was located right on the boundary between Prospect Heights and Crown Heights, very close to this apt listing.

He had to shut it down because the food suppliers who tried to deliver food to him kept getting robbed whenever they would park in front of his place. He tried switching suppliers but every one of them would get robbed, just the same way.

He told this story to my friend. He said this was the only one of his restaurants where he had had this problem.

This was less than 2 years ago -- maybe 18 months.

What you say about the area improving may be true, I'm sure it is true on certain blocks. But this area is still bounded by some bad stuff.

dont listen to GraffitiGrammarian. this area is fine. people bitch and moan about the "old new york" yet then say this area i unsafe. silly

over priced tho.

Finally getting back to this... I agree kcin122! Whatever the neighborhood was in the past (and I have heard - and I can't speak for Crown Hts today) I have had ZERO problems in the 3.5 years I've lived there, even coming home at 3, 4 am. Furthermore, I've found the locals with deep roots in the community very friendly and welcoming to me. I feel completely safe.

Also: We're having another open house tomorrow, Saturday, 3:30-5:30 to coincide with Target First Saturdays at the Brooklyn Museum - so now's a great time (GraffitiGrammarian) to come see just how safe it is! This is a general invite to you all - bring your brokers, your friends - bring your enemies! Or just your curiosity. If you're coming to the museum anyway, please check out my place, right across the street. We'll be passing out show sheets in front of the Museum. For more details see http://www.facebook.com/home.php?#/event.php?eid=88840778621&ref=mf - lemonade and cookies included. :-)

Or the listing: http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1312884

In this market, are any of you trying out similar promos? I'm still early on the market so I'm not ready for price drop yet (esp. with the comps I've seen in my hood) but any suggestions as to other creative marketing ideas?

Sorry folks that facebook link didn't enable (darn it!). Try this: http://tinyurl.com/facebook-invitation

i saw this place when it was originally listed and liked the building, location, and the unit is pristine. faster to work on wall street from my place in midtown. just reviewing some of these comments are frankly more than a little alarmist about security. having spent a fair amount of time in the area for the museum, park, gardens and restaurants my impression is it was not only secure for individuals but certainly so for families. The unit itself shows its been cared for with attention to detail. If it were an option to rent to a tenant it would be more attractive in terms of flexibility, but suggests you won't have speculators turning over units. Owner/tenant rules seem to me to add stability to the whole building. A find for the right person.

I think your "creative marketing ideas" should help your buyers see the value of your place and maybe also help would-be first-time buyers navigate through the process more easily. Your lemonade-and-cookies tactic is going to draw in a lot of people who are probably not serious about real estate or your apartment. It's more beneficial to your broker (for leads) than you, to be perfectly frank.

That said, since you're doing it anyway, maybe your broker can put out some fact sheets about what it would cost monthly to own this place, information about tax benefits of home ownership (with monthly savings calculated out at different rates), perhaps an article or two from a reputable source that counteracts all the negative press real estate has gotten, information on how to go about getting a mortgage, information on the neighborhood, and maybe even information about co-ops in general. Keep in mind that your average person off the street -- and, let's face it, that's who is coming to your open house -- isn't going to have the slightest clue about any of this.

Real estate these days is not going to be as much of an emotional purchase. Most of the marketing work is going to involve making people feel perfectly comfortable with their decision. Sales are going to be a lot less about the sizzle, and a lot more about the steak. I would focus less on boosting foot traffic among browsers (sounds like you have a lot of that anyway) and try to focus more on making a compelling case for serious buyers and their brokers. Especially in a down economy, you must take the time to educate consumers and make them feel comfortable to the point that they'll still feel OK when 25 people on this board (or at their work) will tell them they're stupid for thinking of buying a place, that real estate is going to drop another 20/30/40%, etc., etc.

Hope this helps; it wasn't meant to be nasty. Part of my job is to market products that have been slaughtered in the press as badly as real estate, so I have a bit of insight of what is necessary in order to "make it work" in this economy.

A few other practical suggestions/opinions:
(1) Add a photo of your kitchen to the listing, if you can. (It says "modern kitchen," so I'd think it would be an asset.)
(2) I'd ditch the ancient-looking TV, slipcover the loveset in something light and neutral, and change the bedspread. Your furniture is nice but may seem a bit too quaint/grandma for certain buyers. Taken together, this can give the wrong impression. Remember that a good portion of your buyers may be younger professionals whose palette may be a bit more contemporary.

Good luck!

Thank you for the generous and insightful feedback - not nasty at all. Your last 1 & 2 are good suggestions and easily remedied (I admit, my taste is a bit out of the contemporary mainstream). We are doing much of what you suggest, but I will definitely give more thought to the "steak" issue - how we can best make that compelling case to serious brokers and buyers.

I would like to agree with lad's feedback about focusing less on foot traffic and more on serious potential buyers. Apart from that, I did happen to view this apt. at an OH and found that it did show very well despite its traditional decor. The building is impressive and well located, the unit is on the top floor which removes it from traffic noise. Througout the unit there is attention twhich is execellent for a one bedroom. The kitchen is small but well equipped and contemporary. There are three closets in this unit and the bathroom is both charming and contemporary. The paint colors in all the rooms are neutral but not boring and the wood floors are refinished yet have the patina of time.