Slope: bet there'll be no interest till they drop this to $500k

Agree. This is a 1BR plus a nice walk in closet. My "price target" for a nice 1,000sqft 2BR in prime brooklyn ("bococa", park slope, bkln heights) is $500,000.

I wouldn't really be interested in this place unless it was in the low 400's

Last weekend I looked at 2 walk-up 2-bedrooms in Park Slope. One was a fifth floor that needed a ton of renovations. The other was third floor and the 2nd bedroom had enough room for perhaps a full size bed, but you would have to open the door and sit on the bed, there would be 0 other square feet of room to walk around. Both were priced at around $550K I believe, had been on the market but were 'taken off' around Thanksgiving and then brought back a week or 2 ago at $500K. A lot of people looking but I can't imagine anyone is rushing to pay that much for a 650 sq ft 2-br.

junkman: There's a 5th floor walkup on Pacific and Boerum Pl going for like $440K, 2-bedroom, renovated, not sure if you checked it out, I can't have more than like 1-floor walk up so I didn't even bother checking it out. Depending on how much you are willing to spend on monthly/CC's, 150 Joralemon in BK Heights always has at least one 2-BR on the market for under $500K. Right now it just doesn't seem possible to get anywhere near 1,000 sq ft in BoCoCa (which is where I want to be, I just looked at the Slope ones for comparison) as everything I've seen priced at that level has been no more then about 650 sq ft. Good luck, let me know if you come across anything

fisher,
Here's some properties that i have been using as a price barometer. I picked these because I belive/hope that these types of places will be available for about 500 in 12-24 months.

Fort Green 2br: http://www.streeteasy.com/nyc/sale/372964-condo-4-south-portland-avenue-downtown-brooklyn-brooklyn
Grand army plaza: http://www.streeteasy.com/nyc/sale/359341-coop-20-plaza-street-prospect-heights-brooklyn
North slope: http://www.streeteasy.com/nyc/sale/358657-coop-90-eighth-avenue-park-slope-brooklyn

two more
North slope: http://www.streeteasy.com/nyc/sale/351516-coop-209-lincoln-place-park-slope-brooklyn
Prospect Park: http://www.streeteasy.com/nyc/sale/358977-coop-44-prospect-park-west-park-slope-brooklyn

What does Bococa stand for? (I guess I'm behind the curve....)

GraffitiGrammarian: I hope you're right.

FWIW, if it were up to me, I'd combine the two "bedrooms" into one good sized bedroom.

bococa is a ridiculous acronym that brokers came up with that stands for Boerum Hill, Cobble Hill, Carroll Gardens.

Here's one in bkln heights that I would be interested in at 600.
http://www.streeteasy.com/nyc/sale/378172-coop-2-grace-court-brooklyn-heights-brooklyn

GG, at this rate you'll see your 500 by november...
http://www.streeteasy.com/nyc/sale/362933-coop-45-seventh-avenue-park-slope-brooklyn?email=true

Slope -- I agree. One big bdroom makes more sense.

Junkman -- "bococa" sound kinda unappealing. But thanks for deciphering it. ;-)

Also Junkman, I think we will get to $500k for decent 2-beds in the Slope by the end of the year. If not before!

best, GG

This small 2br on 3rd street sold for $549K back in the fall 2008.

http://www.streeteasy.com/nyc/sale/252605-coop-391-3rd-street-park-slope-brooklyn

The sellers were really desperate because they had already moved out ... their initial ask was crazy at $699K.

I'm looking for a 2br in Park Slope but I've decided to rent another year as oppose to buy ... prices have decreased but they are still ABOVE 2006 levels

Maybe 500 sqft by November in Ft. Greene but probably not in prime Brooklyn. Look at 555 Henry #2 - really nice 2bd 2bth new construction. It was reduced to a reasonable 680 sqft. (799k) on Jan 14th and entered contract a few days later.

Do you have the link for that sale, rc?

Here you go:
http://www.streeteasy.com/nyc/sale/91544-condo-555-henry-street-carroll-gardens-brooklyn

The other unit at 555 (#4) got taken off the market. It looks like the owner decided to take it off the market and rent it instead.

536 Henry is a near carbon copy of 555. It looks like 2 units sold there and 2 were taken off market. Who knows if these will be rented out.

The activity at 555 and 536 tells me that the "prime brooklyn" market is still in decline.

link to 536 henry: http://www.streeteasy.com/nyc/house/536-henry-street-brooklyn

Thanks, Junkman. Interesting, I wonder if 555 will close.

I don't know the building. It's a pleasant location, but it's far from the subway.

You have a point about the similar units being pulled or rented. That is perhaps not a healthy sign.

It is a pleasant location. I looked at unit 1 at 555 Henry a couple of weeks ago. It's a nice apartment, but at 1,150,000 it's overpriced especially since a large chunk of the sqft is underground. It has since been pulled from the market.

This just showed up in my email box.
2BR on lafayette and carlton in fort greene for $495. Here's the magic $500psf if you believe stated sqft.
http://www.streeteasy.com/nyc/sale/378811-coop-155-lafayette-avenue-fort-greene-brooklyn

Negatives:
5th floor walkup
Ugly, small kitchen.

You guys think this is aggresive pricing or is something just seriously wrong with this place?

you're asking is something is wrong with the apartment...you just said it all..5th walkup, ugly small kitchen.

#5B, which is a mirror image of the floorplan, sold in September 2006 for $575,000.
http://www.streeteasy.com/nyc/sale/32698-coop-155-lafayette-avenue-fort-greene-brooklyn

So i guess this pricing is attempting to be ahead of the curve.

NO SLEEP TILL $500psf :)

This is a brooklyn thread, no?

Kitchen looks ugly, no picture of bathroom, and 5th floor walk up, that will be fun carrying your laundry from the basement up and down 6 flights, and if that floorplan is anywhere near accurate, no way it's close to 975 sq ft.

wow you're right on top of it Junkman, that listing was just posted!

The other comments here are good observations. I have a question -- since there is a 5B and a 5C, is there also a 5A? In other words, are there three units per floor in this old house?

That would explain why the units look so small. Like Fishermb, I agree that the sq ft doesn't add up to 975 -- not even close.

Also, I wonder what is nearby. I don't know Ft. Greene too well, but I have driven around the nabe and I think there are some projects within a few blocks of this place. Not directly adjacent or anything, but within easy walking distance.

Also, many years ago I lived in a fifth floor walkup. Back around 1990. It was an artist's loft in Dumbo, which I was subletting.

In those days there were no yuppies in Dumbo. Just artists and the folks who lived in the projects.

Anyhow, the fifth-floor walk up was a drag. My roommate and I used to plan when we would take the garbage out, cuz it was a pain to drag a big heavy stinky bag down five flights of stairs.

That's not really something I want to devote my mental or physical energy to these days.

However, it's an interesting listing, Junkman. Interesting pricing versus the earlier sale. Thx.

Great comments everyone.

GG, I lived in fort greene for a few years and that location on lafayette is great. Lafayette itself is a somewhat busy 2-lane street, but its not that bad.

If you are considering moving to Fort Greene, the best blocks are South Elliot Place to Adelphi St, bordered by DeKalb and Lafayette.

The east side of the park, Washington Park through say Vanderbilt, is really nice also, but it is a pretty long walk to major subways from that area.

The projects you were referring to are on the north end of the park, and they are big. These are the same projects in the backyard of Toren and Oro.

Back to Park Slope,
http://www.streeteasy.com/nyc/sale/378759-coop-125-prospect-park-west-park-slope-brooklyn
2BR at 125 PPW. This place is a big-time $500k candidate in my opinion. It seems decently sized, nice building, great location, but no closets in one of the bedrooms, high maintenance for no doorman, F-train captivity, and no laundry in the unit...

junkman: Regarding the 125 PPW listing, do you think that laundry in unit is normal? I've been looking at places for almost 6 months now and only twice have seen laundry in the unit.

Also, not sure if you're linking to units you'd be interested in IF they were $500K, but a 4th floor walkup which probably is really around 800 square feet and will probably need the kitchen redone (no picture) is no great deal.

Why is the larger bedroom (over 70 square feet larger!) lacking closets and on the opposite side of the apartment from the bathroom? My other comment (though it's certainly a personal preference) is I really don't like the long, skinny hallways at the entrance.

fishermb,
On corcoran.com it says its an elevator building. I don't know if laundry in unit is normal but I find it desirable.

And yes, my thought with this thread was to try and stay true to the thread title of 'no interest until they drop to 500k'. I can only definte 'interest' as what I personally prefer! :)

In any case, its fun to discuss brooklyn.

Sorry, must've overlooked the elevator detail. And I'm all for discussing Brooklyn, as the only areas I'm interested in purchasing in (including Manhattan) are Brooklyn Heights, Cobble Hill and Boerum Hill.

44PPW went into contract today
http://www.streeteasy.com/nyc/sale/358977-coop-44-prospect-park-west-park-slope-brooklyn

Should be interesting what price is ultimately paid