Current rent prices

racingmonkey · October 2008

I am looking at a true 3 bedroom, 2 bath apartment. Gutted with nice, high end finishes, brand new. Storage in basement, 20 x 20 terrace, 1 flight up, center slope, 5th ave., central heat and air, dishwasher, washer/dryer in unit, a floor and a half of a brownstone (1300-1400 sf). They are asking 4800.00.....is that fair in this current market (I know it is a lot, but is it fair)?

flux · October 2008

yes, thats the going rate. must be a beautiful place.

lo kee · October 2008

How do you feel about your first born?

santa · October 2008

you might be able to get something like that for 3800-4000 if you try.
maybe not central air and w/d tho.

vidro3 · October 2008

it seems a bit high but not grossly unfair.

maybe offer $4500?

lo kee · October 2008

wait 7-8 months when the steel drum fires blaze in shanty towns in east new york and mutant raiding parties make nightly incursions into the greenzone to feast on your babies.

You can totally pay 3,950/mo then.

Love,

someone on your crown heights buffer zone witnessing the nightly break-ins and "crack o clock" as described in earlier posts.

Good night!

racingmonkey · October 2008

Thanks for the input. It is a great place, I just wanted a little confirmation before paying so much. I think I will try to offer 4500 and see what happens.

modsquad · October 2008

Don't forget to bend over!

scarlett · October 2008

That sounds like an awesome place. I better come by to assess it further. Address please?

Just curious, is this for a family? I cannot imagine renters/roommates paying $1600/month.

racingmonkey · October 2008

Yes, it is for a family. Mom, Dad and three kids (one grown and off in college most of the time).

flux · October 2008

Just remember us when its time for the house warming party! Don't listen to all the other posters with the negative comments. They are just jealous that they can't get such a place.

I believe you will have a good chance of getting the space if you offer 4500. Good luck and let us know how it went.

vidro3 · October 2008

if you can pay $4500+ a month, why not buy something slightly less opulent?

flux · October 2008

vidro3 - at $4500 per month he can pay a $700,000 mortgage (if you can get a mortgage). for 700k he won't be able to find a good size 2 bedroom in park slope.

Additionaly, he will be stuck with a 30 year mortgage. If he rents he can leave whenever he wants and get a smaller apartment when the kids are grown and moved out.

raw · October 2008

Do all bedrooms have closets or are any bedrooms really walk-in closets?

Either way, $4500 would be the ceiling.

vidro3 · October 2008

flux wrote: vidro3 - at $4500 per month he can pay a $700,000 mortgage (if you can get a mortgage). for 700k he won't be able to find a good size 2 bedroom in park slope.

Additionaly, he will be stuck with a 30 year mortgage. If he rents he can leave whenever he wants and get a smaller apartment when the kids are grown and moved out.

good point.

i just have an aversion to paying that much rent in general. i feel like it is just giving money away since you do not have anything lasting in exchange for it.

it's a mindset that was drummed into me by my scottish grandparents on one side and italians on the other.

garfunky · October 2008

at a glance my first thought was "its NOT a duplex ?"
so
my gut feeling is that is asking price is a skosh high for the location.

1200 sq ft fl thru 3br 2 bath w yard
on a PARK BLOCK recently rented for 4200.

but then my eyes arent actually seeing the actual unit.
if everythig is top of the line super high end that number might be justified.

edit - on reread i notice "floor and half " in the OP.
so that kinda does put it in the right "ballpark"

I guess it seems unusual to ME, to hear that ask rent at that location.

nykittyny · October 2008

From a broker's perspective, if a LL called me and described that property, I would say that the price would be between $4500 and $5K, but I have to come and see it. I know that $4800 is a lot of $$, but its the market price for all those bells and whistles.

superjonbot · October 2008

IMHO.

$4800 RENT < $1800 RENT+$100 daily allowance for alcohol & drugs.

hamilton · October 2008

I mentioned the $4800.00 monthly rent to ella talicercio and she agrees that's about right.

racingmonkey · October 2008

Thanks, guys. FYI all the bedrooms have closets and the master is a walk-in closet. There is no broker fee (saves quite a bit), and I can have my dog there. All in all, its a great place. I would love to buy a place, but alas, I do not have a large enough sum saved up for a down payment on something that would work for us. Eventually. Another thing, the landlord said they would sell it to us in a couple of years if we want (nothing in writing, but the option to buy the place if we like living there is pretty nice).

santa · October 2008

if theres no broker fee Id go for it. A place like that is going to run you 7-8k a month with a mortgage

hitokiri · October 2008

Subject: Re: Current rent prices

racingmonkey wrote: I am looking at a true 3 bedroom, 2 bath apartment. Gutted with nice, high end finishes, brand new. Storage in basement, 20 x 20 terrace, 1 flight up, center slope, 5th ave., central heat and air, dishwasher, washer/dryer in unit, a floor and a half of a brownstone (1300-1400 sf). They are asking 4800.00.....is that fair in this current market (I know it is a lot, but is it fair)?

yes it's accurate

Next question:
Why not buy a house?

Live moderately for 2 yrs. The housing market will be much lower.
Mortage a nicer house with everything you just listed and your mortage will be half of that rent

nykittyny · October 2008

Subject: Re: Current rent prices

hitokiri wrote: [quote=racingmonkey]I am looking at a true 3 bedroom, 2 bath apartment. Gutted with nice, high end finishes, brand new. Storage in basement, 20 x 20 terrace, 1 flight up, center slope, 5th ave., central heat and air, dishwasher, washer/dryer in unit, a floor and a half of a brownstone (1300-1400 sf). They are asking 4800.00.....is that fair in this current market (I know it is a lot, but is it fair)?

yes it's accurate

Next question:
Why not buy a house?

Live moderately for 2 yrs. The housing market will be much lower.
Mortage a nicer house with everything you just listed and your mortage will be half of that rent

Excuse me, but what brand of crystal ball are you using?

By your math, properties will be decreasing in value by 50% or more. Not very likely.

obamanut · October 2008

Of course this is a bit of a personal question, but I can't help but wonder what goes through the mind of someone who is completely willing to toss away over $50,000 a year cash just to live in a 'certain area as if it were nothing? Could someone enlighten me?

stacey · October 2008

Obamanut wrote: Of course this is a bit of a personal question, but I can't help but wonder what goes through the mind of someone who is completely willing to toss away over $50,000 a year cash just to live in a 'certain area as if it were nothing? Could someone enlighten me?

their life, their choice.

booklaw · October 2008

If you earn enough money to be able to do that, you tell yourself that you're doing it in part to be able to live in the neighborhood of your choice, even if it is going to cost a small fortune.

Otherwise, what's the point of working the long hours under the constant pressure?

racingmonkey · November 2008

I think you guys missed the part where I said I was renting for a year to save a down payment to buy this same apartment. I am working towards buying it, I just don't have enough for a down payment quite yet.

Current rent prices

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