Looking for advice on a condo purchase...

delight_ful · April 2006

Hi all, I'm looking at a property at 255 Eastern Parkway (tween Classon and Franklin). I know I like it - which is of course of the most important things - but I'm curious how it stacks up, value-wise to other places in the nabe. (And should I be posting this on the CH board?)

It's a 2 bed/1 bath, facing south. No fancy renovated kitchen, but the apt will be in good shape once it's been renovated. Asking is $423k.

Also, does anyone here live in that building and have some insights?

Thanks!

carnivore · April 2006

Subject: Re: Looking for advice on a condo purchase...

delight_ful wrote: Hi all, I'm looking at a property at 255 Eastern Parkway (tween Classon and Franklin). I know I like it - which is of course of the most important things - but I'm curious how it stacks up, value-wise to other places in the nabe. (And should I be posting this on the CH board?)

It's a 2 bed/1 bath, facing south. No fancy renovated kitchen, but the apt will be in good shape once it's been renovated. Asking is $423k.

Also, does anyone here live in that building and have some insights?

Thanks!

That's really Crown Heights, not Prospect Heights (although a tiny minority might disagree). What's the square footage? What floor? If not the 1st, is it a walkup or elevator? Outdoor space (garden or balcony)? Roof access?
It could be a good deal or not. There was a similar question about a different property on the CH board recently and someone posted a link that let you look up recent comparable building sales.

delight_ful · April 2006

thanks, good questions...its about 1040 sq. feet, no outdoor space, ground floor.

Building is converting to condos (60% sold), so there may be more "amenities" further down the line. Right now, there's laundry in the basement, and a part-time doorman.

I saw that web site - it was v. cool, and it looks like I'm getting the least expensive unit in the building...

ana.log · April 2006

Seems reasonable and about at market to me, especially for a condo (vs. a co-op, which tend to cost less but come with more headaches)....

carnivore · April 2006

ana.log wrote: Seems reasonable and about at market to me, especially for a condo (vs. a co-op, which tend to cost less but come with more headaches)....

Agreed. The subway proximity will be a huge plus also.

ben · April 2006

sounds like a decent price. In general prices for condos seem to run around $5-600 a ft. However, the ground floor unit will go for less and there will be adjustments if it needs some work. The other items to consider are taxes and common charges which can also impact the price.

doctorj · April 2006

Subject: Re: Looking for advice on a condo purchase...

delight_ful wrote: Hi all, I'm looking at a property at 255 Eastern Parkway (tween Classon and Franklin). I know I like it - which is of course of the most important things - but I'm curious how it stacks up, value-wise to other places in the nabe.

It's a 2 bed/1 bath, facing south. No fancy renovated kitchen, but the apt will be in good shape once it's been renovated. Asking is $423k.

I've looked at some condos in that building or thereabouts, and I think they're quite ok and the price is comparatively good. If it's liveable and the common charges aren't too high ($400 would be ok; $300 better) you can't go too far wrong if you're paying under $500/sqft. When you work it out, it's not much more expensive than renting such a space after you substract principal repayment. Buying a condo in an established pre-war building may not be as trendy, but there's so much less risk involved.

Looking for advice on a condo purchase...

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