Monday, May 25, 2009

Listing of the Day: Price Chop by the Week

180 Van Cortlandt Park South #5C, 2 Bedroom - $259,000

BoogieDowner profiled this unit exactly one week ago, when it was listed at $265K. We still think this is a nice unit in a cool little area just south of Van Cortlandt Park and just east of Riverdale, but who knows where the free market value will settle for this apartment (or any piece of real estate for that matter). I wonder what the bottom rung of an acceptable offer would be? Would they take $230K? $220K? How inspired are they?

This is a big unit (950 square feet) at the foot of one of the prettiest parks in the City. The building looks well kept - it even has one of those fancy Co-op names ("the Van Cort" - I guess brevity is their thing). This apartment is also right near Riverdale and all of its amenities.

The kitchen and bathrooms look like they've been updated and the apartment doesn't appear to need that much work. All in all, this is a pretty solid apartment for a pretty decent (and falling!) price (although you'd be crazy to pay the asking price for anything in this market). The maintenance isn't listed, so that is a kind of big X-factor. A super high maintenance could be a deal breaker; high maintenance usually means a poorly managed building and it's a monthly fee that in all honesty doesn't provide much (horribly regulated heat? a super?) and builds no equity.

The transportation is very nice with the 1 train a block or so away




Laura Lazar Kearns said...

Wow...thanks for the editorial! Just found it on here...since I listed the apartment I can answer the monthly maint's $791.00.

Boogiedowner said...

Thanks for clarifying the maintenance, Laura. Hey, it looks like on your website this is now listed for $254K? Is that true? has it been chopped again?

Laura Lazar Kearns said...

Yes Indeed! This is the last chop we need as the interest has REALLY picked up! It's a lovely place as you surmised so thanks again for showcasing it!

Boogiedowner said...

Sounds good. I'll re-post at the new price for Monday's LOD...

Laura Lazar Kearns said...

Thanks again...oh by the way...just wanted to note that the maintenance on any given coop does not build equity but it does provide a neat tax break. As a rule, it is anywhere from 40% to 50% tax deductible.