Monday, September 28, 2009

Listing of the Day: Price Chop in Kingsbridge

180 Van Cortlandt Park South, #5c, 2 Bedrooms - $239,000

BoogieDowner has been semi-watching this unit for a while. We profiled it a few times when it was first listed at $265K back in May and then when it was chopped a week later down to $259K. The chopping resumed in late August and after a few whacks with the old price ax the asking price is down to $239K. One nice improvement to the hood since the last time we posted about this is the opening of the Bronx Ale House. That's a pretty solid local if you ask me.

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




MuffinGal said...

As you said, the maintenance is a huge factor. But for some reason, maintenance fees in the Bronx are at least $1K. Does it mean that all these buildings are poorly managed?

Boogiedowner said...

I wouldn't say all co-ops in the Bronx are that high, but certainly not cheap.

If a 2 bedroom is over $1k.month in maint. and you don't have a doorman/gym/personal concierge I'd say the finances are being mismanaged....