I suppose there are other amenities too.
Per Corcoran:
Investor Friendly Coop with private back yard! Great Investment Opportunity, rent out right away! No board approval, all cash required. Prime East Village renovated one bedroom with a huge sun flooded private garden, totaling over 1100 sqft. This newly renovated one bed/one bath coop offers a tranquil indoor space with plenty of pre-war details, including exposed brick, hardwood floors and high ceilings. Recently renovated kitchen and bath create a nice relationship of pre-war detail with modern amenities, such as Bosch dishwasher, washer and dryer and well appointed closets with storage space. Move from the beautiful indoor space directly into your outdoor oasis, which has been designed by a landscape architect and features wood decking, a separate fieldstone patio, and Japanese maples among other year round and seasonal plantings.
This coop is located around the corner from Tompkins Square Park as well as several other East Village gardens, restaurants, and shopping. There is no board approval and flexible purchasing is allowed, purchasing for someone else, investment, guarantors and pied-a-terres are all fine. This building is pet friendly.
And the price continues to fall...since February, the price has come down some 40 percent, according to Streeteasy...
02/17/2010 -- Listed by Corcoran at $650,000.
03/24/2010 -- Price decreased by 8% to $599,000.
06/10/2010 -- Price decreased by 17% to $499,000.
08/05/2010 -- Price decreased by 15% to $425,000.
No takers yet for this oasis? Maybe it's the neighbors?
5 comments:
Wow, it looks pretty nice. But, yeah, that nice little yard must be hell during party season.
It's the MAINTENANCE. Almost $1,700! On top of your mortgage, I'm guessing youre paying almost $4,000 a month for that apartment. I'd opt for another bedroom instead of a yard for that price...
Cash only? Nice. Guess maintenance won't be a problem since you'll have no mortgage.
I just checked out the listing and it seems to be 1100 square feet with the yard, and the apartment itself looks smaller than the yard. So it's still overpriced: around $900/square foot inside (going by the rule that outdoor space in Manhattan should be half that).
You have it all wrong -- look at the floorplan. The Yard ITSELF is 1100 sq ft. The interior appears to be about 2/3 of the size of the yard, so let's call it 700 sq ft interior. That would make it, at $425,000, $340/sq ft.
Anyway, the reason there are no takers is because this, firstly, is mostly investor occupied, which is why they are requiring all cash -- no one will get a mortgage on this place. The second reason is the horrible state of the co-op. One look at the financials will show that there is almost NO money in the bank for this co-op, and they have a history of requiring numerous assessments from the owners every year. All that on top of the $1700/month maintenance. This is a nightmare waiting to happen.
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