Monday, January 9, 2012

The $700K Condo Game, Pt. II: 310 2nd Street, #5D

Recently we covered a look at a $700K 2BR condo around Park Slope when considering the options for a young couple looking for a condo in that area and price range. Then, just a few days ago, another young couple we know in the BoCoCa area lamented to us that their fancy 1BR rental was getting hiked up from $2,400/month to $2,700/month, and they wondered if there were any 2BR apartments to purchase in that general location for $500-$600K. The short answer is, "No." While there are a handful of co-ops priced that low with maintenance around $1,000/month that's pretty much prohibitive, no true condo is selling that low in that area. Or at least not without serious draw-backs. We were shocked when even this 1BR + office garden apt fetched so close to its asking price. If that thing got $650K 2 years ago, who's selling one for that price or less now? In order to keep things in that price range, some trade-off has to be made between location, size, condition, maintenance, condo/co-op - something. Anybody got any ideas for our BoCoCa couple?

Back in Park Slope, back up in the $700K's range 310 2nd Street, #5D is our best look at a legitimate 2BR with nice upgrades, not too sterile of a feel, and a great terrace on the top floor:

The current list price of $759K doesn't sound too far off, especially considering how this stacks up to what else is out there and how much this unit was purchased for in 2007 during the last peak. Common charges of $500/month don't break the bank relatively either. And yet this find didn't even move the needle for the Park Slope couple in the $700K's, who we hear are ending up in a new construction right on 4th Avenue. 310 2nd Street is just off of 4th Avenue too. We like it for its townhouse feel. Amenities like a "gym, common courtyard and a private garage a few doors down" don't hurt either.

Oh, and did we mention the terraces?

The unit has "an elevator that brings you directly into your space" - kinda cool. How do we feel about that?

Pro's: top floor condo, outdoor terrace spaces, modern renovation, recent construction, best of breed

Con's: some may find the exterior and interior generic, pretty close to 4th Avenue, still not the biggest 2nd BR

Ideally: looks to us like a perfect trade-off for someone in this price range for lots of reasons.

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