Asked by Fortgreene_adelphi, Brooklyn, NY • Sat Sep 4, 2010
We are subleasing a two-bedroom co-op apartment on Adelphi Street near Greene. It is the top floor of a 4-unit brownstone, 2 bedrooms, new $25k bath, seriously dated kitchen, and nice private terrace. Working fireplace, decent closets and condition. We've been renting it for one year, and the owner has decided to sell it. He is currently in Africa, and wants to move there permanently. Monthly maint. and taxes = $760. We know we love the place, as we've lived here for a year.
He bought it in 2005 for $456k and put in the $25k bath. He's asking $550k. We paid for a bank appraisal before starting negotiations, and it came in at $470k. We can afford it at $550k, but thought $525k was more reasonable. Is $550 still a decent price? We're not looking to flip it, just live here and make a little profit when we sell in the distant future. Also, if we move forward, and get another bank appraisal after agreeing to $550, will that appraisal be 470, too? will the bank lend for 550?
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