Is my apartment worth $460,000?

Asked by T, Brooklyn, NY Wed May 8, 2013

We are currently renting a south-facing, top-floor apartment in a pre-war brick building on 4th street in Park Slope. The unit has 1 bed, 1 bath, and a nice open plan. The rent is $2400/mo. Our landlady has decided to sell the place and says it is likely to fetch upwards of $500,000 on the open market, but is offering it to us at $460,000, firm. Location is great, natural light is great, building is financially sound... only thing is, at 460 sq feet it's not very big (though the space is well planned). Should we take it? Is that a fair price for a 1-bed in Park Slope these days?

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Anna M Brocco, Agent, Williston Park, NY
Wed May 8, 2013
Why not consult with an agent who can provide a cma, comparative market analysis; review the data, ask opinions and go from there; generally cma's are provided free of charge by most agents.
1 vote
Nirmala Cara…, Agent, Bronx, NY
Wed May 8, 2013

Since I have not seen your unit I can only say that it seems fair. There are a few 1 bedroom units for sale in the area, I would suggest that you view them before making a decision to make sure that purchasing your unit is a good buy.

Good luck.
1 vote
Marcus Gomes…, Agent, New York, NY
Tue Aug 6, 2013
Call me and i will tell you check what i do in real estate…
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Wed May 8, 2013
Dear T:

Your best bet would be to take a look at all the other co-ops that are currently on the market in the Park Slope area which are in the same price range and see how yours compares. Do it as quickly as you can. If you want to spend about $460,000, I would suggest you look at co-ops up to $500,000 in asking price (sometimes they may be negotiable). Find a good agent in the area and have them show you everything in your price range. There are not going to be that many so you can do it quickly.

Keep in mind that if you are going for a mortgage, make sure you have a pre-qualification letter from a mortgage banker or broker at the ready in case you decide to make an offer.

In most cases when a homeowner sells a property directly to a buyer without the assistance of a real estate agent, the buyer winds up getting a good deal... not the seller. But you will not know for sure until you see what else is out there. If I can be of further assistance please contact me direct. I can even show you co-ops in the area if you like. Either way, good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes
Luke Constan…, Agent, Brooklyn, NY
Wed May 8, 2013
It sound reasonable for Park Slope, then again, I don't know where in The Slope it is.

Luke Constantino
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
0 votes
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