Soho Strut Video Tour: Studio Condo @ 354 Broome Unit #3G

As most of you know, NYC real estate (specifically downtown & SoHo) has always sparked my interests.  {I go to at least 4 open houses a month and got my salesperson license in August!}  I was asked by a SoHo resident to take one-minute open house videos for readers.  Last night, I toured a studio at 354 Broome (@ Elizabeth Street) that was listed eight (8) days ago for $810,000:

Check out the short video tour of 354 Broome #3G!

The listing photos were virtually staged to give streeteasy addicts a taste of the layout since this apartment was previously used as a rental property for the neighboring owner (#3F).  3F and 3G are being listed separately, with 3F for $1,725,000, and can be purchased as a combination for $2,535,000.

354 Broome Street 3G

The studio is listed at 690 square feet ($1,173 per square foot) but the space felt closer to 500 ($1,620 per square foot).  High ceilings are tricky and I forgot my measuring tape!

Carrying costs are very low at $699 ($360 Common and $339 Taxes) which make the apartment attractive for investors.  Even at $1,620 per square foot, this listing is still priced reasonably, with condos listed at $1,550 – $2,400 per square foot in the neighborhood.

The finishes were perfectly suited for a rental tenant – the bathroom had white hardware and subway tile shower.  After a 20% down-payment, carrying costs would be $4,500 all-in, which is the approximate market value for rental prices (normally condos are a “net-loss” investment, where you lose money monthly in hopes of long-term appreciation).

354 Broome Street 3G 1

The open house was packed!  It was so packed that later that evening, the brokers for Douglas Elliman contacted all attendees informing that several “at-ask” offers were already submitted after the first open house.  The process will be started to collect any & all additional offers followed by a “Best and Final” round in the upcoming week or so.

What do you think of the first video?  Any and all feedback is greatly appreciated!