The Stonecrest Cooperative: 21 North Chatsworth Ave – Larchmont NY:
This is so aggressively priced that it is officially ridiculous…BRING YOUR OFFERS.
The Stonecrest of Larchmont is an elegant pre-war Tudor cooperative with a rich history in an historic village. Located on North Chatsworth Ave., the location is nothing short of ideal. Few Westchester coops could compete with this location. Just steps from Metro-North and center of the village.
Unit #3C - A Large 1BR/1BA Coop:
For more photos from this Larchmont neighborhood and the Stonecrest – click here
For more photos of the interior of unit #3C – click here.
For a video slide show of this listing - click here.
With 900 sq.ft. of space this is a very large space for 1 BR unit. The living area is generously sized The entry can easily serve as a home office space. The bedroom is over-sized. There is plenty of closet space and the potential for extra storage for rent. The bathroom is brand new with new subway tile and a granite vanity. It’s a fabulous upgrade. In addition the hardwood floors with their unique detail have been newly refinished and there is fresh paint throughout. The views from the living room, kitchen and bedroom are all tree-level views of North Chatsworth Ave. The unit is bright and sunny with high cove ceilings. The parquet and inlay detail on the living area floor adds a unique character. The kitchen is in need of updating and this is reflected in the competitive price.
Cost of Living:
Maintenance Fee: $779 without STAR – 50% deductible (Note: this unit currently does not have STAR)
Parking Fee - (when available) $65/month for outdoor and $70/month for indoor.
10% minimal down payment.
Loan Amount with 20% down: $159,200
$779.00 Maintenance
$779.00 monthly mortgage payment*
$1558/month gross outlay – before tax savings:
**Savings on federal income taxes from mortgage interest and property taxes: -$264.00/month
$1294/month after tax deductions**
* Assumes a 4.2% interest rate on a fixed rate 30 year loan.
** Assumes a top marginal rate of 28% with the above loan. Does not include STAR which will be delayed until the next application cycle.
This is without STAR savings which would start to kick within a year. That would reduce net outlay to roughly $1225/month. This is so ridiculously affordable its insane.
Comparable rentals in similar complexes in this location run roughly $1800 -$1900 a month That’s a savings of $578-$678 a month or $6936 – $8136 in savings a year. Talk about throwing money out the window!
Note that the calculations regarding tax savings is an approximation. I am not an accountant and don’t even play one on TV! However, this certainly beats renting in terms of total outlay for the space that you get and it’s win-win in that in a world or rapidly rising rents – this stabilizes outlay.
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