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Thank you for your comments!
Agree w/ Ottawa. Apt facing an exposed subway (even several floors above) is going to be significantly noisier, 24x7, than an apartment overlooking a park (even if there's a busy street between your window and the park). This is probably on Ocean Ave, where the Q comes above ground. For me, the apt in the back over the subway would be a non-starter.
Not much info, but you are basically saying a negative view versus a very nice one. So big difference IMO. Maybe 25%
This blog post by Noah on Urban Digs is a good place to start:
I was looking at apartments around Prospect Park. I found a building where there were 2 apartments that have the exact same layout and square footage, but one faces the park and the other faces the subway, which is outdoors. A bit more:
Apt A: Faces subway, but on higher floor and has recently been renovated.
Apt B: Apt faces the park and is in move in condition, but needs about 15K-20K of work to match Apt A.
Based on this knowledge, what % difference that you think the apartments should cost?
we understand that the price increase, but also assume that square footage of the apartment increased moreso, such that it is actually $500psf now.
515 West End Avenue #3B: Modest 3BR/2BA coop. Renovated around 2001, adding central air. Re-sold 34% above January 2010 acquisition cost, and 22% above ask.
10/02/2009 Listed by Warburg at $1,550,000.
11/07/2009 Listing entered contract.
01/11/2010 Sale recorded for $1,675,000.
09/29/2013 Listed by Corcoran at $1,850,000.
10/19/2013 Listing entered contract.
01/09/2014 Sale recorded for $2,250,000.
215 West 88th Street (Merrion) "E" line: A pair of six-into-fives, with the same sponsor renovation. Up 67% since 2009 - probably a bit more, considering the difference in elevation.
--------- Recorded Sales ----------|--------- Previous Listings ---------
11/22/2013 # 8E $2,500,000 - 3.9% | $2,600,000 3 beds 2 baths 1,542 ft²
11/12/2009 #12E $1,500,000 -13.9% | $1,795,000 3 beds 2 baths 1,542 ft²
GO GO TEAM RE !!!!! GO GO!
To INFINITY AND BEYONDDDDDDDDDDDDDDDDDDD!
That's some big azzed DDD cups.
221 West 82nd Street #2G: Call it a "large 6". Renovations were significant but not likely to be more than $300k. Huge price jump. Not likely to be much if any discount from list price. bubbly.
12/20/2010 Previous Sale recorded for $1,260,000.
08/16/2013 Listed by Coldwell Banker Bellmarc at $2,375,000.
11/13/2013 Listing entered contract.
1. the single family vulture home market does not materially
influence NYC prices because its business model is based
upon buying foreclosures in depressed but rising markets
2. the stock market's swoon might energize price escalation
in the near term because it will probably lead to capital
flight into real estate, and because it will encourage
some owners to refrain from selling theur apts because real
estate appears to be a stable and rising asset while stocks
appear risky and increasingly so
You guys assume there will still be significant price increases across all neighborhoods or more in the hot areas?
Weakening demand by financial companies that have been snapping up thousands of US homes on the cheap could fuel a future fall in house prices, the chief economist of Fannie Mae has warned
Also Fed has begun pulling back on Q.E. A Fed tightening could derail the sail winds of real estate. My guess is the market 12 months out is flat to down a little.
So we're projecting 2015 even though 2014 is barely under-way? Interesting.
Personally I think the real estate market , especially in Manhattan has gotten ahead of itself. If there's a surprise in store, I would think it would mean a pullback in prices. The market right now is totally driven by foreign money, at least in the new construction condo market.
Real Deal had an article recently about the real estate industry's heavy investment into tech.
Well, we know the sizzling RE market (in certain parts of the US, in particular) cannot keep shooting straight up. Moderation is indeed good and a "soft landing" for RE in 2015, 2016.
Also, Zillow states there is still a lot of money to be made right in USA, focusing on sales, rentals, and mortgages. Advertising and mobile use important to Zillow's current growth.
(NOW IF ONLY ZILLOW WILL NOT KILL THE ORIGINAL HIGH QUALITY STREETEASY FORMAT! My Words)
I wouldn't take financial advice from stevejhx unless you want to go broke.
To bad I didn't do the exact opposite of what he preached over the years for I'd be in the category of the super rich by now.
stevejhx? at least w67thstreet can't be proved wrong since he owned commercial property, residential property occupied by his mother, and then bought even more residential condo property.
Did you post this just to show how wrong Steve was all those years?
Any update from inonada?
inoitall, 300_mercer never replied to you - do you think that's because of all the money he's losing?
In their methodology paper, they clearly spell out that fit the index using ln(price_at_sale_2 / price_at_sale_1). You need to do this so that a 2x sale followed by a 0.5x sale of the same property returns you to a flat price end-to-end.
For outliers, this means that if the market went up 2x over some period, then a property with a 4x resale is just as much an outlier as one with a 1x resale.
Is that what they said? And how does it matter - prices naturally can't go below zero limiting the possibility of an extreme outlier to the downside.
Can prices even go near zero - will a foreclosure kick in first?
Just sit back and let Mayor de Blasio do the work for you...
An amusing article from the New Yorker on using the Broken Windows Theory to make New York apartments more affordable.
Liu-ser has a nerve!
Like a bad penny, John Liu won’t go away.
The comptroller is suing because the Campaign Finance Board denied him millions for his failed mayoral campaign. A report says he wants unspecified damages for “deprivation of civil rights, mental and emotional harm, loss of dignity, loss of earnings and professional reputation.”
Actually, taxpayers are the ones who suffered. They ought to sue Liu for being an expensive nuisance.
The campaign board rejected the Democrat’s bid for matching funds when a donor and an aide were indicted and later convicted in a scheme involving illegal donations. It cited a “pervasive” pattern of violations.
Voters didn’t think much of Liu either, giving him only 7 percent in the primary. Out of respect for their verdict, he ought to go quietly.
about 22 months ago
Member since: Oct 2009
ignore this person
yep, unfortunately he's back. i still say this place is upside down as he runs free and others still remain in purgatory. which is why........OCCUPY STREETEASY!!!!
about 22 months ago
Member since: Oct 2009
ignore this person
he is free to crap up these boards with his skewed view of the world and the shameless promotion of his failed business ventures.
Occupy Streeteasy indeed, rangersfan.
How have things gone in the 18 months since User_Usertofferson / petrfitz called for the end of the world?
Fundraiser for Comptroller John Liu Arrested
Wednesday, November 16, 2011 - 02:19 PM
By WNYC Newsroom
A New Jersey man has been indicted for allegedly helping to funnel large donations to New York City comptroller John Liu, law enforcement sources told WNYC.
Federal prosecutors said Xing Wu Pan was given $16,000 by an undercover FBI agent — far more than the $4,950 individual contribution limit.
U.S. Attorney for Manhattan Preet Bharara said the donations broke campaign finance law and also defrauded the government because the New York City provided funds to match the allegedly illegal donations.
Wow, there you go, finally something definitive out of your mouth.
No, you are wrong. In every way the word is defined.
I'm wrong but I'm right?
I don't think you have the moral integrity to answer the questions truthfully. Or answer them at all. Truthful answers might be interesting but I doubt that would happen.
Sad, hb, the only way you win arguments is semantics.
you said you didn't want to know. Now you do?
It helps the banks earn profits.
I guess the Fed's asset purchase program ($40 billion of agency mortgage-backed securities and $45 billion of longer-term Treasury securities per month) will continue for a while. I have a lot of trouble believing that that program is actually helping economic growth and employment.
>Not a lot of substance in that critique, just ad hominem.
Minions! That's a good one ericho. Let's say it together! Minions!
Let's go Team RE!
I have recently financed a unit in this building, and have it approved for great rates and cheap closing costs. Call or email me to find out more.
Senior Mortgage Consultant
The "MOST" Trusted Name in Home Loans !
They've bricked up the windows at ground level to reduce the problems in the future.
you may be correct, it is not in zone A;
however, according to this map, it is right across the street from Zone A.
as close as you can get, without being officially in Zone A.
In fact, this building is not in a Zone A... according to maps, it is in Zone B.
yes. the transfer station will be right across the fdr. it will be closed to this building..
Thank you aalsberg but that s why I mentioned a little bit of long term appreciation potential (I strongly doubt that a house in NJ, which can be built pretty much everywhere very easily at construction costs, will appreciate as well as Manhattan apts).
Forget Manhattan if you want yield. Studios near Columbia may make a slightly higher yield, but the problem with studios and one bedrooms is that they have a high renter turnover rate so you have to build in painting and repairs and a month of lost income to find a renter every one to two years. For yield go to NJ or Long Island you have more stability in tenants and you can get a 6 to 8% return versus half that in NY if your lucky
I agree with alanhart / dealboy.
Can you time-travel?
>I was told told studios near Columbia are very good in that respect.
tell us about your family.
Here's to you C0C0. You and your family.
that's not new either, is it?
do you have any new material?
No, unfortunately it seems to be occurring for many generations in your family.
well..that's not new.
If Cuomo and de Blasio, things should be fun
Cuomo is against Long Island College Hospital, and De Blasio is for it ... http://www.nydailynews.com/blogs/dailypolitics/2013/07/bill-de-blasio-tees-off-on-gov-cuomo-for-lich-closing
also, why isn't cuomo recusing himself from investigating paterson?
out of 171 comments so far first 19 are on topic, pretty good hit rate for SE if you ask me. Anyone had more thoughts on Cuomo, or back to Hugh again?
Depends on building but if you are looking at bindery it gets as high as 1100 psf not including the outdoor space.
You'll see the same asking in greenpoint/williamsburg for the nicer, better located new construction.
Hi all - what is the avg price in LIC currently? Is it around 900sqft? Checking some of the recent recorded sales it seems to range from 900 to 1000 ppsf. is it worth to pay around 950ppsf?
MTA employee's botched 'inside job' causes millions in damage; tried to steal machinery to pay off IRS debt
By LORENA MONGELLI
Last Updated: 3:37 PM, August 28, 2013
Posted: 1:37 PM, August 28, 2013
Fraud at all levels. But on the positive side, isn't it great how the unions are now getting along with management. Everyone wins!
A $1 billion disability scam pioneered by a one-time MTA board member helped hundreds of retired LIRR workers enjoy their golden years with an illegal gold mine.
The massive ripoff steered more than 1,000 Long Island Rail Road workers to corrupt doctors who created bogus medical histories, letting the railroad robbers double-dip on their pensions, a federal complaint charged.
Orthopedists Peter Ajemian and Peter Lesniewski were arrested Thursday for running "disability mills" that provided a monthly payoff to the healthy - and greedy - workers. The feds also busted Ajemian's office manager, Maria Rusin, who collapsed in Manhattan Federal Court at her bail hearing. In all 11 were charged.
Their co-defendants, all arrested Thursday, include a former MTA board member/union president, a one-time official with the Railroad Retirement Board and a half-dozen ex-LIRR employees.
"This was a game where every retiree was a winner," said Janice Fedarcyk, head of the FBI's New York office, after the arrests capped a three-year probe.
Read more: http://www.nydailynews.com/new-york/feds-arrest-11-people-connected-multimillion-dollar-lirr-pension-scam-article-1.968254#ixzz1cFuEFYtK
It'd be enough to get the cops to stop parking illegally in front of precincts. They are not nearly as special as they think they are.
Cops smuggling guns into NYC just follows the pattern of Eric Holder and the BATF's Fast and Furious program: http://www.politico.com/news/stories/1011/67092.html
What's wrong with cops smuggling guns into NYC? They are protecting the 2nd Amendment! They should get the NRA Lifetime Achievement Award.
Any update here?
Sorry, I take back my comment about a lack of central ac. Looking at the old sale listing, they may have vents. 1 bathroom and no real bedroom is the real issue. Will agree with you that it is a good deal if they are willing to rent it for 2 years minumum.
Nada, a few points about the listing
- Only One bathroom
- No bedroom with windows
- Does not look like there is central ac
- Unlikely that the bathroom and kitchen and nicely renovated (guessing from a lack of pictures and any mention in the description)
- Space is more of 2000 sq ft, if you exclude common hallway on the left as you look at the floorplan.
- We do not know for how long the lease is available.
- Next to VIP club (not a big issue but some discount)
I see this as a 1bed 1 bath 2000sq ft unrenovated loft space which is $3.5 per sq feet. Additional bathroom, real bedrooms and central ac with nice reno, this place will be 10k at least for a two year lease. $5 per sq ft.
The dark from outside his bedroom was keeping him up, so he was looking for an apartment with a windowless bedroom.
why don't you sleep?
about 22 months ago
Member since: Feb 2009
ignore this person
i prefer paper dollars as u can both eat them and wipe ur ass with them. u can do neither with gold which is why the $ is the best investment
Do you eat your paper dollars before or after your wipe your ass with them?
Roubini’s six-point case, in his piece for Project Syndicate:
1.Gold spikes in times of serious economic, financial and geopolitical risks — think “financial Armageddon.” But that doesn’t make it such a safe investment, says Roubini, noting sharp falls in gold prices during crisis periods of 2008 and 2009.
2.Gold performs best in times of high inflationary risks, as its popularity grows under the view that it is a hedge against inflation. But even after aggressive monetary policy by central banks, he says, global inflation is low and dropping further, and commodity prices are adjusted downwards.
3.Gold provides no income. With equities, you get dividends; with bonds, coupons and with property, rent. Now that the global economy is recovering, other assets are providing higher returns — so who needs gold, which has “vastly” underperformed since early 2009 versus stocks, he asks.
4.Real rates are headed higher on the view that the Federal Reserve and other central banks are going to back out of quantitative easing and zero-policy rates. “The time to buy gold is when the real returns on cash and bonds are negative, and falling,” and that’s not now, he says.
5.Highly indebted sovereigns are not pushing investors towards gold and away from their bonds. In fact, many of these governments have high stocks of gold, which they may dump to cut debt. Italy, for one, could be tempted to pare back on its huge holdings.
6.Political conservatives in the U.S. have hyped gold so much that it’s become counterproductive. “For this far-right fringe, gold is the only hedge against the risk posed by the government’s conspiracy to expropriate wealth,” he says.
>i prefer paper dollars as u can both eat them and wipe ur ass with them. u can do neither with gold which is why the $ is the best investment
That's the type of perverted nonsense we expect to hear from Wbottom. Please try to keep streeteasy clean.
Great thing about paper money. Gov't can always make more.....
In other words, the US Treasury is planning on issuing 35% more in the first half of the fiscal year than a year previously, even though this time last year the Fed was monetizing all gross issuance, and even though the European EFSF was not about to ramp up issuance and soak up hundreds of billions of excess fixed income targeted capital.
So RLGY didn't do to well as compared to AAPL - the initial calls differed by 1 week.
of course, Apple went from $390 to $390 during a 2 month period when Ford was up 20%. w67 used proceeds from Ford to buy AAPL.
And then AAPL significantly underperformed Zillow, the company that bought Streeteasy, when measuring from w67's cherry picked buy date.
On my Schwab account I see thatt they are loosing money (I have no idea how they do that in this market...).
If you want to bet on real estate, I would use etfs, it s much more diversified and safe.
RLGY not doing well the past 2 weeks.
Not touting. More was to point out in a very practical way that you can be bearish on both RE and the market. on RLGY it is june $50 and spy $55 call. Unfortunately my gains would only buy a vacation to the Caribbean for a few weeks, not the island.
Canadian make up some numbers. I need scale to kowtow to anonymous posters that tout their financial acument on SE. See w67 says he's up $2mm on sprint and 2.5k shares of apple at $390 with 70 jan $500 short appl puts.
See how you can provide deets and if I'm wrong ill get an alias called w67ontario
Sorry--hadn't seen this thread yet.
Manhattan Homes Under $3 Million Never Harder to Buy (http://mobile.bloomberg.com/news/2013-08-07/manhattan-homes-under-3-million-never-harder-to-buy.html)
What I found most surprising about this article on low inventory, which we've heard before, was that a median three-bedroom unit costs $2.63 million in Manhattan and that this is considered non-luxury. Wow. Would Classic Sixes be considered three bedrooms in this comparison? Are they talking about Classic Sevens?