RE that defies all rational thinking....

NYC10023 - only in my dreams

Not prewar

One lucky flipper--probably came out just about even or a little short after transaction and carrying costs, but didn't lose his shirt either:

8 Union Square South #2A in Greenwich Village

11/16/2007 Previous Sale recorded for $2,430,000.
11/26/2007 Listed in StreetEasy by Prudential Elliman at $3,045,000.
12/30/2007 Price decreased by 1% to $2,999,999.
02/19/2008 Price decreased by 2% to $2,950,000.
06/19/2008 Listing is no longer available.
08/29/2008 Re-listed by Prudential Elliman.
08/29/2008 Price increased by 12% to $3,295,000.
10/30/2008 Price decreased by 3% to $3,195,000.
01/13/2009 Price decreased by 3% to $3,095,000.
02/19/2009 Listing is no longer available.
03/18/2009 Re-listed by Prudential Elliman.
07/14/2009 Listing entered contract.
09/16/2009 Listing sold.
09/16/2009 Sale recorded for $2,650,000.

Hot potato!!!!!!!

Buyer's remorse? Just a over a year in and ready to sell.
Apparently this owner is going +20% rather than the popular 20% down.

31 west 16th st Unit 1.
http://www.streeteasy.com/nyc/sale/469707-coop-31-west-16th-street-chelsea-new-york

StreetEasy History
11/16/2007Previously Listed in StreetEasy by Corcoran at $2,500,000.
08/15/2008Corcoran Listing sold. Last priced at $2,250,000.
08/15/2008Previous Sale recorded for $(insiders only)$2,175,000
10/08/2009Listed in StreetEasy by Corcoran at $2,750,000

Mr. Bubble has never been to this property:
http://www.streeteasy.com/nyc/sale/471432-coop-414-east-52nd-street-beekman-new-york?email=true
10/29/2007 Previous Sale recorded for $1,140,000.
10/15/2009 Listed in StreetEasy by Stribling at $1,125,000.
Let me see...where was I in October of 2007....oh yeah, thinking RE will go up forever!!!
Another fool's folly..........
Now who in the world if fueling this sellers unbridled optimism?
Why it's Jessica Vertullo and Julie Wurts the antigravity twins...good luck girls!!!
Airs a little thin up there!

next on the hit parade....
http://www.streeteasy.com/nyc/sale/475277-townhouse-114-east-10th-street-east-village-new-york
StreetEasy History
05/12/2005 Previous Sale recorded for $3,320,000.
10/31/2009 Listed in StreetEasy by Sotheby's International Realty, Inc. at $6,995,000.
I'll just take double...buyers are so stupid!
http://curbed.com/archives/2009/11/03/tuesday_townhouse_asking_double_on_east_10th_street.php

Not that this justifies anything, but that is arguably the best block in the East Village. I remember about a year ago when 135 & 125 were on the market together and they start out at like $17 million (for both), then dropped to like $13 million, and then finally got offered individually I think one for $6 million and the other for $7 million. I don't know if they spent any money vacating them because they looked like they were single family to begin with. It will be interesting to see what happens especially since it looks like they were bought on spec to flip, one in 2007 for $4.3 mil and the other in 2006 for $4.25 mil. Assuming no income, $6 million in debt to service, RET, etc. I'm not sure they are going to end up with any profit.

but this may be what 114 is basing their pricing on.

Takk about trying to flip for a fast profit - I can't wait to see what this one sells for.
425 east 58th - Apt. FGH - was an estate sale for the $5,000,000-
01/16/2009 Previously Listed in StreetEasy by Halstead Property at $7,900,000.
07/30/2009 Halstead Property Listing sold. Last priced at $5,900,000.
07/30/2009 Previous Sale recorded for $5,000,000.
08/28/2009 Listed in StreetEasy by Brown Harris Stevens at $6,100,000.

Ok so 316 bowery or 2 bleecker (slowly running out of disguises) has now listed cc's and taxes to a closer to "average" for the apt size. (and there are issues with that as well as posted earlier in this thread.

new ad lists lower cc's and taxes
Common Charges: $1,470
Taxes: $1,105
http://www.streeteasy.com/nyc/sale/478582-condo-2-bleecker-street-noho-new-york

Given the shadiness reported on this developer by other posters, what happens in year 2 of these cc's and taxes. Are you at the mercy of the developer/management company?

Let's condense the history

about 8 weeks ago
An unscrupulous edit caught my eye.
Though I realize you'll have to take my word for it, the taxes for this apartment used to be listed at $1542.
2 bleecker PH(316 bowery) used to be listed with cc 1939 and tax 1542 and offered 1 year free of common charges.

Which has now upped the ante...."Owner will pay common charges for one year will discount Real estate taxes $500 a month for Ten years!"
However it has magically changed it's taxes to;
Common Charges: $1,938 Taxes: $1,945

http://www.streeteasy.com/nyc/sale/364325-condo-2-bleecker-street-noho-new-york

And for some background on the developer
http://www.streeteasy.com/nyc/talk/discussion/9279-316-bowery

continued;

truthskr10
about 8 weeks ago
ignore this person
report abuse Um correction but same point, it was the common charges that mysteriously rose to make up for the ten years taxes "gift."

Common Charges: $1,470
Taxes: $1,945

http://www.streeteasy.com/nyc/sale/432151-condo-2-bleecker-street-noho-new-york

falcogold1
about 8 weeks ago
ignore this person
report abuse truth,
let's just figure it out.
the tax seem unchanged at $1945/mo. There going to discount that over 10 years (face value $60,000).
One year cc paid by developer. current cc =$1938 (face value $23,256) I see you object to the cc being raised $468 just moments before this discount, whose face value is $384. WOW what a discount!
This is clearly the special olympics of crafty marketing.

If it's not put together with spit and hope maybe there's a deal to be had. the seller is most likely in trouble although I have no apriory knowlege.

continued;

truthskr10
about 8 weeks ago
ignore this person
report abuse falco
Yeah, nice to pay pocket A with pocket B! ;)

It re-came up on a new search listing and the new monthly nut caught my eye.
(there's an ally-oop for a lewd remark ;) )

The seller is certainly in trouble if you read the discussion thread on them.
http://www.streeteasy.com/nyc/talk/discussion/9279-316-bowery

I saw this apartment and the sq footage is exaggerated, it exceeds the footprint of the building! I recall posting that on one of the sq footage threads.
Further, the floors have to be seriously crooked. The california kitchen counter which was about 10 feet long with those screwing foot pegs to level it had one side all the way screwed in and the other side as high as those legs could go to make the countertop level.

That aside, the cc/taxes are made up as they go along. The developer is still the seller, with all three units still unsold(though maybe rented). Supposedly according the developer, the restaurant (Manhatta)was paying a higher portion of the taxes as told to me.
According to propertyshark, the taxes on the building are

Taxable Value $694,012
Tax Rate x 0.13053
Tax before Tax Abatements = $90,589
Tax Abatements - $0
Annual Tax Bill = $90,589

90,589 divided by 4 units EVENLY (including ground floor restaurant Manhatta) = $22,647.25 per unit or $1887.27 per month!

I think poster NYCHK is not far with his post on the discussions thread;
"NYCHK
about 6 months ago
ignore this person
report abuse If you buy into this development, you're a fool. Kaish & Taub has one of the worst reputations in New York - and that's saying a lot considering how awful most developers are. And Kaish and Taub will never be gone from the building - they'll continue owning the retail spaces on the first floor - and most likely operating them contrary to every applicable Code and Regulation that exists. You'll have nothing but battles and lawsuits. Unless they're practically giving the apartments away, I'd strongly suggest to not buy into this building."

And I'll repeat the question...

"Given the shadiness reported on this developer by other posters, what happens in year 2 of these cc's and taxes. Are you at the mercy of the developer/management company?"
How do you protect yourself year 2 onward?

You can't. Even the very best contract can't protect against bad actors.

Note to Truthskr10 - You'd probably be interested to know that Kaish and Taub havee been sued for fraud.

Not surprised but couldn't find any links to any story on the subject.

Any sources?

Note to Truthskr10 - Don't think there's been any press yet - but give it some time.

It's true that Kaish & Taub are being sued for fraud. The case is in the New York Supreme Court. Is anyone surprised?

Any new news on Kaish & Taub? Have not see any references to lawsuits. Do they still own the building?
I see anew listing for the second floor
http://streeteasy.com/nyc/sale/500883-condo-2-bleecker-st-noho-new-york