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I love this unit!! What do you think about the fact that there are so many renters in the building?
It's not necessarily the number of renters, it's more the fact the most of the apartments are 1 BR's and studios, so this will be the apartment that is the largest, most expensive in a building with basically small units.
Do you believe that it is properly priced? The layout is tough as the kitchen is tiny and the bathroom placement is not ideal for the bedrooms.
I'm not the broker for this apartment, I think you are. So if you've priced it too high so you could get the listing, let the sellers know that now.
any building with a low owner occupancy rate will have trouble getting on the major banks approved list as risks rise within the bldg. What the crossover line is for that ratio is debatable, but generally speaking you want to see higher than 75% owner occupied. This should come out in diligence. If its below, and major banks are not lending on the bldg, the open market might discount the property a bit as financing options are more limited and likely rates will be slightly higher for banks that do lend to the building to offset the higher risks.
Thanks Urbandigs, that is a tremendously helpful post.
PH41, sorry to ruin your conspiracy theory but I am a suburban housewife in the market for a pied-a-terre in NYC. I love this location, the 10' ceilings and the light in the photos and am considering a trip in to see it but needed to get more experienced voices to chime in about the building.
Sorry srb162 - just sounded like a broker trying to bring attention to the listing.
IMHO that is a very high price, and maintenance, for a quite a bit less than 1,800 sf. in a non-doorman building. Again, in addition to the difficulty of getting a mortgage, the high percentage of small units in the building would, IMHO, turn off people looking at a price point like this.
The precursor apartments were purchased in 2006 and mid-2008 for a total of $2.1 million. I don't think anyone would argue that the market is lower now than it was then. Since the market is off ~10% or more, the apt should sell for around $1.9 million. it's simple math.
Actually, I think that many of the rental units are owned by individual owners, not by a sponsor. One of the ads for a rental stated that the coop allows unlimited subletting and easy, or no board approval required. Many people investing in $2mm apartments would find that a real negative.
Thank you all for helping out a neophyte to this search. Sounds like my search for 3 bedrooms, high ceilings, windows on two sides of the living spaces in the UWS is far from over. Thanks again.
Well, it went to contract after only 11 days on the market, so I guess someone else loved it as much as I did:(
market is also continuing to churn out 45+ deals on weekdays. that is quite considering we are mid-June. Last June we booked 958 deals. This June we r on a monthly pace for over 1,200 deals again. We all know inventory is tighter.
As for this specific submarket, take a look at real-time trends comparing SUPPLY (blue line in chart) vs PENDING SALES (red line in chart) for Upper West Side -- 2+baths -- $2-$5m price range -- Co-op only market
this submarket was underperforming, but over the last 45-60+ days or so demand really picked up for this tiny slice of the Manhattan market
Pawnharvester - you have to add in a slight premium for the fact this is a larger unit, and the market typically values larger, family units higher than studios and 1brs. If recent 8A sale @ aprox $1,000/sft (lest assume its 825sft) and we agree that is the going trend for this bldg, its not out of the question for the bldg to value a larger 6 room apt at $1,100/sft. Just making a point here, a cma should stick to same line apts and then adjusting for floor, time, reno, etc..
Given current market conditions and hyperlocal conditions in that submarket and what I just stated, Im willing to gamble the sales price will be significantly higher than your 1.9m guess. Now Im curious to see where this trades. Put me down for 2.125m, with time adjustment mostly offsetting the premium the market can produce for larger spaces.
You go, srb!! I like your style.
11 days on the market...so much for that analysis.
Thanks, Isle of Lucy
Urbandigs, now I wish I had gone to see it!! Oh well, does anyone have recommendations of units 68th-86th UWS that I should look at? This is my price point.
Thanks in advance...
Closed 13.7% over ask. Guess the haters on this one were wrong.