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You brought up hourly prices. What I am saying is that does not make sense when you are looking at a renovation because there are too many variables.
Please come back and let us know how your renovations was using the Home Depot people.
Is the entire project 50% less? Are you sure they are including everything that your contractors priced out? They usually are not that much less.
it's not about value. it's all about what the market will bear. if you just bought an apartment for $2.5 million, its hard to bicker about paying 1% for a new bathroom. if you're a contractor and have plenty of business to keep you busy at $25 K per bathroom (and up), why would you bother with someone who wants to pay less?
that's business but it's not value.
True, home depot reviews for flooring are a mixed bag but if they screw up, they have a corporate office with customer service who I can complain too and they probably would figure out something to fix issues while with a contractor, there is almost no recourse . Also, they are 50% cheaper so I can afford to take a risk and see how it turns out.
I think it is all about value. I can appreciate your point of view of a person going to an a Ivy League school but I am not sure how that equates to construction. I graduated from college, should I charge more than a contractor that didn't go to college? I would say no. You might pay more for someone who has experience over someone who does not.
As far as figuring out what the hourly fee for a bathroom is you have to consider you are not hiring a person to renovate you are hiring a company. There is an overhead and profit so tryito figure out an hourly cost really doesn't make sense.
It is possible for you to open your own construction company but the time and cost probably wouldn't be ideal
From what I hear the Home Depot subs are not that great.
I just cannot get over the fact that the contractors/labor would cost me around $100/hour while a Ivy league engineering or mathematician with 7-10 years of experience is paid around $70/hour including benefits.
Is it possible and cost effective to open my own contracting company, buy insurance and get someone from upstate New York to work on renovation? Has anyone every done that?
I got a quote for gut bathroom, sanding floors, closet move, new floors and a wall for 30k-35k labor only.
How are home depot contractors as I got a quote for install and wood for 13k
Apparently that shelf isn't just sitting on some wooden supports. I guess the only thing you can do is start wailing on it with a hammer, huh? Under those conditions, you probably will have damage to the walls. Perhaps you can get access to a sawzall & just carefully cut the nails that are holding the shelf? Can you pry the shelf off the supporting wood with a crowbar? I guess, "carefully & trying myriad tools" is the answer.
the thing that worries me the most for a closet reno is the removal of the old closet shelves. what is the best way to remove the old one with minimal damage to the walls
Used to live there, but it's been some time. Good "middle-of-the-road" building. Obviously not a swank or fancy building, but well run. The super at the time was on top of things - don't know if he's still there. To be honest, I think maint is about average. The apts are a good size, and even though the bldg is "post war," it was built in the 50's before the construction of apt buildings got cheesy and cheap. I think there were only about 100 units, so perhaps the maint might seem a bit higher to some, but the size of the apts I think makes up for that - I had what I thought was an avg 1 bedroom, but it had a 250 sq ft living room and a separate dining area that could easily have been an office/baby's room. Can't afford to get back in, but I would.
How is the Board? Maintenance seems high.
Interested in 2 bedroom, one bath. email me at firstname.lastname@example.org
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I don't know. These people told me they had constant leaks in their 2 bathrooms and the kitchen for years because the plumbing inside the walls was shot. They had a fuse box and had to be careful about a/c's. There was a façade and roof problem along with windows that needed to be replaced. They did fix up the lobby during the conversion.
What sort of assessments are ongoing? @jelj13
I knew some people who rented there for many, many years and took a buyout offer from the sponsor quite a while after the conversion. They said that the building had lovely, huge apartments, many with great views, but the landlord had not maintained the building properly for many years. They did not want to buy an apartment during the conversion because they felt there were too many capital improvements needed that the new owners would have to pay for. I assume that explains the high maintenance and assessments still going on quite a while after the conversion.
Does anyone know what the board is like? Co-Purchase allowed?
Crazy about you too Riccardo
I love fieldschester, but then again, I'm crazy.......................
Streeteasy is the best tool you can use right now for any apartment searches. But, as always contact a knowledgable broker who can assist you with the most up-to-date information. Streeteasy will not let you know about listings that will come on the market soon...
Whatever happened to apt23? Did her husband get freed?
Streeteasy - there is no substitute
help deciphering the up-to-date information is helpful.
A buyer broker can be really beneficial. I recently helped a client purchase a home in NYC. My clients did NOT have to worry about paying my fee for using my services as the seller was paying the fee already. Many buyers who go directly to the listing broker think they will reduce the amount they pay for the apartment. When in fact, the seller has ALREADY agreed to the amount they will pay the seller and selling broker for procuring and brokering a deal. As a selling broker, I was able to help my clients deciphering the up-to-date information, help with the board package and board interviews and help with any questions or concerns along the way. Had my clients not used a broker they would have provided much for financial information and might have quit along the way due to the time it took to get the process done.
My two cents:
More of your questions answered via video at http://streeteasy.com/charles
Charles Todd Botensten
Licensed Real Estate Broker
Botensten Properties International
W81 -- I have done it every which way under the sun, and your assumption is about what everyone does, which I can't know -- but on the face of it, what you say sounds right.
The strategies are price 20 percent above hoping to get 10 above because of the anchoring effect (but run the risk of no bids because I overpriced);10 below hoping to get 10 above due to multiple bids and emotions involved, with the risk having the wrong crowd/low bids, or at market knowing I will likely get market. Not sure which one is the best in practice, that's why asked for advice
Let me understand: your strategy may be to price 20% above market, but otherwise you are thinking of pricing 20% below ask in hopes of getting ask at market?
Field - yes and no - watch what 19 W 9th will sell for. I will be willing to bet $1.6M+ Dozens of people at the open house, multiple bids, non-contingent/cash only, etc. I dont know what the final winning bid was, but whoever made it likely paid close to 20 percent above ask. In any other market you would be right, but in NYC pricing inefficiencies get exposed and explored immediately.
Ottawa - the property thats better than other would definitely be worth more, but the degree of the premium is what I am after. Maybe 10 percent is what comparables have sold at recently, but with low inventory I have the best house in the price range - so should I price it at 20 above, and hope to sell at 15?
>A little surprising IMO, I thought game theory on auctions would favor a low listing/multiple bids strategy, but so far it does not seem to be the best one.
No my friend. If you price a $1MM apartment at $800k, you will attract people who are looking for $800k apartments. They may be able to go up, maybe to $900 if they stretch. The $1mm people won't be among your initial audience.
Hmmm, well if you had a much better property than others, wouldn't it be worth more? The only units I've seen sitting in this market are one's that are pretty average that tried to price like they were cream of the crop. If you have a beautiful place you'll be fine.
If you're hiring an agent though hold your tongue when you interview them, lest they simply affirm your beliefs to get your listing.
Fieldchester - "At least Jazzman's position is consistent with his money" How so?? I've said that 1. I think my rents would actually go down from this. 2. If I'm wrong I'm willing to give any "windfall" to the City via increased property taxes.
I'm saying I'll lose money and if I don't then I'll give away any of the upside. That locks me in as either a loser or at break even.
Fiedlchester - I am not a fan of Obamacare for that very reason - it is another example of generational theft. Taking from 20 somethings to give to the elderly. Research Stan Drunkenmiller (the hedge fund guy) for more about this generational theft.
fieldchester -" You do realize that your policies, and actions of people like aboutready, have real consequences to real people?"
And you do realize that your inaction has real consequences for a lot more people than my actions would right???
aboutready - "You have yet to support your claim of a material adverse affect by "rich RS tenants" on the market."
You've misread my posts - the material adverse affect is by all of rent stabilization, not just the rich with stabilized units. I have not make the claim that it's the rich stabilized tenants who create all pain for 20 somethings - I'm just saying the rich are the most egregious of the lot.
There you go, finally aboutready's resignation.
You're a licensed broker or a licensed salesperson?
You need to read up..........a lot.
I have two clients who are buying condo apartments in NYC and they would like me to manage it for them.
Each client will buy one condo unit. They are both foreigners.
I see a few banks are offering Escrow accounts with sub-accounts for security deposits but how do I go about rent collection and expense payment for each condo?
Advice would be greatly appreciated. It's a new field for me and would love to explore it in more depth.
Irrational but not surprising. Co-op boards have a lot of difficulty with anything that represents a departure from the norm.
The last thing you want to hear is that you're better off, but that board is effectively limiting the building to cash sales only. Imagine if you had to put up with that as a seller.
We heard from the broker that the coop was concerned about our bank's requests for so much documentation like financials statements and offering plan. We resubmitted our package with an appeal and explanations about the banks requests and that they were standard for any bank to ask for. They rejected our resubmission stating the banks requests were just too much!?
Jesus, we asked them for just a handful of things and all basic requests. Oddly, the coop package we were asked to provide the coop was about 300 pages worth of our personal stuff. I can't believe the irrationality.
Bravo again, Matt!
"I do wonder though if all of the issues I had with the buildings docs, etc. made them see me as a difficult buyer."
"The building was declined because of division of ownership, lots of investors, and infrequent financial statements." Why would you want to purchase a unit in such a building? And in estate condition as well? Something's amiss here..........................
The building is across from a would be garbage dump which will bring traffic and perhaps stink. I would stay away from the building. But of course with a miracle the dump gets cancelled its a lottery
We looked at the 1 bedrooms with a full dining area and 1.5 bathrooms about 1.5 years ago. By the time our contract went through on the apartment we were selling, all these apartments were sold. They've bumped up the prices on comparable apartments by around 75 - 100 K this year. Maybe that's part of the problem.
Units here stay on the market for MONTHS longer than any other listing in the City. Why? What's wrong here, aside from the dump next door?
Is the 30% down a hard and fast rule? Might that be the reason for slow sales?
Sexism is never pretty.
Aboutready, your epidermis is showing. I thought ladies in Williamsburg were supposed to be more modest.
Epidemiology will show you, eventually, but the info may come too late.
Who remembers the nonsense comments from a few years ago from stevejhx and the other obnoxious renters who wouldn't stop insulting those of us who favored buying. Long Island City has just continued to develop and is amazing, with prices up at high levels. I guess history has shown who had the right call.
Yes, we get it.
No need to rub people's noses in it.
Thanks - I hope you're right.
They should. Just include the letter in the package and make a note of it in the application regardless of whether they have a separate line asking for expected 2014 income.
I've posted here in the past and have gotten great information. To make a long story short, an ex and I purchased a co-op together nine months ago and now it's time for me to try to buy her out. I spoke with management and confirmed that a new application is needed despite my being a current resident.
I am putting together the application and am filling out financial info. My current salary is certainly rather low, however, in two months I will be starting a new job that is more than double my current yearly salary. I have a signed offer letter that dictates my new, much higher salary. With this income, it will be pretty obvious ( in my opinion) that I will be able to afford the apt. I will not have a mortgage, by the way, and will be buying her out fully in cash.
Can / will the board take my new offer letter into consideration? Anyone have experience with this?
This is NOT A NO FEE LISTING!
"File this one under really, really gross: the Ansonia, according to a lawsuit, has a roach problem. And, not just any old roach problem, but a world-class, "biblical-type explosion of roaches" issue. The epicenter is the 14th floor, which where Angelina Jolie has owned since 1997 and where Brangelina and children were said to be living until they went to the Waldorf. In any case, details about the bug problem are in a lawsuit filed yesterday and they include an outside hallway "constantly covered with cockroaches," roaches crawling on people when they sleep, roaches in coffee makers, etc. So many roaches that the people suing say their apartment is "completely unfit to live in." Which by New York standards would have to be a boatload of roaches.
· Historic Ansonia 'Bugged' [NYP]
· Ansonia Is Plagued by Cockroachs, Lawsuit Says [NYT]"
Found this for your guys: mind you, it's from 2007. So maybe the roaches have migrated to Florida.
I recall a NYT story about roaches in an Ansonia apartment a few years ago, but I vaguely recall that it was a crazy shut-in hoarder in one apartment that was causing roach infestation in a neighboring apartment. It wasn't building-wide, was it? If I weren't so lazy I'd look it up. Surely there is somone else on here with better recall who can set the record straight.
When I was looking to relocate from San Francisco, I looked at an apartment in the Ansonia the size of one of my closets here. It had a huge, beautiful bathroom, and the main room had obviously been a foyer. When leaving, I saw a roach in the kitchen that was beyond belief. I think you guys calls them water bugs, but I call them HIDEOUS. I'm terrified of bugs, but this one really took the cake. If anyone is afraid of bugs, and from the stories I've read even here in our papers about the Ansonia and the roach problem, BEWARE.
I lived there for 4 years. I've heard of roaches even though I never saw any, but I had two cats so maybe that's why...
I did well financially on the place I owned. The taxes and common charges are very low compared to other condos in the neighborhood.
Yes, there was scaffolding and other work done at various times. A couple of times there was an assessment, but nothing unreasonable.
I thought it was a great place to live. (I am in a house in Westchester now)
Hi, Any recent developments on the roaches?
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General conditions are costs associated to the project like accepting all deliveries, almost all are sidewalk delivery, temporary lighting, constant cleaning up of the site ,supervision, etc
Primer05 - Thanks for the reply. We haven't even begun to look at actual finishes or fixtures but I would say we generally fall in the mid-range area unless there is something we want to splurge on. For example, the bathroom I might splurge on a great sink, but I will always find great tiles/floor and wall for a value. There are so many reasonably priced out there, I don't want to spend my money there. Personal preference of course.
Floors - I want them to look good and be real wood, so that's a cost. I also want them to last, so subfloor is on target. Bathroom I think we could do for less since we won't be moving any plumbing (but of course, updating pipes/risers...).
The general condition # you quoted - what is that?
Without knowing what finishes you want it is difficult to price.
Flooring 25-35 k with subfloor
Skim coat and paint 15-30k
Electric: $10-15k ( new panel?)
General conditions, profit and overhead: 20k
Hi all -
Considering an apt that will need a full renovation, apt is 1100 sq ft. Would love to get a number in my head for what this will cost. And if you have thoughts on contractors, please advise. Hoping to do this for 100k or less (labor & fixtures).
1. New floors and baseboards
2. Skimcoat all walls and ceilings (living area ).
3. Bathroom reno
4. Custom closet in master
4. Let's assume we need new electric throughout, will add new light fixtures as well.
5. May knock down a wall between two small bedrooms to create large room for kids to share, but if it ends up breaking the bank, we can keep it separate.
5. Leaving kitchen as it is for now - will work with it while we can and get to it later.
Any advice appreciated. Thanks!
The spreadsheets listing all the city's co-ops, and the rental buildings they're compared to as one factor in determining taxes, are on the Department of Finance's site.
You could pick up the one for your borough, and find 19-unit co-ops whose other factors are the same as yours. Then look up those co-op's taxes to see whether they're more or less than yours.
Keep in mind, though, there's probably a money reason why co-ops never reduce the number of units in the DoF's records. Mine hasn't, and neither have lots of other buildings in my neighborhood that're full of combos. Maybe they're just lazy, or their tax certiorari lawyers never thought of it, or something, but I doubt it.
Background info on how coop taxes are determined are based detailed at:
I believe your coop would have to hire a law firm that specializes in appealing the building's real estate taxes. The valuation of the building is based upon comparable rental buildings. The number of apartments within a building is just one of many factors that go into the valuation....
I want to bump this. I think its technically possible. Does anyone know the percent that taxes could get reduced if a building applies for the reduction in units?
uhm if someone does this successfully I'd really like to see it.
we've combined 3 apartments in an 8 (originally) so that there are now only 6 apartments.......did it change the tax bill NOPE.
anyone actually done this and saved money before?
When you change the number of units, you change the rental buildings the city uses as comparables to your co-op. The city's site says: "We use a statistical model as a tool to find typical income and expenses for similar properties to yours (in terms of size, location, number of units and age). Then we apply a formula to the income data to get to your Market Value. The law requires that we value co-ops and condos as if they were a rental buildings, even though they are not income producing."
Problem is, reducing the number of units -- making the average unit larger in the calculations -- could work against you.
The co-op needs to hire a tax certiorari lawyer to decide whether it's worth pursuing. You'd pay a percentage of the taxes saved.
Got it, thank you for the responses. so just for my own knowledge, this doesn't apply, right?
"For an apartment to be stabilized it must:...
Have had a rent of less than $2,500, if one initially moved into the apartment since June 24, 2011."
The fact that its a new condo trumps this, I guess?
Condos are exempt from the Rent Stabilization Code except when they
are occupied by carry-over stabilized tenants who lived in the condo on
the date it was converted from a rental building
you will not
Is there a way to tell or figure out if a new construction will fall under rent stabilization rules? Looking to purchase a new condo in one of the outer boroughs (in a small building, looking at ones with 8-12 units), and am wondering, should I eventually own to rent, if the unit will be subject to RS. Anyway to tell before the new construction is finished or before I purchase?
Thank you for any help! :)
He needs some gimmick.
Dude, those jump-cuts are killing me.
Bid 'em up Charles.
This situation seems really unfortunate. I wish everything in life were more straightforward. Maybe the government could regulate this, start by setting the prices and the standard apartment sizes that are allowed.