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Any idea when this conversion will be ready? Was supposed to be Dec 2016, but building looks nowhere near ready.
E.g., your own RPTT/RETT had a document date of 9/19, a preparation date of 10/9, and wasn't recorded until 10/18.
It can take several weeks for the tax forms to be filed with the city and show up on ACRIS. The lender loses no time in filing the UCC1 for the share loan, though. You can get the new owner's name from that. Call her up and complain that her lawyer hasn't filed with the city fast enough for you.
12G is listed as "no longer available" after going into contract at 200 East End Ave. I contacted the broker and she said that was an error. The apartment closed at the end of March and the new people started renovating on April 1st.
Why are the answers now FOLLOWING the questions in these posts? Very hard to figure out what's going on. This happened on several posts I reviewed today. It's very confusing.
Great question! There are two parts to our sold data: Listings and Closings. Listings are marked as Sold by the individuals that posted the listing - This can either be an Agent/Broker or the Owner themselves. We don't actually 'take' the information from brokers' sites, they send us the data directly. Closings Records are only created when we have received the Official Closing Records from ACRIS. We've noticed that it takes an average of 6-8 weeks for ACRIS to fully record a closing.
For #16N and #15E, the Closing Records will be created once we receive the Official Documents from ACRIS - Timing is dependent on when the closings are fully recorded into the Department of Finance's database. As for #12G, it seems like the agent removed the listing from StreetEasy though it may still be in In Contract. We'll reach out to them for an update. In either of these three cases though, the listings will be marked as Sold if/when we receive an Official Closing Record for the property.
Hope that helps clear things up!
I know that on Street Easy, one broker was listed as the top agent for the building. However, he was the WORST agent. He just sold more because he lived in the building.
I went to see an apartment he was showing. He proudly showed how he brought in his people to "upgrade" the apartment for showing, one of which was crown moulding. I pointed out that there were gaps; he said the wood shifts and needed caulking. I opened a closet and found some of the left over moulding. It was like a STYROFOAM PLASTIC. People I knew who lived in the building said this guy was more like a used care salesman than a broker.
Hi @moscowhea: We have restructured this program and replaced it with the Building Experts program, which is currently a pilot program designed to increase contacts for agents and improve the consumer experience on StreetEasy’s building pages. StreetEasy PRO membership did not affect whether or not an agent would be featured in the Top Agents section. Top Agents in a building were calculated using an algorithm that factored in the number of sales and recency.
The reason for this shift is because the Top Agents program lacked clarity around agents who were truly qualified to represent buildings as “experts.” StreetEasy’s Building Experts program does that by identifying agents who have previous experience transacting deals in respective buildings, which is a better consumer experience.
You can learn more about the Building Experts program here: http://streeteasy.com/building-experts.
I am a bit puzzled as I just noticed that StreetEasy is no longer displaying top agents for buildings in Brooklyn (have not checked other boroughs). They don't display StreetEasy Pro agents, either. So, StreetEasy Pro users pay the same monthly fee, but do not have their names displayed for the buildings where they had deals. Thoughts??
What problem are you looking to solve with it? (8 years is a pretty 'young' floor.)
Looking to replace a floating wood floor which sits on concrete in a 2007 construction building. What is best to do?
Ha! Glad I bought in the middle of 2010 when this thread was hot.
So which asset class has outperformed?
"I'm not sure you can even call this a double-dip, because I'm not sure we ever got out of the first dip," says Radar Logic Chief Executive Michael Feder. "Last year I think buyers moved in because prices were so low, but we've seen such a massive inflow of supply because of foreclosures and the big inventory of foreclosures to come. It's really affecting the comfort that buyers have in the prices they're paying."
What's a good way to go about looking for a furnished rental for about 1 month (3 weeks to be exact)? I have come across Furnished Dwellings LLC - are they reliable or scammers? Airbnb seems like it caters mainly to weekend type rentals, tough to find anything for more than 1-2 weeks. Looking in UWS, Midtown West area this summer.
There are no new co-ops being built, only condos. Those new condos are usually starting at 1 million unless it is a studio or non-prime Manhattan. So unless something causes many people to want to leave the City and create vacancies, I'm not sure how the under 1 million supply can go up.
From Corcoran Q12015 Sales report: There is very short supply in the co-op market and in small-scale units. 95% of all home purchases in Manhattan take place below $5M, but nearly 20% of all actively listed properties exceed that price.
Is there likely to be more 'below $5million' or better still 'below $1million' inventory any time soon? Does it matter?
No problem, just you'll both have to go to re-education camp.
no, you are not under surveillance. i can confirm that the income cap only applies to the buyer at the time of purchase.
Really? I mean... like say I move in and within a month my girlfriend moves in. The board can't force me to sell based on buying it under "false pretenses"?
Once your are in you are in. You can win lotto and still live there. The only time anyone looks at your income is when you buy.
I am trying to understand the "household income" requirement for HDFC coops. If I am under the cap and buy an HDFC and then my girlfriend moves in with me after I buy it, what happens? Would they evict me?
Also, I'm freelance so my income can fluctuate year-to-year, so I might be a bit under the cap one year and way over the next.
Hi there, One of my friend has built a granny flat in an additional space by the builders called [url=http://grannyflatsolutions.com.au/]granny flat solutions[/url]. They had done a brilliant job. You can check out if they also do home renovations.
Does anyone have a recommendation for contractor for exterior renovation? I want to do brickface, new windows, and awnings on a wrap around terrace.
The reason I like this apartment is because of the window in the shower. Not everyone's cup of tea, I know. Of course, anything is truly far second to the Beekman Regent, window in the shower or not.
All good points whitedesert. Now I'm wishing I'd spotted such a prize in 2012 though the proof will be in the selling. I wonder what the renovation cost.
It's in the best school district on the East Side. 2A recently sold for more per sq ft and is not in nearly as good condition, so I don't think its that out of line. Looks like the current owners bought at a great price, but that doesn't mean they need to sell at a discount because of that.
300K price increase, or 100% price increase, for a 'gut renovation' of a walkup, with no view. Crazy?
I'll play: 305 West 98th, #5DS, 1,200 sf Convert-3, 2-BA.
Purchased 12/2007 for $1.16M
Sold 3/2015 for $1.325M
Any new comps from West81 or others? UWS?
215 West 88th Street (Merrion Condo), low floor "G" units with sponsor renovations. 73.4% increase from the 2009 low, for a unit one floor closer to the street.
---------- Recorded Sales ----------|---------- Previous Listings ----------
09/09/2014 #3G $2,774,731 11.2% | . $2,495,000 3 beds 2 baths 1,676 SF
08/18/2009 #4G $1,600,000 -15.6% |↓ $1,895,000 3 beds 2 baths 1,676 SF
Correction: The Sellers' acquisition date for 90 RSD #11F was 2006, not 2005. The 2005 estate-sale buyers resold without renovating.
90 Riverside Drive #11F: Inward-facing classic six in a prime coop, with a pleasantly neutral renovation that hits all the key requirements without any frills. Resold 62.1% above 2005 estate-condition acquisition price and 16.2% above ask. Daunting price for a viewless RSD six. The low point for this line was the sale of #15F for $1.53MM in late 2008. That one needed renovation, but it also had significantly better light.
03/01/2005 Previous Sale recorded $1,800,000
02/23/2006 Previous Sale recorded $1,860,000
06/06/2014 Listed by Brown Harris Stevens $2,595,000
06/30/2014 Listing entered contract $2,595,000
09/10/2014 Sale recorded $3,015,000
I don't think I have anyone for it, but please drop me an email at upstairsrealty [at] gmail [dot] com just in case.
FYI, I heard - I'm not marketing it -- that the 2 in my building (which is big enough to be a convert-3, though it's not being marketed as such) got 40 shoppers at the first OH.
Ali, Thanks again. We will come to market the weekend after the holidays as you suggest. I think your advice makes sense, and we will go this route - price aspirationally and see what happens. It's your nabe, so incredibly low inventory as you know. The variable is the value of the reno which is very high end (and convenient in terms of storage, new plumbing and electric), but it may not be entirely apparent from the listing or fully appreciated.
@aael, when are you planning to come to market? I would skip next weekend because of the Passover/Easter holidays, but I think you could price aspirationally the weekend after that, give it 2-3 weeks, and then do a price chop if you need to.
Because comps with older renovations that went into contract earlier in the year might be correctly priced, or they might be low -- I can't tell without more info.
Thanks Ali. That's helpful. In terms of judging the list price, if comps of similar units (perhaps others were just not as newly renovated) were in contract within 30-45 days, would you consider those correctly priced? There is one in building next door that is same size just lower floor and not as newly renovated for example so figuring out how much higher we can go. We're not in a rush but don't want to miss the spring buyers and get stuck in the summer.
Usually when I do an OH by appointment, that is dictated by the building, not by me.
Other than that, I think it depends on the niche in the market. With "starter" listings, I found that an open door OH attracts a lot of people who are new to their search, not yet ready to buy.
For something like you describe, however, the demand is going to be there -- and there's going to be a lot of it. (I have buyers who would spend $3mm uptown, and other buyers who would spend $4mm downtown, and there's nothing in particular to show them). I might ask your broker to do a "brokers' open," just as a dry run, and then a regular OH, and see what bidders you get.
fielschester, you're a doll!!!!!
mm59, ignore Aael921, we don't need to invade your privacy and know the exact building. Just the neighborhood will be sufficient for us to stereotype most of the answers except for the history of increases. Even the quality of the stuff can be determined by knowing the neighborhood.
Maybe I'm missing it, but what building?
Hello, can anyone provide some feedback on this building? The maintenance is rather high since the building has no amenities. What is the history of increases? How is the stuff? What is the sublet policy? How many sponsor units? Any information you can provide will be helpful and highly appreciated. Thank you
Latest on this site, a new condo: http://ny.curbed.com/archives/2015/03/11/ground_zero_mosque_developer_beefs_up_jean_nouvel_condos.php
Hasan - Guilty
Remember this idiot?
Won't be long before large corporations move headquarters east.
Afterall, aren't corporations in play to 'MAXIMIZE SHAREHOLDER VALUE'?
Again, took FOUR YEARS for manhattan RE market to bottom after 1997 market crash.
And our stock crash was bigger... and our RE bubble MUCH bigger.
HimWhoKnows, do you have an education? Your terrible writing style, grammatically incorrect screen name and constantly misusing the variances between their, there and they're is reflective of someone who, at best, has an 8th grade education.
Funny that you should attempt to throw your weight around on an anonymous discussion board.
NY lags because Wall Street lags. Wall Street lags because capital expenditures of other industries drive capital raising activities. So Wall Street doesn't turn up until other industries' fortunes get good enough for them to want to invest in their business.
LICComment, what do you think about all of the school problems in LIC? Does that pretty much mean parents can't raise a family there and when the hipsters come of age they will be sellers and move out: lots of overhang
I think she's on vacation again.
Hey, 10011, where were your parent's ashes spread?
Williamsburg, Greenpoint, Long Island City, ... wasn't there some person in politics who said that all politics is local, but not the water table, that's part of the shared environment? Tipper Gore? Yes, that's who.
When will apt23's predictions about the "Bo" scandal in China, or about the Euro come true?
to my surprise, many readers here not only know there's a China, but even know there's a Mr. Bo in China
but you guys need to know, the reason Bo got sacked is because he tries to limit corruption and promote a milder capitalism, instead of the current extremism preliminary capitalism in china. that's why the corrupted rich leaders heat him so much.
thus, Bo's lost will encourage much more corruption and green lights for fortune transfer, we'll see more rich chinese buying up NY RE
Reallynow, do you like nazism, communism, child prostitutes, re bubbles, and cheating on SATs to get into Harvard?
Really now, you'd like to go back to 2007?
Why am I even bothering with a nazi? Carry on with your child prostitution ring. Hope you make a lot of money.
Apt23 that you wrote "exaggerations" are "not productive", is puzzling. If your sky-is-following take on well, everything, is not exageration then what is it?
Only about 2 months until Riversider's prediction comes true ... or not.
Afraid of my own success and ambition, hungry for cat nip and a clean litter box.
Now there's an ethnicity!!!
A Chinese pussy
If you are what you eat....I'm half Chinese.
Financeguy might like this
If older people are deregulated, the result is a disaster. Many apartments would need serious renovation and landlords wouldn't even have the money these days to do the renovations en mass, but they'd be displacing too many elderly almost out of spite.
The fact that RS is unavailable to the upper middle class (NY style i.e., over 200k income and 2k rent), probably made the bubble worse than it might have been.
The usual end to a bubble is that potential buyers realize they can get a better deal elsewhere, eg by renting at half the cost.
But even if a buyer recognized that RE prices were out of whack, many affluent families/potential long term tenants saw no realistic rental alternatives and so bought even if they had misgivings about prices. (Didn't CC describe doing this?)
The reason they had no realistic rental alternative is that the market for long term, affluent rentals doesn't work. We don't have a good (non-RS) lease form that does what participants want: (1) Tenant has option but not obligation to stay long term, (2) Landlord, as financing source, pays for capital improvements and assumes risk of major repairs and RE market shifts (better neighborhoods, secular price rises, bubbles, etc) and (3) Rents rise to reflect increased costs including average repairs, but not windfall profits resulting from tenant being committed to a particular apt or general RE market price increases (4) Landlord can remove tenant for non-payment or other good cause, (5) Tenant has an effective remedy (other than moving) for lower than promised quality/maintenance. (The market does do reasonably well in sectors dominated by short term tenants, where rapid turnover gives landlords the right incentive to maintain quality -- e.g., one-BRs for the yuppie singles crowd -- and tenants aren't worried about having to change apts at age 13 or 75.)
RS -- imperfectly -- ameliorates all three problems at least to an acceptable degree.
If they'd had a plausible RS alternative, many might have rented instead of paying silly prices. That might not have been enough to counter all the "RE prices can only go up" hype, but it would have exerted a significant downward pressure.
As to the differences between long term commercial leases and RS:
The key point is the similarity: both are attempts to solve a key problem in rentals, namely how to protect the tenant's need for an option to stay long term, while ensuring that landlords receive an adequate return on capital even as market conditions change, and provide a quality product at a profitable but not extortionate price. Residential leases have the additional problem that normally the landlord, rather than the tenant, is in the best position to assume the risk of unexpected changes in expenses and to do maintenance/improvements in a cost effective way, and to assume the risk of market changes if the tenant needs to move unexpectedly. (Landlords can diversify these risks and make them predictable, therefore cheaper, while tenants ordinarily cannot).
The hardest part of the problem is the interaction between maintenance/improvements and market fluctuations: if tenants are responsible for improvements, they (1) will fear that if they spend money to make the unit better, the landlord will then up their rent and they'll end up paying twice and (2) need to have access to the credit markets without using the apartment as collateral. As a result, landlords usually take this on. But then long term contracts are not attractive to tenants, since the landlord will be inclined to skimp on promised quality once the tenant is locked in.
So the default is short term contracts, but that's a problem, since many people actually want the option of remaining in their home long term. If they act that way -- e.g., by fixing up the apt -- however, they signal to the landlord that it has become a partial monopolist and can jack up the rent without driving them out.
So tenants and landlords act short term even if they want long term. This is the market failure: potential long term tenants and potential long term landlords fail to make a deal.
Coops -- in which the tenants collectively become the landlord, in order to gain economies of scale and diversification while reducing the likelihood of landlord exploitation of incumbent tenants -- are one possible solution to the problem, but they require that tenants have access to the credit markets (which is why they've usually been available only to the relatively well-off). They also have heavy transaction costs, so they don't work as well for medium term tenancies.
RS is another attempt to solve the market failure. Primarily for middle class families who are looking for an option (but not an obligation) to stay long term and for landlords that'd be happy to have long term tenants if they could figure out how to charge them. It is no help to the poor, who need a subsidy that RS doesn't offer.
Instead of negotiating an individual escalation clause as in commercial (and putting the costs of repairs, etc. on the tenant), and instead of creating a tenant owned landlord as in coop, here the escalation clause is negotiated (1) collectively, (2) politically and (3) after the fact. That may seem weird, but each of the parts are actually quite common, and in any event, it clearly works: we have a wider variety of rental housing than most US cities.
In RS, the escalation clause is negotiated politically, collectively, and after the fact. None of three are that unusual, taken separately. After the fact is common in ordinary "supply" contracts under the UCC, banker's bonus contracts, union contracts, etc. Political is common both in minimum standards (minimum wage, FICA, health and safety, zoning) and beyond (all regulated industries -- which at the time of RC included electricity, trucking, RRs, gas lines, telephones, water, airlines, nuclear, police, sewage, fire, insurance, banking, most of education, agricultural commodities, gold, radio and TV airwaves, etc.). Collectively is quite common both formally (unions, corporations, professional standards, regulated industries) and informally (all oligopolies).
In any event, unlike the market rules it replaced, RS does seem to work, in the sense that matters: NYC has a vibrant rental market including for tenants who in most other US cities would not be able to find suitable rental housing.
30yrs: Don't know if the analysis on this thread has been rigorous or in depth, but in any event it was about RS, not RC.
That said, I think you are misrepresenting the pre-vacancy-decontrol RC rules. You seem to be describing the initial enactment of RC in the 1940s(?) when, presumably, some people who had signed short-term leases suddenly discovered that the new statute was changing their terms (was there really no warning that this was a political possibility? I don't know anything about how RC came to be passed).
But for 30 years or so after that, when RC apartments turned over, the new tenant signed a lease. Or so I'm told by people who think they did it. Are they misremembering?
And today paper talks about people who are getting past the statute of limitations and may get their home free and clear despite not making payments for 5 years.
W 81, I figured out the difference between our numbers. We both did same math, only difference is I have inflation in the period apartments drop by 20%. You assume that inflation only begins after the drop. The inflation didn't go away just because the apartment price went down. Given that actually took more like 2 years, maybe I should be adding two years of it.
That puts the breakeven at 15-16 years at 4%, 11-12 at 5%
But, I agree with you, it is not that big a difference, and the point is made either way.
emma63: Sorry I missed your question. I think somewhereelse explained the calculation pretty well. I should have explained the starting points (100 and 80 respectively) when I posted the numbers.
somewhereelse: I think you're comparing numbers from different years. I'm not sure, and again, it doesn't really matter. The takeaway message is the same either way.
Ah, no worries... those numbers are just the "index" of prices.
100% is the starting point. 80% is where housing prices are after a 20% decline.
We then took the 100% base and grew it at 2% to show what just inflation would do.
Then we took the 80% and grew it at 4-5% a year.
To see where it crossed, as the "break-even" point.
Thank you. I did understand that, I just wasn't sure what the specific numbers represented (100.00 102.00 104.04). Again, apologies if this is something everyone but me knows, just trying to learn.