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In 2001, I think he put down like 1%. LOL
The appreciation could be up to 50% from 2008 to 2014 if it's a prime location in Brooklyn.
He also had money for down payment, closing costs, and liquidity requirements. Not everyone is able to save that much money when paying $25k a year in rent and $50k a year in taxes.
Friend in another city bought a prime location studio..
2001 for 209K
Put about 20K into it.
2008 sold for 355K
Would probably sell for about 380k today.
He basically got paid $1000/mo. to live there, while renters spent $25,000 a year in rent.
I would like to replace PTACS with mini-split too. Not sure if it would be complicated to minimize affect the building appearance.
PTACS are pretty simple. Any hvac guy can replace them. you should call 2 or 3 and have them give you proposals
I am living in a small condo building. The building is pretty new, so is the condo board. The two PTACs (Packaged Terminal Air Conditioner) in my apt are way too noisy in winter. Does anyone have any experience with replacing PTAC? I am thinking about mini-split. In our offering plan, there are some guideline such as, "should not affect the external appearance of the building". It sounds vague to me. Could you share what you did? BTW, my apt is located at the back of the building.
> As a board member, we don't expect a 'thank you' for approval.
I agree. They were doing their job not doing you a favor. No need to thank them.
As a board member, we don't expect a 'thank you' for approval. I agree in that saying hello when you see one of the members and being a cordial neighbor says so much. If you wanted to perhaps wait until the annual shareholders meeting (and attend that) - and perhaps after you live in the building for a bit, then give a thank you to the board for their year's work and time.....that's a nice gesture as well.
I like Matt's suggestion. Sex has gotten me into (AND OUT OF) many a difficult situation. I'll be coy and say no more.
Its all about value engineering. the contractors you have chosen should be able to help you in determining where to save. How much over are they? Maybe different kitchen cabinets would help. Did you get a complete breakdown of each item?
We have recently had our architect create plans for our renovation. In doing so, we were clear about our budget up front. Now, after carefully creating our plans and sending them to contractors, we're hearing back (even before bids are actually sent) that the scope of work and the budget are quite beyond what we had initially suggested to them. How usual is it for contractors to get plans and then to work with people to draw back the scope? At the moment it feels like we're walking into a store and being told to choose a shirt without any idea of the price of that shirt.
Our changes include:
Updating bathrooms (no changes to location of fixtures)
Redoing kitchen, opening a wall, reposition the fridge
Adding w/d in closet next to master
Doing work associated with ducted AC installation (they will not be doing the installation, but will need to do patching, etc.)
Painting (pre-war apartment is already skimcoated. Only 2 new doorway size sections need skimcoating).
Thank you SP21 and ProINNYc.
I appreciate your kind words
I got to say Jeff is the best. He renovated my apt a yr ago and I contacted him a week ago to have something fixed. Next thing you know the best crew shows up right on time and took care of everything for free. Jeff is as reliable as it gets.
Jeff is excellent, he renovated my Brooklyn loft and I love it. Also, there is an advantage to using someone who worked in the building because they somehow know the way the building works, how to get parking nearby, the building staff etc.... all of which does make it easier. That's not a reason to hire him, but just one factor to keep in mind. Best of luck.
Jeff (PRimer): thanks for your feedback. I'll email you later and, if it's not too much trouble, ask you to come in for a walk-through and estimate of costs/time line.
Brad: Thanks for your input. Your blog just got a new, faithful reader.
Thank you're a God/Buddha -send! Please email me at KhoiTLuu@aol.com. Or call : 646/522-0857. I'd love to take you up on your offer and view your apartment too. . I'll bring a housewarming gift. :-). Btw, from closing date to the date when all your renovations were finished-- how many weeks did it take? 8 weeks? 12?
Did a combo about a year ago. Pretty much gutted the place and added a bathroom. The combo was worth WAY more than each apartment separately and sold it pretty much right after completion. Went to contract in a couple of weeks. My biggest mistake was trying initially to save money by keeping things when it eventually it became clear that it was cheaper and easier to just remove pretty much everything and start again.
Good luck and enjoy yourself. I had a blast.
Also!, are younsure you sure that you want to live through it? I downsized to a" temporary" rental where I am still living small with no regrets. I think that trying tonlive there and just going halfway may not get you the best result.
I combined my 2 bed with a 1 bed a few years ago (coop). It wasn't that crazy. What made it easier was having a good expeditor and architect. Since my combo was very simple (took out a wall connecting the 2 apts, closed off one interior door, added another, removed one kitchen), I drew my own plans and paid a flat fee for architect to draw properly and self certify (this is worth the extra money IMHO!)
I also lived in my old 2 bed while they did most if the work. For the floors, we moved all the furniture into the living room and did rest of floors, then moved it out of living room todo those floors. My guess is you won't be able to live there during this but you can prob not move all your furniture if your contractors patient/willing.
Technorat, from experience I think you renovation will cost over 100k
Can't comment further on cost/benefit analysis w/o more data. It's never as easy as it looks on paper and there are always other "costs", not just $$$. But if you've done your homework and are prepared, go for it.
Without seeing your apt its hard to give prices but I think you are too low. A typical bathroom in manhattan costs 25k and up
You've got a lot.
Apparently I hit a nerve.
Thank you, Flutistic and Sippelmc. Your replies were totally helpful.
I use Chubb and really didn't have to do much thinking. My experience has been the appraiser comes in, measures the sq ft., looks at condition and "other things" you may have installed like expensive blinds, expensive kitchen stuff, etc., and then figures out the $ psf coverage, and then the broker walks you through all the options. Mine I believe is $365 psf w/a total replacement value of about 450k. They also ask you to add in valuables, like the STC shoes. Fine arts/jewelry over 50k was itemized and separate. There was a small premium bump from 1mm to 5mm liability and is worth it given how quickly litigation can burn through even through seven figures.
Thanks Kylewest for the insurance agent recommendation. Our Allstate agent gave me no help at all regarding how much to insure our Brooklyn condo for, so I basically took a guess. That the Edge is requiring $1 mill means I should really discuss this with an agent who knows more about condos.
Regarding drain/sewage back up coverage, it's usually so cheap, as in a few dollars a month, that it's worth getting. We collected big with this after Sandy because our sump pump stopped when the power went out (after the back up battery ran out).
To save money on policies, we do try to review the details and see if we can forego (self-insure) for anything. Drain back up with ruin floors and they are expensive to replace, so it always looks like a bargain to me.
Egad! Thank you both (RENY & NWT). Really appreciate it.
It'll be a new Toll Bros. building. 342's eastern courtyard will be blocked by a solid wall 26 stories high, instead of looking out on tenement back yards.
Thanks for that. You seem knowledgeable about the building - do you happen to know the plans for the empty lot to the east? A huge building seems more than likely, and would explain the low and dropping prices of the listings (construction noise in addition to blocking light)...
It's a small building with only 50 apartments and no retail, so yes the maintenance of $2 a sqft is high. It's more in line with doorman buildings. The building website claims they recently did a roof project and are also redoing the boiler and lobby, lots of projects and lots of $$. I can say that the neighborhood is convenient to everything, retail, restaurants, theater, and you can be in Queens in 5 minutes. If you work in midtown you can't beat the location.
This isn't the board interview.
August does tend to be one of the tougher months for board interviews. Many people go away for part of the month. My board, for example, is not meeting in August. However (and I am on the board) - I can tell you that we are cognizant of commitment letter expiration dates when packages come our way. So if we did have a package come in wherein the commitment letter expired at the end of August, we would make every effort to interview a qualified buyer with time for him/her to close.
All in all, it just depends on the particular board and how they operate. There is not a whole lot a buyer can do in this situation with regards to pushing a co-op board. If there is time that has lagged, it may be a better idea to have the shareholder/seller reach out to management (or if they know a board member) and politely inquire about a potential interview. If it has only been a week or two and you haven't heard anything......chances are you need to wait a week or two more. Good luck!
Yes at this time of year with summer vacations it could be difficult to get the board together for an interview. This is not uncommon and par for the course.
Mortgage Master Inc.
It is summer and it's usually difficult to pull anything off until everyone returns from wherever they go at this time of year. Between summer and holidays at the end of the year, it can hold things up. Good luck to you
I have the same problem. Board won't meet with my buyer. Should I be worried? It has been 6 weeks.
what i learned in this process is every building is different. mine meet one week later and notified us the next day. so, all in all they came through in the end. i would hope (and will keep my fingers crossed for you) your board does the right thing and meets soon. i know everyone will jump in and comment, they are busy, they have lives blah, blah, blah but they volunteered to be on the board and this is important!!!
i am optimistic your board will do the right thing and meet soon
thanks for any help!
I'm buying an apartment in the Corinthian, 330 E. 38th Street, and am wondering if anyone who lives/lived there can advise on the price per square footage for the "property replacement cost" of this building. $250/sq feet? $300 sq feet? or $350?
Here are the links to the building and the apartment itself:
THIS guy: http://media1.onsugar.com/files/2014/05/12/001/n/1922398/603f47b9d547bde6_2a139824.xxxlarge.jpg
I have a great floor guy. Email me at firstname.lastname@example.org
email@example.com, 347-531-8812, ask for Pepe
does anyone have someone they recommend to sand floors?
I think if i actually broke down to an hourly wage, I would be making minimum wage :), but it's a pretty rewarding job all in all.
An experienced rental agent is making between $8- 15k a month. That spread covers slow months in winter and spring.
Hmm... i'm no longer a full time broker because I decided to pursue a career as a mental health provider... but last year I worked a total of 30 hours for the year, sold two apartments and made about 95k.
This year... i've worked about a total of 25 hours in real estate. sold a 4M apartment and made about $110k. Nice extra income.
But i'm experienced... it's about working smart, not working hard... all the hard work comes in the first 5 years of your real estate careers... memorizing buildings, architecture, amenities, apartment layouts... and of course networking and doing a damn good job and being honest and hard working so that referrals come to you for the rest of your life ! :)
I don't see how people think that a NYC agent/broker only makes like 40,000 per year... Just for Manhattan the average condo is about $500,000. 3% of that would be 15,000 for one sale alone. Now you're probably looking at a split of 70/30 or 80/20 with your broker. I'm on 80/20 so let's assume that... That's 12,000 for your avg listing either being a seller or buyer's agent. Sometimes you get lucky and double broker for 24,000... But remember there are many many apartments/condos that are for sell for 5-10M, so you are looking at a few 100k for one commission.
Now leasing, typically we get 1/2 to a full months rent for doing a lease, which is much quicker and you usually get paid within 2 weeks of move in. Range in Manhattan for an apartment is about 2000-100,000/month. With the average at around 4000-5000.
There's about 1.5 million people there, assume you can get just 10 leases a month at 50% com, 10*4000*.5= 20,000/month.
From what I've read, the average NYC real estate agent/broker grosses about $40,000/year, which
in the case of brokers like Jim Hones is barely enough to cover the cost of the condoms needed
to solicit new business.
CoyWolf, I apologize if we are late to the game. First Republic is a Private Bank built on Jumbo Home Loans at low leverage. Depending on some basic relationship requiremetns most of my 7/1 IO's are being locked at 2.60% which is our floor today. The 5/1 Floor is 2.25% Always open to a conversation if you would like more detail. Both No Points.
That's a really nice deal on the points - 3.25 year breakeven or so
Thanks for the update Coy!!! I look forward to the closing update...
Hi, This is for Ali (Front Porch): I ended up getting the best rates from Wells Fargo. I locked on Wed 8/6. Wells actually ended up blowing all the other banks out of the water. I was offered a 3.875% for 30-year fixed (0 points). But I decided to go with the 7-year ARM instead. The rate was 2.875 % (0 points), but I bought 2.75 points to get the rate down to 2.0%.
Although it looks like rates might go down even more, I'm totally happy and relieved to have gotten a good rate. Now I just have to wait to make sure that I get approved for the mortgage LOL.
Lz3, Can you say where you got your mortgage and if there was a loan officer you recommend?
I believe the conversion project is still on hold, after tenants brought about a stop order (back in 2013), and more recently the architect has had an injunction granted against the developer.
At the rate it's going, you will probably need to find a new walking route for the next few years.
Anyone know what is the deal here?
Scaffolding has to be up 3 years now with no above ground work.
There's been lots of ground floor action but that only very recently.
Would love to hear about current state of affairs if anyone is in the know.
I just cant stand walking down 23rd with that eyesore scaffolding anymore.
Thanks for the comment. Do they want more than the usual 28% of income & 24 months in assets after closing?
Lot of sf for your money? The one-bedrooms are merely glorified studios, plus it's one of the ugliest buildings I've seen. Can't imagine why anyone would want to live in that dump -- especially with that maintenance.
My impression: lot of sf for your money, but maintenance is too high, and two separate residents reported, unsolicited, that passing the board is a "pain in the ass" (more than average). Just thought I'd pass if along and pay the board back since I've gotten so much info here.
we do not require this lease, although it is standard
Can anyone point to brokerage firms in NYC that do not make use of this clause, or that will remove it upon request? I have also been told that one brokerage firm in NYC refuses to put a time period on the clause, meaning that if they bring me a tenant for one year, and then the tenant moves out and moves to China for 20 years, comes back to NYC and offers to buy my condo, I would have to pay the brokerage the fee. The logic is that time doesn't change the fact that the brokerage brought me the buyer. Am I the only one who thinks this sounds crazy?
1. people who sign contracts are held to their terms even if they don't read them
2. that much said, if the broker is representing an owner and has signed a
listing agreement with the owner - or tenant - which is his /her client, the
broker might be under a fiduciary duty to unilaterally disclose the term
requiring payment of a second fee because it is unexpected and so unusual,
because as a fiduciary a broker cannot take advantage of the client in any manner
Yes, they are out there so always read contracts carefully. When we used brokers, we crossed out the clause. If they didn't agree, we used another broker. When I list for an owner, I don't put the clause in. To each their own but personally, I don't feel it's right.
"Don't you have a living room?"
Thanks alan. That story reminds me about Aboutready as well as the dentist who sold his receivable from Kim Kardashian at greater than face amount. http://blogs.wsj.com/law/2014/08/21/dentist-auctions-off-12-year-old-unpaid-judgment-against-kim-kardashian/
I used to live in a condo in which one resident spent a few years lobbying to turn part of the meeting room into a gym. Then he acquired a baby and spent the next few years lobbying to turn part of the meeting room into a playroom. Me me me now now now.
Don't you have a living room?
Why not just expand the storage facilities? A play room is useful only to those residents who have kids. Increased storage space is useful to all residents. If you charge for it, it can be income producing (or at least offset the costs of installing the additional storage units). A playroom is a constant drain on finances.
Yes. there are permit and egress issues for playrooms. We had a larger space to work with and the city turned down our permit since there was no way the space could be modified to comply with all their regulations.
Thanks! I will give them a call!
Why don't you call the NY Council of Cooperatives? They have references for roofers.
Hi, my building is about to undergo a complete roof replacement and we are hoping to send out a request to contractors in the near future. Any recommendations?
What is going up in the huge vacant lot?
manhattanrenovations.com / 212 685 6358 /Andrew Harrington
I highly recommend Forbes Ergas as a highly skilled, dependable, and imaginative firm; specializing in lobby and corridor design. Joel Ergas 212.727.1110 www.forbes-ergasdesign.com
Hello! Some wonderful interior designers are:
Morehouse Design Associates- Liz Morehouse 212.223.9549 www.morehouseinc.com
Hubley Design Interiors- Jeanette Hubley 917.596.4433
Sygrove Associates Design Group- Marilyn Sygrove 212.757.0631 www.sygrove.com
I work for a gc and we've had the pleasure of working with all of the above firms.
Our small co-op is starting the same process to renovate our lobby right now and I'm wondering if you would be willing to share which firm you went with and if you would recommend them, or not.
Thanks in advance