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Nice way to cut off part of my quote, where I said there is a tipping point - meaning there is a sliding scale as to which to prefer. And who ever said anything about assessments the size of MT pmts. Its just a scale with many factors as to which is better (e.g., a percent increase over 1K is much different than 2K, what is your horizon if you plan to sell, etc. The 1%er vs everyone else point of view is a somewhat narrow minded analysis.
Sorry for the double post -- I'm blonde.
Yet again, Matt is spot on.....................
I would rather have 12 months of assessments than five years of compounding 6% on my maint which can only go up but pretty much never go down and ultimately depress my unit's market value. "
The preference depends largely upon the demographics of your building.
"Rich" people can afford periodic -- almost routine -- assessments that approach or even exceed the size of their monthly maintenance payments.
Most "regular" people, though, don't have that kind of flexibility in their household budgets.
That's the way to do it TTFTC. Doesn't it feel fantastic that you are making at least $120,000 for doing basically nothing.
"Here is my offer".."Here is my counter"..."How about we meet in the middle?" "Price accepted"..."Please have your lawyer contact my lawyer"..."See you at the close"
I can do all cash or a mortgage for the right deal. email me at the above address
I am seeking to buy a 2bed/2bath direct from an owner and forget brokers. Email me at email@example.com
One year later, friends taking steps to sell. Apt now worth closer to $1.2mm. They will walk away with at least a $600,000 tax free windfall, after ALL expenses (closing, realtor, lawyers, etc) They will now live RENT FREE from their mid 30s until they DIE.
Renters gonna rent.
so...your family knows about you?
Intelligence Quotient Scale:
Moron = 50-69
Imbecile = 30-49
Idiot = 29 & below
That's over the weekend when the imbeciles were panicked! On no nobody wants an iPhone anymore! Half the line at the apple store were droidbots throwing in the towel. And there are millions more Iphone users waiting for their 24 month contracts to expire. And all the old iPhones end up in china/India. Cash flow machine.
Fk somewhereelse w67 is up 338% on apple 9/27 $485 call options. But I only out $50k in it.
How much you gotz in SSO and how much of it is your net worth? Come on make shit up. W67 always does.
This person bought the $575k house
To my mind, she should buy the house and not rent it. In future she can sell it if something goes wrong. and answering the question $2700 to own.
$2100 to rent. of course to own if we are not talking about the sort period of time.
And such crazy high rent?
What city is it that has such lousy yield on real estate investment -?
How much will that rent be in 10 years, versus the mortgage payment that's remained the same?
25 Central Park West #3B: 2BR/2BA condo at the Century, resold 28% above 2013 acquisition price, with no evident improvements.
10/30/1997 Previous Sale recorded $560,000
03/29/2013 Previously Listed by Coldwell Banker Bellmarc $2,395,000
07/29/2013 Previous Sale recorded $2,150,000
06/30/2014 Listed by Dolly Lenz Real Estate LLC $2,890,000
07/18/2014 Listing entered contract $2,890,000
09/11/2014 Sale recorded $2,750,000
200 West End Avenue #3A: 2BR/2.5BA condo with substantial outdoor space, resold 60% above 2009 sponsor sale.
06/22/2009 Previous Sale recorded $1,593,561
10/24/2013 Previously Listed by Halstead Property $2,395,000
11/06/2013 Halstead Property Listing is no longer available $2,395,000
04/23/2014 Listed by Halstead Property $2,550,000
07/11/2014 Listing entered contract $2,550,000
09/04/2014 Sale recorded $2,550,000
223 West 80th Street #7: Floor-through, loft-style condo, resold 44% above late 2010 acquisition price. It's possible the buyers didn't know about plans for view-killing development across 80th Street.
12/29/2005 Previous Sale recorded $1,720,842
03/23/2007 Previously Listed by Douglas Elliman $2,150,000
07/01/2008 Off market temporarily Last priced at $2,300,000
05/05/2010 Previously Listed by Corcoran $1,795,000
11/21/2010 Corcoran Listing sold $1,795,000
12/30/2010 Previous Sale recorded $1,635,000
04/10/2014 Listed by Brown Harris Stevens $2,295,000
05/02/2014 Price increased by 4% ↑ $2,395,000
05/28/2014 Listing entered contract $2,395,000
09/18/2014 Sale recorded $2,350,000
325 West 86th Street #11C: Smallish, renovated classic six-into-five, resold 31% above 2009 acquisition price. No significant work done since prior sale. Same broker too. Interesting sale in that the 2008-2009 listing got caught in the worst of the downdraft, and the 2014 listing was boosted by the uptick in the spring, after initially languishing.
03/08/2008 Listed by Corcoran $2,295,000
04/11/2008 Price decreased by 13% ↓ $1,995,000
05/22/2008 Price decreased by 5% ↓ $1,895,000
07/03/2008 Price decreased by 5% ↓ $1,795,000
10/14/2008 Price decreased by 8% ↓ $1,649,000
02/07/2009 Listing entered contract $1,649,000
05/05/2009 Previous Sale recorded $1,473,750
04/02/2014 Listed by Corcoran $1,950,000
04/12/2014 Price decreased by 8% ↓ $1,799,000
05/14/2014 Listing entered contract $1,799,000
08/20/2014 Sale recorded $1,926,000
43 West 64th Street #4A: 4BR//4BA Liberty Lofts condo, resold 69% above 2009 acquisition price.
04/30/2009 Previously Listed by Brown Harris Stevens $4,750,000
08/07/2009 Previous Sale recorded $4,200,000
11/06/2013 Listed by Douglas Elliman $9,000,000
03/28/2014 Price decreased by 1% ↓ $8,880,000
04/03/2014 Price decreased by 4% ↓ $8,500,000
05/02/2014 Price decreased by 6% ↓ $7,995,000
05/19/2014 Price decreased by 3% ↓ $7,750,000
05/30/2014 Price decreased by 8% ↓ $7,100,000
07/12/2014 Listing entered contract $7,100,000
08/27/2014 Sale recorded $7,100,000
There are several threads on this here. Type "insurance" in the conversations search box and they'll come up. Lots of advice and recommendations.
Watch out for cheap. All polices are not equal. You should do an honest assessment of what it would cost you to replace the contents and fixtures and fittings in your apartment and look into the kind of liability cover you need and then purchase the policy according to this. I was with All State but recently switched to Chubb for the superior terms and conditions of the coverage. By no means cheap but peace of mind comes at a premium...
I have just been advised that I needed a 100k minimum co-op insurance policy, and was wondering is anyone had any advice as to where the cheapest place is to obtain this coverage?
So far my research has shown that GEICO is cheapest and Liberty Mutual was actually DOUBLE that of Geico.
alanhart: A friend told me that she had her bedroom floor replaced. She told the floorer that the super said the tile sin the closets were asbestos, so he 'd have to seal the tile before he put the flooring in closet. When she came home, she found the floorer pulled out the tile, bagged them, and put the floor in. He took the rest of his debris out. She didn't want the building to hear about this, so she put the tile in smaller bags with trash and went all over the neighborhood over a 2 week period and dumped them in corner trash cans. I laughed and laughed reminding her that there were surveillance cameras in some of the areas she dumped the tile. Big Brother was going to get her one day.
Thanks everyone. When doing asbestos work, any idea what happens to the furniture in my room? Obviously if I was thinking of re-doing the flooring, I'm expecting things to be shuffled around, but I sort of imagine the asbestos folks will not want anything in the room -- which of course is an issue without paying even more money to send stuff to storage.
I can't wait till c0lumbiac0unty chimes in on THIS asbestos thread.
All so silly. Pop the tiles off yourself, bag them, and throw them away.
I had to abate a tiny section of roof that needed to be cut for my roof deck addition -- just enough for a stairwell and bulkhead. Cost was in the neighborhood of $3k, I believe. I don't have the name of the firm who did it.
Assume your turndown #s are as a result of reading the board minutes. For the same period (Mar 2012 - Jan 2014 there appear to have been 28 completed sales (based on my quick read of SE data), so a rejection rate of about 14/42 (rejects / (rejects actual sales)). Roughly 33%. Any board members care to weigh in on how that compares to their building? I know a buyer in the building who certainly didn't have liquid assets 3x the purchase price, so perhaps her shirt was particularly sparkly. Perhaps you should talk to *another* broker about how he would manage prospective buyers and get their package through the process. That is what you pay them for, after all.
Either that, or they've trained brokers to prequalify better, or to run a potential buyer through the mini-board before flipping the in-contract switch. That'd make the building look easy while still keeping the riff-raff out.
have paid much more. Can't have it both ways.
The board may be trying to raise the financial/sartorial tone of the building, which means training the broker community. As with a dog or baby, that entails constant repetition.
Also, the building seems to be going through a demographic blip, with a high ratio of estate sales. That means lots of would-be flippers trying to get in on the cheap, so a high rate of turn-downs.
There are easier buildings, though. My own co-op across town is less than half the size, so fewer sales to go on, but the board hasn't turned anyone down in many years.
If you wanted easy in and easy out, then you should've bought a condo. But then you'd
Listen, you seem like a nice guy or gal, though I'm sure what TTFTC might stand for, but let me set you straight, here on streeteasy, with people like c0lumbiac0unty, inonada, w67thstreet, and apt23 / mimi, this isn't some happy happy place where all your real estate problems are solved. Heck, look at front_porch, always the victim, who has needed to move to the second floor finally, and aboutready, who has recently been unable to admit that she lives in Williamsburg rather than 10011 Chelsea.
Gothamsboro: In New York, unauthorized practice of law is a good way to lose a real estate license. That's why you see the "consult your attorney" disclaimer on everything that might be construed as legal advice.
I'm not sure why real estate professionals are always giving advice about when to consult your accountant or when to consult your lawyer. Are they really qualified to tell you when to consult someone? Are they getting kickbacks from accountants and lawyers?
I think they should just tell people what they know, what they don't know, and offer context of their qualifications about what they do know.
nychomeowner, make your own choice if you run this by your accountant.
thanks everyone for your responses. happy to hear the rebate should be seen as a reduction in basis. of course, i will run this past my accountant as well.
Yes Dan. We also give our clients a signed letter and of course the check from my company is clearly marked as a commission rebate. The IRS has also ruled on an individual case that was brought by REDFIN Realty, of course that was for that particular buyer, however it does give an indication of their position.
The Burkhardt Group
Agree with West81st and vsle65 -- definitely best to consult your accountant and/or lawyer. It is my understanding as well that rebates are not taxable as income, but rather deemed a reduction in basis. However, since the rebate is not reflected on any closing document, when I give clients rebates, I deliver the rebate to the client with a letter that describes our prior agreement regarding the rebate so that it is evidenced somewhere tangible. This protects both me (so that I don't get taxed on the rebate) and my client (who now has a piece of paper evidencing the source of those funds).
Digs Realty Group
I think both of these points are what came up on the phone. I was told by the rep that ESCO was charging around 3 cents more than ConEd. Does that sound right? I've now gone back to ConEd's variable rate.
Anybody price out any of the ESCOs lately? Was always curious what the price differential was vs. Con-Ed but never really had the time to do the research
ConEd's 'default' energy *supply* charge is calculated from energy market costs -- they pass through what they buy wholesale, and I think it's just calculated by multiplying from the NYISO day-ahead auction price and factoring in some adjustments from there. This means it varies and you deal with the expensive times as well as enjoying the inexpensive ones.
Their energy *delivery* charges are fixed rates for all customers, approved by the NY PSC.
If you are shopping and seeing ~$.14/kwh rates then that seems to be what the market predicts the price will be. You can always stick with ConEd's market rate offer, to gather the upside as well as the downside of price swings. (Depends significantly on natural gas and to some degree on oil.)
My ConEd bill seems crazy high. I phoned and talked to the rep who told me to cancel with HeatCo, which I did. They were charging me 15c per kw. The rep told me I should be able to get an 11 cent fixed rate. Does anyone have any recommendations on which company offers this? So far I'm only able to find the 14 and 15 cent rates, which seems to be ConEd's rate.
So you want them on the street because they are poor? Everything is about pay in-pay out? No more water, dehydrate and starve to death for your fellow Americans? Better if they are in prison, right, there they get free water.
@Gothamsboro.....you mean those people who didn't pay there water bills and finally got turned off after months of not paying (some years)....sorry no outrage.
Where is your outrage over the Detroit water shutoffs?
This is pretty frightening...Imagine your lender remotely turning off your heat after the first missed mortgage payment.
I am so happy for you!
As of this morning, the Second Avenue Subway Muck House (on Second Ave between 86th and 87th) is now Gone/No Longer there!
Entrance to subway will NOT be on the NW corner of 86th and Second Avenue. A much preferred ventilation unit rising only as high as the Chase ATM unit that formerly occupied that space will be there. Facade of unit will aesthetically match the Co-op's facade. Air and noise control impact studies relating to the ventilation unit have been conducted-- If you would like a copy of this impact study please contact me. I would be pleased to answer any questions about The Newbury as both a long term shareholder and a Broker. firstname.lastname@example.org
It is where the entrance for the subway will be, so I've heard
about 9 weeks ago
Member since: Sep 2011
ignore this person
The only break we received on a recent purchase through a well know brokerage was 1% off for properties over 1 million and an additional 1% off for the buyer not using a broker. We didn't haggle over that because the broker gave spent a lot of time giving us advice on upgrades and staging; he also took top quality photos.
Were you the buyer or the seller?
Now I'm going to hear from all the agents defending their racket. "I do alot more than just show rooms" " I do paperwork and what about my negotiating skills!" stop. An hour of paperwork pdf'd back and forth? wow! Negotiating skills? Agents can only negotiate to what the buyer\seller tell them what they will accept. So the agent tells the other agent and both parties accept or reject. The agent's job is to grind down their clients to accept so they can move onto their next "victim"(churn 'em and burn'em).....anyhow good luck in your new home stza.
stza....1% is certainly way more reasonable than 3% for work that mostly includes walking buyers into a kitchen and saying "now here is the kitchen". The new models ramping up doing away with the traditional commission model. It's just a matter of time before the consumer says "hey wait one minute this is certainly not brain surgery I can do it myself".
steveF - I thought about listing my property myself, but I honestly just didn't have the time. In the end, I am glad I used a broker since Dan really did add value (despite my initial skepticism of brokers similar to yours). I know he also represents buyers and gives a commission rebate. I haven't used him (yet) to buy a property, but I'm sure his buyer services would also add value enough to justify the 1% commission he takes. I agree that a 3% commission on either the buy or sell side is inflated, but from my experience with Dan, he was certainly worth the 1%!
stza...good for you and it's great to see the real estate industry stranglehold finally being broken. As Keith said there are new commission models popping up every day. It was inevitable and absolutely necessary. Why, for the love would I want to give away $60,000 of my home sale to some broker who just basically gets in the way? Stop with the "negotiating abilities" and let's be real here...what are they doing? NOTHING. Now we must educate the buyer that they are NOT I repeat NOT being taken around and "shown"("now here is the kitchen")properties for free. They are paying 3% of their next home purchase for that "free" service. "oh but its not costing me anything!" wrong, someone has to pay that commission and guess what....it's you Mr and Mrs Buyer.
I have had very good experiences with Flat Rate and OZ. Don't just go for the cheapest...
We did 2 large household moves in the past 1.5 years, they also packed up everything, with All Star Moving and Storage, Inc. http://allstarnewyork.com/ Totally happy both times. First time was under budget, second time was over budget because the super wouldn't let them in the door after 4 PM, so they brought our stuff the next day. That wasn't fun but not their fault, they arrived on time but couldn't get it done fast enough.
Make sure the person giving you the quote sees everything, including stuff under the bed, all the books, etc.
Had a great experience with Oz. See lots of previous threads on this topic.
Go with Flat Rate. They flatten your stuff at a rate of 12 boxes per hour. Very efficient. Don't go with the Shleppers guys,
Moving Man. Inc. hands down! Unbelievable wrapping and handling of my furniture and art work while lower priced than most of the movers (in the category that can be approved by a coop/condo and supplies insurance to the building, etc.) The only thing I paid beyond the estimate was for extra boxes I asked them to bring. They also provide meaningful insurance at an extra fee (based on worth of your stuff, rather than poundage).
Asbestos? Can't wait till we hear back from c0lumbiac0unty on that.
I'm facing a similar situation -- recently an apartment in my building discovered that the glue underlying the original parquet flooring has asbestos in it. The building is now requiring testing before any floors can be pulled up. I'm thinking of combining my apartment with the one next door, and would prefer the space to have a consistent, seamless feel with the flooring. Unfortunately I can certainly imagine significant expense if I had to do asbestos abatement while ripping up the existing parquest. But on the other hand, adding new flooring on top of the existing parquet will result in a hiehger floor that would be above the tiling in my kitchen and carpeting in my bedroom. It would certainly require that my doors get shaved down in order to have enough clearance.
Are there any good solutions to this problem? Any sense of the cost of an abatement?
Friend just stained hers dark brown and refinished. They look amazing.
I had a similar problem with a place I considered buying. One contractor told me that you can "seal" the floor and lay something on top to avoid the asbestos issue. One area had asbestos tile that was not in good shape and the floor wasn't level. They said that could be covered with a self-leveling compound.
If by chance you are thinking about switching to carpeting, this thread might be helpful: http://streeteasy.com/nyc/talk/discussion/17818-80-carpet-rules
Ah. I thought they were not part of that category. I stand corrected. Thanks for that!
It was 10 feet two years ago when I went through this. Why do you think it should be less? Your dryer vent isn't exactly environmental air exhaust...
The reference to 504.4 just adds additional information specific to clothes dryers (no screens, no screws, etc.). It doesn't mean clothes dryers are excluded from the requirements.
We are having a bit of trouble with approval for a vented electric dryer from our building's architect consulting firm. The W/D will be in the kitchen and vented through a non-functioning window (long been covered by cabinets). Our neighbors below have done this already. It has been suggested to us that venting in this way may violate DOB code, since it is less than 10 feet away from the window of our upstairs neighbor. Here is the relevant code from 2014. Can someone please help to clarify this issue for us, since there seems to be some confusion? Based on my reading, the 10 feet rule does not seem to apply to clothes dryers.
501.2.1 Location of exhaust outlets.
The termination point of exhaust outlets and ducts discharging to the outdoors shall be located within the following minimum distances:
1. For ducts conveying noxious, toxic, explosive or flammable vapors, fumes or dusts including but not limited to exhaust form dry cleaning establishments and spray booths): 30 feet (9144 mm) from property lines; 10 feet (3048 mm) from operable openings into buildings; 6 feet (1829 mm) from exterior walls and roofs; 30 feet (9144 m) from combustible walls and operable openings into buildings which are in the direction of the exhaust discharge; 10 feet (3048 mm) above adjoining grade. Additional requirements may apply to Hazardous Exhaust Systems; see Section 510.
2.For other product-conveying outlets: 10 feet (3048 mm) from the property lines; 3 feet (914 mm) from exterior walls and roofs; 10 feet (3048 mm) from operable openings into buildings; 10 feet (3048 mm) above adjoining grade; 10 feet from
any exterior fire escape , stair, or balcony.
3. For all environmental air exhaust outlets: 3 feet (914 mm) from property lines; 3 feet (914 mm) from operable openings into buildings for all occupancies other than Group U, and 10 feet (3048 mm) from mechanical air intakes. Such exhaust outlets shall not be considered hazardous or noxious.
4.Exhaust outlets and openings serving structures in flood hazard areas shall be installed in accordance with Appendix G oftheNew York City Building Code.
5. For specific systems see the following sections:
5.1.Clothes dryer exhaust, Section 504.4....
Those are not sponsor units. Its a large building and there are many investors.
I have done work at the Sheffield and three of the owners who rented out their homes were not sponsored units. There might be some sponsors but it seems some purchased their apartments as an investment.
A lot of the rentals in this building are by the same broker companies. Are these sponsor owned units? And if so, is there any way to rent directly from the sponsor?
What counts is what's in the offering plan. Anything he tells you beforehand is just talk.
I bought a new construction condo in a small building. While not directly addressing your question- take a look at a past posting of mine that may be relevant to you : http://streeteasy.com/talk/discussion/33588-buying-new-development-condo
I am meeting with the sponsor of a building tomorrow I am considering buying in. It is a small (about 8 units) building, and I am considering buying a 1BR or perhaps large studio as an investment. It it located in a (very) quickly gentrifying section of the outer boroughs. You can read some background about it here:
I have now walked through the site, spoken with the project manager, and spoken many times on the phone with the developer (who also owns the construction company who is building the building), and I have some simple pricing on the units as well as common charges, and also an approximate completion date (before Christmas). He has done several similar new constructions in the past (can't find much on them via Google -- perhaps a good thing?).
But now is our first meeting face to face. I plan to see (and he knows this) floor plans, as well as an offering plan (hopefully), whatever stage it's in. I so far have a bunch of questions to ask him, relating to taxes, abatements (there is one in effect here), how many units will be sold, transfer taxes, condo board organization, current litigation, financing, to name a few. BUT-- what am I missing? What things should I definitely (from him -- not my attorney or engineer) find out before leaving his office?
Thanks for any advice.
i can't find it on the mobile site either. (Actually I have trouble seeing it in Chrome as well).
I am sure this is a stupid question, but what happened to past transactions? Are they no longer available on the mobile site?
Any condo owners looking to rent a 2/2?