New York City
Northern New Jersey
Condo Price Index
Open House Planner
Shop for a Broker
For the pros here, how long after a first open house would you expect to see offers for a family size unit in a relatively prime area in Manhattan? Assume coop in a good area but not top school zone. Thank you.
lol this vendor must be smoking a great supply....purchased just a few years ago for less than $3m....and now 6m
yes yes there were 'some' renovations......but based on the photos...looks pretty similar.
Though the supply of the derelict building next door MUST be the primo heights supply....$6M ......and hasn't done anything since they overpaid for the shell in a buy and flip plan in 2014.
Yes I'm jealous as I looked at both of them a few years ago (and made underbidder offers) but neither of these are worth what they are asking for them regardless of how nice their potential is.
Seriously, who is buying these units? You are 20 feet away from the bridge/train. It's very VERY loud. Hope they invested in some high end windows.
Not to mention a large portion of the units face the bridge and have absolutely no view or light whatsoever.
There's also a parking lot behind the building which I'm sure will be built on in the near future.
HDFC's are generally for people with low salaries who have family money to pay down payment or all cash.
My HDFC is looking for a new management company. Can you recommend one? Your building sounds like it is well managed. Best, Anon
How awesome that you are now board president! Congratulations to you and to your building!
This seems to be the twilight of StreetEasy, with everyone so discouraged by the new management. And the discussions have been so, so acrimonious lately. So I'm tickled pink to find you posting a happy thought now. It's very good to hear.
We live in odd times, and the HDFC program is now pretty much the only way a lot of us can have a stable perch in this great city. So it's a beautiful thing when it works, and here you are and I am to remind other people of that. I hope more people will be able to make their dreams come true the way we have done.
Just a note: when I started this thread, finding an HDFC apt to buy was my dream. Now, 20 months later, that dream has come true. I love my apartment, my building, my neighborhood. I can't believe my good fortune, and I am thrilled that HDFC buildings exist. >>
Congratulations, Uptown! I too love my unit, building, neighborhoods and neighbors. I also love being my Board president after just one year. ;)
dy808- Can you see or imagine any way that the losses could be resolved? i would maybe think about those scenarios and calculate whether it involves raising maintenance and how much, or anything else that would resolve the discrepancy. if you can see a way out of the situation for the building that seems favorable - and if the bldg seems easy to work with - i would stay with it. if the future looks gloomy from all accounts, and no creativity can stop the bleeding, ie there's no vision of where the extra money could come from to bring income into line with expenses, i would consider abandoning. but maybe some extra research would help (are there rental units in the bldg for example?)
thanks for your post. it made me realize that i was about to sign the retainer without having had a real look at the building's financials myself. you reminded me to get that taken care of right away. so far i've been operating on what i've been told.
keep us posted.
Renting in NYC is a loser's game unless you have a rent-stabilized apartment. Manhattan is for the rich and the regulated. The main barrier for most people is saving up 20% down closing costs co-op liquidity requirements.
LIC, truth is that prices in some Queens and Bklyn areas surpass those in some Manhattan areas. I predict the RE boom will spread to other areas in Queens in the next 10 years as prices in prime Brooklyn areas go beyond some people's reach. He appeal of the vibrancy of our city remains. There is nowhere else like NYC, and people continue to put up with compromises in RE and to pay a premium for it to be here.
Kyle- LIC condo prices have almost doubled since 2009.
Hi lowery- you probably haven't visited the LIC waterfront in a year or two. You should. There are plenty of really good restaurants now, with several more about yo open (including one on the water by the owner of Trattoria L'Incontro). New cafes, markets, stores have opened. The park has expanded. Check it out.
How odd to read one's words of 7 years ago to see how they've held up over time. Lord knows what's become of stevejhx, but his insistence on the coming of a dystopian apocalypse for NYC RE was reminiscent,in those days, of the preachers who predicted the end of the world to their cults. The predicted end never came. In fact, the sun shines more brightly than ever illuminating not just Manhattan these days but also spectacularly successful neighborhoods in Bklyn and Queens. In fact, if you heeded stevejhx's advice in 2007 and waited to buy because he predicted a 50% drop in RE prices, you would perhaps truly be forever priced out of the market in his words. In Greenwich Village, if you purchased in 2008, you would now be seeing an almost 50% increase in value! For example, units that had sold around the $900,000 mark are now snatched up within 3 weeks of being placed on the market for just under $1,400,000. Inventory is non-existent in many segments--not just AAA areas.
So I say again, the better part of a decade later, the same thing I said in 2007: purchasing may be the right move for you if you 1) have a reasonable time horizon for ownership (7 years?), 2) it fits comfortably within your current budget, and 3) it fits within your long-term savings and retirement plan as developed thoughtfully with an independent financial advisor.
Hi @maklo1421 - thank you for catching that! Our Condo Price Index page has been updated with the most recent available data.
Hey @maklo1421 - you can find all the updated information here: http://streeteasy.com/blog/market-reports/
I noticed the index hasn't been updated yet for February, seven weeks after the end of the month. Is this data still being maintained?
The StreetEasy Condo Price Index is calculated monthly and updated on our website shortly thereafter, typically during the third week of the month.
Our building is a single family. There is no open house and there are no apartments here. Ad is false and whoever put it in should be removed form Streeteasy.
I wish I could take credit for Paul10003; he had me laughing out loud in this thread. SE Discussions are still best "stuck at desk can't get out" break; you just have to go back to old threads. I'll try to refrain from reviving pure nonsense ones, but this one was too good; really resonated with me. My only regret is that I did not start watching when original cast was still starring. By the time I came in, a whole new cast was dominating the discussions, although it looks like Stevejhx was a constant.
How did I know it was NYCNovice / MultiCityRenter / FoolishRenter / xyz / abc / whoknowswhoelse ? etc. etc. would be the one to bump this old "confessions" thread and probably all these other 4,5,6 year old threads that have been reappearing
Speaking of Stevejhx. Seeing that he even sucked W81 into debate at one time makes me feel better about having taken him so seriously in the "Price controls coming for healthcare" thread.
if i recall correctly, i think you're saying i talk out of my ass because i mentioned that there is such a thing as a "market failure". ........ to be clear, i talk out of my ass all the time -- and i'm told i'm quite good at it -- but i'm not sure that acknowledging the existence of market failures is a case in point. i told you to google it in the same way i would tell someone that challenged me to provide evidence that the world is round.
re: giamatti. i confess that i don't follow baseball at all. which i'm pretty sure is one more reason i'm a moron.
Building finances are impeccable as of this posting there is absolutely no supply of units available.
The finances are pretty good, the building has 240 units and with them being smaller units, people tend to upgrade or move on. I have a listing currently for sale. ALso since the prices are going up, people who bought in the bottom market are capitalizing and since there are studios, they are easier to part with.
i'm curious too!
A lot of supply in this building. Is there a problem with the co-op finances? Why does it look like so many owners are bailing?
Twice the price would be $4,800,000 so not even close. The other home closed a year ago, was smaller, had less bathrooms and would need about $750,000 to get in the condition that this home is in.
Affordable? Beautifully redone but still approaching twice price of last TH sold in this building.
Exactly! That's the best part--you get the "house" in the city.
lot of steps for a 3 br layer cake
Yes, it's a wonderful townhouse at an affordable price.
Thats pretty fast for a bidding war actually.
Much better than the $1.050 studio with hit-your-head loft also in the building.
I came up with @ 800 square feet interior. It is kind of a tricky floorplan to nail down.
Im not a big fan of the kitchen or the exposed sprinkler pipes in the bedroom, but otherwise its a nice apartment.
White walls can be painted any color.
This is more about its value for a unit with private outdoor a space.
A submarket and a commodity all its own at any time even in a bear real estate market.
Add loft, high (exposed) ceilings, fireplace, and steps from union square, this is great.
Would you prefer the cookie cutter 60s whitebrick ""The Victoria" building across the street?
That's one of the ugliest apartments I have seen in a long, long time. Takes all types, I guess.
think so. looks nice appx 1000 sq ft plus terrace. $1.5mm seems market price.
This area is changing very quickly. Traffic stays the same.
Anyone have thoughts about this project? Would you live here?
What was your impression? Is it worth going to see it?
The ceilings are beamed so concrete. According to broker who just showed me a unit.
Does anyone know the construction composition between floors in this building? Is it concrete between floors or just wooden structure?
Nada recommended this very rental to me when I was looking in early 2012. It was not right fit for me because it was a lot more than I needed spacewise, but less than I needed service-wise. Special property.
This thread is kind of creepy with c0lumbiac0unty asking someone who doesn't even exist what he or she is wearing three times in a row.
My word, what happened here. End of an era. In any event, I had not noticed that nada's high end rental example is now for sale. Encountered some prospective buyers outside waiting for agents. A mere 28 million to buy the whole thing, when one could have rented the penthouse for a pittance. At the high end, you get quite a bang for your buck if rent; I wish renting suited my personality because it does make a lot financial sense in NY. http://streeteasy.com/building/paul-rudolph-penthouse-apts/house
Typos above worse than usual - sorry; handheld touchscreen.
SE should make a coctail table book comprised of "best of" threads. I am sad the some of the more vibrant personalities are no longer posting; it was the best reality show a few years ago.
I just scanned some of these -- they even postdate the time at which predicting a crash was 6 years old and I had stopped reading about it because it seemed already disproven -- so here's a good one 3 yrs ago, paraphrasing it: Manhattan takes longer to get hit by crashes and then is worst hit. So it's taking SUCH an awfully long time to hit, because in 2015 it hasn't even reached Queens.
Since we are positing old strings, just for giggles... I laugh when I read this one. The vitriol with which some of these posters dished out was horrible. I wonder where lucillebluth is now?
"THis is why NY RE is going to collapse?"
yes. everyone will move to the suburbs and start sleeping with their friends' spouses. people appreciate stability in their infidelity.
Hello front_porch, condo or co-op? under a million?
REBNY Uptown Expo (Harlem/WaHi/Inwood) is May 2 and 3 -- I expect to have a new listing of a 2-BR/2-BA in Central Harlem, and I assume other brokers will be bringing on listings in the area as well.
I think there's something more going on in addition to new build condos. It looks like the supply of coops is lower than in 2013 or 2014 and I'm not sure what is reducing supply. The overall number of coops has to be close to flat. None are being built but none are being demolished or converted to condos either so it must reflect a reduced number of owners wanting to sell but I'm not sure what could be driving this and to your question what could cause that to increase.
@ Nerve .... that's great info
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.
What is the standard turnaround time for a response? We put in a full price offer and we have very very solid credit and financials. We haven't heard anything from the sellers broker and they have been dodging our realtors calls. Our realtor suspects the listing agent is trying to get one of her clients to match our offer but we don't know.
How long should we expect to wait for a response? What is standard?
Is there a way to estimate how much it will cost to renote an apartment? If the appliances are not in working order, who pays for the removal?
Is there any 'easy' way to determine which are load bearing walls when you're looking at a walkup tenement buildings in the city? e.g. early 1900s vintage. Would railroad be different from non-railroad layout? If i'm just checking an open house and thinking about moving/removing walls it would be handy to have some idea.
We are putting a washer and ventless dryer in our condo. Washer/dryers are permitted. The Management wants a drawing of how the plumbing will be. Any suggestions as to someone we can hire to do this at a reasonable price? Also, I don't believe that we need any kind of permit from the buildings department for such work. Is that correct? Thanks.