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Also wondering what the state of the building is today. Are plumbing issues and bedbug issues resolved?
It's been a long time since the last post. What is the state of the building today? Still rundown and with issues or fixed.
It's hard to put in words.
Are there any comments in the last year about this condo?
How can #7 walk all over Manhattan from 86th street but not from 96th street?
boulevard is condop
#2 why stop at 125th?
#6 and #9 must be going to Key West (on Amsterdam) instead. while it's true that the Columbia is definitely older than Ariel and no amount of renovation could make the unit/building compare to a luxury high rise going up today, i think you can do a good job making an apartment there look new but NOT pay $200/sf. That said, there's no way that the columbia is home to lots of grads. Most of the people who live there are owner residents, and rents there are too much for younger people to afford (unless they're floating by their parents). You're probably turned off by the plethora of toddlers and older residents running around. Also, the Columbia does have a huge pool and newly renovated health club.
It's not just that apartment. The condo is suing the sponsor, architect, engineer, etc.: anybody involved with the design, construction and sale of the place. Here's the complaint: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=jrmNhQHhgYEGf0lYu6KhkQ==&system=prod
This unit is # 4A and has constant problems as does the unit above it. Also the agent is very shady and dishonest. Do not buy.
The new broker and new photos (with the obligatory orchid) make it different.
Isn't this 4A? Why is now 4-South? Pretty strange.
congrats SteveF, your $1MM apartment instead sells for $37K higher. Are you sure thought? Does everything you wrote above make sense? How about that apartment listed for $285k that sold for $325K, 14% more instead of 10.5% more? Were there multiple rounds of bidding in that situation but the losing buyer stuck with his price? Or did everyone know (those very sophisticated buyers in the $300K range) that the seller underpriced and therefore bid their max at the outset, making this an example that the listing price is actually irrelevant to the sale price?
Unethical Practice #2: Sellers’ agents who underprice homes for quick sales.
As I noted earlier, economists Levitt and Syverson found that real estate agents got an average of 3.7% more when they were selling their own homes. Patience was the key--the agent-owned properties stayed on the market almost 10 days longer than the client-owned properties.
Unless they're selling their own homes, though, agents have a strong incentive to price homes low for quick sales. A quick sale means less work, a faster payday, and the advertising benefits of a “SALE PENDING” rider on a newly planted yard sign. Low asking prices also elicit more inquiries from prospective buyers, allowing agents to recruit new clients.
It's true that listing agents get higher commissions if sales prices are high. But getting an extra $10,000 for a home may only net the agent $125 (assuming the listing agent gets a 2.5% commission and splits it with the broker). It's simply not a good business decision for an agent to delay a sale in order to try for a higher price.
Here's how agents sometimes talk their clients into lower prices for quick, easy sales:
Offering to find a buyer without putting the property on the MLS.
The prospect of selling quickly without having to endure numerous showings is tempting to many sellers, but restricted exposure will likely result in a lower price.
Bringing in their own buyer quickly.
Soon after the ink is dry on their listing contracts, listing agents will sometimes bring in offers from their own buyers. Sellers are often tempted to accept these offers in order to get the ordeal over with. But unless a property has been aggressively marketed, it's impossible for sellers to know if they could have gotten higher offers from other buyers.
Suggesting that a low asking price will lead to a bidding war.
Low asking prices often do lead to multiple offers, but not necessarily to higher sales prices.
I once worked with a buyer who had been patiently waiting for a gorgeous foreclosed property to come on the market. I'd told him that I thought the property was worth about $375,000, and he said that he'd gladly pay that. When the property came on the market, though, the asking price was just $285,000.
When he saw the low asking price, my client decided to offer just $315,000, despite my warning that the low asking price would likely elicit many offers. My client believed his offer would be enough to win the house, and that he was intoxicated with the idea that he would not only be getting a fantastic house, but also a fantastic deal.
The winning offer was $325,000, and my buyer was heartbroken that he'd bid too low. We both felt that the winning bidder had gotten the deal of a lifetime.
Requiring that buyers sign off on disclosures when they submit their offers.
In some areas, it's customary for buyers to sign off on all disclosures and/or complete all their inspections prior to submitting their offers.
Making buyers sign off on inspections and disclosures, of course, makes it harder for them to wiggle out of contracts or ask for price adjustments after the offer is accepted. But the downside is that it discourages offers, and likely leads to lower sales prices. It's costly for buyers to read through dozens of pages of disclosures and hire inspectors or contractors. Insisting that they do is like asking each buyer to pay a steep fee as the price of admission to bid on a house.
In addition to discouraging offers, this practice also weakens the bargaining position of sellers. For example, one strategy for teasing out higher offers in hot markets is to let prospective buyers know that there's a lot of interest in the property. But the disclosure sign-off requirement instead forces agents to downplay interest in the property, since buyers often won't put up with the hassle of preparing an offer if the odds are small that they'll win the property.
The disclosure requirement hurts sellers in slow markets, too. When an offer comes in, a good agent will normally "shop" it, or use it to try to elicit other offers so as to improve the seller's bargaining position. But it's much harder to shop offers before the original offer expires if potential buyers have to plow through dozens of pages of disclosures and/or complete inspections in order to submit their own offer.
The only time it would make sense to impose a disclosure sign-off policy is if the seller is in a hurry to sell. For example, a seller that has to sell by a certain date to avoid paying a capital gains tax will want to be very sure that the buyer isn't going to bail. Otherwise, I'm at a loss to see why any seller would agree to this.
The disclosure sign-off requirement may hurt buyers and most sellers, but there is one beneficiary--the listing agent. If the buyer backs out, it's the listing agent who will have to host more open houses and pay for more flyers and newspaper ads. By ensuring that any buyer is unlikely to do so, the agent minimizes marketing costs and boosts profits.
Picking through comps so as to give the impression that a house is worth less than it is.
Many years ago, my mother hired an agent to put her home on the market. The home sold within hours to a buyer represented by the agent's own brokerage. My mother accepted the offer, since the sales comps provided by the agent suggested that it wasn't worth much more.
The quick in-house sale made me suspicious that something wasn't right, so I went to another brokerage and asked for sales comps. When I compared the two sets of comps, it was clear that my mother's agent had picked through them, showing my mother just those that had gone for the lowest prices. This had led my mother to believe her house was worth less than it really was.
My mother ended up going ahead with the deal, since she didn't want to risk getting sued for breaching the sales contract. I complained to the agent's broker, but he did not fire the agent. I also complained to the State Board of Real Estate, but the woman I spoke with scoffed at my complaint, saying that it was nothing compared to the stuff she usually investigates.
My mother's sleazy agent not only got a commission from the deal, but at least one new client. A neighbor of ours decided to list with him as well, thinking that he must be a fantastic agent to have sold a house so quickly.
How to protect yourself
Don’t agree to a pocket listing. You’ll likely get more and better offers if you can get as much exposure for your property as possible by going on the Multiple Listing Service (MLS).
Look at active comps when pricing your home. Unless you're in a big hurry to sell, your goal in pricing your home should simply be to get people in the door. Look at other active listings that are similar to yours, and price your home so that it's one of the better values in your area--but not necessarily the best value. Note that active comps often mislead sellers into believe that their homes are worth more than they really are. After you get an offer, you'll want to study "sold" comps, since they're a much better guide as to what your home is really worth.
Ask your agent for a large number of comps. Ask your provide you with a large list of comparable properties (“comps”) that have sold. Check prices online to make sure your agent is giving you unbiased data.
Don't try to elicit a bidding war. You're more likely to get a better price if you're one of the best values, not the best value, in your area and price range. A low asking price can also backfire by causing other sellers to lower their prices.
Insist on waiting at least 5 days after the home is listed on the MLS before accepting an offer. Unless you're in a desperate hurry to sell, it pays to allow others a chance to make offers.
Play your cards close to your chest. Don't ever tell your agent how much you're willing to accept for your home. He doesn't need to know this in order to help you price your property competitively.
Don't always insist that buyers sign off on disclosures prior to submitting offers. Only do this if you are in a hurry to sell, or if you're willing to accept a lower price in exchange for greater certainty that the deal will go through.
(Note: This isn't commonly done.) Change the commission structure so as to align your agent's interest more closely to your own. Suppose your home is worth about $350,000. Instead of offering your listing agent a commission of, say, 3% of the total sales price, offer her, say, 20% of the part of the sales price in excess of $300,000. If your home sells for $350,000, then the two commission payments would be roughly the same: about $10,000. But the agent will have a much stronger incentive to market the property effectively and to negotiate well on your behalf.
Though setting up the buyers' agent's commission this way would also be advantageous to you, the seller, it would create an incentive for buyers' agents to work against their clients' interests. I would feel uncomfortable with the idea of encouraging rival agents to betray their clients.
Do agents really help sellers get more for their homes?
Agents sometimes tout their negotiating skills by citing an old National Association of Realtors ad claiming that “[s]ellers who use a real estate professional make 16 percent more on the sale of their home than do sellers who go it alone.” This statistic is based on data in the NAR's 2005 Profile, which found that the median 2005 sales price for a home that was sold by an agent was $230,000, about 16 percent more than the $198,200 median price for a FSBO (For Sale By Owner) home.
It’s hardly fair, though, to compare agent-assisted and FSBO sales prices. About 40% of those FSBO transactions were to buyers that the sellers knew, and the sales prices in many of those transactions may have been set artificially low. The FSBO properties in the 2005 study also included a disproportionate share of manufactured and mobile homes, which surely dragged down the median price.
So just because agent-assisted properties sold for 16% more doesn't mean that hiring an agent will bring you a higher price.
©Lori Alden, 2010. All rights reserved.
I just read the amended complaint. Wow, what a nightmare! Those owners are the most unlucky people around.
Another_Buyer wasn't kidding about "all sorts of issues". The circle jerk of litigation is up to $7.5mm in alleged defects ("widespread problems with water infiltration, heating, plumbing, electrical, façade, terraces and the roof") per TRDNY http://therealdeal.com/blog/2014/08/26/savanna-wants-claims-dismissed-in-suit-over-141-fifth-avenue/#sthash.LkhNGGDv.dpuf
Any new information on this building? I see that it has now had scaffolding on it for over 4 years. What is going on?
any updates on this building? have any of the penthouses sold?
I noticed the window issue when I went for a viewing as well, it was impossible to open. They said it was because of summer moisture, which is pretty much BS. I really doubt they can do much about the windows, since it's a landmarked building, and changing anything's appearance is not allowed.
CC also is pretty high for a building with almost no amenities. All in all, not much value going on here.
13 apts left . Out of 83
I saw this building; very nice but the bedrooms on many of the floorplans are tiny. This is ultimately what stopped us from buying here.
14 left i think , all top $ apts, priced 1300-1400 per sq ft. Great for the building value!
1 more sold.
Thanks, I always forget about that site. The photos show the courtyard windows of 342's D and E lines. The new building will be an L-shape in plan, with the full-depth leg right up against that courtyard.
The tenement building at the corner will also have its air shafts blocked, but they were never much to begin with.
Here's a link to the Toll Bros building. It's currently up about 3 stories.
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)...
There is no bank fraud going on at all. I just need a good banker/adviser.
1. you need to be careful to avoid committing bank fraud
2. if you intend to sell your apartment in the near future you will need
to disclose that fact to all prospective lenders
3. as to a bridge loan, the reason they got that name is that their terms are often
so onerous and damaging that borrowers end up jumping off of bridges
Interested in purchasing an apartment which is slightly less from what I own. My apartment does not have a mortgage, we were told by my agent a Home Equity Loan would be best so we could approach the sellers prepared. I may need a banker or is creative, some of our income is *gifted* by parents and not sure if an underwriter will allow this as income.. Anyone have a good banker or advise?
>ITs BS that co-ops take more than a week to approve a sale
What does that mean it's BS? Go back to Australia if you don't like New York.
ITs BS that co-ops take more than a week to approve a sale....but the answer is yes, they can delay the closing ....sometimes by a number of weeks.
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 seriously doubt that. You're credibility is shot to hell with comments like that. And I had a FHA loan for my first purchase in the late 80's.
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 $25,000 a year in rent.
Thanks for the comment. Do they want more than the usual 28% of income & 24 months in assets after closing?
Lot of sf for your money? The one-bedrooms are merely glorified studios, plus it's one of the ugliest buildings I've seen. Can't imagine why anyone would want to live in that dump -- especially with that maintenance.
My impression: lot of sf for your money, but maintenance is too high, and two separate residents reported, unsolicited, that passing the board is a "pain in the ass" (more than average). Just thought I'd pass if along and pay the board back since I've gotten so much info here.
Between the agent and SE, it's all confused. It's a business for sale, not the land. The addresses are mixed up between LIC and Little Neck.
Confused... isn't that for a Cleaner's sale? The ad is for an empty lot, looks like....
The SE description gives a phone number for 'Angela'.
Can someone educate me as to how to find out more about this foreclosed land for sale? I don't see an Agent listed, nor size of lot , etc - ??? - Thanks!
I searched for older threads about the 80% rule. Some are quite helpful.
I'm sincerly hoping Ankur Mehta didn't move into my building.
'Karma is only a bitch if you are ' Mutual respect is the issue, not hypocrisy.
> it will reward the relatively less tolerant at the expense of the relatively more tolerant.
> The more important issue that is bugging me is one of hypocricy.
Ankur Mehta sounds like a real gem.
Thank you all for your thoughts.
Thanks for your insight. @Flutistic
I re-do the search for condos only, and find out that Prospect Heights and Fort Greene are comparable. Clinton Hill came out a bit cheaper. This pattern makes more sense to me.
A condo on Dean Street (between underhill and washington) sold over 1000$/sqft. That's hard to imagine just a couples of years ago.
I know these three areas very well. Review your notes and I'll bet you'll find you've mixed condos and co-ops. Clinton Hill has a lot of co-ops, Prospect Hts has mostly condos. The border of Ft Greene is to me the most fuzzy, but if you don't include areas I would rather call Downtown then you have co-ops there too. Also, check the condition of the properties--remember that appraisers use condition as one of their ways to assess as well. There has been a LOT of renovation in Prospect Heights and Ft Greene close to the park, less so away from park and in Clinton HIll. And no these things are never a "statistical blip," this market is too active and competitive for random variation, which is what I assume you mean by that term.
I am not sure if anyone noticed the price gap between Prospect Heights vs Fort Greene and Clinton Hill in Brooklyn. They are quite similar neighborhoods to me. When I was doing some research online today, I found out that the avg sqft price in prospect heights has been rising fast to 900$/sqft, while it is around 700$ for Fort Greene and Clinton Hill. Does anyone know what caused the price difference or is it just a statistical blip?
1) BoA, Wells, Citi, Chase.
2) Not sure what's going on with SE and Bankrate, but you should also contact a mortgage broker, who will have quotes from the non big 4.
Oops. Sorry. This thread should be in "Financing."
I finally signed a contract--just put in my 10 percent deposit. All this after a 13-month search, which included scores of Open Houses and 7 previous, failed bids in bidding wars
So I'm ecstatic and relieved and also exhausted. Now on to the mortgage application. Please answer the following questions, if you can
1)In another thread, someone alluded to the "Big 4 banks" in NYC (for mortgage financing). Which are they: Bank of America, Wells, ???
2)What's up with the Bankrate and Streeteasy (Zillow) mortgage search engines? When I go on bankrate.com to research typical rates for the loan I"m looking for, I get "sorry: no products are available for you." I get this message, even though I've selected many different loan products: 30 year fixed, 15 year fixed, 7 year ARM.
Here's the thing: I'm a fairly safe applicant (financially). Im looking for a non-Jumbo loan. 60 percent down on a 1.266m property; 810 credit score; no debts; stable job with salary in the top 3 to 5% for NYC; after closing, will have almost enough in liquid reserves to pay off my mortgage early.
I'm not too worried about getting a mortgage, because I've already been pre-approved for Wells, and my banker just quoted me a rate of 3.865 % for 30-year-fixed (and 2.875 for 7-year ARM). I'm just curious why no results come up for me when I go on Bankrate.com.
Similarly, when I check Streeteasy's search engine, the results that pop up for me are few and far between. Sometimes just 3 lenders, and the rates are much higher than what my banker at Wells Fargo quoted.
What's going on? I feel like I"m in the Twilight Zone? Does Streeteasy's search engine return results only from their sponsors--and that's why the lenders are names I've never heard of before? But why does Bankrate give me to total diss--no results! LOL
3)Also, how important is it to get a mortgage from a Big 4 or Big 7 or Biggie Big (may he R.I.P.) bank--as opposed to a Joe Schmo Small Village Community Bank?
I just visited another site, LendingTree.com, to research typical rates. The results that came up always include 2 or 3 banks whose names I've never heard of. If one of these smaller, less prestigious banks ends up giving me the best overall product, shouldn't I just go with them?
Thanks so much for any feedback.
No elevator. See the plans at page 116 of https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentDetail?doc_id=2007060500213001
Does this building feature an elevator?
Thanks so much, everyone!
please contact Daryl Rubin Feinberg Bros Agency, Inc. 917-374-7050
The Burkhardt Group
I am trying to help a friend who is looking for something like 5,000-10,000 square feet of non-residential space in the Bronx. Is there a StreetEasy for commercial property? A go-to broker for Bronx commercial properties? With industrial space, is it possible to buy part of a building or are larger buildings typically rental spaces?
I'd be grateful for any advice--many thanks in advance.
maybe a C-, d is a little harsh
CEHN99: NO, NO, NO. You have it all wrong. See the source documents at the end of this comment.
IT HAS NEVER BEEN A HOUSING PROJECT AND HAS NEVER GONE THROUGH ANY SORT OF CONVERSION. This was the first cooperative set up in the city, opening in 1957 It was sponsored by the universities in the area for moderate income people. Many college professors, starting out in their careers, lived there in the beginning. I have older friends whose parents were educators at Columbia and independent schools in the city; they moved in when the buildings first opened.
What you are confusing is the fact that the Morningside Heights Housing Corp. changed their policies on sales. Originally, they set the resale prices for all apartments to prevent people from making huge profits on their apartments. They also did not allow residents to use outside brokers. Sales had to go through the Coop's managing agent's internal or external list. In 2004, they changed that to a "recommended" price closer to fair market value. If the Coop did not sell your apartment within 30 days, you could hire an outside broker.
I did not like the hallways myself. Since the black tiles in the hallway are asbestos, renovations would be costly. The Cooperative kept its maintenance low for many years by voting down capital improvements. Maintenance has zoomed because they were forced into façade and terrace repairs, boiler upgrades, etc.
I see that they have changed their website and are moving with the times to promote sales. Check out the following:
GO TO THE SOURCE, NOT GOSSIP.
A friend of mine bought one last year. It is a housing project conversion. Common area including hallways are not nice.
I think that when they go to outside brokers, it's because the residents have unrealistic sales prices. There was an "estate sale" of an apartment in very poor condition. It was on the market for almost 2 years. They finally dropped the price to a reasonable amount. We looked at it a few times over a year and finally decided to pass because we felt the renovation was too big a job for us.
You really should call Morningside Heights Housing Corp at 80 La Salle St and get on their external wait list. The managing agent show the apartments first. I don't think they charge a broker's fee. If the don't sell on the internal/external wait lists, then the residents may use an outside broker. We missed out on 2 really nice apartments there.
I'm curious about this too.
I'm still amazed at the number of agents, managers , brokers etc. who are unaware that competing models are not only viable and out there, but protected by law. This was actually posted on REBNY's website at the request of the AIG's office. In my opinion competition is always better than a monopoly, certainly better for the consumer. Technology made it less expensive to purchase airline tickets, stocks, jewelry and even prepare taxes; My old broker in the 80's at Merrill Lynch was not happy when I moved my account to Schwab, but I found I did much better with some assistance and my own participation and saved a few bucks along the way. There is always resistance to change, but in the end without change things stagnate and wither. We need dynamic thinkers to drive creative, efficient new models of change.
January 23, 2014
Contact The Antitrust Bureau
Participants in the real estate industry are closer to daily real estate activity and more
likely to observe anticompetitive conduct. We rely on reports from real estate lawyers, brokers, purchasers, and others in the industry. Please feel free to contact us with your questions and concerns.
State of New York
Office of the Attorney General
120 Broadway, 26th Floor
New York, NY 10271
What to Look for
Illegal anticompetitive practices in real estate transactions can include:
Agreements among brokers not to charge
commissions under a certain level;
Agreements among brokers not to work
with discount brokers;
Refusals to deal with brokers who offer
rebates to their clients;
Refusals to show properties that are for
sale by owner (FSBOs) or listed by a discount
Agreements among brokers or multiple listing services (MLSs) to prevent competition from real estate websites.
Agents and Fiduciary Responsibilities
Frequently, a real estate agent’s fiduciary duties are not well understood by consumers, and even by some real estate professionals. Consumers should receive full disclosure of all the information they need for a fair real estate transaction. For example,
Buyers must receive the required disclosure form listing the broker’s fiduciary duties and disclosing whom the broker represents.
Buyers should be informed if the agent representing them is going to be paid by the seller’s broker.
Buyers should feel free to inquire about how much commission their broker will earn on a transaction.
Both buyers and brokers should know that rebating commissions is legal in New York.
Many firms, many fee structures. The high payout firms (like mine), agents/brokers can negotiate their own fees. I've taken listings at 1.5% on properties > $2M or 1031 x-changes where I make most of my $ on the buy side.
I think, Broker fee is not same for all people. Some of the experts fee is more than the beginners in real estate field.
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I paid 1% in London, too! Much more reasonable...
How low can a broker go? Is there a legal minimum commission or is it all up for negotiation? In London, UK we pay 1.5% and I once paid 1% on selling a big property at 1%. Was 2010.