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Yeah, right back where it was at the end of 2013 and down 10% from where it was 6 months ago.
Oh what a horrible week for the stock market, look where it ended up.
@Streetsmart, I wouldn't believe too much what I read about the Chinese and Australia.
Basically its a phony PR story being driven by politicians to explain away why Sydney and Melbourne have such high property prices.
In other words.....looks at the hand, nothing up my sleeve, blame the boogey man (or in this instance the big bad Chinese).
The reason Syd/Mel has high prices is every man and his dog in Australia wants to live in one or the other and NO ONE wants to live anywhere else, eg imagine America if you had a choice of LA (eg Sydney) and NY (being Melbourne in this story) and no one wanted to live in Colorado/Boston/Charlestown etc etc......
(you also have Miami eg Brisbane.....but only old people and Gucci loafer wearing people head to Brisbane/Gold Coast).
Until Australia grows up and starts having 20 different viable cities.......its always going to be expensive/the Chinese fault :)
US Tobacco, good company. No smoke! Unlike the Chinese.
This may be of interest: http://www.wsj.com/articles/australia-worried-about-rise-in-chinese-property-buying-1440654099
300 e 74th looks like it has good light and good bones but it may have the same issue you faced with the apt you put the offer on, with creating a bedroom -- all the natural light will go away. Also with kids if applicable may not be the best with a terrace.
Are you paying 3% to the Streeteasy Talk section? No opinions yourself ... just a list and everyone here is your free entertainment monkey?
Anyone who responds further to taxibutton is an idiot.
odd -- looks like my response never posted. I am no longer interested in the 57th and 36th after having seen them. i have another 5 i'm intrigued by and curious about your thoughts.
Interesting, you rejected a neighborhood without telling us which neighborhood actually does suit you.
You just ask your question and let everyone just respond for your pleasure?
Anyone who responds further to cashbuyer2015 is an idiot.
lad, boy would I love to take you up on that offer and get a look at Chelsea. Unfortunately, my commute would be far too long to make that a reality. I love the neighborhood and would prefer to live there, but just not in the cards for me.
cashbuyer, it sounds like you're the right type of buyer for a co-op, and you do get more for your money.
I have no regrets about buying into a co-op. I find that most of the co-op rules (1) don't impact my life at all, and (2) actually make sense for keeping a diverse group of people happy while living together in the same building.
I'm only considering a sale due to a potential permanent work relocation. (If you're interested in a brownstone building co-op in Chelsea, I may have a limited window in which to offer a no-broker discount. ;-)) The restrictive sublease policy is forcing my hand on selling, but in some ways, it's helping me make a logical (cash out and move on!) versus emotional decision (keep it because I love it and rent it out for the allowable one-year, and then do what?). It's also the responsible decision for the building, which needs owner occupants.
If I moved back to NY in the future, I'd buy in a co-op again without hesitation.
Certainly open to a condo - but haven't found any that I really like. I'm happy enough with the coop restrictions, and the lower price point for most coops is very attractive.
cashbuyer2015 have you considered a condo purchase instead? I believe your cash offer would carry more weight in that transaction as opposed to a coop one. In my experience, condo owners can, at times, be in a rush to sell perhaps to liquidate their asset and re-invest elsewhere (real estate/business) or due to relocation. The boards are also more lax than those of coops. Condo owners also tend to prefer cash offers when compared to financing contingent ones. With all that said, even though the condo deal is more favorable, you might still not get a premium. The current market is too competitive to offer cash premiums. Like others suggested, it gives you a leg up in staying relevant amongst the other offers but does not afford you a discount. Your cash offer will carry more weight in a down or buyer’s market. The above are my thoughts and opinions based on my experience in the field and obviously open for debate.
Have an honest discussion with the seller with aim to getting out of the contract in a fair and equitable fashion.
I have been working on buy a coop in Forest Hill and have signed the contract, secured a loan commitment and submitted the coop application package. However I have just been informed that I need to relocate to the West Coast since my company production is shifting there. The coop requires 2 years of residence before subletting. What do you think I should do?
But multicityresident, you bought a 1 bedroom, right? Did you put 50% down?
Agree with crescent; I would guess that majority of people looking for 1 bedrooms do not have the resources for 50% down; those who do have the resources to put 50% down are generally looking for bigger apartments. The 50%-down 1 bedrooms generally only work for financially secure empty nesters, pied-a-terres and individuals/couples without children, so buyer pool is limited and they sit until just the right buyer comes along.
that can do a deal at under 50% LTV is much smaller than the part of the 2BR buyers market that can.
Both in combination- the percent of the 1BR buyers market that can do a deal s market that can.
I noticed that one bedroom apartment in 50% LTV building seem to stay on the market for a really long time despite a price that seems reasonable. However, much higher 2bd go much faster. Which is too blame - the ltv or the 1 bd status?
Hi Trish! I live in SoHo...I notice so many ground floor spaces on Sullivan Street that would do well as a retail store! If you are serious about selling you should find a residential agent who also specializes in commercial (and access to Costar). You can double the exposure to buyers that way. They would have to change the CofO to commercial.
My team does a lot of mixed use transactions so we have access to Costar.
Its also smart if owners on the second floor know of retail sales that are below them. They could command a premium if they dual-listed their second floor space with the retail!
How would we determine its worth as a store? Hire a commercial realtor to appraise it?
The co-op should buy your shares from you for whatever the space is worth as a store. It should have no trouble borrowing the amount needed, as the collateral is the whole building, not just the shares.
Then the co-op can lease the space out as retail, for more than the loan payments and lost maintenance.
It could be that the offering plan and governing documents anticipate the space possibly going back to non-residential use, so you could check those to see whether you can keep it and rent it out.
I have a 350 sq.ft. studio co-op in Soho. It's unusual because of its ground floor location, with large windows and direct access to the sidewalk. Over the past 100 years it's been a bakery, a real estate office, etc. I don't think it was turned into a residential unit until the 80's.
My question: If I were to consider selling, would I have to strictly sell it as a residential unit? Or if I were to keep it, could it be turned back into a retail space, where I would receive rental income and the co-op also receiving a fair share of income? I know my co-op board has been brainstorming of a way to generate income. We have a beautiful old building and want a reserve fund to address any future repairs. I don't think they can afford to buy my unit outright. And I don't want to sell my unit for less than it's worth. Any creative thinkers out there who know what options I would be allowed to consider?
the biggest "cost" = terrible neighbors that you can't do anything about
Plus you don't have the Tacoma aroma.
@NWT - My thinking exactly. It is a great savings account with potentially more upside, plus I get to enjoy every minute of living there.
Oops, I meant two-bedroom for those figures.
Buying as AR did might be better, but I'd rather not have graffiti on my building, and not have to look at garbage on the sidewalk all week.
that's an unreal story
Story in today's paper about why it hasn't hit the market: http://nyti.ms/1KBR7km
I'd love to see the floorplan of the apartment but it's 13 months since Helen left the building. Hmmm . . .
No, the co-op put up the scaffolding. It's also on the northeast tower. They've got permits filed for facade work.
It's tough to sell a place where all the views are blocked by scaffold mesh, so the executors might figure it's best to hold it off the market, and keep paying maintenance, until the building's work is done.
Helen died in August. I'm thinking the new owner has put up the scaffold. Make sense?
wow , that's some adventure
Exactly why the last place we owned was a condo. Easy in/out!
Wow, that was quite the co-op you got yourself into. Tell as about it, since you'll have sold by now anyway.
People who look and act just like them but are willing to bare all , act obsequiously and be eternally grateful for the opportunity to spend hard earned money tha may take years to extract when the owner attempts to sell the unit.
My board, and I think boards in general, want buyers to renovate. It increases the value of the building, and there're all kinds of fees to go into the pot. Almost every buyer ends up renovating anyway. The people down the hall are re-doing a reno that was only a few years old, and the board didn't bat an eye.
Must be a pretty easy-going board. In 2010 #8F sold to the AKA CyberPimp who just got arrested for running a hooker site: http://nyti.ms/1PxiaRt
Seems to be a pretty easy-going board. In 2010 #8F sold to the guy AKA CyberPimp who got arrested this week for running a hooker site: http://nyti.ms/1PxiaRt
"I heard this is a live work building, what exactly does that mean?"
That means if you consider a home / office environment, you're more likely to be audited by the IRS, even more so because you're making over $1M/year.
anyone dealt with the coop board in this building? how easy is it to add another bathroom (as mentioned in the listing).
"at selling prices in the $1500/SF range"
Uhh, selling prices are about half of that.
This is a pretty crappy building with somewhat high maintenance that comes with few amenities. Prices for units are somewhat low as a result.
When looking at lines in certain buildings I've been amused to watch square footage appreciate along with price over time. I saw one jump slowly from 600 to 750 over 10 years.
To NWT, interesting. This apt last sold in 2010, and the sales record suggests 450 sq. ft. That suggest this price is about $1,254 per sq. ft.!!!
This is really funny: I went to see the reverse layout unit in this building around 3 years ago.
It was also on a low floor, but it felt quite spacious to me, save for the EXTREMELY tiny kitchen.
But it had the same exposure & nice garden / courtyard view. The building was very well kept, with a beautiful lobby, nice gym & Mario Cuomo as one of it's residents.
Unfortunately, it was a bit out of budget for me - otherwise I most definitely would've purchased it. Always wanted to live on Sutton or Beekman Place!
Beekman Place taste on a Bensonhurst budget...sigh...
No. See the reversed plan at http://cdn-img1.streeteasy.com/nyc/image/41/41277441.gif?_ga=1.259562314.119960580.1436392453
It's maybe 520 ft². You should compare the place against similar studios, not against other 600 ft² apartments.
Is this really 600 sq ft?
BTW - check out the new photos at http://streeteasy.com/building/173_175-riverside-drive-new_york/89b.
NWT spoke and they listened. Not my market so no idea about price, but it does look beautiful.
While I was procrastinating with TB's search, I came across this one. I don't know anything about the area or the building; the square footage for the price gets it in the running, but the pictures?
I am going to watch that 173_175 riverside-drive listing. The pictures definitely could be brighter, but I see enough quality through those dreary pictures that I actually would go to the open house were I in that market. I am rooting for this FSBO seller because I'd like to see more high-end listings sell FSBO. A great house in DC's Cleveland Park listed at over $5m recently when into contract within days of being listed FSBO. That was the first time that I personally saw that, but I am only a real estate dilettante so I have no idea how un/common that is.
How about http://streeteasy.com/building/173_175-riverside-drive-new_york/89b ?
I think I'll go to Sunday's open house.
It could be worse, but that price......esp. with #25D just sold in far better condition.
Vanderbilt ave below Atlantic ave is 100% Prospect Heights. Flatbush to Washington ave between Atlantic ave and Eastern Parkway.
I would consider this to be Crown Heights. Maybe Clinton Hill. Prospect Heights seems like a stretch... I would think closer to actual Prospect Park for that. But I have lived in Manhattan all my life so perhaps my understanding of Brooklyn neighborhood borders isn't the most definitive.
OK, at least the pricing makes a little more sense if it is part of the Atlantic Yards project. But again, if there are DUMBO lofts on Washington Street with Manhattan and bridge views whose $/sqft is considerably lower than this development's... where's the motivation to invest in this neighborhood that isn't there yet, if it ever will be?
And most of it will be on top of the LIRR yards, so agreements with the MTA, etc.
It'll be 14 separate buildings. 550 is a 270-odd unit condo. The other buildings will have 6,000 or so rentals, low-income, middle-income, and market-rate. There'll apparently be some kind of operating agreement between them and the city/state, to maintain the park that'll replace Pacific St.
Going by the Offering Plan summary, there won't be any rentals in 550, except insofar as any owner can rent out their unit.
And of course the city is giving the store away in 421a, so we'll all be paying for that.
How shared are the buildings and services among owners, renters, and regulated renters?
This site may help: http://thebambergergroup.com/b/18/the-carlton-regency 137-east-36th-street/murray-hill/nyc
Owned an apartment there . This is not a land lease building.
this is a land lease building? that will explain the high maintenance fees... overall nice building/lobby, but a bit of a walk to the north tower (and you can't drag a cart or anything on wheels through easily as there are small stairs that go up and down from the main entrance on south to the north)... prices do seem in line with the neighborhood, but the high maintenance and the long lobby walk and if true, the land lease are deal breakers.
@deanc - no, it's not a lost profits case - too speculative - there's a "reasonable certainty" standard that needs to be met,
@NYC_sport could that also include potential future profits on the property sale......seems weird there wouldn't be a limit.
The usual form of a sale contract limits the seller's remedies to forfeiting the deposit, but does not limit the buyer's remedies. If that is what your contract provides, then you could sue for specific performance or damages, assuming all conditions to closing are satisfied and the seller refuses to close -- a fairly big assumption. Your damages would be the same as in any breach of contract case -- basically the amount needed to return you to the position you would be in absent the breach.
Let's say coop board is immune to poison by seller and grants interview.
None since they can poison the board into rejecting the buyer for free.
This is a great building. The staff is wonderful, the building is well maintained and has great amenities, and the location is central. Given the layout of the apartments in the building, the construction that wavedeva refers to above will impact at most the A, B, and C lines of units.
I can only talk about the location. It is across the street from a firehouse (Engine 21) and a new apartment building will be constructed diagonally across the street at 222 E. 40th St., so expect construction noise to in the months ahead: http://newyorkyimby.com/2014/06/revealed-222-east-40th-street.html
Could you anyone comment on the building?
Likes and Dislikes?
Anyone rented there?
Have any current residents seen roaches / bugs in units?
6-story buildings of that age are usually what the city used to classify as semi-fireproof. Seven stories and taller would have to be fireproof.
You could try looking at the CofO at the Dept. of Buildings.
Is this building fireproof?
does the maintenance for this property include any utilities?
There is a new listing again- 1.2 mln for 2b2ba but lower floor. When can we see higher price?
Huge price jump over the last 3 years- recently listed two 2 br 2 ba apartments are already in contract for 1.2 mln and 1.15 mln..... wowww.. Where is the limit? How much will be next listing?
@mestate, I am seller's broker on a listing at 1400 Fifth (around the corner from the Kalahari -- this is not a plug as we already have a signed contract) and I have gone up to the neighborhood both during the day and at night, and yes, I would consider it safe, though not as gentrified as some other parts of Harlem.
>now you have two units priced @ 1.2 m and 1.15 mln... check my posts from 1.5-2 y ago....
Sure, because we have nothing better to do
now you have two units priced @ 1.2 m and 1.15 mln... check my posts from 1.5-2 y ago....