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Thx Snezan! Not familiar with elliman's EDGE tool, but definitely curious to see what other innovations lie in hiding out there. I know there are a few!
seems similar to our EDGE buyer's tool. I didn't want to pay for it but it looks like a great site Urbandigs!
Kyle, wow, thank you for the amazingly kind words on the UD toolkit! Its wonderful to hear and see the tools start to be adopted by the industry. Its been a looooong journey indeed! Great stuff still to come. Stay Tuned.
Many thanks again for the great review. Love your tone on transparency, as we feel the same way!! Let the innovations continue to help both the consumer and professional!
Have been exploring www.urbandigs.com -- the completely re-engineered site that Noah Rosenblatt has been developing forever. It launched a couple of months ago I think, and in a word, its incredible. The site is, quite simply, a stunning achievement. There wasn’t much of a learning curve. It was 95% intuitive, and I quickly figured out the rest.
You can generate comp data with a few clicks and using all sorts of metrics that you customize. The site will tell you what an apartment within a particular building is worth based on building comps taking into account things like differences in floors, views and renovations. You can compare apartment values in a building to the neighborhood as a whole--or any number of neighborhoods. And you can see what the market is doing overall in seconds. Reports are available that you tailor with a couple of clicks and you can see 6 month, 1 year, multi year trends in sales, inventory, days on market, etc.
Graphically the site is impressive in how easy to use it is and how easy it is to find the tools and what you are looking for. Plus, it all works--fast.
We've come a LONG WAY since Urban Digs real estate inventory chart on 2009! This is an entirely new level of transparency in the RE market place. If the primary reason for market inefficiency is unequal access to information, this site has to potential to seriously improve the NY RE market. If Streeteasy was the opening shot in the war against the self-serving ways big brokerages used to operate, then this site is the nail in the coffin for the old ways. Consumers win.
hehe. I was thinking the same thing seeing it on Curbed this weekend.
worse than that....it sold for $3.2m when the house next door sold for 2m (or there abouts) and was totally livable with tenants etc.
don't know what they are smoking but if they were stupid enough to pay 3.2m then they are stupid enough to think its worth 6m
and yes I'm a little jealous as I offered 1.5m and was turned down.......but if asked again today....I still think 1.5-1.7m is appropriate, its a full gut renovation so no way this sells for more than the 3.2m the last sale went for.....
Why on earth is this property on the market for $6.2M? It sold last year for $3.2M and no work was done to the house. It needs a totally renovation. Crazy.
Oxy - our ud chart room is FREE for that kind of chart --> cant post link as this forum auto-breaks it. Go to www.urbandigs.com --> chart room --> click SUPPLY --> and select all 4 property types and generate chart. The YOY breakdown is as follows, very interesting indeed:
Co-op YOY Supply - down 7.2%
Condo YOY Supply - up 9%
Condop YOY Supply - up 38.8% (small sample size)
Townhouse YOY Supply - up 37.2%
Nice call on diseecting this but the UD chart on it showing all 4 against each other is super cool - any chart on the new UD can compare up to 5 nhoods plus up to 4 prop types in the same chart..its pretty awesome, chk it out. no need to register for that one
Steve that sounds logical. Not many <600K apartments out there compared to say 5 years ago or even before the crisis hit. As long as the market continues to see price action rise with no external force to reverse course, the low end pool, especially south of 96th, I would think it will just continue to shrink away.
Urbandigs. Anything to comment on co-op vs condo? Condo supply appears to be up yoy (driven by new development?) whilst the co-op market appears very tight. For co-op, supply appears down, and days on market also appear to be down although I think there maybe something screwy in the data here as I tried to drill down by price point within the co-op market and it seemed to show time on market to be up at most pice points.
Also, I agree with your overall premise that it'll be interesting to see what happens in the next 3 months. Supply looks to have been negatively impacted by the cold weather. I'm not sure whetehr we'll now see a rebound based on the properties kept off the market in Feb.
Any views on foot traffic at open houses?
amazed that pricing in the View is now more expensive than Manhattan.
Spelling was correct when I hit reply!?
@aael, when are you planning to come to market? I would skip next weekend because of the Passover/Easter holidays, but I think you could price aspirationally the weekend after that, give it 2-3 weeks, and then do a price chop if you need to.
Because comps with older renovations that went into contract earlier in the year might be correctly priced, or they might be low -- I can't tell without more info.
Thanks Ali. That's helpful. In terms of judging the list price, if comps of similar units (perhaps others were just not as newly renovated) were in contract within 30-45 days, would you consider those correctly priced? There is one in building next door that is same size just lower floor and not as newly renovated for example so figuring out how much higher we can go. We're not in a rush but don't want to miss the spring buyers and get stuck in the summer.
Usually when I do an OH by appointment, that is dictated by the building, not by me.
Other than that, I think it depends on the niche in the market. With "starter" listings, I found that an open door OH attracts a lot of people who are new to their search, not yet ready to buy.
For something like you describe, however, the demand is going to be there -- and there's going to be a lot of it. (I have buyers who would spend $3mm uptown, and other buyers who would spend $4mm downtown, and there's nothing in particular to show them). I might ask your broker to do a "brokers' open," just as a dry run, and then a regular OH, and see what bidders you get.
For the pros, what do you see as the pros and cons of an OH versus an OH by appointment? Assume we are talking about a family sized unit in a midsize doorman building in Manhattan in mint condition.
The board was tough many years ago but it is a new board and they are fiscally responsible and very good. Years ago with the old board they spent money that was unnecessary and as a result the maintenance used to be sky high. Now that the maintenance has held steady and the other buildings in the area have kind of caught up, appraisals and prices have to catch up. Now is a good time to get in while the prices are still low.
Can someone throw some light on this building (444 East 75th street). I have been looking at places in and around this building and the comps in this building seem quite low. Any particular reasons? Is subletting or tough board an issue?
you can email me at firstname.lastname@example.org and I'll let you know what we're pricing in the upcoming months.
There've been only 13 condo closings there in the last 60 days: http://streeteasy.com/closings/bedford-stuyvesant/type:condo|dated<60
Dump that to a spreadsheet, remove those you think aren't well-built or otherwise don't meet your criteria. Then calculate $ per ft² and see the range.
I guess nobody here has an educated response?
What is a fair price per sq.ft. for a well-built new construction condo in Bed-Stuy between Bedford and Nostrand, in one of the Presidential streets.
Does anyone know stats on percentage of residential sales in Manhattan are dual agency (let's say in $1-2 mm range)? Thanks.
Go to the Poconos!Cheap and max 2 hours away!
Greenwood Lake on the west side of the river or Putnam County. In lower Putnam County, parts of Garrison and all of Continental Village have access to a swimming lake for a yearly association fee..
You could also consider Tuxedo Park--most homes are very pricey though there are also some cheaper places (currently seem to be three or four listed in your range). The town of Tuxedo (outside the park) is a dump but if you are looking for gated community with homeowners' assoc and lake access--this could work. And it's only about an hour from NYC.
Why not stay local? Chelsea? It's like your own vacation within the city.
Yes. Maybe in the winter with those pesky leaves off the trees, and if you stand atop a ladder, you might glimpse a wave or 2.
I'm just trying to figure out how one gets 'majestic Hudson River views' from the 3rd floor...
ok, they just dropped it by 50k but still seems high
Optimistic pricing or is 5D in contract for much higher price than asking price of 599k?
I love it when the kings of screwing you over take on each other. The best of the worst going at it. Pay Per View.
Thank You NWT but Condops get in the way when buyers/sellers only want to see Condos. How hard can it be for streeteasy. It's just adding another to the breakouts already done.
On SE, type:P1 is co-op, type:D1 is condo, and type:N is condop. Both P1 and D1 include N, since a condop is both a co-op and a condo. Since there're only 93 condop listings among the ~3500 co-ops and ~3500 condos, adding another layer of complexity probably isn't high on SE's list of changes. They must figure people who won't consider condops will just skip them when scanning search results.
Streeteasy...Any progress on breaking out the search engine to only include condos when I select condos and not also include condops?
To the powers at Streeteasy. You fine people need to breakout Condops separate from Condos. If I select condos I get condos AND condops. I and I'm sure I'm not alone do not want to see condops I want to see condos. You guys are not alone too as other publications do not isolate condos from condops. If you want to be the premier NYC real estate search engine this needs to be fixed. I'm sure the IT guys after they whine and complain can make it happen.
The building is being converted from Title 9 housing to market rate housing. The transition is NOT going smoothly. We moved into the building with completely open eyes, expecting a normal living situation commensurate with the luxury rental rate we are paying. Sadly, it is nowhere close to that. Our floor is filled with tons of chain smokers who literally smoke in the hallway and leave doors open. We have a baby, so it is a severe health hazard. The maintenance staff and building staff are in a general daze and don't respond to a request unless you get ahold of them in the moment and they solve your problem in 30 mins. Otherwise, you'll need to call them again (and again). But back to the basics -- this is a low income housing development masked in a luxury priced situation. It is not acceptable. Buyer beware.
The income requirements are different for 1 person or 2 person etc...
If you meet the requirments by yourrself I would not mention your girlfriend.
I have a question. Buying a hdfc co op, I'm paying all cash, I meet the income requirements, on appliaction to the board I told them that my girlfriend is moving in with me, we are noting buying this place to together , just me. Is income based on the 2 of us?
I'm concerned about spinnaker. He hasn't been heard from in so long. Was he boiled alive in a itch's cauldron in an unglamorous corner of East Hampton?
I'm worried about NYCMatt. Is he OK? Did he get married and forget all of us who appreciate his posts? He seemed to intelligent to be wasting his time on these posts, but he was always the "...light at the end of the tunnel." Boo Hoo.
I would also ungrey NWT.
But I caution on paying. There used to be a frequent poster here who started to increase the frequency of her posts in order to get paid because she needed the money (pre-lawsuit settlement), eventually leaving to a competitive real estate site that ultimately she couldn't handle, resulting in a significant breakdown, followed by a meltdown, and then later an outright explosion that came just before her complete implosion. I don't even remember this person's name - she herself was entirely insignificant by all accounts - but not all of us like to see this outright destruction of humanity, no matter who it is. Again, I don't remember who it was, after the breakdown, meltdown, explosion and implosion, she was deleted. Is the money really worth all that, no matter how desperate the person is to contribute even the slightest smidgeon of earnings to your family?
Thank you SE, I dont know what you did that now finally allows me a new page with "resources" at the top but thank you.
I 2nd NYC Novice on NWT's status.
Its downright absurd.
NWT is by far the greatest asset this site has to both regulars and newbies for information.
In fact you guys should probably pay NWT.
Thanks SE Support. While making minor adjustments, any chance we can get NWT ungreyed? I obviously love the site and have zero issues with new version; only reason I want NWT back in black is so that he can start new discussions if there is something to which he wants to draw our attention. No idea what he does in the real world, but his insight regarding NYC real estate seems to be uniformly valued by users old and new. Maybe just remove whatever discussion got him placed in the penalty box?
This property is coming to the market! Stay tuned!
Don't buy investment property in NYC for rental income. If you are borrowing 30-50% as you mentioned, I wouldn't expect any return. With an all cash purchase, I'd say 3% -4% is good. The reason to buy investment property in NYC is for appreciation. This is speculative of course. Your property could have appreciated 50% if you purchased in 2011-12. All indications point the market up this year but who can predict the future?
Thanks for the reply, RealEstateNY. What kind of properties do you rent? And why do you say to factor 1 or 2 months lost rent? From repairs when a tenant leaves? Anything else?
And can anyone else weigh in on their returns for residential investment?
Can't really answer your question but from my experience always factor in 1 or 2 months lost rent at the end of each lease. Also if you charge market rate tenants seem to leave every year or two. If you get a good tenant keep the rent below market so they stay on. Don't forget to factor in depreciation, it's your friend. I paid off the mortgage in 10 years with the profits from the apartment, but I'm talking back in the 1980's and 1990's. Good luck.
I was wondering what a typically decent yield is on 1BR investment is in NY, at least, at the beginning of one's mortgage term.
I am considering an investment (in an already pretty gentrified and quickly rising outer-borrough neighborhood) property, 1BR condo, modern new construction (you can see a couple of my other posts). After carrying costs, mortgage payments and the like, what is the typical return like in NYC for a single 1BR unit? Not talking about 10 years down the line, when market rental rates go up X%. Does it tend to be around 1 or 2 percent, or more like 10 or 12 percent (which, by my calculations, seems VERY hard to get, at least in this type of situation -- meaning, residential property, borrowing around 30%-50%).
Any real word experiences welcome, as well as any other input.
Hi, the pool is a big attraction for me. Would someone be able to tell me how much pool membership costs during the season for residents? Would be interested to see whether this is in my budget. Thanks!
Last summer the price was$300 pp
I lived in the Plaza 400 for 30 years before moving out two years ago. It was a different board back then and other management, they were all wonderful. The building itself is beautiful. Spacious apartments, outdoor pool on the roof, etc. However,the in house management office is rude and unhelpful except for the chosen few shareholders (those are the ones who love the building ... I wonder what makes them chosen? LOL!! If you try and seek help from the board you get the runaround. Even though they are shareholders themselves they have the attitude they are above their fellow shareholders. There are many, many large assessments in the building each year. For those of you who did not get approved consider it a blessing. For those of you looking at apartments here don't walk, run away from this building. I have moved on from the abuse this building gave me and my now deceased husband (he died in our apartment here) When you are down the management and board actually twist the knife in your heart even more! After my husband died and before I moved out I dated an ex board member who before we dated made mine and my husband's life a living hell. I got a lot of how this building runs from him and it is NOT pretty. This is my opinion, but mind you I lived it and still have all the paper documentation from lawyers my side and their side that I saved from my horrific experience at the Plaza 400.
Vg59, why don't you start from the beginning since clearly his is not working.
That's a typo, it should say, third one on the page.
Watch out for the "a-line" apartments!!! There is an inherent issue with the steam heating system in these apartments which means that there is irregular banging noise coming from the wall 24/7 from October through April. Although many tenants have made management aware they blame the construction company and also claim that since this is such a new building it is expected with construction defects. So much for luxury living! Don't take our word for it though. Do your homework and search for filed complaints at the HPD web site (hpdonline.hpdnyc.org/HPD… - the address is "309" and "Fifth Avenue"). Also make sure to ask management about this issue before you sign anything.
Rents start around 3.5k/month up to 6.5k and for that kind of money you would expect to be able to get a good night's sleep.
On top of the issue with the steam heating pipes the heating units themselves make a lot of noise. This issue exists throughout the whole building and has been confirmed by a lot of people in the building. Once again this is considered normal" by management and they won't do anything about it. Ask to run the units while you are looking at an apartment to listen for the noise yourself.
Apart from the huge issues above, the building in itself has a nice location, the staff working in the building are absolutely fantastic and the roof top is great during the warm months. The apartments are fairly standard, i.e. not close to the luxury finish that the owners use in their advertising. The gym is kind of mediocre if you are into functional training but will suffice for a rainy/snowy day.
Well, turns out it was a bargain.
It's in contract...again. Way back when I was looking more seriously I asked my broker about it and word was you needed 4x price liquid AFTER your down payment. That's a lot of Benjamins.
Say it goes for $650k, that means you need 4x650 = $2.6M down payment (50%) $325k = $2.9 M to start.
It also needs renovation. You can look at the floor plan from the previous broker to see a "recommended" layout. http://img.streeteasy.com/nyc/image/29/2533429.jpg
50% down? Pasadena.
As I said: nearly three quarters of a million dollars. $695k is damn near that, especially if you factor in closing costs. So one person overpaid for an apartment, and now that this person is in distress you want to make the same mistake? Because I think you will see a lot lower than a measly 11.4% off the original purchaser's price over the next five years.
I think one-bedrooms and studios have the farthest to fall. 2005 was not exactly a golden year for rent/price ratios in this city. But if it's appealing to you, and you want to throw another couple hundred thousand dollars into renovating the place, hey, have at it.
great comment NWT, thanks!
Zelda, the broker seems like she runs the building, my guess is she will know. The new lobby may have something to do with it. BK Heights also has really high taxes.
The apartment is great - just don't understand the high maint.