How to piss away $150K

i am sure the buyer's ever-helpful broker said "and you can always rent it, if you choose not to live here".

It was put up for rent immediately. I think the broker told him he could rent it at $10K no problem, showed him a speadsheet at that rent and missing half the costs.

It is a bit mindblowing that someone would trust a broker's off-the-cuff rent quote. In my experience, they always inflate by at least 25%. Do a quick Streeteasy search and you can get your approx rental income in ~10 mins.

Perhaps what happens is the same as we see from some bulls on this board. They do a search, it is filled with overpriced properties like this one as the good ones go fast and don't come back on the market, they take the median, and then they convince themselves that their place is better.

and, if they're smart enough to go to streeeasy to verify rents, and smart enough to discount the stale stock they find, you'd think they'd be smart enough not to use a broker

Its a nice apt for sure. It would rent for that if it were near the highline or in Tribeca, maybe. But where it is - yes I agree more like $7k. I rented a place same size-ish not nearly as nice but with as big a terrace and with doorman down there that now only goes for $4500.

http://www.yachtworld.com/boats/1991/Post-Convertible-2409343/NY/United-States

This is what $150K looks like. A 50 foot fishing boat.... but I'm kinda thinking it'll go for $75K given it's bank owned and winter is a TERRIBLE time to SELL boats in the NORTHEAST..... but I'm SURE the bank knows what it's doing with our taxpayer money.

BTW, I know for a fact this boat has been sitting for 1 year....

SO IF the banks haven't done squat on BOATS on their books for 1 yr, I WONDER how many "HOMES" they sit ON?

Boats. Nah. Plenty of nice shoes & bags for 150k.

And here is a deal, you can buy it for $75K, hire a captain on commission and charge $750/day to charter it.....

Then you can DEDUCT the mortgage as a 2nd HOME and write OFF all your fishing as a business EXPENSE... .and and and .. sometimes a girl that'll get in a bikini for free

OR YOU CAN PRETEND TO own something in MANHATTAN that won't take an ass pounding.

I looked at PH110 in this building. It was buildings in Fidi that made me realize how important sunlight was. This one was a perfect example. Surrounded by bigger buildings, another vampire haven.
I really disliked the "cabana" style "private" terraces that had no light and no views. Otherwise the apartments themselves were ok.

One of the main brokers for this building owned at least one of the penthouses, a serial flipper throughout the last decade in love with 5 year ARMs.
Some telling info for analysis of history here.

Nada: I've seen a lot of this type of behavior in FiDi. It goes back to our earlier conversation of what the real difference is between Manhattan and other markets.

***NEW EXCLUSIVE, $pecial Incentive$ Apply***

$uper DUPER $pe$ial In$entive$

(Off Topic) It's the same agent featured here - http://www.nytimes.com/2011/04/10/realestate/10habitats-chelsea.html

Amusing linkage.

Good catch, somaloft. In the guy's defense, he just got the listing. I'm sure it'll move now.

On his tiny studio, I like what he's done with it. But $1750 for a 220 sq ft walkup -- yikes.

Why are you assuming the place has been empty the past two years? Just because the rental data does not show up on StreetEasy, you assume that it did not rent out or the owner did it live there? I happen to know that this unit rented out at about $11,000 per month until a month ago.

This is PH107, right? This listing shows it available for rent more or less continuously since 7/2010. I would have figured if it were rented out, they wouldn't have it listed looking for a tenant. When was it rented out, and given that the ask was $10K between 7/2010 and 9/2011, why would someone have been paying $11K?

http://streeteasy.com/nyc/rental/668328-condo-111-fulton-st-fultonseaport-new-york
07/06/2010 Listed by Synergy NYC at $10,000.
08/13/2011 Listing is no longer available.
09/14/2011 Previously Listed by Synergy NYC at $13,000.
09/16/2011 Re-listed by Synergy NYC.
09/16/2011 Price increased by 30% to $13,000.
09/16/2011 Synergy NYC Listing is no longer available.
10/12/2011 Price decreased by 8% to $12,000.
12/02/2011 Price decreased by 17% to $10,000.
12/29/2011 Price decreased by 5% to $9,500.
01/03/2012 Price increased by 5% to $9,999.
01/13/2012 Price decreased by 0% to $9,950.
01/23/2012 Also Listed by Citi-Habitats at $9,950.

Synergy probably forgot to take the listing off after renting it in 2010. Some brokers may do that to attract some new calls. Assuming they started to advertise a few months before the rental expired.

I have no clue why. But I know this one so if anything it illustrates how one shouldn't jump to conclusions either way when it comes to rental data.

Agree. I have tried to find the rental deal people mention in this board but have never been able to find a min 2 year rental for less than $4 per sq ft in a prime area even without any special views. Prime Village is min $5 per sq ft for a decent renovated space.

maklo and 300, you are playing with fire. Disagree with inododo about the rental market at your own peril. You've been warned.

Synergy had an open house today. I don't think you do that just to attract calls. You don't list at a high rent like $13K either. Maybe it was left up after being rented our last year, but who pays $11K for a listing asking $10K?

Maklo, how long has it been rented?

nada, I meant when the listing was not taken off for a year in 2010/2011.

In the rental search, I have found many listings which did not exist. They were simply put up by the brokers at very good prices to get the contacts of some propective renters - "oh that one is just rented, but I have some other very nice properties I can show you. What are the parameters?"

111 Fulton apt clearly seems to be available now.

"have never been able to find a min 2 year rental for less than $4 per sq ft in a prime area"

Soho, prime block, loft with windows on the side, $3.5:
http://streeteasy.com/nyc/rental/833472-rental-83-mercer-street-soho-new-york

That, BTW, isn't squat compared to some other options out there right now.

Renter told owner he wasn't renewing and then owner put flat up for rent at an aspirational price with a few months left on the lease. No bites and as it gets to move out date, owner lowers asking price several times to a more reasonable level. It's been rented for the past year at a shade under $11k. I don't know before then.

From experience, many listings that seemed to good to be true we're exactly that. Bait and switch is pretty common practice in the rental world.

nada, try finding the floor plan for 83 mercer. I tried clicking on the link to the brokers website but could not find this property.

>Soho, prime block, loft with windows on the side, $3.5:
http://streeteasy.com/nyc/rental/833472-rental-83-mercer-street-soho-new-york

Interesting listing.
Why are the photos fuzzy on streeteasy, and why do the photos not match the photos at the brokers's site? http://castironrealestate.com/portfolio.php?portfolio=83_mercer_st
Why is that listing not available at the broker's site?
http://castironrealestate.com/exclusive_listings.php?listings=res

It is typical bait and switch. The brokers website says that they had rented this property in the past but the pictures are a piece of crap.

nada = braggadocio

So the two listings on this thread about which inododo has commented, he's been wrong both times?

when it comes to rental deals

Maybe we should switch to this inododo thread: http://streeteasy.com/nyc/talk/discussion/29712

"I happen to know that this unit rented out at about $11,000 per month until a month ago."

So let's say this place rented for a year Dec 1 -> Dec 1 at $11K (despite the ask price of $10K last year) and the listing was kept up as bait. It sat empty April 1 to Dec 1 last year (it was bought in April, we have a July 2010 listing from the brokers that the owner is using again, so a lease was signed after a few months). That's 8 vacant months last year.

They've now missed Dec, Jan, and Feb so far this year. That's 11 months and counting, which is $121K at $11K a month.

"It is typical bait and switch."

You guys are clueless.

- Cast Iron RE is a reputable Soho brokerage
- Their website never matches SE
- Those pics on their website are for the 2nd floor, this is the 3rd floor
- Look at the old listings of the 2nd floor on SE, those are the same pics
- Compare windows and layout of this listing, it's the same building
- The building has had 3 past listings, all brokered by Cast Iron, all rented after 1-2 months
- What kind of bait-and-switcher closes off a listing after a month?
- Look up the broker's other listings on SE: 1 for sale, another 1 for rent
- What kind of bait-and-switcher has just 2 rental listings?

But feel free to believe what you like.

"nada = braggadocio when it comes to rental deals"

Question. Do you think I live in a rental deal that is worse, the same, or better than what appears to be offered in that 83 Mercer listing?

Nice try.

So you were wrong on your previous speculation and now there you go speculating again that this unit was empty for 8 months instead of "nearly 2 years". Based on what?? Is it not possible in your version of the world that the previous lessee lived there since the beginning and had been month-to-month for the last six months? Or that the owner had been living there? Or that there was a short-term summer lease? Your speculative sense lost credibility with a market rental assessment ($7k per month) where the actual rent was more than 50% higher. Textbook case of confirmation bias man.

Playing with fire maklo.

Maklo, I am happy to update my opinion when presented with new data. You pretend to know something about this listing, so just tell us everything that you know rather than random bits and pieces:

- When did it rent last year?
- Why would the rent have been at $11K when the asking price was at $10K?
- Why was it listed the entire time it was rented by the brokers whom the owner no doubt has a continuing relationship with?

Also within the realm of possibility beyond what you mentioned is that this was rented for a month at $11K for a short-term rental. Given imperfect information, one speculates. You seem to have a spec of information, and rather than being transparent you seem to instead be using it to obfuscate.

On this being an $11K apt, you seem to be confirming that it's now gone empty for 3 months and counting despite an asking rent that has been as low as $9500. Doesn't sound like an $11K apt to me.

When inododo updates his opinion, will he also be updating the headline for this thread?

I've already stated what I know - that it was rented at $11k until a month ago. It could very well have been empty for a period of time when it was first purchased - I don't know (though I am sure you could easily confirm by talking to the doorman, not that difficult). I just don't make the blanket assumption that it was empty from clearly incomplete bits of data from StreetEasy. I am open to the possibility that it was empty, and also open to the other possibilities. You appear to only be open to one possibility, which is that it was empty and the owner is an idiot.

I'm open to all sorts of possibilities. In any case, you seem intent on remaining evasive about the information and have nothing to add beyond "I know something inconsistent with your speculation -- hah!" Err, OK...

"I've already stated what I know - that it was rented at $11k until a month ago. "

"you ... have nothing to add beyond "I know something inconsistent with your speculation -- hah!""

inododo's credibility has reached an all-time low, he can't even acknowledge the post immdiately prior to his. Not to mention his recent pattern of posting apartments for rent that haven't been available for 9 months, or, as evidenced on this thread, posting fake bait and switch listings. Perhaps a new career is in order ... rental broker.

Yeah, I am going to say maklo is big fat liar. As ino said:

http://streeteasy.com/nyc/rental/668328-condo-111-fulton-st-fultonseaport-new-york
07/06/2010 Listed by Synergy NYC at $10,000.
08/13/2011 Listing is no longer available.
09/14/2011 Previously Listed by Synergy NYC at $13,000.
09/16/2011 Re-listed by Synergy NYC.
09/16/2011 Price increased by 30% to $13,000.
09/16/2011 Synergy NYC Listing is no longer available.
10/12/2011 Price decreased by 8% to $12,000.
12/02/2011 Price decreased by 17% to $10,000.
12/29/2011 Price decreased by 5% to $9,500.
01/03/2012 Price increased by 5% to $9,999.
01/13/2012 Price decreased by 0% to $9,950.
01/23/2012 Also Listed by Citi-Habitats at $9,950.

If the price was decreased contnuously, how on Earth was it rented for above ask...15% above...

Nada, you are fast losing your credibility on this thread and digging yourself deeper in a hole. Let me try one more time

- Look at the three previous rental listings on streeteasy. One is penthouse, the other ones are second floor which does not seem to be renovated in an way looking at the pictures.

- Also, how do you believe that the sq footage is 2500? There is no floor plan. However, property shark will tell you that building is 25*92. Take out the exterior walls you have 22*90 = 2000 sq ft. Let us leave the stairs and elevator in the measurement, which will be easily 150 sq ft, as is typically the case in buying the lofts.

- Besides the lack of renovation in the previously listed apt 2, one of the front windows is taken up by the elevator and stair which for a building 25 foot wide is definitely a discount.

http://castironrealestate.com/portfolio.php?portfolio=83_mercer_st

- Raw spaces like this in soho trade for 800-900 per sq ft and you are paying $4 per sq ft in rent even if this listing were to be real. Let us give it a very generous 1000 per sq ft for an unrenovated/basic rental reno but liveable place, it is max $2mm place renting for ~$8k assuming a discount on the listing price.

Even if this listing is real, help us understand the good deal on rent on this place and why we should trust you (not that you are charging money on this board) when you claim great deals on rent in the future.

How do we know that you are not inflating the purchase value and sq footage of the apartment you rent to give your ego a boost?

jason, Did you consider the possibility that the place was rented starting in 2010 but the listing was not taken off? It was put back on the market a few months before the lease expiration on 09/14/2011. I have no personal knowledge but just saying.

07/06/2010 Listed by Synergy NYC at $10,000.
08/13/2011 Listing is no longer available.
09/14/2011 Previously Listed by Synergy NYC at $13,000.

Wow 300_mercer, you like to bicker on every little thing. First you accuse the broker of bait-and-switch and mix it up with an old lesser listing. Then when I set you straight, you start on something else.

On size, the standard for quoting loft buildings is by the building size. The standard for apts is exterior walls plus half of shared interior walls. You should know this. So if you say 25x92, then it's 2300 sq ft.

On windows, I'm not sure why we had to look at pictures of the inferior 2nd floor apt. The pics on this 3rd or 4th floor unit clearly show the elevator shaft. They also clearly show side windows along the length of the loft, which you can confirm on Google street view. Why you chose to ignore it, who knows. While having an elevator shaft at the front is not ideal, at least this place isn't a railroad apt running close to 100 feet with no side windows which is the typical story on such places.

On condition, I don't know why you are fixated on the 2nd floor apt. I pointed you at a listing for a different floor with different pics. Notice how SE doesn't cross-link this listing with the old 2nd floor listings? Notice how this listing has exposed brick unlike the 2nd floor one? Notice how this one has an open kitchen as opposed to the hallway kitchen on the 2nd floor? Notice how the condition looks better even given the grainy pics? Notice how the broker uses the words "tastefully renovated" to start off the listing?

Now maybe this place isn't renovated, maybe there's a giant rat that must be left in the middle of it, I don't know. It isn't even a place I think is all that great, just a random listing I saw a couple of days ago. But the difference between you & me is that I'd go see it to figure it out one way or another rather than just poo-poo it if I were in the market. It appears to be a nice loft, non-railroad, picture-perfect cobblestone Soho street, 2300 sq ft. Now maybe if you show up, you'll have to pay $11K despite the $9K ask. But maybe they'll do it for $8K.

"How do we know that you are not inflating the purchase value and sq footage of the apartment you rent to give your ego a boost?"

Oh geez, remember this? It was 2 months ago. It gets old repeatedly detailing things for a doubting thomas.

300: "Not sure Time Warner will sell for more than $5mm."

Ino: "I think $5M is way off -- park view for $2700 a sq ft in that building isn't anywhere near where that building trades. Here's what's sold there since 2010." followed by 5 comps demonstrating $4000 a sq ft.

300: "Did not realize that Time Warner was selling at $4000 per sq ft."

https://streeteasy.com/nyc/talk/discussion/29067

"Even if this listing is real, help us understand the good deal on rent on this place and why we should trust you (not that you are charging money on this board) when you claim great deals on rent in the future."

You don't need to trust me. I am happy to reserve the great deals I know about for people who are genuinely interested in finding a great home to rent. People I help are generally quite happy.

Jason, thanks for adding no new information there - good threads always need a loyal parrot. It's amusing watching you two strive and struggle to justify your world view. For the rest of you reading this thread, if you want to find the truth for yourselves, just talk to the doorman or front desk. He probably does not know (or is willing to share) the rent but he will be able to tell you whether someone has even living there or whether it has been "wasting away for 2 years" as Inonada originally proudly concluded. It is amazing how valuable one random piece of _definitive_ information is against what are now clearly uninformed ignorant speculations.

When will inododo come clean?

Why don't you tell us how you came upon your _definitive_ piece of information?

Brilliant strategy, now that you've been proven wrong, shift the focus to how the information that proved you wrong was obtained.

"jason, Did you consider the possibility that the place was rented starting in 2010 but the listing was not taken off? It was put back on the market a few months before the lease expiration on 09/14/2011. I have no personal knowledge but just saying."

That is likely, you are right. What is also likely is that the place was for rent from August 2011 through now, continuously, and at a ridiculous ask. So maybe Inonada exaggerates, but the point remains valad.

no time to elaborate--but i would be another parrot of ino, in this case

and 300 has a history of trying desperately to debunk anything that speaks of the fallacy that buying is economically superior to renting--300 is long and probably feeling a bit wrong, as we traders say

Whatever was listed by Synergy is suspect as I stated earlier, one of the lead agents owns at least one investment property in the building aside from trying to sell several "investment condos" to the market and it would be much better for sales to rent at 13K a month and give 1 month free vs renting at 9K a month.
Ultimately there is no way to confirm what something rented for without looking at the lease as this area of information is the hardest for SE to actually confirm as their is no formal filing, particularly with units with a steady rental vacancy history exceeding 90 days.

Sorry meant 11k a month not 13K

And should clarify, ..units with a steady rental vacancy history exceeding 90 days (in new developments).

Aren't inododo's exaggerations problematic?

Renters come to Manhattan with these grand ideas of what space they should get for the price based on their experience in Peoria or Fargo, and they have to adjust to our reality. But inododo holds out false hope, like the $2MM apartment that can be rented for $4K / month. Except that apartment rented 9 months ago. Classic bait and switch, just like the lowest rental brokers out there.

He's advised people on how to use the law and small claims court against a landlord ... but self acknowledged never being involved in litigation or having any legal background. So that emboldened tenant may be on the wrong course.

Or the other week he insisted that a tenant was a month to month tenant, when logic and a little more detail revealed that wasn't the case.

Or the young woman on the ground floor studio who inododo advised on finding a new place, using his $8K / month strategies.

and it goes on.

Sometimes what happens is the broker is asking an outrageous fee unbeknownst to the owner. Thus the cost of the rental is the monthly rent plus the amortization of that fee over the lease. Unfortunately the real estate agent just tells the owner that there is not interest at that price when in fact there is a ton of interest but just unwilling to pay the agent $25K. Now another issue is sometimes there are already 2 listing agents and the renter may already have an agent. These two agents may be unwilling to part with 1/2 of the fee. Owners beware. I saw this at 40 East 94th street. There was a rental on one of the higher floors. Two agents very unwilling to budge when I told them I already had an agent and she was waiving her fee.

When he sells it for $6,000,000 in 30 years, the $150,000 will be a mere rounding error.
Renters lose! Owners get a lottery jackpot when they retire.

maklo, please give us your address, phone number, and SS#.

I fail to see the relevance of any of that info to the points addressed.

truthskr, speaking of light...

I was poking around on the lead broker's other 2 rental listings and saw this one asking $11K:

http://streeteasy.com/nyc/rental/833291-condo-15-broad-st-financial-district-new-york

Now that's a nice place. Great light -- 37th floor and clearing all around it w/ views easily into the river. Much nicer terrace -- I hate that enclosed terrace on the 111 Fulton listing as well, but I guess the logic was to keep people from staring right at you from across the street. More gracious layout. Larger size. Better neighborhood. I don't know what else is out there in Fidi, I haven't really looked, but probably worth putting a bid on if you're in the market to rent in Fidi at the moment. Blows away the pants on this listing's asking rent of $10K, and the sales market seems to agree based on its mid-2010 $2.8M sale vs. the mid-2010 $2.1M sale on this listing.

It's also noteworthy to point out two things. First, the broker (same as the one on this listing & the one being accused by some of running bait-and-switch by keeping the listing open) had this listed mid-2011, explicitly marked it rented, and then opened it back up about 6 months later. Second, if you take its $11K asking rent and scale it down by the $2.1M / $2.8M sale price differential, you end up at $8250. Work in a discount off the asking price, and my $7K estimate on this listing doesn't seem all that far off.

If there was someone really paying $11K for this place, oh boy. No wonder they moved out.

Phew, inonada is back on his meds. Hopefully this dose lasts a few hours.

>
Wbottom
about 8 hours ago
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no time to elaborate--but i would be another parrot of ino, in this case
and 300 has a history of trying desperately to debunk anything that speaks of the fallacy that buying is economically superior to renting--300 is long and probably feeling a bit wrong, as we traders say

Seems better than trying to justify a housing decision based on a spite for the ex-wife.

I wish the following were to be case. Using this measure I am living in a 3000 sq ft place.

"On size, the standard for quoting loft buildings is by the building size. The standard for apts is exterior walls plus half of shared interior walls. You should know this. So if you say 25x92, then it's 2300 sq ft."

Wbottom, I am living in a 3000 sq ft (using Nada's method) nicely renovated place for much much less than $4 per sq ft. I feel it is a great buy and a rental will never compare to it at these prices with customization thrown in for free.

My issue is people like Nada misrepresting facts to boost their ego. Maklo has no reason to lie about his knowledge of the apartment being rented but Nada obviously is still jusstifying that he did not make a mistake rather than just saying that "sorry, I misunderstood the 111 Fulton situation" and move on.

Check out these old listing to see that full building size is not typically marketed as sq footage of the apartment for lofts. No one likes to understate the sq footage of their apartment. Look in the middle of the floorplan.

http://streeteasy.com/nyc/sale/496395-condo-56-thomas-street-tribeca-new-york

Another one 25*94 building but not marketed as 2325 sq ft which sold for $1.925 recently and was in a rental condition.
http://streeteasy.com/nyc/sale/576963-coop-54-east-11th-street-greenwich-village-new-york

bottom, I only state the facts. Where are your greyed out facts? Traders can say what they want.Hundreds of traders get fired every year and after that many of them are mostly useless. Cold hard facts not speculation like NADA.

"Another one 25*94 building but not marketed as 2325 sq ft which sold for $1.925 recently and was in a rental condition."

OMG, did you notice the only unit in the building up for sale and in contract losted at 2200 sq ft:

http://streeteasy.com/nyc/sale/640886-coop-54-east-11th-street-greenwich-village-new-york

Best part is the gem written at the end of the listing: "Lot size 24x90". That works out to 2160 sq ft. They weren't even cagey about how they got their estimate: they did it based on the lot size.

>300_mercer
about 9 hours ago
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bottom, I only state the facts. Where are your greyed out facts?

300, you can come up with a better way to criticize Wbuttocks than that.

i have presented my facts numerous time, here, and done quite adequately as a longtime never-fired trader

facts: i have owned several residential properties in NYC over the years, surfed the bubble quite well, thanks---was lucky enought to sell last, biggest piece in summer 07---currently rent a 3 bdrm 3 bath for $4950 on Carnegie Hill, appx 1350 sq ft, a good deal of the type NADA refers to; not an apt that has sit stale for months---my guess, having grown up in and owned numerous apts in the neighborhood for years, is that this apt would sell for >1.5mm and carry monthlies of >3000/mo--at this point i stop with the analysis, given the obvious better value renting provides--nice apt, terrace, renovated prior to move in, within same building from 2 2bdrms (3800/mo ea) side by side btwn which LL had installed a door--prefer one apt, certainly, at 2650/month savings, and my nest is emptying

some day, when the math is better and i have at least a shred of confidence that NYRE will gain value, i will buy again---for now cash is kiiiiiiing

Nada
Yeah that is unit 3730, while in my combing over Fidi phase, that unit was one of the "out of my range" wish list units. Never got to see it so I cant verify how lit and how encumbered those views truly are. Yes the pics say one thing but today's marvelous cameras and lenses do amazing things. Ive seen pics that showed stellar views only to be standing on the deck live and have 50 neighbors windows all over you.
Incidentally, every surrounding building Ive been to, 99 John, etc and even this one http://streeteasy.com/nyc/sale/531272-condo-119-fulton-fultonseaport-new-york
all looked right down on 111 Fulton's deck like it was a backyard. Buildings like this render higher floors useless from a value standpoint.

You'll probably find that broker in the Setai as well.(If it's still called the Setai?) When I told him units were going for $900 per sq ft, his eyes lit up like he couldnt wait to go there and flip those units.

bottom, enlighten us by posting us a 1350 fq foot apartment in carnegie hill with 3K maintenance which sold for $1.5mm. By the way, you are still in the $4 range per month which I believe you can find in NYC but I also believe that there are plenty of nice coop properties for $1000 per sq ft.

STREETEASY HISTORY
12/22/1995
Previous Sale recorded for $211,000.
04/26/2002
Previous Sale recorded for $650,000.
05/13/2004
Previous Sale recorded for $900,000.
05/08/2008
Previous Sale recorded for $1,350,000.
02/01/2012
Listed by Charles Rutenberg at $1,095,000.
BUBBLE.. nufff said.

Next you'll give us the stock price history of AAPL, as if that's relevant to where it trades tomorrow.

Another Soho loft on a quiet, classic, cobble-stone Soho block. Nicely renovated, good light given a 50' wall of windows and relatively shallow apt depth. 2100 sq ft asking $7000, or $3.3 ppsf:

http://streeteasy.com/nyc/rental/835532-condo-111-wooster-street-soho-new-york

Let the poo-pooing begin.

This apartment has been on the market 20 days and yet you still find a way to criticize. Amazing. Let us know how long till $150k gets "pissed away"

do a sales search for carn hill yourself mercer---3 bdrm 3 bath apts for 1.5 mm w/ 3k mntnce are plentiful--1200 psf is the market for a b grade apt (with typical mntnce) such as my rental--and on carn hill psf gets much higher than that

face it, best case for your apt is that it's price will be flat, for a long time, while the rest of life inflates---and it might go down (again) in value as well

Where is it written rental rates will be at $4 forever? And the bubble had no effect on compensatiOn in nyc and bids on rentals in nyc.....

Mercedes. Just sniff the paint and color another wall teal.... As the paint dries, so does your leveraged net worth.

"This apartment has been on the market 20 days and yet you still find a way to criticize."

What are you talking about? I like the apt & think it's well-priced. The poo-pooing will come from 300_mercer who will focus on the imperfections.

Mercer, check out this place I posted on the other thread (http://streeteasy.com/nyc/talk/discussion/29067-high-end-rental-market-weakness).

http://streeteasy.com/nyc/rental/770106-rental-30-west-10th-street-greenwich-village-new-york

111 wooster: a couple of notes
- "This home is in the rear of the building making it pin drop quiet" in Soho, you would not get much light, forget the sun as buildings are the back are not that far apart.
- 1.5 baths only, big discout for 2000 sq ft for missing full bath
- "1 year lease"

30 west 10th: where is the deal? Already $4 for a walk-up even if you believe the sq footage.

call it poo-pooing but well deserved.

haha w67,
- loving the apartment which using NADAs standards for lofts (I like the standard of course) is almost 3000 sq ft including the exterior walls with soaring ceiling in the prime village. All in $8K per month 5/1 arm at 2.90 + reserve of $2K per month for upkeep including once every 20y bathrooms/kitchen redo.
- For a change, long significant equities as well which I will be selling at around 1400.
- Hear your rates going up argument but recently shorted long bond ETFs as I believe the economy is improving (partially as a hedge). Not that I will need the mortgage in 5 years or for that matter that much now.
- Also, in general, I believe rates going up impact on housing will be more than offset by better incomes. Also, fed is not letting the short rates go any higher than 2-3% for many-many years. Why need a 30Y mortgage.
- Fed giving away free money. Take it.

>30 west 10th: where is the deal? Already $4 for a walk-up even if you believe the sq footage.

Generally those floors are about 900 sq. ft. but since you have the full floor, with the stairway, then 1000 sq. ft.
But the top floor is low ceiling, only for short people.

300mercer - why do you even bother engaging inonada about this? It brings back to mind Wwest67 and Spinnaker! when Spinnaker1 bought an apartment he loved and West67th just gave him sh**t.
You bought a place you really like, and inonanado, and West67 just can't go there.
What is REALLY interesting is that neither West67 nor inonoda has ever given the particulars of their "fabulous" rental deals. As in bedrooms,baths, square footage, area?
And then to see that West67 actually looked at some POS "penthouse" triplex on the UES (2 BR/2 BTH) for under $2 million is indicative of his aspirations is actually funny.

Come on inonado, and West67- give us the details!! Bedrooms,baths,square footage, rent!!!

ph41, I don't think that I gave 300_mercer any crap on this thread about his place. I have just pointed out various interesting rentals, which he poo-poos repeatedly and then (without prompting) brings up his own place. He doesn't talk about the negatives of his place, nor do I bring them up.

On where I live, I assure you it would be "fabulous" by whatever yardstick you measure a person's aspirations. I don't discuss it on this board because I don't want the discussions I engage in to be in the context of "I have more/less money than you". However, I'd discuss such details privately offline without the mask of anonimity. Let me know if you'd like to take this conversation there.

>What is REALLY interesting is that neither West67 nor inonoda has ever given the particulars of their "fabulous" rental deals. As in bedrooms,baths, square footage, area?

w67thstreet owns a yacht and a Porsche and an IWC watch, and squatz a lot and bench presses a lot, he was a TA in business school!, his wife has been touched by thousands and is also an oncologist, his mom made beaded jewelry, he's from Pakistan, he grew up in Hell's Kitchen, his dad hates him, his uncle is gay, his children poop in the bathtub, he lives on west 67th street, he was a residential landlord and is now a commercial landlord.

What more details do you really need? I'm sure I missed a few things.

Come on ino - bedrooms, baths, square footage?

can't you read?

not everyone is interested in your pretentious point of view.

Hey penthouselady, I'm interested in your point of view. At least as it pertains to NYC real estate. If you start going out of NYC, I'll be less interested as distance increases. At about 2.5 hours away, I probably won't care at all.

"Come on ino - bedrooms, baths, square footage?"

Fine, but you first. Beds, baths, sq ft, outdoor space, location, light, views, year purchased, price paid, etc.

ino- I've already posted all that info on SE, except year purchased and price paid.

I don't remember seeing it, so repost for my benefit. Also, you asked my rent, so give me your purchase price/date if you want to know that as well.

Sorry ino - not reposting it - you'll just have to find it on your own. (though I have a strange feeling that CC and West67th know almost all the details).

Also, you always boast about your rental deal/steals vs. purchase price, so why won't you post details of your fabulous deal, so we can all admire your real-life expertise.

oh dear, this is the kind of interpersonal stuff that inonada isn't interested in.

West67 - we all get it - the car, watch(es),boat, etc. etc. (all but the classic 6 or 7 apartment) help you make up for those remembered childhood (and possibly working life) slights. See a shrink,get over it without overcompensating in gaudy, external baubles.

Oh, and yes, we definitely know you'll never buy a coop apartment, not because of the "easier to rent" factor,etc. etc. but because you'd be terrified of possible rejection.

"easier to rent factor of a condo"