What would you offer on this apt? I think the p/sqft is competitive for a new development ($1178). Common charges are $1800 (3 bedroom apt). Building has a garden, roof deck, video security system and doorman - but that's it as far as amenities (kinda lacking..). Do you think the common charges are fair considering the amenities? I HATE the block that it's on - tons of trash, very dirty. BUT, it's... [more]
What would you offer on this apt?
I think the p/sqft is competitive for a new development ($1178). Common charges are $1800 (3 bedroom apt).
Building has a garden, roof deck, video security system and doorman - but that's it as far as amenities (kinda lacking..). Do you think the common charges are fair considering the amenities?
I HATE the block that it's on - tons of trash, very dirty. BUT, it's a 5 min walk to union sq (one of my favorite areas in the city), and away from the crowds.
I was thinking of offering 1.6 mil or $900/sqft (24% off). Do you think the developer would bother with a counter offer (the last sale went for 10% off, so I'm assuming that they would counter with 10%)? I'm an all cash buyer, if that makes a difference.
PS: I would stay here 10+ years
Thanks for any comments
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Response by babyhook
almost 17 years ago
Posts: 4
Member since: Jul 2008
how long have you been searching for property and what makes you want to make an offer here as opposed to another new development? With $1.6mm you can buy in a new development from a distressed developer that's willing to give you much more and take even more off than you're suggesting. The deals today aren't at the Oculus. If you're looking to take advantage of the market, the oculus isn't where you should buy
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Response by mercuricoxide
almost 17 years ago
Posts: 73
Member since: Dec 2008
Thanks for the comment.
Haven't been looking long at all, only a month. I guess I need to slow down.
I basically want to stay between 10th and 26th st, and between 6th and 3rd ave. I want to either be 5 mins away from Union Sq or Mad Sq Park - but I will only consider "brand new" condos.
I'm only familiar with completely distressed properties in FiDi, which I'm not considering.
Have any suggestions?
Thanks
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Response by jasonkyle
almost 17 years ago
Posts: 891
Member since: Sep 2008
would love to know which developments are stressed right now in this area as well. who is making the best deals now?
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Response by babyhook
almost 17 years ago
Posts: 4
Member since: Jul 2008
If you're interested in hearing about what's out there - I'd be happy to shed some light offline. An email might work best. What's the best way to have a conversation offline with people on this thread interested in distressed MSP / Flatiron / Chelsea developers?
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Response by jasonkyle
almost 17 years ago
Posts: 891
Member since: Sep 2008
sure you want to give me yours or vice versa?
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Response by babyhook
almost 17 years ago
Posts: 4
Member since: Jul 2008
email me at scganti@cbpreviewsnyc.com and I'll share what I know with you. Include a number so I can call you too.
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Response by jasonkyle
almost 17 years ago
Posts: 891
Member since: Sep 2008
done thanks
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Response by mercuricoxide
almost 17 years ago
Posts: 73
Member since: Dec 2008
email sent, thanks
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Response by NYrealestate
almost 17 years ago
Posts: 24
Member since: Dec 2008
I think there are very FEW and FAR IN BETWEEN distressed properties in the area. Some new developments might be more open to discount than resale as most owners are not going to sell below the price they paid ($900/sq ft was the price in this area in 2003).
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Response by hurting
almost 17 years ago
Posts: 109
Member since: Mar 2009
I think they (Oculus) are getting desperate to get out of that development. I wouldn't offer more than $1.5mm. If you're staying that long you will get hit hard as the tax abatement expires.
I like the location, but not the layout. The living room is quite small for a 3BR. I think you can get more for your area in the location. Maybe note brand new, but recently renovated. Take time to look around. Believe me, nothing is moving fast -- or at all -- in the 3 BR category in this area.
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Response by Jerkstore
almost 17 years ago
Posts: 474
Member since: Feb 2007
"I'd be happy to shed some light offline". What are you afraid of sharing here? Jason/mercuric...please let us know the amazing insights that are revealed.
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Response by spqsydney
almost 17 years ago
Posts: 80
Member since: Dec 2008
I looked at this too until I realized what would happen once the tax abatment ceases. You will be paying some serious maintenance. I wasn't comfortable being shackled to that kind of maintenance and think that it could really hold down the value of the apartment going forward. I think if you go on their website, you can figure out what the post-abatement maintenance looks like. It isn't pretty.
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Response by jasonkyle
almost 17 years ago
Posts: 891
Member since: Sep 2008
oh he shed absolutely no light whatsoever. he is just a broker trolling for customers. and i soon as i mentioned that i was already working with someone i never heard from him again.
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Response by anonymous
almost 17 years ago
I agree about the layout,would have been better as a 2 bedroom.The kitchen is also small.I thought the common charges were high and after the abatement would be terrible.I was not impressed with the roof top.Frankly over priced
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Response by Apt_Boy
almost 17 years ago
Posts: 675
Member since: Apr 2008
$3,680.47 per month post abatement, assuming no other RE tax increases over the next 10 years...@ $2 per sq ft,you need to be compensated with $200k less in sales price vs. other apts. with normal monthlies for this to make sense. As such $1.5mm - $1.6mm is where this should be priced
how long have you been searching for property and what makes you want to make an offer here as opposed to another new development? With $1.6mm you can buy in a new development from a distressed developer that's willing to give you much more and take even more off than you're suggesting. The deals today aren't at the Oculus. If you're looking to take advantage of the market, the oculus isn't where you should buy
Thanks for the comment.
Haven't been looking long at all, only a month. I guess I need to slow down.
I basically want to stay between 10th and 26th st, and between 6th and 3rd ave. I want to either be 5 mins away from Union Sq or Mad Sq Park - but I will only consider "brand new" condos.
I'm only familiar with completely distressed properties in FiDi, which I'm not considering.
Have any suggestions?
Thanks
would love to know which developments are stressed right now in this area as well. who is making the best deals now?
If you're interested in hearing about what's out there - I'd be happy to shed some light offline. An email might work best. What's the best way to have a conversation offline with people on this thread interested in distressed MSP / Flatiron / Chelsea developers?
sure you want to give me yours or vice versa?
email me at scganti@cbpreviewsnyc.com and I'll share what I know with you. Include a number so I can call you too.
done thanks
email sent, thanks
I think there are very FEW and FAR IN BETWEEN distressed properties in the area. Some new developments might be more open to discount than resale as most owners are not going to sell below the price they paid ($900/sq ft was the price in this area in 2003).
I think they (Oculus) are getting desperate to get out of that development. I wouldn't offer more than $1.5mm. If you're staying that long you will get hit hard as the tax abatement expires.
I like the location, but not the layout. The living room is quite small for a 3BR. I think you can get more for your area in the location. Maybe note brand new, but recently renovated. Take time to look around. Believe me, nothing is moving fast -- or at all -- in the 3 BR category in this area.
"I'd be happy to shed some light offline". What are you afraid of sharing here? Jason/mercuric...please let us know the amazing insights that are revealed.
I looked at this too until I realized what would happen once the tax abatment ceases. You will be paying some serious maintenance. I wasn't comfortable being shackled to that kind of maintenance and think that it could really hold down the value of the apartment going forward. I think if you go on their website, you can figure out what the post-abatement maintenance looks like. It isn't pretty.
oh he shed absolutely no light whatsoever. he is just a broker trolling for customers. and i soon as i mentioned that i was already working with someone i never heard from him again.
I agree about the layout,would have been better as a 2 bedroom.The kitchen is also small.I thought the common charges were high and after the abatement would be terrible.I was not impressed with the roof top.Frankly over priced
$3,680.47 per month post abatement, assuming no other RE tax increases over the next 10 years...@ $2 per sq ft,you need to be compensated with $200k less in sales price vs. other apts. with normal monthlies for this to make sense. As such $1.5mm - $1.6mm is where this should be priced