New Co-op/Condo Auctions in Manhattan

http://www.bidonthecity.com/

thanks for the info

well...let's see what the minimum prices are.

I still think it is bad time to buy, unless huge huge discounts (and i doubt the minimums will be that low). I think there might be buyers fooled by the discount of peak fallacy of spotting a "bargain".

I agree with you completely. I'm looking for 2 bdr with dining are in UES for $700K
These apartments used to be at 1M a year ago. You can find them at 800K - 850K all over UES.
A broker gave me a good indication whre market is today - %28 bellow 2008 level
Need 4-6 more month for get them at my price range

Does anyone know if bidonthecity also ensures that the property has a clean title and clear tax? Or it is simply a middle man with no responsibility?

ny3654, I'm looking exactly for the same thing you are. Either 2br with a dining area or with a huge master br. with 2 exposures, so that you can eventually carve 2 bedrooms out of it, if need be. My range are those apts. that are usually advertised as 1200 sqft and turn out to be 1000 or slightly less when you go after them with measuring tape. What I find scary in the UES is maintenance for such size of places: mostly between 1600 and 2000. Have you thought about PS zones? Have you considered the UWS?

ny3654 - can you post an example of an UES 2-bed w/separate dining for 800k? How far north & east do you have to go to get that? An apt like you are describing would have to be at least 1300 sq ft, which would imply $650 sq/ft.

To printer:
You can get them at 800K
http://www.streeteasy.com/nyc/sale/320538-coop-310-east-70th-street-lenox-hill-new-york
http://www.streeteasy.com/nyc/sale/379536-coop-330-east-70th-street-lenox-hill-new-york
http://www.streeteasy.com/nyc/sale/391413-coop-345-east-73rd-st-upper-east-side-new-york

To Trompiloco:
I'm looking to pay 1500 - 1800 in maintenance charges and we are DONE with NY public schools!!. 20 kids in class and 21 y old teacher with no experience.

Trompiloco, regarding PS on UES...
Any address up to 86 street (eas) is zoned for 2 "best" public schools in NY, one of them is "New School", sorry do not remember the other one.

ok - i guess we mean different things - those apts measure out to about 1000 sq ft (except for 310 which needs a total reno), so still $800/sq foot, and pretty east.

ny3654 and Trompilico - I am in the same boat. Will hopefully pull the trigger on one of the similar listings on UES in the fall. There is a lot of inventory. 345 East 73rd alone has 4 of these apts listed anywhere from 1.1-800K. Keep waiting, they will come down.
Let's all agree to not make bids above 700k (wink, wink)

skep, you can count on me for that because, first of all, I don't have resources to go up to 700K. 600K is my mid-2010 target, and I may move it lower if things continue to deteriorate. You can see at 345 East 73rd that a higher floor C line comp sold for 1.1 M at peak. So after the 45% free fall that should trade at 600K. And that was on a higher floor. So if the seller of 2C thinks he's being very very realistic at 875K just because the other sellers in his bldg. are more deluded, well, see you at the bottom, baby!

printer: the UES doesn't end on Lex. It continues futher East. And there's been countless threads on the fact that apartments are listed factoring in a 20% sqft inflation, so listed at 1300 means actually measuring 1050. So ny3654 was exactly right.

LMAO! seriously, this is the "pre-foreclosure" auction. Me, I think I'll pick these things up when the banks take them over. If the whole MBS and write-downs are any indications, the banks will be making cold calls to unload their individual units in 1 yr. This auction is for suckers!

w/ u Trompiloco... four morons price at $4000psf and a fox prices his at $3000psf and a sucker bids $2000psf! Anyone who bids or is interested in bidding will be setting the "market" from which I will bid 30% lower in 6 months.... hurry up and slam the GAVEL!

Problem with 345 East 73st is that maintenance is too high. It is a co-operative building and the large sponsor-owned apartments. 2nd floor apartment should not have $1600 a month in maintenance, the second bdrm is small (I’m looking for 15 x 11)and overlooking a wall.

310 East 70th much nicer but needs 250K in renovation and the owner does not want to go bellow 800K.

I do not believe in extra 40% drop, it should go down by 15%-20% by end of 2008, then flatten for a while. Any 2 brdm/2 bath and dining are on UES is renting at $4000 range, at 700K these apartments turn into a good deal if you are planning to stay in for 10 y or so.

I wasn't trying to attack anyone - when I compare sq. footage I calculate it directly from the floorplan measurements - i don't even look at what the listing says. and i thought 3654 meant 2 bed w/separate dining room - not dining area, and a legitimate apartment of that type is 1300 real sqaure feet.
I was initially piqued b/c I thought I had missed another leg-down in the mkt of 20%, but I can see that wasn't the case.

Printer, all 3 apartments have separate dining area, it is L-shape with a window and is not part of the living room. Unless you are looking for classic 5, that is all you are going to get. Some of these apartments are listed at 1200 sq. f, in reality they are 1000 at the most

ny36754 - do you think they are good buys if you only stay 5-7 years?
This is my time horizon and price range and I agree that rentals are 4k so then i think it does make sense to buy at the 700/750k level for 5-7 years.

I don't know how much lower it'll go from here. 15-20% is quite likely because, the big question is: where are we right now? that's what nobody knows for sure. Going back to the original subject of this thread: that's what auctions are all about! 310 E 70 #10E has been under contract at 875K for a while, so when and if it finally sells we'll know better. Let's say it sells 10% below ask, for 790K, that would be today's price. 15-20% below that is 630-670K. Of course, all this is wild speculation.

Skeptical,

you need to do rent/vs buy calculation. It all depends on what king of down payment you can make on 750K apartment. Building asks for %25 or $187,500. Note the co-op board looks for 25% income (pre-tax) expense ratio. Your mortgage + maintenance should %25 of your income. If you can keep you monthly cost at or bellow 4K, you should be OK for 5 - 7 yrs.
Keep in mind renovation cost.

Trompiloco,
I hope auctions will affect sellers more than an advice from there broker to negotiate.
We can blog about prices going down for next 6 month, but in reality it is matter of what did sell, how and for how much. Auction does not sound good to me when it comes selling my home. Might “scare” sellers a little bit. LOL

thnx ny3654.

I would probably put a little more down to lower my monthly nut. My math was even to try to stay below 5k per month and then after tax I would be approaching 4k/month.

It's interesting that you mention 310 East 70th #4E. It's way overpriced and needs a true gut renovation. It's been a rental apt for years and nothing (I mean, nothing) has been updated. The kitchen drawers are circa 1970 and don't even close. The living room space is also on the smaller side. 330 East 70th #5J is renovated, yes, but the second bedroom is the smallest and would barely fit a queen sized bed. I find it hard to stomach that both apartments are priced at $875k. To me these are vastly different apts, which speaks volumes about the thoughts of various sellers in this market: They're not on the same page! 345 East 73rd #2C is also overpriced. The kitchen is renovated, but nothing else is! Once again, they're pricing it at $875k. It needs new floors, closets, etc.

What I am noticing is that the separate dining space (not a separate room, but L-shape) increases the price of an apt a lot. Do people really believe these apts can be priced in the $750k range in the next 4 months? 345 East 73rd is the newest to the market, but has already been reduced a lot since listing, whereas 330 East 70th hasn't been reduced at all. Is there a limit to how much apts will get reduced? Meaning, do people think 345 East 73rd is done with reductions? I am happy that 2 bed/2 bath apts have come into the $800k range, but I still think they're overpriced. Are people putting bids in? If so, what are the reactions?

skeptical, if your monthly paymnet is anywere close to 4K, do not buy. wait for 6-12 month.
Or look for apartments without a "formal" dining area - will save you up to 80K.
NYCApt1234, 2 bdr + dining area cost more. People convert the dining into 3rd bdrm

NY3654 - I am aiming to close in November
NYCAPT1234 - yes, that dining nook is a possibility for a 3rd bedroom. I agree they are still over priced and there seems to be a decent amount of inventory. In just 4 blocks, there are 6 available below 1M: 345 East 73rd (as discussed) and 400 East 77 as well. Throw in 330 East 70th and 310 East 70th and (hopefully) this supply is what will drive prices down IMO.

Sceptical,

I love 400 east 77th, some apartments are renovated and large. if you are OK with higher maintenance charges. Good luck in November. Are you working with a broker? I'm not.

Does anyone have any info on how long closing has been taking? Some brokers are quoting it taking 4-5 months in this financial market.

It might take 4 +mnts. A 1 ago i sold my apartment (co-op) and it took the buyer 3 month to close,

Skeptical: I hope for your sake that prices on these 2/2 apts come down by July if you want to close by Nov. We should all make a pack not to purchase any of these apts for more than $750k (where I believe they are accurately priced)!!!!

I don't see it taking 4+months to close on a non-jumbo loan

Not by July, we need a slow summer to get sellers lower prices to 700-750k level. I will start looking in July, will take 1 to 2 m. to find/negotiate, 2 mnth to close(no morgatge) and 4-6 mnts to renovate.

ny3654, I still can't see how and why you would NEED TO buy by a certain date if you're acknowledging, like we all are, that prices are more or less in free fall with no bottom in sight? What could be the reason to risk overpaying in, say, Sept. 09' compared to, say, Sep. 2010?

Because I'm better off to buy at 700K in September than rent for next 6 mnth.
I do not belive we are looking at 40% bellow today' prices. I expect 2/2 plus dinig will drop by 10%-15% to 700K, with no mortgage it will cost me $1600 a month not $4000 I pay now.

Anyone have any info on 116 East 66th #2F? It's been on the market a while.

07/29/2008
Listed in StreetEasy by Halstead Property at $995,000.
11/12/2008
Price decreased by 7% to $925,000.
12/17/2008
Price decreased by 3% to $895,000.
03/03/2009
Price decreased by 13% to $775,000.

It says it needs "work," anyone seen it? Know the building? Maintenance is also quite high ... but the size is good.

ANOTHER ONE TO NOTE:
955 Lexington Ave. #1C
02/25/2008
Listed in StreetEasy by Edward Lee Cave at $1,200,000.
04/23/2008
Price decreased by 8% to $1,100,000.
07/10/2008
Delisted temporarily.
09/09/2008
Re-listed by Edward Lee Cave.
09/19/2008
Price decreased by 10% to $995,000.
03/16/2009
Price decreased by 15% to $850,000.

It's on the smaller side, but quite ornately renovated ... thoughts?

The one at 116 East 66th - needs a gut renovation- we saw it.

The one at 955 Lex is on the ground floor- so not the best location.

955 Lex is all cash buiding. apartment was under contract for 3 mnth and is back on market. Failed board approval - this building requires double of purchase price in liquid assets.

before or after purchase?

before