Hi guys I found an apartment that I am looking to close on. I am still jittery on the pricing though. Other apartments in this condo building in midtown east have recently been selling in the 1000-1050 per sq ft range. These are for 2 BR's and 2 Baths (approx 1100 sq ft). However these were all on lower floors (like 15th, 13th, 19th, 23rd etc). I am closing in on a top floor 2 BR penthouse 40th... [more]
Hi guys
I found an apartment that I am looking to close on. I am still jittery on the pricing though. Other apartments in this condo building in midtown east have recently been selling in the 1000-1050 per sq ft range. These are for 2 BR's and 2 Baths (approx 1100 sq ft).
However these were all on lower floors (like 15th, 13th, 19th, 23rd etc). I am closing in on a top floor 2 BR penthouse 40th floor apt and am paying $1200 per sq ft...(comes up to be approx 150k-200k more expensive than others sold in the building).
Also this apt is fully renovated - kitchen gutted out, both bathrooms done, flooring changed, blah blah...
the views are great ...
Is this 150-200k premium justified for renovation + top floor pent house?
some honest guidance from some of you guys will be most helpful.
Thanks
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
I think that that premium is reasonable, considering you're getting the "PH" cache & the views are a big plus. Even if you think the market will go down, a penthouse unit is a penthouse unit - always going to be worth relatively more than a similar unit.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
I would check to make sure all electrical & plumbing was completed by licensed
contractors with valid city permits. Your on the hook for the remodel.
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Response by spunky
about 19 years ago
Posts: 1627
Member since: Jan 2007
I have been looking at an apt on the UES and noticed the sponser is pricng a premium of 5,000 per higher floor. It looks like your 20 floors higher so at 100,000 in premuim then the penthouse is worth at least another 50,000.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
I think the penthouse premium coupled with the new renovations makes it worth it.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
The pricing sounds alright but I do think it's important to be sure that the reno was done correctly. Who would you contact at City Hall to be sure that is the case?
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Agreed that the pricing seems right assuming the work was done properly and is of good quality.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
We had to pay for rewiring of remodeled apt because it was unsafe/fire hazard. After closing
its your baby.... beware.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Not to mention that faulty wiring can burn the place down.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Just ask the seller for the paper work (plans, permits, etc.) on the renovations, do some research and verify as much as you can. Regarding the pricing on the higher floor...sounds about right. And for those talking about the potential for a fire breaking out due to bad renovations...imagine running down an extra 20 floors!
I think that that premium is reasonable, considering you're getting the "PH" cache & the views are a big plus. Even if you think the market will go down, a penthouse unit is a penthouse unit - always going to be worth relatively more than a similar unit.
I would check to make sure all electrical & plumbing was completed by licensed
contractors with valid city permits. Your on the hook for the remodel.
I have been looking at an apt on the UES and noticed the sponser is pricng a premium of 5,000 per higher floor. It looks like your 20 floors higher so at 100,000 in premuim then the penthouse is worth at least another 50,000.
I think the penthouse premium coupled with the new renovations makes it worth it.
The pricing sounds alright but I do think it's important to be sure that the reno was done correctly. Who would you contact at City Hall to be sure that is the case?
Agreed that the pricing seems right assuming the work was done properly and is of good quality.
We had to pay for rewiring of remodeled apt because it was unsafe/fire hazard. After closing
its your baby.... beware.
Not to mention that faulty wiring can burn the place down.
Just ask the seller for the paper work (plans, permits, etc.) on the renovations, do some research and verify as much as you can. Regarding the pricing on the higher floor...sounds about right. And for those talking about the potential for a fire breaking out due to bad renovations...imagine running down an extra 20 floors!