What Do You Think This Apt Is Worth?

$400k.

You mean with the hundred square feet they added to it?

Why would you pay $4,000 a month for a 4th floor tenement when you can rent a luxury 2-bedroom 2-bathroom apartment in a better neighborhood for that amount?

Try $199,999, seller pays the closing costs.

the basic box is 22X28, or 616 sf, plus a few for the entry.

pros: location, renovated (although impossible to really tell how well), scarcity in the neighborhood, condo, low common charges and taxes.

cons: walk-up is a huge one, economic realities.

I'd say today that it is worth about $500-550 psf, depending on how it presents. That's today, not September, or possibly even June. So $350-400k.

I just looked at the comps. Wait and see if there are any signs of distress, then if you really want to go ahead, bid no more than $300k. Just my perspective, however.

Here's a virtually identical apartment in a better neighborhood in a full-service building for $2,950:

http://www.nybits.com/apartmentlistings/cb2b8468889daee9a7f6fa72a76e5bf1.html

So I say again, why would you pay $4,000 a month for a piece of crap that you're stuck walking up four flights for forever, with a fire escape, when you can get much better for much less?

$400,000 would make the two payments about the same. How much is not walking up 4 flights worth to you?

steve, we all understand the rent v. buy issue. regardless of your beliefs, and mine for that matter, as I concur with you generally, the market has priced in a premium for owning. you can argue that the market is wrong until you are blue in the face, and once again i'd agree with you, but right now that's where it is.

And Steve, at $300k, the apartment would be about $2000 per month, not $4000. Not including any tax benefit (just joking with you on the last one).

ar - I never said that the apartment would cost $2,000 a month at $300k. You did.

It's not a rent vs. buy issue. It's how to figure out how much an apartment is worth. Renting and buying are immaterial except insofar as which one is cheaper.

And,steve, "better" neighborhood is a matter of opinion.

Really? That's what I was trying to do. Constructively. And I do believe you brought up the rental comp? $400k would make it roughly $2500, not $4000, not counting opportunity costs. And now I'm off this thread.

ar - if you could buy an apartment for less than it costs you to rent it, I'd say buy.

"$400k would make it roughly $2500, not $4000."

That's what I said. $699k makes it $4,000.

""better" neighborhood is a matter of opinion."

Well, using the price mechanism it seems people are willing to pay significantly more to live in Chelsea than in the East Village, just like they're willing to pay more to buy in Saks than to buy in Woolworth's.

But suit yourself.

that sounds nutty. yes it's a walkup but primo location and nice prewar details. DEF not 700k, but way more than 200k and more than 400k too in my opinion. let's see what it sells for

599K tops.

Could someone please explain to me the appeal of decorative fireplaces? I can understand why working fireplaces are desirable, but decorative fireplaces limit the layout and take up space.

550? 575? It's not my part of town but FOURTH FLOOR WALK-UP?

Way overpriced in today's market!
Don't do it!

if they got an offer for 400k they should take it and RUN

wow. I remember "passing" on buying either that unit or a similar one with a foreclosure upset price of $98,000.

Walk-in closet with fireplace?
Wow, talk about an optomistic seller.
$299,000 only if you feel in a generous mood.*

*Disclaimer: That guess was made w/o any reasearch or thought. Strickly a Pavlovian responce.

I would guess $495K, tops.

"Could someone please explain to me the appeal of decorative fireplaces?"

Nope. I dislike them myself for the same reasons. Even real fireplaces are a pain to maintain. I figure fireplaces are why you rent cabins upstate.

30 YRS - what is a foreclosure upset price?

Apparently there is a bid for $575. It's very nicely renovated and in a good location (3rd street is quiet but close to action in EV, LES, SHOW) if you're into the area. It also has seperate little private grassy picnic area. The walk-up is a real drag but there aren't many good elevator buildings in the EV anyway. It will be interesting to see what it goes for.

bernie: while I'm sorely tempted to make a joke given such a straight line...... the "upset price" is the minimum bid which the foreclosing party will accept. Just as banks do 'short sales" by which they take a payoff amount of less than their full lien, the same thing happens (and it varies TREMENDOUSLY on where in the cycle we are, which bank, etc.) and they may take less at the foreclosure auction than the full amount of the lien (we bought a unit in Brooklyn for $2.50 once).