high end distress/short sales

of course they get advertised.

really.....? maybe ive been looking in the wrong places
any suggestions????

there are currently 16 apts. for sale in 15 CPW ranging from $4-$21 million

http://www.streeteasy.com/nyc/building/15-central-park-west-new_york

Too weird, you are a broker and don't know how to find property????

also, I am not sure why you put "distress" and short sales" in the title as there are virtually no distressed sellers in this price range.

look at the listing on SE or contact a high end broker. if your a broker and don't know --that would be a little scary.

where exactly do you work Zero War? Are you in the burbs or out of state?

NO MAYBE I DINT EXPLAIN MYSELF..... FINDING PROPERTY THAT IS WORTH 6 MILLION AND BEING SOLD AT 6 MILLION IS NOT INTERESTING TO MY CLIENT. what i meant is an expensive property whose owner cant afford it anymore and wishes to sell it before it lands with his bank.

in Manhattan..... exactly my point.....
its hard to find people who own 5-6 million dollar properties and are in trouble.
see my dilemma

Then what you are looking for does not exist. There are virtually no desperate sellers in the high end, especially since many high end co-ops do not allow financing.

You need to tell your client to have more realistic expectations.

ive wpoken to some other brokers in the city who have been doing this for a while and they mentioned that this kind of information is only by word of mouth, no official listings etc.

by the way my client only wants condos..

nagannahappen

Try 1055 Park Avenue. New project on 87th. They are building and finishing at a very tough time. If you can stomach the angst, but be firm and leave a call back number.

There are some distressed sellers in Trump Place on Riverside Blvd. but most of the distressed apts. are lower end, nothing in your client's price range.

I have been looking for the same, and have found that a lot of the high end sellers are actually even more price sensitive than lower end of mkt...in fact, the apartments that are interesting are often ones where someone has decided that they are going to dangle their apt at peak real estate levels just to see if they can find one fish. If they dont find anyone at that level, they have no interest in selling.

Ali or other RE agents: doesn't an agent posting on line have to identify themselves by actual name and affiliation or other such info? I thought I remembered reading that in a post of Ali's.

and certainly not going to get into a 'trophy' property like 15 cpw for $6M - i doubt anything there will hit a distressed sale at that level -- especially a condo. also, not a lot of short sales or foreclosures in manhattan in general. plus you haven't indicated whether the client is looking for 1b, 2b, etc. maybe he/she should try california.

ZERO_WAR: very simple solution. Take your clients to look at a bunch of 6m apts in the trophy buildings that they are interested in. Do a thorough comp analysis for them. Then, encourage them to starting making 4m bids on properties they're interested in.

Not rocket science.

I don't think anyone here has the inside skinny on former millionaires who don't want to embarrass themselves by putting their property on the open market.

There's a woman named Suzanne who might be able to help. She's allegedly very good at research.

You might try the obituary page.

The interest in "short sales" makes no sense. Why would that be an attraction? Wouldn't a sensible buyer prefer to deal with a seller who owns the property free and clear than one who's deeply underwater and needs to include the lender in negotiations?

scan the madoff victim list.

This is a very weird question. If you're dealing with such clients, you should have the ability to figure this out.

I call BS on this.

"Ali or other RE agents: doesn't an agent posting on line have to identify themselves by actual name and affiliation or other such info? I thought I remembered reading that in a post of Ali's"

Per NYS 175.25(a)
"All advertisements placed by a broker must indicate that the advertiser is a broker or give the name of the broker and his telephone number".
Unless an online posting constitutes an "advertisement", I know of no requirement to self identify.

of course this thread doesn't make any sense. west81st, we all know that there are plenty of sellers willing to sell at below perceived "market" values, sometimes significantly so. what does the outstanding loan balance have to do with the quality of the deal obtained? in and of itself, nothing.

Reading obituary pages don't work without some leg work. Using the name in ACRIS often doesn't yield a hit because there is no mortgage on the property or it's in the name of the 1st deceased spouse. You use a combo of Zabasearch, Intelius & leg work to the building to look for apt #.

Besides, estate sales aren't in the sort of newish "high end" property that ZERO's clients are interested in. Usually musty classic Xes on the UWS/UES.

Cash cow bottom feeder & proud of it. Ick.

i seem to have offended people by asking a simple question: i apologize

@ kylewest: my name is zee sachdeva and i work for metropolitan property group if that helps

This entire thread is complete BS. Give me a break.

I am STILL laughing at carnegie's comment!

@kylewest: i apologized dint i?

" seem to have offended people by asking a simple question:"

No, it's not the question, it's the arrogant tone. Seriously, go thru the madoff victim list. Many are probably hangin by a thread. Happy hunting.

How about approaching Ruth Madoff - if the NY apt. isn't high-end enough maye your client would be interested in th ePlm Beach property? Or maybe the yacht?

Yeah, go call Ruthie!! Goodun, stealth!!

I bet you'll seal the deal if ya throw in a box of groceries.

Maybe the Dreier condo?

the building to be looking at is 845 UN Plaza

so this guy will get the broker's commission on this high price for doing no work (since you are all doing the work for him/her) and with what appears to be no knowledge of how the (local) market works?
it is people like this that make me mad about brokers' fees.

Are people really making purchase or investment decisions based on these types of people, which have suddenly appeared on this board? Guess there is one born ever minute.

If you guys find me a $6 million apartment that I can get for $900k I will have you all over for a big party.

That's a better offer than the broker who doesn't know how to find apartments that are for sale gave you...think about it....come on....you know you want to....

I'm loving this idea! My ideal price is around 1.3M. If any posters know of anyone in great personal financial distress (with a 2M property) and you think I might have an oppertunity to victimize them over the purchase of their RE please please please contact me. I hope everyone is reading my sarcasm.

Try: Richdudesinaheapofshit.com

DON'T JUMP OUT OF YOUR PENTHOUSE WINDOWS:

Waverly's got $900
Falco's got $1.3
& I got a carton of groceries

Notice that as the RE market seems to be warming up a bit, these predatory types start appearing on the board & they're so blatant. kreepy.

kreepy with a k...I like it!

what does this even mean: he would pay 4 million for a 6 million dollar property

If it sells for 4 million, it is a 4 million dollar property. If it sold 2 years ago for 6 million, that just reflects the decline in the market.

30yrs is correct: 845 UN Plaza. Dig around in there. Lots of speculators who bought looking to flip quickly (like those they bought from) but can't, and now can't handle the monthly swirl of $ down the crapper. The Trump name was something rubes fell for. You may very well end up in the same position, but hey....