New York Times: "How to Spot a Good Deal"

What i like about the article is that Street Easy is used more and more as a reference for apt search and comp and also that NYT acknowledge that too many apartment prices are overinflated.
Now, what i don't like about the article is that the NYT position themselves as judges in regard to what is a good deal, what is not.
Is an apt a good deal because it's priced lower that it's unsustainable peak price level? I don't think so.
Why is it so hard to use the rent vs buy as a general rule to determine if the sale price is set properly?

I think in fairness to them....they are saying these are a good deal relative to the current market... I think it would be too much to ask of the NYT to offer advice on whether or not this was a good time to buy.

Yes, it is good to see Streeteasy being used more - the more people are aware of Streeteasy (and similar sites), the more (much needed) transparency will be brought to the Manhattan market.

As for whether something is a "good deal" relative to the current market, no offense to the NYT, but anyone can pull up Streeteasy and check out whether an apartment is priced below asking prices for similar units. I'd challenge the NYT to write something more insightful (such as the rent vs. buy analysis suggested by sledgehammer) or a look back at comps in recent years or an inventory analysis by zip code or whatever. I'm not sure you can really say anything is a "good deal" without looking at the "is now a good time to buy" question.

http://downtowny.blogspot.com

Three most important tools
1) ACRIS
2) NY TIMES REAL ESTATE LISTINGS(BUY/RENT)
3) COMMON SENSE

I'll explain
ACRIS provides the most unbiased reporting of actual real estate closing prices
NY Times shows penty of pictures, floor plans etc. This is not a science and you only get a sense of value by seeing the above and perhaps using rental offerings as a sanity check. Common sense goes without explanation.

Streeteasy is good for pulling much of that information together in a user-friendly interface. I prefer the search functionality of SE over the NYT. Given that they are now partnering with Monster on their job listings (much to my annoyance, since Monster is semifunctional at best), I wonder if there's space for them to partner with Streeteasy as well for their real estate listings.

DT, I haven't seen any of those listings, but I admit to some eye-rolling at their "deal" criteria. None seemed to be a screaming, rush out and snap it up offering.

I'm only familiar with the listing in the Heights and the reporting is laughable. The reporter quotes that nothing replaces going out and seeing the apts but I don't think she actually did. The apt that is declared a deal because it costs less than others listed in the building (which in itself is overly simplistic) should cost less as it faces the garden whereas the other two listings have river/Palisades views.

This article isn't very useful, and I think spotting a good deal is more nuanced than the writer cared to explore (or was capable of). I don't think the Grand St., UES or UWS (areas that I am familiar with) are especially good deals, although I do think the Grant St. apartment will be appealing to someone who really wants to live in that area. To walk/cycle across the bridge to Williamsburg would be wonderful in warm weather months.

I was in the 1 BR market for < 600K in late 2007, and the UES and UWS apartments would not have worked for me; they are too pricey.

Was just doing a little research on a building and came across Metropolitan Equities web site, and they have listed two one-bedroom apartments for < 500K on W. 93rd St. between Columbus and Central Park West. Although on the small side, I would have definitely checked them both out in a heartbeat, and guess what? They are both in contract, not surprising because in my opinion they are a good deal given the location.

"3) COMMON SENSE"

Common sense is like having a sense of humour: almost EVERYONE thinks they have it, but very few actually do.

"Common sense is not so common" -Voltaire

to me is a sign of the times and a lame attempt by brokers to stop the downward spiral in prices and hence in their commissions with phrases like: "do not focus only on "is it the cheapest?", "prices are not everything"... If prices are not everything then ask the sellers to lower their asking prices.

"Many home sellers in the city have reduced the prices of their apartments because of the downturn, but a discount from an inflated figure is not always a bargain. Brokers say buyers have to consider whether the apartment has value that will hold up over time, so even if prices don't start rising soon, the purchase will not be a mistake. Diane Ramirez, president of Halstead Property, said buyers have to consider location, amenities and building quality, among other things, to determine if the price is right. "It's not focusing so much on 'is it the cheapest,' but looking at the quality of the product, too," Ramirez said."

"Brokers say buyers have to consider whether the apartment has value that will hold up over time"

What does that even mean? Brokers suck.

to me is a sign of the times and a lame attempt by brokers to stop the downward spiral in prices and hence in their commissions with phrases like: "do not focus only on "is it the cheapest?

easy to say when it's not your moeny.

Genius.

If prices are going up, its all they talk about. If they're going down "DON'T LOOK AT THEM, THEY DON'T MATTER".

Ignore the man behind the curtain.

Good one, 30years, and so true!