great example of why so many places are screwed

444 days on the market?

and almost as many price chops. with that maintenace you cant pay over 200k

so...another 444 days to come.

Is that a fake dishwasher? How does that fit there with the plumbing under the sink?

It's real. They actually make special under the sink dishwashers. Don't ask me how they install them...

http://www.wdcappliances.com/ProductsDetail.php?SKU=GSM2200NWW

Check it out. You end up with a REALLY shallow kitchen sink, however: http://www.specsserver.com/CACHE/FRAOPQEBHSUC.PDF

I wrote a detailed post recently about how low price/high maintenance units are more adversely affected than average in a down market. Don't remember which thread it was in though. Wish the search engine here was better.

30yr, this one, I guess:

http://www.streeteasy.com/nyc/talk/discussion/14432-maintenance-increase-assessment

No, not that one. I was talking about who rents going down effect disproportionately the value of low value, high maintenance, small units. I *think* it was in a thread where aboutready was asking some question about 345 East 93rd St.

Interesting dishwashers, you learn something new everyday. Perhaps someday someone will invent a dishwasher/washing machine/dryer.

30yrs, here's that thread: http://www.streeteasy.com/nyc/talk/discussion/13679-maintenance

30 Years - sound like there could be some arbitrage opportunities, no? Obviously not this place on 86th Street (that is a dog, no way around it) but perhaps a place where the maintance is too high but the ask price is overdiscounted for it? If someone pays $200 – 300k less for a place because the maintance is over some high water mark (say it breaks the $2,000 level on a 2 bedroom), then the buyer could conceivably be spending $1200 – 1800 LESS per month on mortgage. Hence their monthly nut could be smaller than if they purchased a more expensive place with a maintance of $1,500/month?

it's not about cash flow if one buys/mortgages, its about trying to sell a white elephant

"30yrs, here's that thread: http://www.streeteasy.com/nyc/talk/discussion/13679-maintenance"

Nope. not that one either: much more recent.

scoots: I've already stated on this site that when the market bottoms, the high mtc units will be "bargains" in terms of getting greater appreciation as the market rises than the average unit with "normal" mtc. When/if things get much worse, you'll see units with mtc about the same as rents being (relatively) given away, and when the market picks back up, they will go "cheaply", but if you can buy something that's "90% off" average price at the bottom and sell it for "50% off" average price at the next peak, how well have you done for yourself?

30yrs, you touched on it in the thread about 101W23rd.

check out this maintenance- the building is on a 100 year land lease.

http://www.streeteasy.com/nyc/sale/394918-condop-4-74-48th-avenue-long-island-city

The landlord is New York State. The $80M mortgage probably impacts the maintenance more than the lease does. It averages to $150M+ per apartment.

Isn't that CityLights? If so, it was the first in what was supposed to be a wave of new construction in LIC in the LAST boom, the unit sales prices were bupkis (1 br's for $30K), and it was so unsuccessful the developer reneged on building the second tower which was supposed to go up immediately after the first.

http://www.nytimes.com/1999/02/07/realestate/habitats-citylights-long-island-city-queens-water-person-finds-home-river.html

http://www.queenswest.com/help/faq/faqsection_view?section=Citylights:
" What were the original Citylights selling prices?

The initial prices ranged from a very low $8,200 to the high end of $87,500. The average price of an apartment in Citylights was $35,259 or just $43.27 per square foot.

Prices for apartments have gone up over the years and now are market driven."

Yes, CityLights. So the actual average price in the early 1990's was $185K ($35K + $150K) which was no bargain for LIC.

Oh, but it's SOOOO much worse than that: the prices only a few years later were in the mid 100's which means using the same logic were over $300,000!

Gawd. The more things change.... I vaguely remember the ads for it but can't think how they sold the stuff. The suckers must've fallen for the views. Not as if that mortgage was concealed from anybody.

I remember when city lights first went up and I contemplated buying there. It was a top floor 2 bed 2 bath and it was cheap. I want to say around 200K? But the maintenance was around $2600 per month.
That was insane in the late 90's.