I'm looking at an apartment right now (not on the market so unfortunately I can't link) and am really struggling with what a "fair" price would be. Was hoping to hear some views from the experienced eyes and brains around here. The challenge is that it's a fairly large apartment (broker says just under 1500 sf but around 1350 by my calculations) but only has one bathroom and one true bedroom.... [more]
I'm looking at an apartment right now (not on the market so unfortunately I can't link) and am really struggling with what a "fair" price would be. Was hoping to hear some views from the experienced eyes and brains around here. The challenge is that it's a fairly large apartment (broker says just under 1500 sf but around 1350 by my calculations) but only has one bathroom and one true bedroom.
There are two other rooms that can act as bedrooms though technically couldn't be called bedrooms (no outside window). There's also space to put in a second bathroom though both bathrooms would have to be across the apartment from the master bedroom. I do not have kids and so am not as worried about the second bathroom for me, mostly about the resale value and universe of buyers when I ultimately sell.
Generally the apartment is extremely well done with high ceilings and lots of space as well as significant additional storage in the basement. The apartment is in a pretty prime location in SoHo and in a building that is probably one of the best run that I've seen. Full time super.
Would really appreciate any thoughts people have on pricing.
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Response by maly
almost 17 years ago
Posts: 1377
Member since: Jan 2009
Coop or condo? Depending on views, light, condition, amenities, and whether it's a coop or a condo, anywhere between $1.35 and $1.75M.
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Response by tantalus
almost 17 years ago
Posts: 3
Member since: May 2008
Coop in good condition. View is basically half the top of another building across the street and half sky. It's all large windows on one side of the apartment, but no other side has windows.
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Response by Trompiloco
almost 17 years ago
Posts: 585
Member since: Jul 2008
From what you're describing (high ceiling, only one bathroom and in a wierd location) sounds like a loft, but not a floor through one since there are no windows on one side. Lack of proper, legal bedrooms affects resale value. I would advise you to look at comps, other lofts in the area that have sold in the last 6 months, anything that entered into contract before Oct. last year is meaningless IMHO. You can also look at a blog specialized in lofts written by the "Manhattan Loft Guy" (just do a google search) but I would venture that 1.35 M sounds quite high for me.
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Response by maly
almost 17 years ago
Posts: 1377
Member since: Jan 2009
Do you know how much is the maintenance? Since it is a coop, it will definitely be at the lower end of the range. Does it have central AC, DW and W/D?
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Response by tantalus
almost 17 years ago
Posts: 3
Member since: May 2008
Thanks Trompiloco - I'll check out that blog.
Maly, around 1,700 maintenance. Has a DW and W/D but no centralized AC. They currently use 1 window unit and say that's sufficient though they have a second.
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Response by maly
almost 17 years ago
Posts: 1377
Member since: Jan 2009
Understand it's a very rough guesstimate. I don't know if there is some serious downside (walk-up building?) or upside (arched windows? amazing location?) that would change the price. I would think at the lower end of the range, mostly because it's rather small for a loft and doesn't have cross-ventilation.
You can do a search for coops in Soho with maintenance under $2,000. It should give you a range, and you can compare.
Coop or condo? Depending on views, light, condition, amenities, and whether it's a coop or a condo, anywhere between $1.35 and $1.75M.
Coop in good condition. View is basically half the top of another building across the street and half sky. It's all large windows on one side of the apartment, but no other side has windows.
From what you're describing (high ceiling, only one bathroom and in a wierd location) sounds like a loft, but not a floor through one since there are no windows on one side. Lack of proper, legal bedrooms affects resale value. I would advise you to look at comps, other lofts in the area that have sold in the last 6 months, anything that entered into contract before Oct. last year is meaningless IMHO. You can also look at a blog specialized in lofts written by the "Manhattan Loft Guy" (just do a google search) but I would venture that 1.35 M sounds quite high for me.
Do you know how much is the maintenance? Since it is a coop, it will definitely be at the lower end of the range. Does it have central AC, DW and W/D?
Thanks Trompiloco - I'll check out that blog.
Maly, around 1,700 maintenance. Has a DW and W/D but no centralized AC. They currently use 1 window unit and say that's sufficient though they have a second.
Understand it's a very rough guesstimate. I don't know if there is some serious downside (walk-up building?) or upside (arched windows? amazing location?) that would change the price. I would think at the lower end of the range, mostly because it's rather small for a loft and doesn't have cross-ventilation.
You can do a search for coops in Soho with maintenance under $2,000. It should give you a range, and you can compare.