Anyone else hit the open houses today? Visited several places in BPC. Was rather shocked by how affordable some are becoming relative to my current rent; we are not at parity yet, but the gap had narrowed significantly since last I looked. Was also shocked to find that the best apartment I saw, hands down, had a no pets policy. Bummer, as that rules it out entirely. Am giving serious attention to... [more]
Anyone else hit the open houses today?
Visited several places in BPC. Was rather shocked by how affordable some are becoming relative to my current rent; we are not at parity yet, but the gap had narrowed significantly since last I looked. Was also shocked to find that the best apartment I saw, hands down, had a no pets policy. Bummer, as that rules it out entirely.
Am giving serious attention to one particular place I saw at the Cove Club. Broker insisted the price was now "either $529 or $539" as they had just dropped it; I don't see this reflected on the website, however. Given the fact that it's been on the market since February, it's past due for a haircut:
http://www.streeteasy.com/nyc/sale/378822-condo-2-south-end-avenue-battery-park-city-new-york
The place needs work. Bathtub should be reglazed at minimum, I quite hated the popcorn ceiling, and the kitchen needed updating (not totally dysfunctional, but my rental has much better appliances in much better condition - nuff said). I could overlook the drawbacks, however, since the layout easily converts to accommodate a 2nd bedroom without total sacrifice of the living area. The place has been on the market since Feb '09 despite BHS's peppy "new listing" designation.
That said, it was a good space in a good building in a fantastic location. (This is subjective, I realize, but I like BPC.)
Was anyone else tempted on this unexpectedly lovely day? Aboutready, any luck out there?
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Response by nyc10023
over 16 years ago
Posts: 7614
Member since: Nov 2008
Doesn't cove club have sky high carrying charges?
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Response by jimstreeteasy
over 16 years ago
Posts: 1967
Member since: Oct 2008
Geez..I just looked at the charges. They are outragous, so of course the price psf must be significantly lower (and I am not opining one way or another on if it is low enough yet).
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Response by evnyc
over 16 years ago
Posts: 1844
Member since: Aug 2008
It's in BPC, so yes, as it is a land lease. But the prices are starting to come down almost enough to compensate for that. Average rent for a 2-bedroom is $4300, and they're often higher than that in BPC; when the carrying costs start getting down into the mid-$4k territory, I start to notice even if the land lease issue does cause concern. There's talk of selling it back to the city, though, which would presumably reduce the costs.
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Response by aboutready
over 16 years ago
Posts: 16354
Member since: Oct 2007
evnyc, saw a couple of flawed but intersting spaces. will report on one or two of them tomorrow.
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Response by evnyc
over 16 years ago
Posts: 1844
Member since: Aug 2008
"There's talk of selling it back to the city" - sorry, "it" is BPC.
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Response by evnyc
over 16 years ago
Posts: 1844
Member since: Aug 2008
AR, can't wait!
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Response by jimstreeteasy
over 16 years ago
Posts: 1967
Member since: Oct 2008
I saw several today...and posted down below about them. Mainly, my impression is that prices are still too frigging high, often, but maybe the sellers are right.
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Response by mjsalisb
over 16 years ago
Posts: 177
Member since: Sep 2006
Went to two open houses for 3-4 bdr rentals in the $7K range and there was NOBODY in sight....though who can blame someone for deciding that real estate shopping was a low priority on a November Sunday with temps pushing toward 70 degrees....
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Response by evnyc
over 16 years ago
Posts: 1844
Member since: Aug 2008
Jim, generally I concur. I decided to look at "flawed" apartments because today on a whim because it was nice out and I felt like taking a walk, and because the prices seem to be tanking hardest on properties with significant flaws (in my market, which is the weirdly active low end). Sorry I missed your post below. I did look.
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Response by khd
over 16 years ago
Posts: 215
Member since: Feb 2008
I tried to go to 2 OH in Chelsea (in the same building)...maybe I made a mistake showing up at 1:35 for a 1:30 OH but none of the 4 brokers was there.
went to 3 this weekend in Harlem
1 townhouse on strivers row -- significant markdown but still grossly overpriced given the amount of work needed
1851 Adam Clayton Powell -- very interesting -- drawing large crowds. Pricing is better than comparable properties, but this building has a challenge -- it has tenants who are apparently not happy with the conversion. Still lots of people there and realtors indicate strong interest in getting 3 more units into contract before the deadline for approval of their plan -- they need 7 minimum, and indicate that they will deal to get that number. Looks like they will go for 900k for 1800 sqft -- meets bronxboy's target for harlem
also went to 271 W 122 -- an apparently grossly overpriced property -- as is its twin 265.
The realtor appeared to be engrossed in talking to some other buyers/lookers who were questioning the price and he was visibly and persistently rude, so we left.
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Response by Topper
over 16 years ago
Posts: 1335
Member since: May 2008
evnyc:
Those carrying costs come to about $33 per square foot per annum. And you can rent for something like $50 per square foot. Kind of makes you wonder, why bother to buy - at least in this case.
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Response by evnyc
over 16 years ago
Posts: 1844
Member since: Aug 2008
Topper, I'm not sure I quite understand your analysis. $33 a square foot seems a lot cheaper to me than $50. I look at it from the perspective of, if I paid ask (which I wouldn't consider given condition) carrying costs are $4400k a month. BPC 2-bedrooms cost $4-4.5k for anything worth looking at, plus I don't get a tax break paying that equivalent rent. You can argue that the tax subsidy doesn't matter, but when the monthly carrying costs get that close, I would argue that they do.
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Response by jimhones09
over 16 years ago
Posts: 195
Member since: Aug 2009
the open house i ran today went beautifully. i had 9 different groups come to my open house for a one bedroom condo in midtown east (asking price of around 850k). we already had accepted an offer (cha ching!) but i thought i would do the open house anyway to snare some more stupid asses out on their own without a buyers broker. once i get their name and number and email from the sign in sheet the relentless campaign to get them as clients will begin. not a bad week really....two rental deals (one with bldg and one with pan am) for net commisions of about 4600, plus my potential split from the sales for the open house i ran today....lot of you fuckers are hoping the brokerage industry will just go away, but not yet friends, not with cash like this floating around in a "down" market
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Response by darkbird
over 16 years ago
Posts: 224
Member since: Sep 2009
4600 gross is a good week? Read my previous comment about you.
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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9881
Member since: Mar 2009
"i thought i would do the open house anyway to snare some more stupid asses out on their own "
It's nice to see a little balance on this forum once in a while.
Doesn't cove club have sky high carrying charges?
Geez..I just looked at the charges. They are outragous, so of course the price psf must be significantly lower (and I am not opining one way or another on if it is low enough yet).
It's in BPC, so yes, as it is a land lease. But the prices are starting to come down almost enough to compensate for that. Average rent for a 2-bedroom is $4300, and they're often higher than that in BPC; when the carrying costs start getting down into the mid-$4k territory, I start to notice even if the land lease issue does cause concern. There's talk of selling it back to the city, though, which would presumably reduce the costs.
evnyc, saw a couple of flawed but intersting spaces. will report on one or two of them tomorrow.
"There's talk of selling it back to the city" - sorry, "it" is BPC.
AR, can't wait!
I saw several today...and posted down below about them. Mainly, my impression is that prices are still too frigging high, often, but maybe the sellers are right.
Went to two open houses for 3-4 bdr rentals in the $7K range and there was NOBODY in sight....though who can blame someone for deciding that real estate shopping was a low priority on a November Sunday with temps pushing toward 70 degrees....
Jim, generally I concur. I decided to look at "flawed" apartments because today on a whim because it was nice out and I felt like taking a walk, and because the prices seem to be tanking hardest on properties with significant flaws (in my market, which is the weirdly active low end). Sorry I missed your post below. I did look.
I tried to go to 2 OH in Chelsea (in the same building)...maybe I made a mistake showing up at 1:35 for a 1:30 OH but none of the 4 brokers was there.
Linking to jim's earlier thread:
http://www.streeteasy.com/nyc/talk/discussion/16048-east-village-open-house
went to 3 this weekend in Harlem
1 townhouse on strivers row -- significant markdown but still grossly overpriced given the amount of work needed
1851 Adam Clayton Powell -- very interesting -- drawing large crowds. Pricing is better than comparable properties, but this building has a challenge -- it has tenants who are apparently not happy with the conversion. Still lots of people there and realtors indicate strong interest in getting 3 more units into contract before the deadline for approval of their plan -- they need 7 minimum, and indicate that they will deal to get that number. Looks like they will go for 900k for 1800 sqft -- meets bronxboy's target for harlem
also went to 271 W 122 -- an apparently grossly overpriced property -- as is its twin 265.
The realtor appeared to be engrossed in talking to some other buyers/lookers who were questioning the price and he was visibly and persistently rude, so we left.
evnyc:
Those carrying costs come to about $33 per square foot per annum. And you can rent for something like $50 per square foot. Kind of makes you wonder, why bother to buy - at least in this case.
Topper, I'm not sure I quite understand your analysis. $33 a square foot seems a lot cheaper to me than $50. I look at it from the perspective of, if I paid ask (which I wouldn't consider given condition) carrying costs are $4400k a month. BPC 2-bedrooms cost $4-4.5k for anything worth looking at, plus I don't get a tax break paying that equivalent rent. You can argue that the tax subsidy doesn't matter, but when the monthly carrying costs get that close, I would argue that they do.
the open house i ran today went beautifully. i had 9 different groups come to my open house for a one bedroom condo in midtown east (asking price of around 850k). we already had accepted an offer (cha ching!) but i thought i would do the open house anyway to snare some more stupid asses out on their own without a buyers broker. once i get their name and number and email from the sign in sheet the relentless campaign to get them as clients will begin. not a bad week really....two rental deals (one with bldg and one with pan am) for net commisions of about 4600, plus my potential split from the sales for the open house i ran today....lot of you fuckers are hoping the brokerage industry will just go away, but not yet friends, not with cash like this floating around in a "down" market
4600 gross is a good week? Read my previous comment about you.
"i thought i would do the open house anyway to snare some more stupid asses out on their own "
It's nice to see a little balance on this forum once in a while.