I've seen a discussion before regarding relative pricing of homes in the current market (e.g. current prices should be similar to what they were in 2005). Would be great if someone could reply with it. Essentially I'm looking to make an offer as a 1st time buyer. I'm looking towards the lower end of the market so I don't think further potential market depreciation would impact overall price as... [more]
I've seen a discussion before regarding relative pricing of homes in the current market (e.g. current prices should be similar to what they were in 2005). Would be great if someone could reply with it.
Essentially I'm looking to make an offer as a 1st time buyer. I'm looking towards the lower end of the market so I don't think further potential market depreciation would impact overall price as much the benefit of long term appreciation (I'll probably be there 5+ years). I'm just trying to get some perspective of how this apt is priced and setting an opening offer. Insights are welcome, consider me a RE newbie. Thanks!
http://www.streeteasy.com/nyc/sale/474579-coop-201-east-21st-street-gramercy-park-new-york[less]
Response by lobster
about 16 years ago
Posts: 1147
Member since: May 2009
I'm a prospective buyer and have been looking at 2 bedroom apartments in the UES for almost 8 months. The only thing that I noticed is that the current owner bought this apartment in September 2006 for $575,000 and I'm wondering if the current listing price should be higher than what the apartment sold for 3 years ago. The apartment looks lovely in the pictures in your link, but you may want to make sure that the listing price reflects other similar lisitngs in the building and other comparable buildings. Good luck!
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Response by ab_11218
about 16 years ago
Posts: 2017
Member since: May 2009
consider this. with the current price and 20% down at 5.25% 30 yr fixed and expecting the maintenance is 50% tax deductable you will pay:
$3457 per month pretax
$2763 post tax per month (this figure increases a little ($5-10) every year due to less mortgage interest and more principle being paid) (also to consider maintenance increases based on % per year on history)
what would you expect this apartment to rent for today? if close to this price, which i would expect, then it's a good deal.
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I'm a prospective buyer and have been looking at 2 bedroom apartments in the UES for almost 8 months. The only thing that I noticed is that the current owner bought this apartment in September 2006 for $575,000 and I'm wondering if the current listing price should be higher than what the apartment sold for 3 years ago. The apartment looks lovely in the pictures in your link, but you may want to make sure that the listing price reflects other similar lisitngs in the building and other comparable buildings. Good luck!
consider this. with the current price and 20% down at 5.25% 30 yr fixed and expecting the maintenance is 50% tax deductable you will pay:
$3457 per month pretax
$2763 post tax per month (this figure increases a little ($5-10) every year due to less mortgage interest and more principle being paid) (also to consider maintenance increases based on % per year on history)
what would you expect this apartment to rent for today? if close to this price, which i would expect, then it's a good deal.