207 listings in craigslist for $1000-$1500 price range in UES apartments for rent. rental market is in free fall

why are you wasting our time? I'm sure at least half of those apts. are bait and switches.

I hate to agree with Der Fuhrer, but he's right. Craigslist is not a barometer of anything but the number of scams being perpetuated at any given moment.

Der Fuhrer...lol

I agree that some of the ads are scams, but thats always been the case. I think it still serves as a good metric for the overall state of the rental market.

well, more scams just shows that RE market is doing even worse. All those brokers with free time...

I am an owner, personally renting a no fee 1 bedroom on the UES in the price range right now. This means at least one of them is legit...

I have received more responses from CL than from SE in the less than 1 week it has been on the market

and there we have it

You're right, 1 out of 207 listings has been verified, must be a useful metric. This is a garbage metric. Rents may be in freefall but you have proved nothing through this analysis.

Prices are falling so fast right now that the scammers are being priced out by legit posts on craigslist. You know things are bad when this starts to happen.

Prices have not fallen any more in the last few months then where they had already fallen, at least in my 300 apartments across 25 buildings.

I only have one vacancy right now, so I must be pricing right...

Mav. If we assume 1 yr lease and no renewals, there would be on average 2 units in your world fo rent every month. So instead of 1 you got 2. Flmao. Statistics anyone?

Fuck. Reading anyone? Read too quickly while driving. But gist is still valid.

the rental market is awful right now. you are clueless if you say otherwise. For about 2 months there has been nothing. The reason there are so many places coming up in this 1000-1500 range is that these are the people who have been fired the past year. They are the back office people, the secretaries, the assistants.

w67th,

When you pull over, be sure to explain the point you are trying to make....

txting and driving a 5 speed is a no no....

assume in your universe of 300 apts an average of 25 available for rent any one month, however as a RE "expert" I'd guess most rentals turn over beginning and ending of summer and as your boss, I'd tell you IF you have even 1 rental available during Thanksgiving, Xmas, New Year, Feb, March (cold fucking months), I'd fire your azz. So congrats, you may push lease agreements and deal with plugged up toilets till next november.

Next...

w67,
do you have residential units or just commercial?

PS: I got visions of Assland drinking lemming juice.

Sam, not arguing that rental market is tanking, only that Craigslist is not a barometer. Many if not most of the apartments listed don't actually exist. Wait for the TREGNY data and extrapolate incentives you see being offered; at least there's some basis in reality that way.

IMHO, what we're seeing is all the lousy units out there (think the worst 5% of the units in a building) that are absolutely languishing. Price discovery is still fully in process there, because there's enough decent stuff out there, decently priced, that the bottom end is going empty.

I think we are going to see the $1300 studio in many prime Manhattan locations, especially co-ops for rent, but where the units in question are the ones that face a brick wall, etc. Now, the same unit across the hall, looking out at the front of the building will still be $1800 (or maybe even more), but the crap listings (and those are the ones that need all the advertising to drum up any tiny bit of traffic) are still headed down, down, down.

my point being that If I ran this same search 1 year ago..results would have been zero. the market is repricing itself lower evry month.Lets face it..Manhattan RE was built around a core of banks and other related institutions which have been almost cut in half. not just downsized, but gone. Now that reality is pricing itself. Look out below!!!!

I dunno. I found a 2-bedroom (add quotes) on craigslist for $1350 in '05 on the UES. It was neither a real 2-bedroom nor livable in my view, but it was a lot closer to the subway than most crappy apartments, if you could stand the roaches - this was during the walk-through. I think that anotherguy is right: the horrible apartments that brokers used to scare NYC newbies into paying broker fees are just not renting at any price now. Hence the supposedly extreme drops.

evnyc: yes, that's just the sort of units I'm talking about.

As an example, check out almost any listing by Jacobson (landlord with bad reputation for below-standard maintenance, above-average rent increases, no matter what the market). They're just marking things down, $100 by $100, every couple of weeks or so. No end in sight, it seems.

Here's a decent example in the Village: 9 price cuts in 6 weeks: http://www.streeteasy.com/nyc/rental/579574-18-cornelia-street-greenwich-village-new-york

ennyc i disagree with you 100 percent. Craigslist is the the only true barometere of the true market when only about 20 families own most of the rentals in Manhattan. If you cant figure it out then you aint gonna make it here

In a better market, the scams would be at $2k.

w67th said:

"txting and driving a 5 speed is a no no....

assume in your universe of 300 apts an average of 25 available for rent any one month, however as a RE "expert" I'd guess most rentals turn over beginning and ending of summer and as your boss, I'd tell you IF you have even 1 rental available during Thanksgiving, Xmas, New Year, Feb, March (cold fucking months), I'd fire your azz. So congrats, you may push lease agreements and deal with plugged up toilets till next november.

Next..."
_________________________________

1st off, on behalf of all of the other drivers on the road, in addition to the pedestrians whose safety you do not seam to give a hoot about, I offer a heart filled raised middle finger, you selfish obnoxious driver/texter.

2nd, in my universe, I average 3 turnovers a month, maybe 5 in the summer.

3rd, I am the boss. No one is firing me from running my own buildings, lol

I do not know what point you are trying to make here, but you are way off base here (especially for a self-proclaimed "expert") and you are sure letting your asshole flag fly high. You must be the worlds biggest loser to be driving around while checking on your troll'd threads on Streateasy.

Oh shit that girl drinking coffee, eating an egg mcmuffin, and putting on mascara almost sideswiped me while I was txting at a stop light.

Of course I can hang up my asshole flag, I am the creator of azzland!

MAV, congrats on being a 300 unit LL, r u saying there is no seasonality in your rent rolls?, no 20 units months?, u were able to pass along 100% or increases in labor, taxes, and transit taxes on top of your 10% increase in 2008 versus 2007 and can proforma this 10% increase for 20 yrs and get a cash out financing for 95% at 5%. is this the azzland you live in? And if so, will you make my azzland a state of your azzland.

"Craigslist is the the only true barometere of the true market when only about 20 families own most of the rentals in Manhattan."

Looks like we have another nomination for Biggest SE Idiot of 2009.

On nybits there are quite a few apartments in the sub-$1500 range. And most people would agree that nybits is somewhat more reputable than Craigslist.

there are tons of rentals avail. The big LL are having problems finding people who qualify!

there were 228 rentals with the same criteria listed as of yesterday on SE. as i have noted before, SE's listings aren't perfect but they are much improved. i don't follow that market so i don't have a clue whether that's a high number of SE listings or not.

the more intresting listings are all the people trying to sublet, I mean you can find some sick good deals there.

SA, lest you become another AR, a friendly warning. this board has a thing about the phrase "sick deal," although as you're not a broker perhaps you deserve a pass.

uh oh: here's the background if you can stand it.

http://www.streeteasy.com/nyc/talk/discussion/9107-highest-and-best-at-the-majestic

hahahaha
since I am saying to look on craigslist for people who want out of there leases from being fired it can be inferred that I am not a broker. I have seen some SICK DEALS from the people wh are in distress and cant afford there places

"since I am saying to look on craigslist for people who want out of there leases from being fired it can be inferred that I am not a broker. I have seen some SICK DEALS from the people wh are in distress and cant afford there places"

And who is going to pay the difference in rent between what the current tenant pays and the new tenant pays? If they have no job, they will not make up the difference. And if you don't, you will get evicted.

What happened to Agent Rachel?

alpie, you're only half right (and half witted). if someone is looking to sublet their apartment rather than merely walk away i'd presume they care about their credit rating. maybe they are moving back in with mom and dad and can thus afford to cover a certain amount of the rent but not all. many possible scenarios that don't involve subletter getting evicted.

i was a serial illegal subletter in the '80s. please. the young thrive on risk.

high rents are done in the city. gone for a while.

I know that I was looking in a lower-end market than most SE posters, but during the month of October, I personally visited 27 vacant true one-bedroom apartments for under $1600 in the "good" part of Washington Heights aka Hudson Heights. As rents fall the younger folks who had been pushed uptown by high rents are now moving downtown. I hope that the neighborhood returns to a quiet enclave of teachers, Broadway musicians, actors and the like.

Last year's influx of hipsters and preppies was starting to freak me out. (In our old lower Heights building's elevator, I saw a young kid bringing home his white dinner jacket from the dry cleaners. It almost made me miss the hooker who used to turn tricks in there.)

rachel appears to still be at BHS and 115 cpw is now listed at $2.7 million---still wrong sq ft and on the market for a year.

the current renters are willing to cover a good chunck of the rent to get out of a lease they can afford to pay most of. 30 percent seems to be the avg that they will cover in order to get out of the lease. I know somebody who just signed at One Brooklyn for 2400 a month and its a 1000 sft place with water views.

> Looks like we have another nomination for Biggest SE Idiot of 2009.

Alpo, I guess we can accept a self-nomination...

"

Oh shit that girl drinking coffee, eating an egg mcmuffin, and putting on mascara almost sideswiped me while I was txting at a stop light.

Of course I can hang up my asshole flag, I am the creator of azzland!

MAV, congrats on being a 300 unit LL, r u saying there is no seasonality in your rent rolls?, no 20 units months?, u were able to pass along 100% or increases in labor, taxes, and transit taxes on top of your 10% increase in 2008 versus 2007 and can proforma this 10% increase for 20 yrs and get a cash out financing for 95% at 5%. is this the azzland you live in? And if so, will you make my azzland a state of your azzland."

_____________________

You said you were texting and driving, even went so far as to tell us you were driving a 5 speed. Now, you were stopped. Which is it? If you were stopped, you must really be even more pathetic than I thought for having to have to tell everyone that you were driving a 5 speed. Wow, you are a loser.

Every message board has a version of you, and by 2009, I know better than to converse with such

MAV remind me to avoid you at a dinner party.....

the evolution from bear to bull

who we talking about?

somewhereelse, still having problems with the post office?

memories..but then I bought and went bull. do the bears on here have a purchase in mind or are they just perpetual window shoppers ?

marco, I'm sure some are perpetual window shoppers, but there's certainly a bunch who will just react to whether or not the numbers make sense to them. And they haven't for a while, so I think they're content where they are. Otherwise, they just move to icky places like Ft Lauderdale.

Perpetual window shoppers!

They just look and predict armageddon, letting opportunity and life pass them by.

Takes a big man to admit he was wrong. Kudos!

I'll keep renting. Thank you.

http://ochousingnews.com/news/house-prices-in-new-england-crashing

> letting opportunity and life pass them by.

How am I letting opportunity pass me by if prices have been declining since 08 and how am I letting life pass me by if I am still living in NYC ?

Are you saying that all the renters in NYC is letting life pass them by ? How moronic is that statement ? Very moronic but I am not surprise one bit. A perma-bull touting rainbows and shinesun forever.

> I'll keep renting. Thank you.

U better not brooks2, life is passing you by!

Not buying because you cant affor sutton place brooks?