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Condos fetch 25% under 2008 levels at auction

Started by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009
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All six units were sold within one hour. The five two-bedroom and two-bathrooms apartments were auctioned off for $1.23 million to $1.42 million, with units on the higher floors fetching more. The sale prices were up from the suggested $599,000 starting bid, but down by as much as 25% from the price that a similar two-bedroom sold for in 2008. Cardinal agreed to sell the apartments to the highest bidder without a reserve, meaning that they will be sold without their approval. The 2,255-square-foot duplex penthouse, which had a reserve, sold for more than $2 million. The developer has a few days to approve that sale. An identical duplex in the building sold for $3.4 million in early 2008.
Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009
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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

somewhereelse,

Hey, how are you? Do you have any tips when dealing realtors and choosing a real estate agency?

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Response by Truth
over 15 years ago
Posts: 5641
Member since: Dec 2009

somewhereelse: Sale prices are close to the guess, on that other thread.

Nice to see that you're back on here. Hope you had a nice vacation/trip to whereeverelse you were.

mutombonyc missed you, too.

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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009

Just got a little busy. Didn't do anything exciting, but thanks for the words.

If I had to chose an agency, I'd go with Noah. www.urbandigs.com One of the few honest guys out there.

would you be renting, buying, or selling?

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

somewhereelse,

No problem, its always my pleasure to speak with you :-). It would be for buying. I'm thinking about using Fillmore, but if you could provide me with additional agencies that would be great. What about R.E. Fees to the agent, hiring a R.E. attorney and there fees anything you can think of to enlighten me about process.

Truth, Y

How is your summer coming along? Are you ready for the 4TH of July? Hitting up summerstage?

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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009

Mutombo, don't forget mortgage fees. And possibly a mansion tax.
here is a writeup on some of the fees:
http://www.manhattanapts.com/coops-condos.html

I say go with Noah. Its more about specific brokers than agencies. Dishonest folks in pretty much any agency.

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

somewhereelse,

Do you have anything for multi-family houses?

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

somewhereelse,

I do not have to worry about the mansion tax. LOL.

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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009

nah, been a long time since I dealt with multi-family.

Mansion tax is anything over a million. Multi-family in nyc can easily hit that.

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Response by Truth
over 15 years ago
Posts: 5641
Member since: Dec 2009

mutombonyc: Thanks. I'm busy with my dear friend and client, Levon Helm.

www.LevonHelm.com

Please ask for me, by your SE name; if you are going to attend the Levon Helm Band/ Willie Nelson show at Radio City , in July. Go to the area where you see people with "ALL ACCESS" backstage passes.

It will be nice to meet you.

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

somewhereelse,

Thanks, I can always count on you.

Truth,

You are great and thanks for the invite. Is Willie Nelson celebrating 420 late? LOL. Joking.

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Response by urbandigs
over 15 years ago
Posts: 3629
Member since: Jan 2006

SWE - thx for the recommendation! Much appreciated. However, Ive been turning away buyer clients for past few weeks because my schedule is overbooked already with 50% of my time going towards finishing this new project everyday. Once it launches, assuming its a smooth launch, I will get back to taking on new clients. It wouldn't be fair to existing clients and the new client though right now. Thankfully I had a great first half so I can put my time and efforts to this new project...cant wait to launch it

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

urbandigs,

In your office, do you have counterparts that could take on new clients?

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Response by apt23
over 15 years ago
Posts: 2041
Member since: Jul 2009

mutombonyc: Try W81st . He is knowledgeable and honest. Especially good with UWS. Plus he can direct you to other agents in other areas who are reputable. He really knows his stuff.

Truth: I LOVE Levon Helm. Is he playing Radio City solo or part of a roster?

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Response by urbandigs
over 15 years ago
Posts: 3629
Member since: Jan 2006

mutombonyc - not at this time. all efforts are going towards this new data platform, not expansion via the normal brokerage ways. Doug Heddings team is another choice to consider.

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

apt23,

Thanks for your help. Do I know W81 St?

urbandigs,

Doug Heddings, works for urbandigs? Thanks for your assistance.

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Response by urbandigs
over 15 years ago
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Member since: Jan 2006

no, doug heddings has his own firm and was at elliman for a long time, he is 17 yr veteran in this business.

http://www.heddingsproperty.com/

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Response by mutombonyc
over 15 years ago
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Member since: Dec 2008

urbandigs,

Thanks again & best wishes to you on your project and future business.

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Response by apt23
over 15 years ago
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Member since: Jul 2009

muto: Look at the thread If You Can Chart Market Movement with Comps -- especially the West side version. You will see w81's take on a lot of the apts, lines, neighborhoods. His email: west81st@gmail.com

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

apt23,

Thanks, I have seen you post here before and don't believe I have ever had the pleasure of speaking with you. W81st does not ring a bell but I will be sure to hit him up.

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Response by urbandigs
over 15 years ago
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thx..to u2

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Response by apt23
over 15 years ago
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Member since: Jul 2009

good luck. where are you looking?

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

Brooklyn & Queens, multi-family. Thanks, I did not know this process would start out to be stressful.

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Response by Truth
over 15 years ago
Posts: 5641
Member since: Dec 2009

apt23: Thanks. Levon loves his fans.

The show is Levon Helm Band (with Larry Campbell and the entire horn section) opens for Willie and then they play together.

If you are going, it will be nice to meet you too.

Check out "The Ramble" shows, up at Levon's place in Woodstock. Shows are every Sat. night (When Levon is not out on tour). Great opening band, starts at 8pm, followed by The Levon Helm Band (9pm until 1am or even later some nights.).

You can read/see it on Levon's web-site.

I'm not up there for every Ramble; but if I am it will be nice to meet you there and say Hello.

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Response by front_porch
over 15 years ago
Posts: 5316
Member since: Mar 2008

mutombonyc,

I don't do the outer boros but I think you'd like my book, which is geared towards first-time homebuyers (with checklists like how to talk to your realtor) and includes the experience of owning a multi-family in Long Island.

http://tinyurl.com/2ag28z

ali r.

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

front_porch,

Thanks for your assistance. I did not know this process could become taxing on individuals.

somewhereelse,

I did not mean to take over your thread with my issues, but no one replied on my thread asking the same questions. :-). I got nothing but love for you baby. Remember that one? LOL.

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

front_porch,

I got a 404 on that link.

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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009

no worries, man. good luck.

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Response by mutombonyc
over 15 years ago
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Member since: Dec 2008

somewhereesle,

I will keep you posted. We have to do tea after my closing. LOL.

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Response by apt23
over 15 years ago
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Member since: Jul 2009

Truth: Can't make the Radio City with Willie as I am scheduled for Al Pacino in the park. But I will def check out the Ramble some time this summer. Thanks for the info.

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Response by Truth
over 15 years ago
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Member since: Dec 2009

apt23: Let me know when you are going up to The Ramble.

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Response by Truth
over 15 years ago
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mutombonyc: Did you say tea will be served?! Count me in.

somewhereelse and I get along just fine.

He doesn't care if I come on his thread and comment about Levon Helm.

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Response by mutombonyc
over 15 years ago
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Member since: Dec 2008

Truth, yes I did say tea, pardon my manners for not inviting you. After closing, you are invited to join somewhereelse and myself for tea. LOL.

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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007

somewhereelse will be in the Hamptons that week (renting, not buying).

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Response by front_porch
over 15 years ago
Posts: 5316
Member since: Mar 2008

m,
sorry, that link works for me. But try this one:

http://amzn.to/aHUXdK

ali

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Response by Truth
over 15 years ago
Posts: 5641
Member since: Dec 2009

Muto: Yes. I'm up for tea. Thanks.

If somewhereelse is in the Hamptons that week -- renting or whatever--we can have tea at my B.F.'s house. He's owning, and not renting.

You are invited too, Alan.

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Response by alanhart
over 15 years ago
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Member since: Feb 2007

Thank you! Thank you very kindly!

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Response by mutombonyc
over 15 years ago
Posts: 2468
Member since: Dec 2008

Truth,

You are so kind.

front_porch,

Thanks again.

alanfart,

Cut the nonsense.

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Response by Truth
over 15 years ago
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Member since: Dec 2009

muto: It's o.k., I like Alan.

Alan: You don't have to go to the beach and worry about sand-flies and seagulls. You can stay at the house and enjoy a delightful dip in the freshwater pool. We have nice pool floats (chairs with cup-holders for your refreshing beverages of your choice.) Fire up the grill -- we have good food, well-stocked.

It's big enough for you to avoid somewhereelse, and anybody else who you may not like.
You can have your own cup of tea.
Whatever you want, Alan.

"Whatever a person really, really wants is o.k. with me." (Andy Warhol)

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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009

Nothing beats a nice private pool on a hot day.

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Response by alanhart
over 15 years ago
Posts: 12397
Member since: Feb 2007

Much appreciated, Truth. I'm not avoiding somewhereelse, but nonetheless can I send nyc10023 as my ambassador this weekend? She knows how to order a sidecar.

I'm more a beach kinda guy, but pool sounds really nice too (unless you get uppity stone decking/coping and it gets intensely hot).

My friend in the greater Phoenix area insists that a pool lends no premium nor discount to the value of a house in that market. Half the buyers want a pool, half don't; half the houses have pools, half don't. Go figure. 115 degrees in the shade.

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Response by somewhereelse
over 15 years ago
Posts: 7435
Member since: Oct 2009

"I'm more a beach kinda guy, but pool sounds really nice too (unless you get uppity stone decking/coping and it gets intensely hot)."

I love a pool looking at the water....

"My friend in the greater Phoenix area insists that a pool lends no premium nor discount to the value of a house in that market. Half the buyers want a pool, half don't; half the houses have pools, half don't. Go figure. 115 degrees in the shade."

Maybe its because there are so many, you can always use your friend's.... and you don't have to do all the upkeep.

They are a lot of work.

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Response by Truth
over 15 years ago
Posts: 5641
Member since: Dec 2009

Alan: I like nyc10023. But the Hamptons house is a kid-free zone. I like kids, but I can't relax with them around. I'm sure that they are good kids.

Somewhereelse: My B.F. has a house/property manager. He and the B.F. do all the work. I have all the fun.

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Response by somewhereelse
over 15 years ago
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Member since: Oct 2009

Well, better than a nice private pool is someone else's nice private pool.

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Response by Truth
over 15 years ago
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somewhereelse: Exactly.

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