Is this a good deal for $1.1M?

Seem like one negative is the floorplan. The entrance is like right in the kitchen. Not sure you could even fix that.

That's one of the problems with those conversions of 1920's apartment hotels. When they were built, in order to be classified as a hotel and so get higher density and less light and air, they could have only serving pantries, with no cooking facilities. It's tough to cram full-kitchen equipment into those little spaces. Here, they expanded out into the foyer.

For a million dollars you still have to fight over the bathroom? No second bath?

close to central park = $$$

It's an oddball at any price. Better to ask yourself, "what is the cost of locking into a place I won't be able to sell?"

Why not wait for the tidal wave of new listings after LD?

actually, I take it back, I think its overpriced.

Also coop z? You really think your 250 with no reserve will get you to the table?

All good points.

spinnaker: you think there will be a ton more listings in Sept? I haven't thought about that. As for coop, I'm not sure what their requirements would be. My $250K isnt every dollar I have left to my name. But I am not sure what they would want in terms of reserve assets. I'll do some more research.

I don't know what the norm is but mine wanted to see at least 30% of purchase price in cash reserve and less than 24% D/I

Post LD is equal only to the spring rush in listings. We'll see a spike, how big is anyone's guess. Most of the prewar UWS listings seem to be more like last week's peaches at Barzinni's.

My understanding is basic rule of thumb on UWS is going to be minimum 12 months carrying costs, but really depends on the building. I've also heard 12 months maintenance, but that sounds off, since your maintenance doesn't do a lot of good if you can't pay your mortgage too. Some will put more weight on debt-income ratio and others on cash in the bank. Always a balancing act.

This case, if you get the apartment for $1 million, you put down $250k (assuming that you have another $20k +/- for closing costs), your $750k mortgage at 5.25% (may be higher since you're above $729.750) and maintenance will put you at $6,057 per month. Add in any monthly debt you have (car payments, student loans, credit card balances...etc.) and calculate whether or not your debt to income ratio is 25% or lower.

If so, you can probably work with those numbers in some co-ops assuming you have another $70k in the bank, but again, every building is different.

I saw that listing when it fist came out and the kitchen was an immediate deal-breaker. Otherwise seems pretty decent.

thanks spinnaker. I found this link: http://www.asklala.com/blog/2010/07/30/what-are-typical-coop-board-financial-requirements-for-coop-buyers/

and they say similar things. Liquid asset requirement can range from 1-3 years and 4x housing costs. So if my mortgage + maintenance is 5K, I should be ok but still on the cusp. Same for liquid assets at $1M purchase price.

But it does seem like coops may be less willing to sell at lower prices to keep the building from devaluing. I think that could be an issue as a future seller.

Thanks NYC. I guess at those figures the 25% debt to income puts me right on the cusp. Assets should be ok.

But you are right, I dont want to walk into my house and be inside the refrigerator.

But this is good analysis as I do see a few coops in the area for about $1.1M that I might be able to get for $1M which is the goal.

Plus I think I may be able to get a second bath if I search hard enough. But this location is pretty nice. Thanks for the input, I appreciate it.

No prob, best of luck. Just to give you an indication, though, anything that is that amount of space with 2 baths, pre-war, prime UWS and doesn't need any work done, is selling for above $1 million, usually closer to $1.2-$1.3. Been looking at the same category myself for a year now and that has been the consistent story...Best of luck.

http://streeteasy.com/nyc/sale/534226-219-west-80th-street-upper-west-side-new-york

Okay, zzzbuyer. Herez one for you. not my cup of tea, but looks like the seller's want out bf renter's lease expires...

Lowball, with enough cushion to carry two places. Put $50K in escrow to ensure if tenant does a holdover, you are covered. Low CC, further north than you'd like I'm sure but looks like you got $250K burning a hole in your Brooks Brothers $500 for 2 suits suit pants.

That W 73rd St place #616 already has a contract out. Guess some folks dont care about walking into a kitchen.

w67: thanks. Will look into it.

I like park block West 73rd better than 219 West 80th, but that may be just me.

zzzbuyer: Our firm does flat-fee consulting if you don't want to pay a buyer's broker full freight but just want help with the board package..we're good at setting out your financials so they tell the right story, helping you with reference and cover letters, etc.

I can be reached at ali [at] DG Neary {dot] com

ali r.
DG Neary Realty

Zzzbuyer for a small fee I can change your diaper.

Uhhhhhhh. Ali. There is a price for anything, just like there is an ugly girl for an even uglier guy.

Let's see 1/4 monthlies, condo, $150k cheaper asking, looks desperate trying to sell with tenant.... Closer to both parks! See I can spin it anywayz I wantz.

I like this sub 800k 3br for bubba.

Now lets book Sweden and get that swan 60.

http://streeteasy.com/nyc/sale/546591-condo-15-west-104th-street-manhattan-valley-new-york

For all this talk about an overpriced market, I have had 6 appointments cancelled this week due to contracts already out with "backup buyers". It is getting absurd at this point. The second I find anything remotely close to being an affordable 2BR/2B in a decent area, the unit gets snapped up.

Just because people are buying doesn't mean things aren't overpriced--just take a look back to 2008.

but its not 2008 jordyn... these are all bubblfied, hindsighted buyers forging bravely and knowingly into that good nite. big diff

"The second I find anything remotely close to being an affordable 2BR/2B in a decent area, the unit gets snapped up."

This will be true for anything priced in the lower range of current market value, regardless of what year it is.

zzzbuyer, perhaps you're looking in a price range where there are many other potential buyers who have better finances than you. Either look at a lower price range or be patient. I am chosing the latter.

Zzzzbuyer. You have my blessing to be a lemming. Shoot your wad!

Spinny was that really you on the email? Gotta be careful with that one troll :)

"For all this talk about an overpriced market, I have had 6 appointments cancelled this week due to contracts already out with "backup buyers". It is getting absurd at this point. The second I find anything remotely close to being an affordable 2BR/2B in a decent area, the unit gets snapped up"

yeah it's kinda like that countdown on QVC....only 10,000 left....only 5,000 left.....only 1000 left...3 more minutes...500 left..Im walkin out the door....2 more minutes...200 left.....ummm..200 left.....errr 200 left....

Why not just give a broker a check in escrow and just sign the signature page for a blank contract.
THat way you won't miss out on a deal.

Flmaoz truthy.

I 'bet' there are 50 borkers alone in cockoran whose sole job is to answer sold listing still up on se and say, ' do you wanna be our back up offer?!' oldest game in the books in NYC re.

are you insinuating that the real estate brokerage industry in NYC is full of slimeballs?! puh-lease!

Un f'ingbelievable...ay Dub?

Hey zzzzzz, are you married to the west side?
How about this one, it's only had an open house nearly every day this week.....so please hurry if you want a shot
http://streeteasy.com/nyc/sale/542673-coop-8-e-68-lenox-hill-new-york

T10, nice find. Maybe I should expand my search. Those are the exact kinds of bargains I am looking for. The last go around in our fair re mkt, I literally got 30% off on listings bc the sellers were desperate corporate type that wouldve lost their jobs if they couldn't close by quarter end.

I believe the ritziest coop with the 50% down are gonna hurt seriously. My wife and I have projected we will have $1.3mm for our downpayment by 6/11. So we shalle see

DubSixSev ...I learned that lesson a while ago.
I went from a search parameter of south of 23rd st, west of 3rd ave, north of delancey....to south of 57th, north of worth!..... And half assed considering lenox hill.

This listing is interesting, though there is something weird to the listings in this building that need to be checked out....comparable unit(s) maintenance figures don't seem to jive against each other....and 1B's history needs some clarification....you'll see it when you see it.

Appreciate the sarcasm but now looking at a unit on E 61 st

Some nice coops there. But sellers agent claim they wont budge and i'm not in the ballpark in terms of what I'd offer

Are you really going to base a million dollar decision on posts to a bulletin board?

When you are done with this decision, I've got a bridge to sell you...

$950K seems reasonable. It does seem bath room is renovated. If the place had an additional bathroom (add 40 sq ft too), the place would be $100K more.