Memo to Owner: You Overpaid!

comparable one bedrooms are renting for close to 5k a month in this building. so you certainly can not rent TWO of them. figure a tax break of at least $1,000 per month, and this person is about $1500 above rent. maybe that is the value that he or she puts on being an owner over a renter. who cares?

Looks like a nice pad.

nice week end pied a terre

$1.275 Million and it doesn't even have a KITCHEN??????

Same apt footprint, 14E on market for 331 days and selling for less does not bode well

05/11/2007
Previous Sale recorded for $1,212,735.
02/16/2010
Listed by Stribling at $1,195,000.
03/26/2010
Price increased by 4% to $1,245,000.
07/16/2010
Price decreased by 2% to $1,225,000.
07/19/2010
Price decreased by 1% to $1,215,000.
09/29/2010
Price decreased by 2% to $1,195,000.
01/10/2011
Price decreased by 4% to $1,150,000.

Call me crazy but 1.2mm but an 800 sq ft place is way over priced.

"this person is about $1500 above rent. maybe that is the value that he or she puts on being an owner over a renter. who cares?"

So, a ~30% premium for the value of having to fix stuff when it breaks? Is there some substantive benefit to being an owner over a renter that you think justifies that?

steve, honestly, it's a nice midtown apartment. with those exposures it seems better for two people than your nice rental at the ellison.

awful place to live--no merchants, garages, etc that service residential within any reasonable distance--even if one had staff to stock basics for pied a terre use, it would mean a trek

hare-brained to build/buy residential in such a uniformly tourist/commercial neighborhood

one can be close to midtown, bway, museums etc; without bieng in a location like this

now watch these places sit until a very low clearing value is established

nice building nice apts by me, but laughable concept

Hard to ignore the most recent comparable, 14B which is slightly smaller but also 1BR/1.5bth, which sold for 1.1m and entered contract back in September. so not much at all of time adjustment but you would need to do a floor and a size adjustment...

Lets say we do 15K a floor: 7 x 15,000 - $105,000

Time adjustment is 42 sft @ 14B's selling rate: 42 x 1306 = $54,869

Add them together and u get a fair market value around 1.26m...Now I usually go +- a few % points after that...

Now that this the most recent in bldg comp with a few variables but is still very close in size and utility with both being 1br/1.5bth..would love a more recent E line, but last I see is 15E sale in mid 2008 for 1.374m...

sorry not Time Adjustment..I meant Size Adjustment there...oops

Definitely need to take into acct that 14E has not sold into equation...I wonder how drastic the view difference is between those 7 floors..I know the bldg width gets narrower as it rises, explaining the slightly larger sft for the lower unit

I just checked the date of the SIGNED CONTRACT for the original sale of 21E at 1.284m...and it was signed on May 6th, 2005.

Thought you would find that interesting, as I would look at the market when the deal was signed and not when it closed; especially for new devs

Is the kitchen in the bathroom?

Steve, when you start a thread like that, you should go to the building page and create a discussion related to the building. This discussion will be lost in a few days and any person potentially interested in buying in this building won't know what has been discussed in the forum about it.

Insanely overpriced. You could rent a bigger place on CPS for less:

http://www.nybits.com/apartmentlistings/edc2b789323a55fbb6f9ac01c76b73d4.html

", for which price you could rent TWO comparable one-bedrooms in that nabe."

Uh, sorry, Steve, your apartment is *not* comparable.

Its like running around yelling Beamers are overpriced because you can get 4 Yugos for the same.

> You could rent a bigger place on CPS for less:

But that building is almost as crappy as yours.

You're right, SWE - my apartment isn't comparable. It's 50% bigger, has two bedrooms, two balconies, two bathrooms, a KITCHEN, and every single room is larger than the rooms of the apartment for sale.

I'm not in that nabe - close, but not quite. Nonetheless, apart from delusional condo owners trying to sublet, most market-rate rental buildings are in the $2,800 to $3,500 range:

http://www.nybits.com/apartmentlistings/91e5efcc8ec9bd3481b249deb62dad65.html

The above apartment, just as nice if not nicer - BIGGER - at half the cost.

The price is DELUSIONAL.

What is the unabated tax burden?

wow steve, i understand you bashing would be purchasers to force them to rent forever (ala the julias on this website)...slightly underhanded, but hey gotta make that commission..

now youre actually just posting listings on your rental website?

a little too obvious? chaching$$$$, get that comi$$hhh stevie, you must be busy these days ;)

"My" rental website?

My website offers translation services.

Pity the condo owner who chooses to rent, often when apparent that a sale would produce an awful loss the owner is unwilling to accept. When they calc the rent needed to get anywhere near their carry costs, they get the harshest rent/buy lesson of all. And their condo sits, laughably overpriced as a rental, emitting a subtle hissing noise, a small contributor to the bubble chorus

So elsewhere, is your point that to buy in the cited bldg makes sense, or are you just being snarky.

Much prefer to hear your thoughts on this property, rent/buy etc.

Hol on hol...you're all twisted up here....again

Your rental website offers apartment for rent.. how much is commi$$ion? ;)

"Is the kitchen in the bathroom?"

No.

If you look REALLY closely at the floorplan, they did install what appears to be a wet bar on the far side (well, given that it's only 17 feet it's not THAT "far") of the living room.

"You're right, SWE - my apartment isn't comparable. It's 50% bigger, has two bedrooms, two balconies, two bathrooms, a KITCHEN, and every single room is larger than the rooms of the apartment for sale."

This is like a guy who lives in the projects explaining how much room he has in his apartment.

i thought you hated the other steve, or is it all steves

They're both pretty easy pickins'.

Wbottom
>So elsewhere, is your point that to buy in the cited bldg makes sense, or are you just being snarky.
Much prefer to hear your thoughts on this property, rent/buy etc.

I'm confused, no man would write like this, yet you say you are a man.

"So elsewhere, is your point that to buy in the cited bldg makes sense, or are you just being snarky."

The point is that the OP comparison is simply batty. The logic is very poor.

Not my cup of tea, but this is a "center of it all" building, and seems fairly high end, lots of windows, very different than Steve's budget building in a much inferior location in times square. Assuming you want a hotel-type location... Seems like the kind of thing a foreigner would go for, in the vein of Trump Tower. The fact that they rent furnished apartments here short term to me signifies that market push.

I figure this would sell a little under asking - say $1250 a square foot.

largely agree, but dont see the bid for this type of thing at this point--not the same market when props like this sold well--see olympic/trump tower then; now see this prop, cassa etc--these will sit and clear at more appropriate prices to the unliveable nabes they are in

oh hburg, will you ever have a life? or is this it?