Rental property = How much in a sale?

I do not think people take into account carrying costs enough when looking to buy. The apt is 616 sq ft so at under $1 per sq ft that shd be worth more in a purchase price than apt's that have similar purchase price but higher carrying costs. Paid $685k and put30k in renovations and have been told by a broker I could probably list for sale at 700k or so. When I look at other 700k pats I do not think they could rent for the same figure.

Thx

I think you're over-enthusiastic about the rent. Market rents are:

http://www.nybits.com/search/?_a!process=y&_rid_=7&_ust_todo_=65733&_xid_=lKrqfHX82i_vIO-1303775695&!!atypes=studio&!!rmin=&!!rmax=&!!orderby=neighborhood&submit=+SHOW+RENTAL+APARTMENTS+&!!nsearch=west_village

much lower. And prices for straight-line studios are about $450k, and $600k for large alcove studios.

Try Florida.

Brilliant, he asks a question about sale prices for an apartment he owns, and gets told to move to Florida.

In November of 2009 I got 3550 in rent. Since then I re-did the kitchen and added 4 California closets. I think $3600 at a minimum and many friends who rent in the same price range agree.

Any other thoughts?

Correction November 2008

Sounds like a nice place.

I am happy to come look at it if you want a price opinion. I will tell you, though, that the starter apartment/P-a-t market is very slow.

ali r.
DG Neary Realty

I think you're way too aggressive on your rent estimate. You're estimating $75 per sq ft per year. The median Village 1BR on SE is asking $54, and remember that listings are dominated by overpriced crap that just sits.

On sales price, I think you'll have done well to end up $650K or so, simply based on what the market has done compared to when you bought. So if you want to sell, price it at $685K.

$3,600 seems high to me, even for the Village. Do some research on current rent asks in your area to get a better sense of where things are right now.

Have done a ton of research as we are tring to find something bigger to rent. Rents seem fairly high in desirable downtown locations. I used craigslist last time post lehman brothers default and was able to get $3550 without much work. I am sure I can get more given the inventory we have seen along with the additional work I have put in.

West Village & GV have high rents for renovated apartments....and people who have to live in the Village are willing to pay.