467 West 22

eddiesworld, aggressive you can say. the place has been on and off the market for 2 years now. be careful - do some research.

just so you know the place list for about 1.6 ini 2006 and did not sell for over a year until they increased prices at the end of last year.

yes but market has changed in the last 2 years. and it is a very unique and one of a kind apartment. have you seen it lupus?

eddiesworld, I hate to accuse, but you sound like the unit's broker or seller.

lupus1, good catch on the relisting.

I was just interested in making an offer and wanted some insight - geez

Sorry, eddiesworld, but we get quite a few brokers/sellers in disguise here. Your first post had a hint of it, but your second really made me wonder. If you're really interested in the property, it might not be a good idea to tell everyone how unique and wonderful it is. You don't want to generate any competing bids, do you?

As for insight, I'd say you got something good from lupus1.

eddiesworld, i like the street, i looked at it while back.

as to the uniqueness, there are five others with the exact same layout right next to it. chelsea is riddled with these types of penthouses. i saw one on 8/22th two weeks back which was pretty spectacular that sold in week for about the same price. i have noticed a lot more of the townhouses up for sale, certainly the turnover in the townhouses has increased in the last few months. maby the smart money cashing out?

as to the improvement of the market, they increased recently when certainly condo supply has increased and there are a few comparable props in close vicinity. increasing the price of this at such a late stage because the market has improved is baffling.

as to the apt and my view, even though it seems they have improved their taste in furniture, did not sell for over a year at a lower price in quite a strong market last year. two things did not entertain me, the cement playground out front, the second balcony ( i thought the second was a waste of space) and being right at the end of 22 and 10th. after seeing other similar apts in chelsea this one just did not excite me for the money, even at 1.6

actually i did my research and it was only on the market for 2 mths last year and then pulled. Maybe the seller wasn't ready to sell. I thank you for your insight hopefully nobody will get it before me.

eddie, good luck and hope you enjoy it. it is a great area and nice street

just curious it needs work do you think i should go in considerably lower than asking. I don't have a broker so I am new at this. When did you see it?

eddie: discussing on here a specific apartment you are going to bid on is rather poor strategy. When I was recently a seller I monitored this site like a hawk. If the seller or agent is doing the same, you are shooting yourself in the foot. You say you are new at this, so I offer this advice FWIW having made something of a career at negotiations. You do nothing to further your position by positing the wonderful attributes of a prospective property, defending the seller's prior high price and failure to sell, and then announcing you intend to make a bid and finally asking for suggestions about whether to lowball an offer. You're working with a broker whom I assume you trust (or else why would you work with her/him). Talk it through with your agent. And if you want advice, couch your questions here in fewer specifics so as not to prejudice yourself once the bidding gets underway.

just asking for advice is all. i am new at the this. thanks for yours kylewest

I though this site was to help buyers out. I am not trying to defend a sellers high price nor am I trying to defend the reasons it has been on and off the market. I just like the property and was curious of other peoples thoughts. Isn't that what these discussion boards are for. Plus how will the seller know it is me making the offer they won't. And I as I said before I am not working with a broker. The listing broker seems knowledgable and sweet but I am sort of at a standsitll with placing an offer. i DID STATE THE PROPERTY WAS PRICED AGGRESSIVELY. There isn't much like it in the neighborhood so I thought i could dig for info here. which i am obviously not getting and basically being called stupid.

eddiesworld, relax. kylewest gave you great advice and is looking after your best interest. His point was not to be specific about negotiations or a property, because a lot of people view this board. No one thinks your stupid, real estate is complicated and we all need advice at one point or another. In fact, the folks that have responded to your questions, in my opinion, are some of the most qualified people on this board to do so. If you keep your questions less about a specific property and more focused on strategies and tactics, you will get lots of good advice here.

eddiesworld - you may want to ask the broker why the property has been on and off the market. You may not get a truthful answer but it still may give you some insight. The monthlies are really low but one concern is that there are so few tenants in the building, if something was to need major repair, your monthlies will skyrocket. It also seems as if one of the other apartments was resold after a pretty short period of time. The place itself looks great from the postings and it is a penthouse but it only is on the 5th or 6th floor. From what you have mentioned already a bid at $1350 sf might get you in and if not let them make a counter offer. Just remember that if the unit does need work, construction in the city with the boards and the permits and the costs could really ruin your day.

the broker told me seller was not ready to sell but now times have changed. Job and such. I do know that the parlour and ground floor were just bought recently by the same person and both sold for around1500 afoot and they needed work. It is a 3rd floor walk up though but the light is insane and so is the privacy which is a big dealbreaker for me.

I'm not sure what you mean "the privacy which is a big dealbreaker for me." You get privacy here or don't? If you don't, then this isn't the unit for you at any price. If you do, then some other things to consider:
I go back to the streeteasy listing saying it was for sale for over a year without selling. Are you certain it was only on the market 2 months? I personally have not found this type of info on streeteasy to be wrong. Then again, I look at virtually no townhouse apts.

In a building with very few units, you have to do a spectacularly thorough amount of due dilgence re: it's condition and financial reserves, and capital expenditures past and anticipated. Anything wrong with the building that needs repair will be divided very few ways. New roof, furnace, water seeping into basement, corroded beams need buttressing, sidewalk outside needs to be rebuilt, facade needs pointing/patching/inspection/scaffolding...any of these can amount to a whopping assessment you must be ready and able to pay. The cost of owning in such a building can be significantly higher over time than owning in an average size building with 50-100 units.

Finally, can you site any comparables that lead you to say this is priced "aggressively?" What do you base that on? Be very wary of being influenced by ANYTHING the seller's agent says. They zealously represent the seller's interest alone--not yours in any way. You likely realize that, but it's worth pointing out just in case. Corroborate everything the agent says and rely on none of it.

The sellers agent did not say it was priced agressively I am saying that. The sellers agent did tell me the building has a mortgage of less than $200,000 and mait has not been increased in 7 years. Owner is the treasurer of the building. I love the street and the fitzroys. I saw another on listed with a corcoran broker but it was ground floor and dark. Privacy is a dealbreaker for me exactly meant in those words. I want privacy. Being on the top floor gives me that. I know it was on the market last year because I saw it but wasn't ready and then it was off the market. Now it is back and I feel ready. Thanks for your advice. Do you feel in this price range its better to have a buyers broker?

Brokers and sellers often say "Maintenance hasn't gone up in X years" as if it's a good thing. Frankly, it makes me worry that they haven't been keeping up with inflation and that there will be a sharp increase 6 months or a year after I move in. Fuel costs alone have gone way up, obviously. If the building showed a regular but reasonable series of increases, or if there was a recent increase that my lawyer, after due diligence, thought fit the building's profile, I'd be less concerned about a hike.

Maybe I'm missing something. Any thoughts?

If there have been no maintenance increases for 7 years I'd be very curious to know the special assessment history and how the building has addressed skyrocketing labor and fuel costs as well as RE tax increases.

You are on the cusp of spending a small fortune and I think you may not be as well versed on this type of transaction as you might be to be in the strongest position to look out for your best interests. If you bring in your own broker it should only be someone who comes to you highly recommended by a close contact and whom -- after meeting -- you feel is someone you would like to act on your behalf in a dealing of this importance. In the alternative, skip the broker but hire an attorney well-versed in RE transactions in town houses and/or small buildings. Do NOT hire an attorney who dabbles in RE but who really litigates torts, does wills, represents clients in labor disputes, has practiced patent law, specializes in divorce and ... You need a real RE attorney who can completely cover your due diligence as thoroughly as possible.

I think whether you use a broker of your own depends a lot on how good a negotiator you know yourself to be, or not be. If you forego a broker then ditto briguynyc: get a good lawyer.