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most expensive apartment in the building

Started by bem9
almost 11 years ago
Posts: 56
Member since: Mar 2009
Discussion about
i am interested in an apartment that is a combo 4 br, the most expensive in a building with mostly 1 brs. does the fact that mine would be the largest, most expensive in the building affect resale value or ability to appreciate?
Response by Aaron2
almost 11 years ago
Posts: 1705
Member since: Mar 2012

Just as the McMansion surrounded by trailers will have a hard time selling, because who wants to look at all those trailers when you think you're McMansion material, and what will the guests think?, generally so will an apartment that is not in proportion to other units in the building. e.g., resale may be a challenge. That said, maybe you could uncombine them and sell them in their original 1 BR config, or as 2 2-BRs, and come out ahead.

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Response by jelj13
almost 11 years ago
Posts: 821
Member since: Sep 2011

Look at this apartment, the largest in the building because it combined 3 apartments, making 10 rooms. It sold in 77 days at 5.9% less than asking price.
http://streeteasy.com/sale/875204-coop-200-east-end-avenue-yorkville-new-york

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Response by cc2015
almost 11 years ago
Posts: 43
Member since: Jan 2015

YES and no. Unless you are in a VERY desirable location the price of home will probably be lower bc it is largest and most expensive in the building. Other smaller apartments are likely to bring the value of comparable/comps down.

Plus you would be looking at selling to a different demographic than the rest of the building. A 4br is generally meant for a family. Many people that live in 1 bedrooms are single, young couples, or maybe even retired. People might have concerns about soooo many adults living near their children. On the other hand the price per square foot on many 1 br apts is higher than than of 4 br. It all depends.

I would look more that the supply and demand side of this. If you live in a desirable area where lots of people want to live and there are very limited #s of large apartments for families. Then the value of a 4br would probably be higher than that of a 2 or 3 br.

Also a 4br is very large. Many people do not have families that large. The maintenance fees, and general household maintenance on a large apt can be very large. I would double check your budget before buying.
Best of luck!

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Response by 10011
almost 11 years ago
Posts: 53
Member since: Sep 2010

I don't really think that's such a great example of any benefit to combining. Less than $750 psf and after the expenses of combining. And in a neighborhood that places a premium on family-sized apartments.

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Response by fieldschester
almost 11 years ago
Posts: 3525
Member since: Jul 2013

Bem9, what neighborhood?

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Response by kylewest
almost 11 years ago
Posts: 4455
Member since: Aug 2007

To say something sold below, at or above asking price is unhelpful without knowing how the asking price compared in price per square foot and the like to comparables.

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Response by jelj13
almost 11 years ago
Posts: 821
Member since: Sep 2011

You can look up the comps in the building via StreetEasy. Yorkville has a lot of singles. This building seems to have a lot of apartments greater than 1 bedroom, but they have a number of combined apartments that include 1 bedrooms.

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Response by front_porch
almost 11 years ago
Posts: 5319
Member since: Mar 2008

I wouldn't worry about resale value as much as, for lack of a better term, ownership dynamics. When the time comes to renovate the lobby, the 1-BR owners are not going to want (or probably be capable of) spending the kind of money that you would want to spend. Those kinds of issue will eventually cap resale (though I don't think too dramatically) but even more importantly, will stick in your craw while you live there.
ali r.
{downtown broker}

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Response by AVM
almost 11 years ago
Posts: 129
Member since: Aug 2009

A 1-BR owner's share of the of the lobby renovations is only around 25% of that of the 4-BR owner.

Whereas a 1-BR resident's of the lobby renovation is on average the enjoyment of the 4BR resident's.

In this sense, the 1BR owners have a greater incentive to see the lobby renovated than the 4BR owner.

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Response by AVM
almost 11 years ago
Posts: 129
Member since: Aug 2009

mistakenly omitted a word there. A 1-BR's enjoyment of the lobby renovation is equal to the enjoyment of the 4BR's.

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