Elevator vs no-elevator

Totally depends on your profile. I think there's a huge subset for whom 5th floor walk-up is a deal-breaker, no matter what else. This includes families with small kids, pregnant women or ones that think they may become pregnant, older people, etc.

Even for someone that's willing to put up with the stairs for the right apartment/location, I would think they'd want a huge discount for it. I lived on a 5th floor walk-up when I was young and poor. It was a huge pain in the ass, even for a young, single guy in decent shape.

A fifth floor walk up limits the number of people that would consider the apartment. Older folks, people with small children (think stroller), and families are less likely to consider this. These apartments appeal to single folks, young couples without kids, or the pied-a-terre crowd.

thank you

its a 1 bed room so its marketed for single or young couples and its a sponsor unit.

what should i expect in terms of discount that are asking?

A fifth floor walk up wears on you after a while. I've been there. Try doing laundry, shopping, late nights out and climbing up five flights.

"what should i expect in terms of discount that are asking?"

That is difficult to answer unless you give us more information. It may be priced appropriately for what it is and then you wouldn't expect much of a discount. If it is priced like a unit in a lux elevator building, you may be in a better position to negotiate. Have you looked at comps in the building?

If I were a young, single buyer like your target audience, I'd want at least a 20% discount compared to an identical apartment in a doorman building, or a 10-15% discount compared to an elevator building. That's just me, of course - having been there, like Julia.

I would add, it better be worth walking up to. Ie

- much better light
- floor through
- access to roof deck or option for roof rights
- decent views
- more space/ higher ceilings

if it was a 5th flr walk up with no light or views, the discount would have to be considerable!

I lived in a 5th floor walk-up for 5 years. Got so many compliments on my rear during that period...

square footage wise its under $1000 per sqf. Not sure about 20% or 10-15% discount on that comparison.

Any elevator or doorman building in west village studio / 1br that i can comp again?

A 5th floor walk-up limits the buyer pool more than just younger couples and single people. It will also knock out anyone who ever intends for older/sick/pregnant people to visit them. Even if I were single, I would not buy one given the fear that my grandparents would never be able to visit and my friends would be reluctant. Just keep that in mind.

Just think of the fun you're going to have when you go on vacation... and when you come back.

yeah, i will say that lugging a suitcase down and up the stairs was the absolute worst part of the 5th floor walk up. groceries weren't that bad (can always do fresh D) and moving wasn't bad (hire movers)...but the last thing you want to do when returning from a trip is lug that suitcase up all those stairs....

Positives:
After a while you get used to it and your body gets in shape.
Observant Jews who don't use the elevator on the Sabbath may not mind
Location counts - if it's in the W village or another hot area, no elevator isn't as much of an issue
Many walkups are in older buildings that have a lot of nice charm lacking in newer elevator buildings
No doorman to meddle in your business

Negatives:
less people may visit you (maybe this is a positive?)
A pain if you have large bundles
what happens if you break your leg or something?

There was a May 208 NYTimes article specifically on top-floor walk-up sales:

http://www.nytimes.com/2008/05/11/realestate/11cov.html?_r=1&scp=1&sq=walkup%20apartment&st=cse&oref=slogin

I've seen apartments like this as marketed as alternatives to gym memberships! At the very least you can skip the stairmaster part of your workout. Ah, realtors.

I looked at a top floor walk-up recently which did have nice features like a roof garden. I think it went for something like $900 a square foot - well below what lower floors would have cost.

Keep in mind that it could be a challenge to sell when you eventually decide to move.

I currently live on the third floor of a townhouse. Two long flights of stairs is enough. After that I start to lose my sense of humor. And it does become a challenge for some friends and family members.

Anyone who calls themselves Topper could never lose their sense of humor!

do not buy anything above the third floor in a walk up, period.

I really disagree with totallyanonymous. My b/f recently sold an unrenovated coop 1-bdrm on the 6th floor of a walk up (5 flights) for the most paid per sq/ft in the building to date. And this was in the last year even with rocky market. His open houses were packed with traffic and offers began almost immediately, albeit the first few were too low. Within 6 weeks the unit was in contract. Why?

LOCATION. LIGHT. PROTECTED VIEWS. LAYOUT. Over and over again some of us try to emphasize how important these things are. Prime GV location on cute tree-lined street? That gets lots of points. Historic district with no risk of high rises going up to block light? More points. Views of open sky and city over the rooftops of GV because you are on top floor? Even more points. Top floor actually gets more $$$ than one below it often because there is no one walking on your head above. True one-bedroom (not one of those silly alcoves made into a room that barely fits the mattress) even if small gets lots of attention, too. Well-kept, financially stable building? You'll have competing bids. Even in this economy, enough people are willing to walk up to be in an adorable bright apt in heart of GV waking to and coming home to their fantasy NY life.

Discount? Should already be reflected in offer price when you look at building comps. And the same building comps really matter here. The building next door may have completely different views. In a 6 floor walk up I would say a single line of apartments on floors 1-6 would typically rank something like this from highest $$$ to lowest $: 2nd , 3rd , 1st almost tied with 4th (1st is noisy with no view and street traffic while 4th is long walk but nothing gained for it compared to 2nd and 3rd floors), 6th tied with 5th (tied b/c 6th has no noise overhead and better views/light while 5th is less of a walk).

2nd floor units can have just as much noise as first floor units, particularly in the front of the building. and it depends on whether its a true brownstone (i.e. "first" floor is 10-15 steps up from the street) or a ground floor entry building. Moreover first floor units in the rear of buildings with long hallways are just fine. Each building is different in this respect I suppose.

Agreed on that. I'm speaking of apartment coops, though. Not brownstones. I have a real problem with brownstone coops. The very low number of units means operating costs are spread between fewer people. And anything catastrophic or even just major is going to hit even the basement apartment owner with HUGE costs: sidewalk vault, roof, facade maintenance, new interiors or roof or boiler, flooding/pipes/electrical, etc. If money matters to you (versus people who have enough $$$ so that any foreseeable building expense is tolerable risk) then a small building IS NOT for you--especially a brownstone.

Personally, I'd skip it. I think the lack of an elevator could be a real hindrance from an investment standpoint, and, if you plan to live there, it is certain to become a pain in the a** the older you become (trust me, there's a difference between 24 and 34!).

These walks ups are for the young. I should have added that. Students and recent grads with parents to bankroll them. Young professionals. Hit 40 and you are way to grown up for these walk ups. Getting to the street in the a.m. and realizing you left your cell phone in your 5th floor apartment will ruin your mood for an hour. Walking the dog? Major drag. Knee hurts lately--it'll never heal with walking those stairs few times a day. Elderly parents visiting? No way. Suitcases? Ugh. Getting furniture up and down? Horrible--you pay a literal premium for ALL deliveries. That said, yuppies and guppies LOVE these apartments and there is a brisk market for them under the circumstances I laid out above: LOCATION, view, light, building, layout.

"Agreed on that. I'm speaking of apartment coops, though. Not brownstones."

Many coops are in brownstones, as in the east village.

Why you should NEVER buy a walkup on a high floor...

http://www.hulu.com/watch/13892/alfred-hitchcock-presents-the-indestructible-mr-weems#s-p1-so-i0

When buying a walkup, the buyer pool will be significantly reduced come resale time. There are some buyers who might consider, say, a second or third floor walkup, while others will dismiss the idea of a walkup entirely.

Some buyers may consider "wrap around" stairs (stairs with alcoves or "rest areas") a bit less forbidding than those apartments where each flight is 22 stairs straight up. Another thing to consider is that the number of flights is usually n-1 (a second floor apartment is typically one flight up), although in some apartments it can be one flight up to the first floor.

While walkups, on the whole, are less expensive than their elevator counterparts, you can find apartments in elevator buildings with prices comparable to walkups. Like maintenance $$$, prices vary tremendously - it's just a matter of coming across the "right" property.

And people make compromises all the time. Say, a smaller apt but outdoor space that comes with it. Or a great amount of space but only 1 bathroom you get to through the bedroom. Or a kitchen that can only fit a 1/2 size fridge. Or Poor views in a great building and location. For people who want GV location on charming street, a walk up may be okay--especially for the younger buyers. Smaller pool? Absolutely. But the comps and price have the walk-up aspect of the apt already built in. Check out the value of units at 83-85 Barrow St. for example. These units gets snapped up despite no elevator because Barrow Street near Commerce and Hudson is a very highly sough-after location. You'd have a much harder time convincing me of the wisdom of a rickety building between First Ave and York with a 5th floor walk up in the 90's with poor views and light. It's all relative. All walkups are not created equally.

Excellent example. My buyer recently closed on a nice One BR at 85 Barrow St, three flights up, price of 499K. A good example of those "gradual, wrapping" type stairs I mentioned - somewhat easier to navigate that furniture and those heavy suitcases.