61-05 39th Avenue #F4

The broker for F4 must be very good at selling the apartment. Or they just found a desperate buyer at the right time.

Around July 2022, apartment F5 couldn't sell around the similar price, it pulled off from the market after decreasing the price to $450K.

The two bedroom apartment M3 sold for $555K, even a little bit cheaper than the smaller one bedroom apartment F4 ($572K)

I don't sell Queens, but look at the living room shot for F4. See how the view just clears the building opposing, and gives you a hint of sky?

Then think about the view, and the light, one floor down.

The apartments may have other differences -- but I bet that's the reason.

As far as F5, I wonder if those are actual photos for it, or if it looks a little different in person.

I think the buyers of F4 got taken to the cleaners. I want to hire that broker!

No one can imagine they faked a higher price to commit mortgage fraud?

I can imagine it, but I wasn't gonna write it...

@30 how common is that, what are the consequences if found out and is there a way to check a place for it? Once in a while looking at sales prices I see a 'what were they thinking?' situation (for the same period)

The discussion reminds of other apartment we discussed https://streeteasy.com/building/belmont-79/3c with the listing price of $700K, but a closing price of $850K.

From the previously many failed attempts of the apartment recent sale history, it is reasonable to assume they probably have no choice but to inflate the closing price in order to get the board approval. I think this is 30's take on this sale.

@woodside thank you - So boards may condone or even require this kind of deception. Is there a way to find out for sure what was paid by looking at city records?

I sold a 2 BR - in Sunnyside - for $485k in 2021 but for board purposes we had to massage it to $505k to get board approval. This does happen all the time. 6% was the max “seller credit” we could give. Well below the mansion tax threshold the economics of the deal don’t need to match the property records.

Was there a mortgage on the property? That should be in city records.
Also, if price is an outlier, and there is a mortgage, how did it get appraised?

The same broker is marketing F6 at $575,000?! This is a shitshow!

It's also the same broker that couldn't move F5 at $450,000! Lol!!!

There's adjusting sales pricing, and then there's adjusting sales pricing. It happens that some boards insist on a floor price, and the contract is adjusted upward, with a credit from seller to buyer. The city's okay with it, because it increases the basis on which taxes are paid.

What's not clean is, if there's a mortgage involved, not telling the lending bank exactly what's going on. That's not only a crime, it's quite a large one.

So people who are transacting loop in their banks. I suspect in WP's case that the 6% cap is a limitation that was introduced by the lender as a "this is exactly how much flexibility you have."

There's also the new dev condo shenanigan where the print on the property is slightly higher than the price on the contract because they put in something extra -- the RETT, maybe? I just did a deal in Tribeca Green, saw the closing in the paper, and had a knee-jerk reaction of, "oh, that wasn't the price."

ali r.
{upstairs realty}

Another example of why it pays to have a broker - they can read the tea leaves. How would most people know they'd adjusted the sales price? Although in the case of F4 it seems more like an invention rather than an adjustment

Yes, the seller made their downpayment on the lower "actual" price and the lender insists upon the 6% seller credit limit because it is some sort of Fannie Mae rule.

This 6% seller's credit means that the buyer only need to come-up with 14% for the 20% down payment. I guess this can help buyer who is low on cash.

I think there is still a possibility that the price of F4 is the real price.

I've seen many similar apartments in Queens sold plus and minus 10-20%. This huge discrepancy does depend on the broker and the buyer. Some broker did minimal advertising and did not present the apartment very well, so the apartment sold poorly.

If a buyer comes from Manhattan and Brooklyn who are used to see the million dollar plus apartment, and if he is very desperate (the lease is going to expire, a new child is coming, etc), he is not too sensitive for the 100K-200K difference and he probably knows that he overpay it, but he doesn't mind overpaying it due to the much larger and nice apartment and also the much lower overall monthly cost compared with his Manhattan or Brooklyn rental.

The broker for F4 is different from the other broker (F5,F3, F6).

The other broker has very different price for F3 and F6. The seller of F6 insisted on that price, and the broker had to agree in order to get the listing.

Krolik,
As far as I can tell the mortgage is right at 80%

Ali,
I don't know how far off your Tribeca Green sale was, but typically they add in all the transaction costs normally paid by sellers which developers flip onto buyers.

Adding insult to injury to the new owners of F4, after checking openigloo.com, there are several bedbug infestation complaints including a likely adjacent apartment E4 on the same floor. Also, numerous roach infestation complaints in the building. Was the buyer's agent asleep?!

https://www.openigloo.com/building/nyc/4027810-4012167502/queens-woodside-61-5-39-avenue-11377

Anyone care to estimate a final sell price for F3 and F5, IF they sell at all? The price difference between F4 and F3 screams caveat emptor!

I mean F3 and F6 since F5 is no longer for sale.