I moved to NYC in February, so have been watching real estate prices since then. I am looking for a 1 bedroom downtown (Village, Flatiron, West Village, Grammercy, Noho) or perhaps in the Upper East, but probably not as south as Lower East, Tribeca, or Financial. What is a reasonable rental amount for an elevator building w/ at least a part-time doorman? I have owned several houses in other... [more]
I moved to NYC in February, so have been watching real estate prices since then. I am looking for a 1 bedroom downtown (Village, Flatiron, West Village, Grammercy, Noho) or perhaps in the Upper East, but probably not as south as Lower East, Tribeca, or Financial. What is a reasonable rental amount for an elevator building w/ at least a part-time doorman?
I have owned several houses in other cities, so sale prices make more sense. It has been interesting to watch NY real estate reactions to the market. Brokers here don't seem to know how to price and sell properties in a declining market. Dropping a price by a few thousand dollars every few weeks until the property is listed at 30-40% of the original price seems very naive. That said, NY isn't unusual; lowering expectations produces grief.
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I think brokers do know how to price and sell properties in a declining market. However, they feel they need to make lofty promises to sellers to get listings. It's the sellers that choose to live in denial.
Good luck!
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Response by rainer
about 17 years ago
Posts: 21
Member since: Nov 2008
Sellers hire brokers to advise them on the home sales market, how best to market their apartment (including pricing). So saying sellers are living in denial is wrong.
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Response by jsrose
about 17 years ago
Posts: 5
Member since: Oct 2008
Thanks for the tregny.com site. Don't know why I had not encountered it yet. it's been an interesting year.
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Response by jsrose
about 17 years ago
Posts: 5
Member since: Oct 2008
Also, agree with Topper's observation about sellers. I think brokers try to inform sellers, but sellers typically lack experience and are emotionally invested in their properties. Cheers.
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Response by KeithBurkhardt
about 17 years ago
Posts: 2988
Member since: Aug 2008
Regarding your question about price I think you have to separate West Village/Greenwich Village from the others. In the west Village and Greenwich Village(GV-meaning not further East than Broadway) One bedrooms with at least a p/t doorman, Elevator, approx. 600sqft.will be approx. $3000-$3700 per month. There are not many buildings with p/t doormen in the village but even with f/t doorman this price holds. If you give up the doorman it will lower the price and open up many more possibilities in say the $2500-$3000 dollar a month range though the quality of inventory will vary quite a bit. That said you do pay a premium while getting less for your dollar to live in the West Village/Greenwich Village.
Noho,Flatiron and Gramercy are probably pretty close: Again not many p/t doorman buildings come to mind, but with an elevator you can expect to pay from $2500-$3500. Soho court at 301 Elizabeth street has 1 bedrooms starting from about $2900.In searching a data base for these areas without weeding through the whole lot there are 92 active 1 bedroom rentals within all service levels from $2000-$4000 dollars per month(I included Chelsea as well).
UES: First you have to break it down between West of Lex/East of Lex. North? East of 3rd avenue there are many deals to be had..but as you get near York it's a long walk to the 6 train and if you work on the West side it's a schlep.
*No I'm not fishing for clients-I will be out of the country as of December 3rd until January.
Check out:
http://www.tregny.com/manhattan-apt-rental-report.jsp
I think brokers do know how to price and sell properties in a declining market. However, they feel they need to make lofty promises to sellers to get listings. It's the sellers that choose to live in denial.
Good luck!
Sellers hire brokers to advise them on the home sales market, how best to market their apartment (including pricing). So saying sellers are living in denial is wrong.
Thanks for the tregny.com site. Don't know why I had not encountered it yet. it's been an interesting year.
Also, agree with Topper's observation about sellers. I think brokers try to inform sellers, but sellers typically lack experience and are emotionally invested in their properties. Cheers.
Regarding your question about price I think you have to separate West Village/Greenwich Village from the others. In the west Village and Greenwich Village(GV-meaning not further East than Broadway) One bedrooms with at least a p/t doorman, Elevator, approx. 600sqft.will be approx. $3000-$3700 per month. There are not many buildings with p/t doormen in the village but even with f/t doorman this price holds. If you give up the doorman it will lower the price and open up many more possibilities in say the $2500-$3000 dollar a month range though the quality of inventory will vary quite a bit. That said you do pay a premium while getting less for your dollar to live in the West Village/Greenwich Village.
Noho,Flatiron and Gramercy are probably pretty close: Again not many p/t doorman buildings come to mind, but with an elevator you can expect to pay from $2500-$3500. Soho court at 301 Elizabeth street has 1 bedrooms starting from about $2900.In searching a data base for these areas without weeding through the whole lot there are 92 active 1 bedroom rentals within all service levels from $2000-$4000 dollars per month(I included Chelsea as well).
UES: First you have to break it down between West of Lex/East of Lex. North? East of 3rd avenue there are many deals to be had..but as you get near York it's a long walk to the 6 train and if you work on the West side it's a schlep.
*No I'm not fishing for clients-I will be out of the country as of December 3rd until January.