street easy buyers

Looking for Classic 7/8 Park Avenue or West of Park Ave

first time buyer? price range?

I can't even read a realtor asking someone if they are a first time buyer without feeling like the realtor is out to screw or mind-fcvk them.

what???

"Looking for Classic 7/8 Park Avenue or West of Park Ave"

price range?

$200,000 - $300,000, nonnegotiable.

lol. me too!!!

JohnFrank - They are out to screw them...if not, they are out to mind-f*** them.

First time buyer, $500k or under, would like a nice 2-bedroom, 2-bath in Brooklyn Heights. I'm not a made up persona. Hope that helps! ;)

See Steve, you will miss out on it because I am willing to go to $325k for it. You are just going to wait too long!

Looking for Classic 7/8 Park Avenue or West of Park Ave, CPS, Gramercy or West Village. Seasoned buyer. Also a seller. Price range will be flexible when the time comes and the apartment is right.

evnyce, I think this could happen soon. l0888, since you already own, don't you feel like if you wait till prices drop, u will just get less for your current place?

"This info is MOST helpful."

Yes, I imagine it would be... especially if BHS happens to be representing the seller.

First time buyer in NYC (bought/sold in CA) currently renting-- looking for 1 bedroom over 650 sgft around $450K UWS preferred. Also willing to look in Brooklyn - but sidelining for now-- see how the economy goes. Don't want to deplete cash flow -- just in case.

First-time buyer. Looking for a small 2bed or convertible two in the upper East or upper West side for around $500K. No walk ups, unless it's ground or second floor. Back up plan is to stay up around Wash Heights/Inwood. We are taking 2009 to get our 20% down payment, closing costs and a $20K reserve after buying place.

AgentRachel - I'm not waiting.

"l0888, since you already own, don't you feel like if you wait till prices drop, u will just get less for your current place?"

See, it's all how you are brainwahsed into spinning things. The flip-side is that they feel they will get SO MUCH MORE by waiting. When you try to tell people to sell their place NOW so they don't get less money and then turn around and tell people they should buy NOW before they get less for their money you lose all credibility.

You need to have more truthiness to what you say.

I'm simply asking a solid question waverly! jeez!

No, you're asking a very specific, leading question meant to drop seeds on a "customer" and point them in a certain direction/mind-set. Don't get all prissy with me because you were called out on it. You know that you asked the question this way. You are trained to deal with people this way.

If you really have a genuine interest in learning, you would stop talking and start listening to what is being posted.

I am not here to get in fights with people waverly. We are adults. I am flattered that you think we brokers have so much influence.

AR, on most blogs you'd get flamed into the next century. We're pretty tolerant here, comparatively. Just tread delicately.

flamed for what? if you guys don't want to answer, nobody is forcing you! i due appreciate honest feedback though from rational, people who are actually in the game.

do

See, your listening skills are weak, because I didn't say that YOU have any influence. I suggested that you are trying to gain control and you were not doing a very good job of it because you came off as disengenuous and untrustworthy.

Now you are learning, right?

For being a broker. I'm not saying it's right, I'm just saying it is.

I have as much a right as anyone to be on this site. If waveryly or others want to flame me, I shall simply ignore them. Thanks to everyone else who has provided real feedback.

Of course you do. I'm just saying that you're asking for input, you'd like information, brokers aren't always viewed with the rosiest of glasses. I never said you are not welcome here, I was actually just trying to give you a gentle piece of advice. You are in sales, no?

A-Rach, Enough with the nonsense. What sort of 500K UES/UWS places might come up in the next year?

Of course you do. I'm just saying that you're asking for input, you'd like information, brokers aren't always viewed with the rosiest of glasses. I never said you are not welcome here, I was actually just trying to give you a gentle piece of advice. You are in sales, no?

Of course you do. I'm just saying that you're asking for input, you'd like information, brokers aren't always viewed with the rosiest of glasses. I never said you are not welcome here, I was actually just trying to give you a gentle piece of advice. You are in sales, no?

A-Rach, Enough with the nonsense. What sort of 500K UES/UWS places might come up in the next year?

Of course you do. I'm just saying that you're asking for input, you'd like information, brokers aren't always viewed with the rosiest of glasses. I never said you are not welcome here, I was actually just trying to give you a gentle piece of advice. You are in sales, no?

Waverly: Your earlier post touches on an interesting point about brokers/salespeople, their training and their mindset. Many agents - especially young ones - have drunk a lot of brokerage Kool-Aid, and they sincerely believe the industry's pitch on subjects like affordability, risk, leverage and appreciation. They haven't lived through a meaningful recession, let alone a major downturn. THey really have no idea how lethal their advice can be.

For evidence (anecdotal and unscentific, admittedly), search ACRIS for random, under-30 agents with distinctive names who work at the big houses. Not stars - I'm talking about people like Rachel who work WITH the stars, and who get crumbs from the big commission checks. I think you will find that a startling percentage of them own. In a way, that's a sign of integrity; they have put their money where their mouths are. Unfortunately, it's also a sign that if transaction volume doesn't pick up, the industry itself will become a source of swelling inventory.

AgentRachel, the rational buyers are waiting. You need to find irrational buyer if you want any business now. It's pretty clear that real estate isn't going to be an asset (at current prices it's a liability) or an investment for a long time. As a rational buyer I need to see something that I can buy all cash. Also, as a rational buyer, I'm not going to be the first one back into the pool (I didn't get back into the stock market at Dow 8,000, I'm not getting back into real estate at $800 psf) . I bought a condo in the 90's sold a few years back at a nice price, not quite the top tick but pretty close. For now I'll sit on my cash, rent and live relatively worry-free. Everyone I know who has $2.00 and/or a 700 credit rating owns a condo/coop/townhouse (except w67). Which makes me really curious to see who is going to step up and buy the 10,000 properties in Manhattan (nearly 20,000 in NYC).

aboutready - you seem very kind. thanks for your advice. red - $500K nice one bed. sorry guys but no nice 2 beds in good areas. maybe a horrible one that is 700 sf in a walk-up in harlem. west81 - I understand what you are saying but nobody at brown harris is drinking the kool-aid. we all get it, i promise! 80s man, the deal I am working on now is NOT with an irrational buyer. Buyer loves the place (he has seen about 40 so he knows what he wants) and we beat them down 25% off asking. I would NEVER advise buyers to pay asking unless seller is realistic which isn't usually the case. Thanks again for the CONSTRUCTIVE advice.

serious UWS/MH buyer for a classic 7 or an open plan modern 3/2 with terrace.

If you find me one for a million
I will promise you a gold bullion
or a kiss
you will not miss
in the hunt for a buyer
who is not in a dryer

Joedavis, how could I resist. LOL. Could you do closer to $1.5M? How far north on UWS would you go? BTW, just so everyone knows, the info here on street easy is not super accurate. NOT knocking the site, I actually love it. Just letting you know that our broker database has much more updated info. The information is especially incorrect for new developments.

AgentRachel, I'm looking to buy. My finances are strong-- I sold my Chelsea condo at the top of the market during the summer and put the money in CDs, and I have a stable, well-paying job. I want to buy a really nice property in Upper Manhattan/central Harlem with outdoor space for under $515 psf, ideally for less than 1.1 million. I'm renting and prepared to wait through 2009 or 2010 if need be until the market adjusts to the new post-bubble reality. The exasperation/hostility/mistrust some of the posters here have directed your way is an occupational hazard that you will just have to be thick-skinned enough to accept if you choose to post on this board. Too many of us have had our intelligence insulted by brokers who seem to have been programmed to spew uninformed, patently implausible spin about the NY Manhattan real estate market. I can't tell you how many smarmy, mediocre brokers who've clearly made no effort to stay on top of macroeconomic or even local market trends have smugly dismissed the idea that prices in Harlem-- Harlem for godssake!!!-- are going to come crashing down. Those of us who consider ourselves rational, data-driven market participants simply aren't going to drink the dregs of the "buy now or be priced out forever" Kool-Aid.

a renovated harlem townhouse for 1.2
i would do
if it is below 125th
and west of lenox
it would be fit for a fox
sipping more than a fifth
as cherry would
see i already beat cherrywood by a 100k
for the same hood
isn't that good?

AgentRachel, you seem to be worried for those of us who are entrenched, waiting, that our current real estate will also decrease in value. As I see it, anyone trading up has a serious interest in prices going down, so that the absolute dollar amount necessary to trade up, decreases. It's ironic, that, until very recently, the value of my home in a top zipcode suburb has been lower than a 2 bdr 1200 sq. ft. on the UWS, making that purchase a trade-up for me. The incremental delta gets smaller and smaller as time goes by. In the meantime I enjoy my lovely UWS rental.

agent R
1.5 is not 1
not even if you have an oven around the bun
on uws i would go as far as you could go
go west
if you cant afford the east
rivers and parks
muffle the barks
and yet let the vistas flow
east and west in the uws is fine
south or north link to columbus
and could all be mine

JD
I'd consider 1 two
but with that or 1 four this is what I would do
South of 125 in a quaint empty spot
4 stories 3000 sq ft (20 100 lot)
A green post-mod prefab townhouse, offsite built
custom cherrywood shelves for my 6 Gees Bend quilts
Flowing floetry on the terrace, playfully rhyming
Oh what rational wise patient post-bubble timing

cherry
u seem to have picked the very berry
in my sights
in view of morningside heights
there is a lot
next to a church
fit for a sculpture in birch
where one need not mod
but build from scratch
a house that could accomodate
something sleek as a car
or a glass bar
that is solarly radiant
with a green bent
and could fit in our Budget
if we show enough Enterprise
and are not averse
to the prospect of the impending Alamo
as we wiggle a widget
at the appropriate Hertz

but wither
Agent R
ah
she rests
easy

The broker asked, so we must speak
and let her know what makes us tick
never above one twenty four
sunny and bright, man at the door
a place with charm and with a flow
just the right place to rest the soul
A friendly neighbor one flight down
who will not mind some laughs and sound
and I'll demand a great discount
like the stock market, same amount
The day will come, and until then
I'll check this site from 9 to 10
learning from Steve (jhx) or Alanhart
(who helped me not to throw the dart)
West 81st, UD, and others
that had become my RE brothers
And like myself there are some more
but we are not knocking at your door
Times are'a'changing for your trade
and we are staying far away
we'll wait in place till they are ready
to cut their prices like Crazy Eddie

Oh, I forgot West67st, funny guy....

When Rachel starts a blog thread
She always asks us things
Like when are we all buying? When will her cell phone start to ring?
I don't know how to answer, but I know what works for me.
I say, find a classic eight on RSD.
Classic eight on RSD, views that last forever more.
Classic eight on RSD with counter-depth refrigerator door.
Rachel, if you find me one, I'd love a price that's slightly under one point one.

ah W81
hijacking Rachels' thread is quite fun
that is quite a rebate on a classic 8
on RSD
with views that make you free
will Agent R oblige us
nah
she will be on the bus
seeking souls
for sale
bodies that hail
more moolah than sense
with a countenance not quite so intense
to whom she can sell by cell
at price points seared by the fires of hell

u are all hilarious. i shall respond when i have time to craft a worthy poem. goodnight!
-AR

just a broker,
ain't no joke,
market busted-
I was almost broke.
I had an idea,
thought it be fun,
challenge the system,
beat a different drum.
So I lowered my fees,
drafted a new model,
kicked it on street easy,
where most think we're sleazy.
But biz is good,
made some new friends,
no fee rentals,
but still no Benz!
A few of the big guns
at the white shoe firms,
don't like my new business,
they've got something to learn.
Do I smell "Revolution"?
In March's cold air.
Have no fear New York;
the burkhardt groups here!

Classic seven , classic eight
If I find one I won’t hesitate
To let you all know and help you find
The right apt that will blow your mind
Joe D: the 80’s rock, the 90’s too
But the 100’s are the place for you
Your quest is tricky, your need is great
Let me help you negotiate!

Thank you sincerely to all for sharing
Here are the conclusions I come baring

Evncy -
Brooklyn heights, 2 bed, 2 bath
For $500K I will lead you down this path:
Search on the road, the road named Hicks
If you search well enough, you will find 2 picks

10888 -
You mention no budgets, no budgets at all
Lucky for me this was an order not too tall!
Classic 7s and 8s uptown are no myth
I found many on Park and also on 5th!

Joe Davis -
I fear your order was too tall
$1.1M will not get what you ask at all!
There are deals to be had, that is for sure
But even at the bottom you will pay more!

Cherry -
$515 per square foot, most $1.1M I can do
I've even got outdoor space just for you!
Search in the direction of Hamilton Heights and Strivers Row,
You will have better luck than my poet friend Joe

West81 -
Classic 8s on RSD,
At $1.1M with veiws of the sea
Don't blame the broker, but this too is too tall
I bet my license this won't happen at all!

Looking forward to hearing back
Thank you again Street Easy pack!

UES
Classic 7 West of Lex in the 70's
Over 2,000 square feet
Tons of light
Big eat-in kitchen
Under $2MM

really Sanba? Send me info. I might have a customer who would want to see. rglazer@bhsusa.com

thx

AgentRachel, you're actually growing on me a little. Or maybe it's just the wine.

Slow Saturday night guys?

like you wouldn't believe ;) SO is sick in bed, nothing good dvr'ed, only the interwebs and wine to keep me entertained.

When did you not like me wish? :) I am harmless despite my "brain washing" abilities :)

It is a slow night for me 1o. Thats because last nite I went on a hunt for potential "recession proof" buyers. This consisted of me drinking heavily with rappers and rich old men, one of whom spent $20K on liquor. Good news is, I may have some business out of it! So, I am a little tired tonight, needless to say.

And you guys think brokers don't work!

quite a disclosure of after-hour business efforts. Old men and rappers...20k in liquor, wow Rachel, you're riding in the fast lane...

ARachel,
I'm buying not selling!!!

I think honesty is good mimi. I know you all think we're liars but its not true. This market has forced me to work harder. People spending $20k on liquor tend to know people who might wanna spend $10M on a property! Its worth the hangover for sure!

sorry, sanba. thought you were promoting your property. Are you willing to do renovations?

In response to the query for valid research, I'm here to see price chops. Do tell us what is your conclusion from your research.

Would be a first time buyer in Manhattan (own in the country), thinking about Florida again, maybe. By the time we got around to looking to buy in Manhattan (when our rental ended) the market was already beyond rationality (around 2002, and we were looking before that.) We watched in amazement, as places we thought would never be bought, got snapped up, with bidding wars, to boot. Talk about Kool Aid.

So, we have been sidelined, as many a rational buyer has mentioned. I am happy to think that perhaps the mentality of brokers and sellers who have blamed me for being too cheap, or too poor, to buy their crappy units, will face reality: the streets of Manhattan are not paved with gold. Yes, this is a cyclical refrain.

1.1 for a 3/2 open floor plan with terrace or class ic 7-- she thinks not, but 515psf within 1.1 for cherry is 2100+ sq ft
== wouldnt that work?
and if you are ready to do that in Hamilton Heights, I can propose a townhouse to you renovated in that hood that prices out closer to 300 psf
or 5 townhouses in that hood that cherry could like

i will even offer you an architectural marvel with 5000 sf for 1.25 asking price in that general hood

but indeed I will not go there, and in time i see no reason why central harlem below 125th does not similarly oblige

just cruise down FDB and similar Agent R and you will see where the developers will be afraid of feather and tar

sad story today 2280 FDB -- a nice high end development involved in a wall collapse on to pizzeria 123.
unrenovated townhouses in this area are already creeping towards a million, shells towards half that

306 308 310 W 113 already present you with 3 renovated brownstones -- 24 studio units priced at a grand total of $3.4 million and not moving........
at the bottom the bottom feeders shall indeed feast on these
the question is whether the high end renovations (townhouses)currently ambitiously priced at 3-4 million in Harlem will get anywhere

of course the spate of new developments has to be contended with.

300psf is the new 1000 psf in this neighborhood
500-600psf is reasonable for the 100s, and I can already find you a new dev in the 100s (not 110s) that is at 700psf and has outdoor space
several prewars are close
and in their ugliness they shall not move
i hope some of the wonderful brokers to whom I made offers on these read this
they are now asking below what they told me they could not present to the seller only 6 months ago
alas i am in no mood to oblige them again

Rachel: I was just trying to fit the lyrics. How many songs feature your name and a major household appliance?

The answer to your original question is actually pretty simple. Most potential buyers share a single requirement right now: a good reason to believe that the same apartment - or an even better one - won't be available at a lower price next month. Right now, all indications are pointing in exactly the opposite direction.

By "your original question", I mean the one from the "What would it take?" thread.

As one would expect, West 81st is (how to put it?) right on the money.

West81st: some things (usually the good things) just cost what they cost. Even if discounts are applied, these things are, and should be, expensive compared to things that are not so good.
Isn't a thing that one should get A LOAN to buy be expensive?

Thanks, Cherrywood.

With regard to the question Rachel posed on this thread, ("what type of buyers we have on street easy"), I think most buyers are unapologetically opportunistic, even predatory. The real market, where price discovery will actually happen in the coming months, consists largely of estate sales and distressed situations - especially from the financial industry.

Here are few new listings from the past week that have caught my attention with signs of likely distress:
- A once-revered bank stock analyst puts his beautifully-renovated WEA eight up for sale;
- An institutional advisor/broker from a defunct firm offers his eight-into-seven two years after trading up;
- The CEO of a boutique investment firm puts a big UWS pre-war seven condo back on the market less than two years after buying it.

I have no idea whether any of these people actually need to sell. But as their agent, Rachel, you and others should understand that there's no point trying to disguise your clients' changed circumstances. Buyers know.

West81st, I believe the stock analyst you mention is relocating.

Beholder: Yes, that is my understanding as well. Relos are, IMO, motivated sales, whether the pain is taken by the seller or his employer.

You ask, "Isn't a thing that one should get A LOAN to buy be expensive?" Perhaps, but in the midst of massive deleveraging, those are precisely the assets that figure to fall the farthest. Nice things will generally cost more than less-nice things, but that doesn't mean they "cost what they cost" - or at any rate, not what they cost a week ago.

agree with w81 as usual. the one spark from a buyer's perspective that could stimulate action is
1) lowered prices by a seller relative to the general market, such that the buyer assess this may match their expectation of a reduced price on a similar property in the future.
2) 1) is not enough since it will stimulate a cascade of pricing in this direction, at least by anyone serious about selling since they may need to match the comps if the buyer is to get a loan
3) eased financing -- rates are historically low, but lenders are frigid. if they can be slipped a viagra or two, then you may see some more deals
4) 3) is unlikely to move easily since the government seems to be succeeding in probing a bottomless hole -- putting money into retro losses instead of stimulating much forward activity. The depths of the hole seem to be unplumbed and the soundings resonate more depth with each probe.
----
So, we have stasis and the inventory will increase till some execute 1) and 3) at least stabilizes

Of course, we defined the price points in this debate, and indeed if you find me a classic 7 or 8 that I like for the price point we put up, I'll execute, subject to 3).

--
Nice things and loans
depends - are these assets or consumption
assets need to reflect long term value -- long is in the eye of the beholder, and of course the loan issuer

a declining asset requires a bailout -- not very nice thing

West81st, I think the problem is with the week- or month-long outlook mindset. I mean, c'mon, you buy an ironing board with longer outloook. Why would anyone see a HOME FOR YEARS as something like a stock, with price fluctuating weekly, is beyond me. Mea culpa.

lol beholder
There is a greater than 50% probability that in the 10-15 year outlook, real estate in Manhattan is a depreciating asset. Your loan is easier to get for a 15 year than a 30 year term today (for a reason). Couple this with the price/rent and price/income ratio, and the long term outlook on buying at current prices which most agree represent an unprecedented speculative run up.
It is exactly this long term mind set that places a caution flag on every turn on this raceway.
All one can hope is that when you play Mille Borne, you are able to produce plenty of Coup-Fourré

AR, to your original question
- currently own large 2br converted to 3; UES; coop
- interested in trading up as family grows; general target = classic 7 (or maybe 8, market permitting)
- bought in 2003 and still up about 25% (best guess) on price vs. maybe +60-70% (based on in-building comps) at peak sometime in 2007. Re: your comment yesterday about being concerned about prices dropping, various responders got it right - for people trading up, declines are your friend. I hope that I eventually lose money on my current place (>20% decline from here), so I'll save even more on the larger place that I buy. This math is obvious.
- active SE browser but not a buyer until we see more of the pain work its way through the market

We own 4br prewar on UWS. Okay, not great block. Would look to go sideways in size, but park block if the price differential permits. Or go sideways in size & location for a lower price (sometimes the illiquid nature of RE allows this to happen).

West81st - sorry for not responding to you sooner. I ducked out of here on Friday and did not go back on SE until now. You raise an interesting point about many of the newer brokers never having gone through a downturn before. When salespeople have only had to ply their trade in good times (with plenty if low-hanging fruit) they will have a period of shake-out in the downturn where the good ones survive and the not-so-good ones move back in with their parents and become waiters or go back to school for a career change.

My guess is that AR is on here trying to drum-up whatever she can because of some level of desperation (see if you can turn any of those bitter SE posters into buyers!), whether it is hers, the agent she works with or the sales office she works in.

You will notice how salespeople without good habits will get crushed in this market, because all weaknesses are emphasized and the weak lose in this market. Watch how AR phrases questions...a dead giveaway as to how well-trained she is. A good question is gold! A properly-trained RE agent could get some benefit out of SE....look at Ali and UD. One of the hardest things to do is to take accountability for your own actions, but it's also the best way to make improvements.

Anyway, I hope your weekend was a good one, West81!