When we deal with co-ops, rather than condos, price per square foot is not a basis for anything. By that I mean, we rarely have anything close to an accurate PPSF because shares, not square footage, is what is quoted in the offering plan. Some companies, such as mine, will never quote square footage in a co-op. I have often done searches and have seen where the same line in a building is listed with rather varying square footage. On the other hand, with condos the offering plan quotes square footage, and it is a valid basis for comparison.
The real answer to your question about whether the maintenance is high or not at the property you are looking at is a different set of factors. Does the unit have a proportionally large amount of shares due to floor, views, size, outdoor space, etc? Are there less units in the building than surrounding buildings and therefore fewer units have to absorb comparable costs? How are the finances of the building - perhaps the reserves are low and they are trying to build them up. Or perhaps their financing of the underlying mortgage need attention - perhaps it's still at a high rate compared to today's rates and financing is in order. These are the things I would research if I were your agent and this was a property I was showing you.
I would strongly caution you against going it alone without a buyer's agent. The sellers have agents, and it is important for you to be represented as well. It levels the playing field, and will save you considerable money and headaches.
Halstead Property, LLC
To make it simple I would say it goes in that area for around $1.5 per SF for low floors to $1.85 for higher floors. Obviously it depeds which buildings and the mortgage it has and the amenities and amount of units and so on... but those numbers above are a pretty good estimate (range).
Eran's answer seems to be correct. It would be my pleasure to send you several listings in that area so you can compare the fees and other variables. I believe it's most important to see the units in person before analyzing data. Best of Luck!
Prudential Douglas Elliman
Certified Real Estate Adviser
I took a sampling of the all the coops in the West 70's that show square footage. Based on that, I came up with $1.62 as an average. That being said, there are so many other factors in determining your financial decision. Like anything else, the question one can ask, I am getting the best value dollar-for-dollar? Part of the decision is to do your own due-diligence on the building financial condition. Also, one has to look at the number of shares you are getting. On top of this, one can get a sense of the overall condition of the building as one walks through. It is not an exact science when it comes to coops and one has to really look at one's budget and the value to make a sound decision. Good luck, and please feel free to ask any questions about this or any other property you may be looking at. firstname.lastname@example.org 917-294-4225
Difficult to accurately answer your questions as there are many factors that impact the maintenance fee such as location, square footage, floor, age of building, amenities, condition, flip tax, improvements, view and many more.
I would refer you to my friend, real estate expert & appraiser Jonathan Miller- if anyone would know it would be him!
Equally if you live in a high end building like the Dakota, you will be paying top dollar in maintenance.
You now have the opportunity to search approximately 20,000 exclusive listings, representing the entire database of residential listings available through the membership of the Real Estate Board of New York (REBNY).
These are the most accurate listings you can find in NY because they come from the brokers themselves; there is no bait and switch, no duplicates, and no opens; and are updated every hour.
SVP/ Associate broker
Rutenberg Realty NYC
You are probably looking at $1.25 to $1.50 per square foot for your monthly fees. Hope this helps. If you have a specific property that you are looking at, please contact me and I can give you the exact fee for the apartment itself.