Home Buying in 10029>Question Details

Simon, Home Buyer in New York, NY

Should I buy now in New York on 110th Street?

Asked by Simon, New York, NY Fri Mar 7, 2008

I'm interested in purchasing a condo at 161 East 110th Street in South East Harlem. The price per square foot is $709 and it's classified as a 2 bedroom, 2 bath. The total square footage is 888. Even though the second bedroom is very small. They aren't negotiating the price.

Is the condo market going to fall in NY? Is this too expensive for where it is? The nice thing is that it is a 24 hour concierge building, low taxes, and will have a parking garage in the building. It's a corner unit on the south east side of the building.

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It is not an easy question to answer. One one hand, prices may fall, but I imagine interest rates will go up. So if you are getting a mortgage in this scenario, then you will be loosing all of your tax deductions on your mortgage for not buying now and your mortgage payments will likely be higher down the road. If you are paying all cash, then waiting may make sense if you feel the market is going to come down. I know from experience that I have been terrible at predicting the ups and downs in New York and I am a smart guy with a long history in NY real estate. Good luck with your decision!
1 vote Thank Flag Link Wed Apr 23, 2008
I have bought in the exact building which you are talking about. After 6 months of research I've found that for the location, sizes, fixtures & Ammenities..this is a smart investment. With the area changing, being on a street with 2 gov't buildings, close proximity to the subway, the new East River Plaza & T subway line is the future...this is the place to make an investment. It's not the most glam neighbourhood at the moment..but it WILL change soon.
1 vote Thank Flag Link Tue Apr 22, 2008
Gerry and Gail are giving you excellent advice. It sounds like a good deal. If you need another comparison property, I have a 2 bedroom 1 bath Co-op being sold as-is for $519K in a 1904 pre-war building in the upper west side, Morningside Heights. There is no doorman, no garage and the square footage is approximately 650. This home is surrounded by historical houses of worship, colleges and universities. In addition, this Unit is within walking distance of Central Park and other major / interesting landmark attractions. Unit #32 has a new refrigerator and a full bath with 18x18 Italian Marble. There are 4 Units on the third floor. Oil Fuel, steam heat. Common charges are $444. Ask your real estate agent for a comparative market analysis to help you make an informed decision. Wishing you well on your future home purchase. Regards, C. ( http://www.TannStarr.com )
1 vote Thank Flag Link Sat Mar 8, 2008
Simon, Sounds like a nice property. How about this one as a point of comparison: a beautifully renovated and spacious 3 bedroom/2 bath condo on the top floor on 112th w/views of Central Park/Empire State for $899k (negotiable)? gerardo.vazquez@prudentialelliman.com
1 vote Thank Flag Link Fri Mar 7, 2008
Simon--

I live in SE Harlem (a few blocks north of where you're looking), and would be happy to look at the specifics of the deal for you.

There is one specific lottery building that I do not think is a good value for the price. If you'd like to get in touch, I would be happy to talk through this with you!

There are a lot of great values in Harlem. There are also some not-great values in Harlem...like everywhere. For example, I know of a below-market HDFC foreclosure in the area that I can't believe nobody has snagged. I would buy it myself if I could. Would love to show it to you if you're interested!

-Kate-
0 votes Thank Flag Link Thu Sep 26, 2013
As was said earlier, if you plan on staying in this apartment for more than 5 years it would probably be a good idea to do so as the area is in a constant state of gentrification and it will be going on for quite some time.
I personally do not like this area as it is just too far away from midtown and as a person who works and hangs out in Chelsea, I cannot imagine riding the subway back and forth several times a day. Too much time in the subway when I could be walking around experiencing life in this awesome city.
Check out Brooklyn especially along the East River where you have fantastic views of the bridges and of the skyline.
Price wise you will see the two areas will cost about the same amount. Just be prepared to spend more money with updates and maintenance if you go for a non updated unit.
0 votes Thank Flag Link Fri Sep 20, 2013
Hello Simon,

Absolutely! Interest rates have never been this low in New York City. IMPORTANT: Have you gotten an home inspection for the condo unit you are interested in buying? Please do not confuse the mortgage lenders appraisal with a home inspection.

A home inspection may give you some leverage in the deal. Please call me to discuss. Also, do you have a real estate agent to represent your interests. If you don't, I would recommend to hire one to protect you from any sharks in your transaction.

Regards,

Ivan Cardona
Manhattan Rental Apartments at Douglas Elliman Real Estate
P. 646-338-5576
Office E-mail: ivan.cardona@elliman.com
Private E-mail: cardonaivan@ymail.com
My Listings: http://www.ivancardona.elliman.com
0 votes Thank Flag Link Sun Sep 8, 2013
If you're going to hold on to the property for a minimum of five years it’s a great place to buy real estate if you can negotiate the price below what you would pay for a rental that would be one of my deciding factors. Good luck
0 votes Thank Flag Link Sun Aug 25, 2013
ny will always be ny and this imediate area is great. price per sf is ok for a new building. can't really go wrong
0 votes Thank Flag Link Wed Apr 6, 2011
Almost all realtors will say you should buy. This is one question I would not ask them. If price your top concern, I would wait. But if you have other reasons to buy, try these sites to find out if the price is right.

http://www.propertyshark.com/mason/
http://realestate.nytimes.com/comparables/
0 votes Thank Flag Link Tue Apr 22, 2008
The market is insulated here. Historically, the market here has occasional dips one out of every ten years.
The apartment sounds like a great value, you need to realize that real estate is an investment over a five to ten year period.
0 votes Thank Flag Link Mon Mar 31, 2008
This is the time to buy...anywhere! Get a Realtor to represent you and provide comparative sales from the building and the area.

Are you going to live there? Do you love it? Yes, home purchases are an investment, but it will also be your home.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Mar 7, 2008
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