Home Buying in Chelsea>Question Details

Iwes, Home Buyer in New York, NY

How do I know what's the price average for a 1 bedroom apartment in Chelsea?

Asked by Iwes, New York, NY Thu Dec 20, 2007

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10
How do you know the ave. price for 1 bd in Chelsea? Easy. You either hire a Realtor to represent you or you do your own research. Keep in mind that you need to compare not only the apartment amenities, but the building amenities. Market research also helps for the building, the neighborhood, etc... I provide all this and more, but only for my clients and customers.

Also keep in mind that all the market research in the world may not matter. What matters is whether you can see yourself living in the apartment, in the building, in the neighborhood. Do you feel you can call it your "home"? Buying real estate is as much an emotional decision as it is a financial decision.
2 votes Thank Flag Link Fri Dec 21, 2007
Yep I knoew that
I figure it is mostly to get the points, especially when the answer is cursory at best!
1 vote Thank Flag Link Sun May 6, 2012
I will tell you why Richard (even if your question was rhetorical)

1. they don't notice the date
2. they don't pay attention to the date even if they notice it
3. they don't care about the date, even if they notice it, and are more interested in posting answers
4 their goal is not to answer relevant questions, but rather to earn points

was this helpful??

:)
1 vote Thank Flag Link Sat May 5, 2012
Please, this question is FIVE years old.
When you answer it everyone who answered it years ago gets your post, I sincerely doubt the buyer is still looking.

It is also against the terms of service to use the Q&A area of Trulia to solicit buyers/sellers.
0 votes Thank Flag Link Sun Aug 19, 2012
While many people have given great answers, there are some factors I hope you consider and if you need help researching I'll be happy to help you.

What affects price:
First, a one bedroom can be anywhere from small to large.
Second, the type of building and services it has (or doesn't have) in it also varies-- think walk up, what floor, elevator, and/or doorman building.
Third, proximity to subway(s), or stores like Whole Foods, can also affect price. In other words, Chelsea can be considered 16th St. and 9th Ave. (which is almost Meat-Market) or 28th St. and 10th Ave. The desirability of one location over the other can be argued.
Fourth, whether it is a co-op or condo and its maintenance or cc (carrying charges)/ RET (Real Estate taxes) monthly affects your payment monthly and it can vary a lot.
Fifth, are there assessments coming up for any major repairs in the building (or existing) and how is the reserve fund (cash on hand for repairs).

In other words, if you pick a small walk-up one bedroom on a high floor far away from a subway it will cost you a lot less than a large one bedroom or loft style one bedroom (in say, the O'Neill building) in elevator, full service relatively new condo.

All of that said, in any given building, in my opinion the best way to figure current pricing and value is by looking at recent comparable sales. I have access to closed sales in a building if you find any in particular that you like. Just email me and I'll send you the data of what's sold, when, and what's on the market.

And, for first time buyers I rebate 10% of my commission at closing. In other words, if you bought a $600,000 place, your rebate (paid out of my commission which is paid by seller) ranges from about $1500-$1800 depending on the listing commission. I primarily specialize in Downtown.

Best of luck. I'm here if you need me,


Ann Zemaitis
Licensed Real Estate Sales Agent
Charles Rutenberg Realty
917-676-1950
azemaitis@CRRNYC.com
0 votes Thank Flag Link Sat Aug 18, 2012
The price per square foot in LUXURY buildings (doorman/elevator, amenities, etc) in chelsea is running anywhere from $1100-$1300psf. There are some good deals out there for around $950-$1050 but if you want good light and a turn key apartment, you'll have to pay for it.
0 votes Thank Flag Link Fri Aug 17, 2012
You have to wonder why agents answer questions asked 5 years ago!
0 votes Thank Flag Link Sat May 5, 2012
Easy. On average, Manhattan real estate is selling for around $1000 sq foot. You can calculate the square footage then multiply it by 1000 and you get a reasonable figure for the space. Some places can bring upwards of $3000/square foot, but those are the ultra high-end properties, and some can bring as low as $750/sq. foot, if it's in a less desirable area.

Travis R. Old
Licensed Real Estate Salesperson
CitySites Real Estate Group, Inc.

3 W. 57th Street, 5th Floor
New York, NY 10019
Direct Office: (212) 228 - 3882
Fax: (212) 588 - 0919
http://www.citysitesny.com

Direct Cell: (347) 601 - 9600
Text: (347) 601 - 9600
FB: http://www.facebook.com/travisrayold
0 votes Thank Flag Link Sat May 5, 2012
How about a real answer for you!
It depends on what you call a 1BR...but your average Doorman 650-750SF Coop can range from about $600K-$850K the lower end would be 1960s (white Brick) buildings in need of work with limited views and the upper range would be prime larger Prewars with Views. Condos would be about $100K higher, even more for the newest higher end buildings with top quality finishes.
Of course there are small walk-ups that can be had under $500K. And fantastic new condo loft 1BRs even over a couple million. But a budget of $650-$750 for a coop and $700-$800 for a condo will get you a very decent nice DM 1BR about now.
0 votes Thank Flag Link Tue May 12, 2009
hey iwes,

Try out one of the top Rental Websites online (like Rent.com, Appts.com, etc). Here's a tool that can get you started at least, which allows you to Research the Avg. Rental Price in any of the major cities in the U.S.

http://www.rentalhousehunter.com/RENT/cities/Avg-Rental-Pric…

good luck!
truliarenter
0 votes Thank Flag Link Wed Apr 15, 2009
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