Anton, Home Buyer in 10022

Is this a good deal?

Asked by Anton, 10022 Mon Mar 31, 2008

725 square foot apartment for $670K on the Upper East Side? The building has tons of amenities - fitness center, business center, cinema room. Brand new appliances. Common charges are in the $750 range and taxes are only $260. That sounds like a good deal to me.

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If you are being represented by a buyer's agent, ask them to run comparative sales of similar apartments sold within the last 3 months within a very close distance (a few blocks?).

If you are not represented, the selling agent is not permitted to share information with you that would hurt the seller to whom they have a fiduciary responsibility.

I personally would like to see lower common charges and higher taxes (deductible). However, this is going to be your home. Do you feel at home in it? If so, buy it. If not, pass it by. It is not like a car that you will change in a few years...you are going to be living in this place every day and night. If you love it, it is a good deal.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Mon Mar 31, 2008
Hey Tony, lets make this simple. I'm assuming that this is a New Development and it has an abatement on it, hence the low Taxes, and you probaby have 10 or 15 years on that. Common charges are high because of all the ammenities, that is what you pay for with a new condo building. You haven't given us the address of the building or even approx streets, is it on River Side Drive or is it on 3rd Ave or Lex, makes a huge difference. Don't worry so much about brand new appliances, you can buy them your self for 10-15 K top of the line. Worry more about the quality of construction in the building, how thick are the walls, do you have double glazed windows to filter out street noise, solid core doors, how well is the building maintaned? I wont buy an apartment because it has a Sub Zero fridge, I will buy it when I see that all the cabinets are screwed on straight, and paint isn't chipping off the walls, just an example.
Shoot me an email at work Tony, give me some more specifics and I can check what sold in that building in the past 6mo's to a year and for how much.

Regards
~Alen
0 votes Thank Flag Link Sun Apr 20, 2008
is this a one bed condo? or a studio? is it a bright apartment and are there views? $1.40 PSF for operating is market. take a look at the most recent data, the overhang for one beds and two beds is big. studios tend to have stronger demand but if two beds drop into the $900 psf range, you will see pressure on one beds to compete and that means a 725 SF unit would be in the 500k range. there will be better deals later this year.
0 votes Thank Flag Link Thu Apr 3, 2008
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