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Home Buying in Chelsea : Real Estate Advice

  • All51
  • Local Info5
  • Home Buying12
  • Home Selling2
  • Market Conditions2

Activity 9
Sat Feb 28, 2015
Nardeen Billan answered:

Yes one can. Contact me for further detail.
0 votes 12 answers Share Flag
Wed Jan 29, 2014
Alex Aberle answered:
Public transportation in Chelsea is exceptional! Most apartments in Chelsea are just a few minutes away from the ACE, NQR, & 123 trains, as well as crosstown buses. Hopstop is a great website/smartphone app that allows you to get free directions for public transportation anywhere in the city! ... more
0 votes 9 answers Share Flag
Thu Oct 24, 2013
Michael Kirschner answered:
Retiring to NY/ My parents did that and they are loving life. They rented for a year to make sure that they were going to be ok. After that year I found them a great apartment just a stone through away from central park. Let me know when you are ready and I will do my best to assist you. ... more
0 votes 11 answers Share Flag
Sat Aug 3, 2013
Anna M Brocco answered:
No link is visible, is the property a condo or co-op; in a co-op taxes are included in the monthly maintenance, whereas in a condo they are paid separately....
0 votes 8 answers Share Flag
Wed May 29, 2013
Joseph Hastings answered:
Hello sir. while your budget will not allow the best selection, it is possible to find one bedroom Coop apartment on the higher end of your price scale. A Condominium will out-price your budget. There are a number of things to be aware of. The downpayment, application fees, maintenance proration, Attorney, work history, post-closing liquid assets, etc.

I strongly suggest you work with a broker. I would be glad to set up an appointment to discuss the purchase process at your convenience in my office. Feel free to contact me through Trulia. All the best.
... more
0 votes 6 answers Share Flag
Sun Aug 19, 2012
Ann Zemaitis answered:
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
... more
0 votes 6 answers Share Flag
Sat May 5, 2012
Travis Old answered:
Retail spaces are priced in several different ways - If you are looking to invest in retail space by purchasing the unti to rent out - you will want to do an income-appraisal to see what it's worth depending on your desired cap rate.

If you want the property for yourself to use and own, you will pay depending on how well the space is located. If you are close to a public hub, you will pay more per sq. foot. If you are away from the public things get less expensive.

I'd recommend connecting with a buyer's broker who can run some competitive market analysis for you. In this report, they will analyze what similar properties have sold for and what others are currently listed for to see what price they recommend the property to be worth.

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

Direct Cell: (347) 601 - 9600
Text: (347) 601 - 9600
... more
0 votes 2 answers Share Flag
Mon Jul 5, 2010
Dallas Texas answered:
If you are confused produce an excel spread sheet and compare the two properties
0 votes 5 answers Share Flag
Fri Nov 20, 2009
John R. Wuertz answered:

I agree with Dunes in many ways. I would like to add a few comments and sources.

When considering market value, make sure the sources you're using give you CLOSED or SOLD prices. Not listing or asking prices. The list prices indicate several things including how realistic the sellers are, the group of buyers who will look at the property, etc. The SOLD price is what the market (buyer) was willing to pay. It also shows that an appraiser thought the property was worth at least that amount (typically and if a mortgage was obtained). List prices only indirectly show the market trend. Too many people believe that the asking prices indicate where the market is going.

I would also add this valuable site:

This is the Corcoran Guides page. You'll find the well-known Corcoran Report and many other tools. Please don't think that I'm only offering this source because I work with Corcoran. I used this information long before I moved to Corcoran because it's accurate and easy to understand. The information is unbiased and verified through several places.

I would also like to offer that many of my contacts within the banking world all agree that interest rates will not go up any time soon. A strategy to jump start the economy is to lower interest rates. Currently, the rate is 0%. It is possible for a government to actually put the rate into the negative; however, that strategy was employed by Japan and Sweden (for foreigners only). While Sweden's "special case" worked, Japan's economy during negative interest has been described as a "nuclear winter." While this is not the forum to fully discuss the impact of interest rates and what controls/determines them, I feel confident that the rates will remain pretty stable (low) for a while. Don't panic.

With all of that said, no one can accurately predict what the market will do with 100% certainty. At the end of the day, all predictions are educated guesses. I suppose the trick is to find the opinion with the most education behind it.

I hope the above is helpful. Good luck on your search.


John R. Wuertz
... more
4 votes 4 answers Share Flag
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