The price looks lower than usual for this kind of aprtment. Does anybody know why ?

Asked by Antoine Aronin, 10021 Sat Nov 21, 2009

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5
Glenn Minnick, , Upper West Side, New York, NY
Fri Dec 11, 2009
Three important questions to ask...what condition is the property, how much is the maintenance or common charges/taxes, and how much does the building require down if it's a co-op? The nicer or more stable the building or location, the more they may require down (50% or more for Park Avenue, 5th Avenue, Etc). If a co-op has great financial assets, you'll have to put more down to get in...which is a safer investment long term.

Also, if it's a co-op, keep in mind that you also need to show at least 2 years of mortgage/maintenance in the bank as post-closing liquidity (co-ops want to see you have plenty of liquid assets AFTER the closing to weather any hard times).
Web Reference:  http://www.elliman.com/gjm
1 vote
First Last, , 90002
Thu Dec 3, 2009
Ask the listing agent or owner directly. High maintenance/common charges and/or a lack of any view or low light are the biggest reasons I'm seeing for this phenomenon in the current market.

If that doesn't explain things, keep looking. When I work with buyers, I research city records to learn the history of the apartment. Estate sales can often be discovered with a little detective work, they can be discounted. Sometimes a property is under a court order to be sold.

There are also a lot of distressed sellers out there, but as a buyer, you do want to know why the list price is uncommonly low before you pounce. You don't want to buy someone else's problem.

Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty, LLC
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell and text messages
(212) 688-1919 fax
kharby@rutenbergrealtyny.com
http://www.rutenbergrealtyny.com/agent_details.aspx?agentid=51888
1 vote
Jenet Levy, Agent, New York, NY
Sat Nov 21, 2009
Hi, Antoine. There is no link here. What is the property?

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
(212) 381-4268
1 vote
Youandme, , New York, NY
Fri Jul 27, 2012
this building is 149 years old , it is mold infested and plumbing is shot . Owner is Mr Mark Heller , he is a lawyer and he represented the serial killer David Berkowits. Not a good person at all. hope this helps.
0 votes
Angela Nelson, Agent, Tarrytown, NY
Sun May 13, 2012
The seller is likely anxious to move the unit.
0 votes
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