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Market Conditions in 10007 : Real Estate Advice

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  • Home Buying2
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Activity 142
Wed Oct 28, 2009
Jenet Levy answered:
It depends on which way they were owned - Tenants in Common, or Joint Tenants with Rights of Survivorship. The best thing is to check with an attorney. If there is an attorney for the estate of the deceased party, they could look at the stock and lease (stock certificate and proprietary lease) and see how they were held.

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
(212) 381-4268
... more
0 votes 1 answer Share Flag
Mon Oct 26, 2009
Debra (Debbie) Rose answered:
Hi Misha
If you are planning to live in a home for at least 5 years, you should be fine as far as investment goes. Now, I don;t have a crystal ball, but for the longer term, I see no problem.

What you need to do is analyze your financial situation......compare the cost of renting to the cost of ownership.
Speak to a mortgage broker...that's first and foremost !!! Condos are usually more expensive than coops, but they often have less stringent requirements for the buyers. Chceck that out too. There may also be restrictions on renting out rooms, too.

Find a good Manhattan agent who can show you what your price range will buy....and discuss the various parts of the city, where the best values are.

Good luck in your search!
Debbie Rose
Prudential NJ Properties
... more
0 votes 3 answers Share Flag
Sat Dec 12, 2009
Tony Lara answered:
That's an excellent question I'm formally of Prudential Douglas Elliman and they come out with their yearly market report. If you read it and read Corcoran's and Halstead you'll get three different answers. NYC prices will continue to go down, I'm not saying rock bottom "but" there's room for more adjustments. I have an accepted offer in Inwood for a one bedroom at $205K, it was listed at $225K, so you can find an apartment to fit your budget. I'll be delighted to assit and please, if you havne't contacted a mortgage broker please do so. I'd like to refer (full discloseure I don't reevieve compensation of any sort for my referalls) to Patricia Lavigne. She's been in the business of approrx 18 years, she's with Manhattan Mortgage at plavigne@manhattanmortgage.com or 212-745-9012. Good luck, I'm here if you need me and have a safe & healthy new year!!! Lastly, I ran a quick search for units in your price range and there's several interesting ones. I'm here if you need me, cheers. ... more
0 votes 1 answer Share Flag
Thu Oct 8, 2009
Bob Borger answered:
All real estate is local and it appears that the Chelsea neighborhood is bucking Manhattan trends.

Of the condo sales made in Chelsea this year:

43% were below $1M
37% were between $1M and $2M
20% were above $2M

My latest stats for co-op and condo sales for Manhattan for July (approximately consistent throughout this year) show:

67% sold below $1M
23% sold between $1M and $2M
10% sold above $2M

Miakoda30, you may also want to check out the Manhattan Market Overview for Q2 2009:
http://realestategeezer.com/2009/07/02/manhattan-coop-and-condo-sales-reports-for-q2-2009/

I hope this was helpful.

Bob
... more
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Fri Oct 30, 2009
Alen Moshkovich answered:
Sarah,

Would you like to be more specific with your question? Are you talking about condos, coops, townhomes?
I'm pressuming you are trying to price your apartment for sale, but I could be wrong.
It's hard to say what the appreciation was without knowin what we are talking about here, but I can tell you that in the last year the average depreciation was around 10%. As an overall in Manhattan it's over 26%.

Don't hesitate to reach out if you want more spefici answers.

Best,
~Alen
... more
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Fri Jul 24, 2009
Joseph Runfola answered:
If you can locate a copy of The Real Deal , real estate news Vol.7 No.2 or visit their site therealdeal.com and check the archives there is a great section called "All eyes on Rentals" page 35. This article will interest you. I would also keep up with upcoming issues as this will be a very popular topic. ... more
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Mon Jul 8, 2013
Alen Moshkovich answered:
Sandro,

You didn't give enough information for anyone to determine if it's a fair price or not. Building address would help alot.
Even though Cash is King in this market, how are you backing up your offer? Where did you get the number of $245,000?
Several things can happen. The seller of this apartment may not need to sell, they are testing the market, in which case your offer may not mean anything to them.
This seller may be desperate to sell and they will consider all offers -OR- this seller may be very motivated to sell and they priced the apartment correctly. In the case that this apartment is priced to sell in todays market, a $40,000 on such a small apartment is too low of an offer.

If you are willing to share more facts, your question could be better answered.


Best of luck
~Alen
... more
0 votes 6 answers Share Flag
Sun May 10, 2009
Avi LAsri answered:
Hi Steve,
I'm an experienced broker with Prudential Douglas Elliman and i know the building well.
I can prepare a CMA (comparable market analysis) for you tomorrow if you can tell me when can you be at the apartment so I can take a look from the inside or if you just want a ball park figure that can work too.
email - alasri@elliman.com or cell 917-662-8525

regards,
... more
0 votes 1 answer Share Flag
Thu Mar 19, 2009
Steve answered:
There is a NYC housing index by borough which goes back to the 70's
0 votes 1 answer Share Flag
Wed Mar 18, 2009
Alen Moshkovich answered:
Monika,

Do you care to be more specific with your question? Right now it's an imaginary apartment. You didn't tell us the size, views, or anything else. Just an address.

It's impossible to answer. ... more
0 votes 1 answer Share Flag
Fri Feb 27, 2009
Jason Yang answered:
Despite the slowdown in the market, well priced apartments in NYC are selling and there has been an increase of activity over the last month. However, according the the NYT article from yesterday, the suburbs in the area are seeing little or no activity... ... more
0 votes 2 answers Share Flag
Tue Aug 2, 2011
Ralph Windschuh answered:
NYC real estate, especially Manhattan, has held pretty strong throughout the last couple of years. However, prices in Manhattan have also dropped from a year ago. It's a great time to buy.

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
... more
0 votes 8 answers Share Flag
Thu Jan 22, 2009
Laura Lazar Kearns answered:
Yes, prices have dropped and will continue dropping. This is a buyers market. It is of course not a "rule" that the particular one you are purchasing has gone down too much in comparison to the actual price you are paying. You can try and renegotiate if you like...though keeping in mind that coops are a totally different animal from a house wherein the board can sometimes bite off its nose to spite its face and may not negotiate with you at all...if you tell us the building maybe one of us real estate professionals can help you get a comp for that building and/or area. ... more
0 votes 3 answers Share Flag
Mon Dec 29, 2008
Paul Macapagal answered:
Hello Frank,

When buying in a new development project, generally..... you will be required to put a certain percentage down to secure your interest in the property. Usually 10% or more, that money is put in an escrow account and the developer will be released those funds upon closing of the property. I have sold many new development properties and ocassionally a few do fail to be completed. sometimes due to lack of funding or due to lack of interest by the buying public. I have never once had a client lose their deposit . The only thing that the client lost was time and the cost of the lawyer for the prep of the contract. keep in mind the offering plan is closely watched by the Attourny General. If a development does not reach 15% presale... the development does not go into effect. If it reaches over 15%.. the developmet is a go. Now there are still many factors that can stop a development in it's tracks from that point.

Many developers are being pretty aggressive in their pricing. Some are including closing costs, and some are giving away storage units. Let me know what property you are looking at and I could let you know what that building is doing in reference to incentives.

pmacapagal@elliman.com
917 612 2746
Paul Macapagal
... more
0 votes 2 answers Share Flag
Wed Dec 10, 2008
Jolie Muss answered:
Mari,
I'm not clear about what you are asking...
0 votes 0 Answers Share Flag
Sun Nov 15, 2009
Gail Gladstone answered:
Tenants usually pay the commission. I only support Realtor represented deals; will not encourage nor recommend assistance to someone not in support of our industry.
0 votes 7 answers Share Flag
Wed Nov 26, 2008
Morgan Evans answered:
Hi Ray,

Overall it's very hard to answer your question because its going to depend on more specifics of your situation. It's going to depend on where your building is at, the floor, the line, the condition of the unit. Without that information I cant give you specific comparable units that have sold in your building to give you an idea of how much you could sell for in today's market.

It also depends on your timeframe of selling and cashing out. A condominium is probably going to take 3-4 months to sell and co-op will take longer. Nobody can tell you with absolute certainty where the market is going to be one year or two years from now. The market is shifted and will probably be a while before it turns again.

If you would like to speak more about your situation I could give you a better idea of what your apartment is worth right now feel free to email me.

Morgan Evans
morgan.evans@elliman.com
... more
0 votes 7 answers Share Flag
Sun Nov 9, 2008
Morgan Evans answered:
Hello Laura,

This is not an auction, it is a time share property. You will be buying a fractional ownership and can stay in the apartment 45 days/year. I f you would like to speak about this property or are thinking of investing in an apartment I would be happy to have a conversation with you.

If you are thinking about investing or buying in Manhattan go to http://www.nycaptinfo.com for more information.

Morgan Evans
Prudential Douglas Elliman
917 837 8869
... more
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