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Market Conditions in 10007 : Real Estate Advice

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  • Home Buying2
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Activity 142
Sun Jan 18, 2009
Donna Grady answered:
The real question is why would you want to stop homeowners who need to sell because of something in their life has prevented them from being able to afford their homes. A short sale is for a homeowner that is hanging on by a thread making partial or all of their payments but are really struggling due to loss of a job, disability with health issues, divorce, death of a spouse, illness of a child... many unfortunate changes in life. This is a viable and valuable win-win situation for all involved. The bank agrees to accept a lesser fee for the outstanding mortgage. Foreclosure costs the lenders a lot of money and most of the time they end up with the property at the courthouse steps. So they don't want foreclosure. The Realtor can sell the home for less which will make the home sell faster. The homeowner does not have to go through foreclosure and ruin their credit. Don't think for a minute that a short sale does not have consequences for the homeowner. In most cases, they come away from the sell with no money. It is hard on a Realtor to do a short sale so if you need to sell quickly, please make sure you hire a Realtor with experience and systems in place to make it happen. I see so many MLS listings that are short sales that never make it to closing. Then the homeowner automatically goes into foreclosure. Personally with my Paralegal degree and experience with title searching, I know what is involved with corresponding with the bank/lender's personnel. It is not pleasant and very time consuming. Most of the personnel that Realtors have to deal with are overworked, stressed, angry and very unreasonable. Short Sale Realtors liken them to DMV employees. As a Realtor, I stay away from short sales. It takes too much time away from servicing other home buyers in my real estate business. I do council other Realtors who want to try a short sale and I know many agents that have been successful at closing a short sale. If you need to sell this way, I can refer you to many short sales specialists across the country that I blogg with.

Now to answer your question what impact would be for the new buyers in our present market? I show my buyer clients short sale properties all the time because they will get a home with equity already in place. Problem is they have to usually wait weeks before their offers are approved and it can take a month or two before it can close. Usually, there is no negotiating the list price that the bank has set. Most of the time the property is sold as is with no repairs. If the buyers have the time and extra money for minor repairs, buying at a short sale is the best for them. Buyers this is different from buying a foreclosed home. This is legimate buying before the foreclosure.

For a Realtor, the commission is usually decided by the bank and the Realtor does not know if the bank may decide the commission to be lower than originally stated. I don't mind representing the buyer in a short sell but the Realtor that list a short sale property is a SAINT.
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0 votes 6 answers Share Flag
Fri Jun 26, 2015
Donald J. Leske II answered:
Hi Marc, :)

Rates are crazy right now.... my son is a Mortgage Banker and Loan Officer, yesterday he told me that even the insiders are pulling their hair out. We are waiting on some purchases we want to make for just a month or so.... its a tough call. How can anyone tell you what to do when even the professionals don't know?

If I were you..., personally I would sit tight for a couple more weeks anyway. Try to "pick the brain" of a couple old timer or long term Real Estate agents or brokers in your area.... HEY, I am sure that if you interview a few that they will be glad to discuss their thoughts about the local economy. Yes.., we all want to make a sale since we are Sales People, of course. But ask anyway. You will click with one sooner or later and you will be glad you did. Your questions will be well covered and the answers will be good! I guarantee it.

Best regards,
Donald J. Leske II / Broker
BCI Properties, LLC
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0 votes 25 answers Share Flag
Tue Sep 16, 2014
Adam Waldman answered:
Marc,

If the project is ever completed, it should be beneficial to the owners of co-ops and condos on the upper east side, particularly those on first avenue and york avenue. It was just announced that there are futher delays though. If you are planning on buying in the area now, and counting on the future subway to increase the value in the short-term, you're probably better off looking someplace else. Of course, if you want to live on the upper east side, and plan on living there for several years, then you should reap the benefit of the second avenue subway in the long term. ... more
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Fri Feb 29, 2008
Diary Of A Real Estate Rookie answered:
This is really the kind of thing you'd get a local agent to do for you. As an NYC agent, my database shows me historical rental prices downtown, but I have no idea if you're interested in the price of a one-bedroom or of a four-bedroom.

I also have no idea if you're renter or a landlord (or landlady). If you're a landlord, any agent will be happy to tell you what your place should rent for in exchange for the ability to show the apartment, because that agent can then charge a fee and make some money on the deal.

If you're a renter and want to make sure you're not being overcharged, start with a full-service doorman building in the area such as 2 Gold -- where one-bedrooms are going for from $3,200 to $3,400 a month -- and then compare what you're looking at in terms of size, amenities, etc. I'm sorry I can't be more specific, but since the inventory ranges from old-style lofts with video intercom security to new doorman condos, I can't price it without telling what building and unit you're talking about.

Best
Ali
---
Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z
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Sun Jan 20, 2008
Gail Gladstone answered:
There are a few things to consider in purchasing a new home; if you are applying for a mortgage and have a mortgage contingency clause in your contract, the property must appraise or you will be denied. It will be appraised compared to recent (3 months preferred) sales of similar coops.

Secondly, what is the value of the coop to you? After all, this will be your home.

Can you purchase one in lessor shape for significantly less money and do the renovations to make it what you desire for less money?

Lastly, do you have a Realtor that is representing YOU? That Realtor can run comps for you and help you work out these issues.
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0 votes 1 answer Share Flag
Thu Jan 24, 2008
Pierre Calzadilla answered:
Well I do not know about "declining sharply in the next few years" NYC is historically a reliable market, with high demand and low inventory. New Construction is not idling on the market as much as others would expect, and depending on the units, i.e. a studio compared to a 3BR, time on market can still be days if priced right, or if the neighborhood is in high demand.

Like I always say, use the data available to determine if the price you are paying is fair. There should be a reason for the higher price per square foot some ideas:

1) th efloor the unit is on affects the price per sq foot
2) as you mentioned appliances and general aesthetic value
3) views/natural light
4) a great building with great financials and amenities - gym, parking, shared space, etc
- i know the unit is in the same building, but some units have "perks"
5) Sponsor unit?
6) if nothing stands out for the higher price, then potentially it is overpriced and you can lower the offer
I am sure more people can add to this, hope it helps.
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0 votes 1 answer Share Flag
Wed Aug 25, 2010
Diary Of A Real Estate Rookie answered:
They've probably crept up a little, but not to the point where it's worth it for you to sell just yet!

Seriously, congratulations on the purchase. If you want to track the price per square foot for your area, go to

www.millersamuel.com

hit "data"

and then it will let you slice and dice the Manhattan numbers.

I'm warning you, though, it's addictive.

Ali
---
Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z
... more
0 votes 4 answers Share Flag
Sat Jan 12, 2008
Paul Macapagal answered:
In a nut shell I would have to say that the market condition in NYC is very good. There is still a very health amount of buyers and sellers in the market place. I personally have not seen a slow down at all. ... more
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Mon Dec 3, 2007
Lvping asked:
Thu Jan 24, 2013
Charles Todd Botensten answered:
It has exploded - anything below 14th Street is a homerun - less expensive in the East Village, than West Village. I have a 1BR for sale 212 East 13th St, 4D. Hope this answer somewhat what you're looking for. ... more
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Mon Nov 5, 2007
Gail Gladstone answered:
Try co-star, loopnet & propertyline. Also contact Greiner Maltz for their 2006 report.
0 votes 1 answer Share Flag
Sun Jun 17, 2012
Jolie Muss answered:
Tom,
Approximately 35 %..Could be mored epending on the building and location..
Why do you want to know?
0 votes 3 answers Share Flag
Sun Jul 23, 2017
Diane Glander answered:
Contact a realtor. Realtors know the market value of apartment rentals as well as sales. Since you are in NY, you can also check out craigslist for a general idea, or ask other people in your building what they are paying. ... more
0 votes 25 answers Share Flag
Mon Oct 8, 2007
Paul Macapagal answered:
Generally the buildings near Central Park do command a higher price per sq/ft. The units facing the park definitely have a higher price..... In NYC it is about the Location and View and Placement of the unit in the building. For example... at the Trump Buildings near Riverside Blvd.... the units with the river views command a substantial price versus the ones not facing the water. ... more
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Tue Aug 2, 2011
Maggie Dokic answered:
It is difficult to answer your question with only the data provided. If a 500 SF condo is the size you need, then you should definitely look around and get market data on similar condos and attempt to make an informed decision. The beauty of being a buyer is that you can benefit from the experience of a real estate agent and in most cases it costs you absolutely nothing to use their services. Look up Mitchell Hall in NYC. He's a reputable professional who may be able to provide you with some guidance. ... more
0 votes 7 answers Share Flag
Thu Jul 12, 2007
Stan Mikhalsky answered:
I cannot tell about New York but in Florida, we overdeveloped. For investors it is not a field where they prefer to be -- they are buying foreclosures that are plenty. Prices maybe high but developers are giving away tons of incentives. However, it could attract first time buyers but not investors. Especially, in condos, because as soon as building is transferred from developer to association, this scavengers are raising maintenance prices at least twice. And new buyers have to deal with unexpected expenses. ... more
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Wed Jul 11, 2007
Mitchell Hall answered:
Good question: There are (roughly) 200,000 condo and coop units in Manhattan. About 4% of condo and coops turn over yearly. The absorption rate is 4%. The approximate yearly sales is about 8,000 units divided by 52 would be about 153 a week but that is only Manhattan there are 4 other boroughs in NYC. REBNY the real estate board of NY and or Miller Samuel a leading appraisal firm in New York probably has the figures you're looking for. I'm not sure how many agents but there are many. I think there are more agents than properties that are sold. ... more
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Tue Apr 14, 2009
Irene Robertson answered:
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