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Market Conditions in New York : Real Estate Advice

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Activity 142
Fri Aug 17, 2012
Filippa Edberg-Manuel answered:
Hi Riham,

TriBeCa is a very popular neighborhood. If you are looking into acquiring an investment property, you have to first of all think: Condo (Co-op's will most likely have rules preventing you from renting the apartment out immediately, or sometimes at all). To be able to answer your question correctly I would need to know a little it more about your time frame, budget, experience and expectations.

There are many great streets in TriBeCa, but it is not necessarily the street that "has a good return", but a specific unit in a specific building. You will have to think about things like renovations, amenities, closeness to transportation (the right subway), school district etc

Are you an all cash buyer, or will you have a mortgage with monthly payments? You will have to look at the maintenance cost for each specific unit, as well as the comparable rents to see what your projected return could be.

Just to give you some recent numbers: the median asking price for an apartment in TriBeCa (Condo and Co-ops) is $2,997,500. ( That is a median price per ft² of $1,515/sf). As you know Tribeca have a lot of lofts and the median size for any apartment for sale today is 2,000 ft². As for rents, a quick search shows that the median price per ft² for apartments offered for rents in TriBeCa today is $70/ft.

I mostly work with buyers - from TriBeCa to West Chelsea, and I'd be happy to give you some advice.
All the best,
Filippa
filippa@townrealestate.com
646.242.5651
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0 votes 3 answers Share Flag
Tue Oct 15, 2013
Ari Harkov answered:
There is a huge range depending on finishes, fixtures, extent of work, etc. and given that apartments in NYC are not typically delivered as white boxes there is demo involved in any project as well. That being said, we generally see most clients spending on the low end $150psf and on the high end $400-$500psf to renovate. ... more
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Thu Aug 16, 2012
Raoul Sodogandji answered:
Hello,

I don't really understand what you are asking here, but you can definitely find the answers at this link:

http://www.trulia.com/real_estate/New_York-New_York/

Let me know if i can help further.

Warmest Regards,

Raoul Sodogandji
Member of ELITE
Licensed Salesperson

(o): 212.252.8772 (EXT.782)
(c): 347.993.8333
(e): raouls@nestseekers.com

" It is common in all businesses that the level of customer service, is usually based on income generated from that service given; which is fairly unfair to those who need just the same service of selling, buying or renting in New York City.

That's one of the reasons why we came up with ELITE. It is the highest standard level of same service given from a $2000 rental to a $40 Millions sale, and instead of treating the customers differently, we've decided to give them the ELITE service.

Let's help you with our services, no matter your budget, what you are selling or want to buy, we will give you and your referrals the same best experience ever lived. "
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Thu Jul 12, 2012
Robin Raines answered:
It is $645 per month. Please feel free to contact me directly for more information or to view.

Robin Raines
SVP
LG Fairmont Group
rraines@lgfairmont.com
0 votes 4 answers Share Flag
Thu Jun 21, 2012
Arthur Golden answered:
CS, here's a link to the Elliman 10 year report that is independently prepared by Miller Samuels. It drills down to that level including the difference between coops and condos.

http://www.elliman.com/reports-and-guides/reports/new-york-city/2002-2011-manhattan-decade-report/7-338

This report goes through 2011. There's a at the top of the links that will give you 1st qtr 2012.

Please feel free to email or call me with any questions and remember these are actual sales numbers and do not take factors such as renovations into account.

Thanks,

Arthur "Ungie" Golden | Licensed Real Estate Associate | REBNY Member
Prudential Douglas Elliman | 1995 Broadway, 4th Fl | New York, NY 10023
C: 212.866.8717 | P: 212.712.6078 | F: 646.497.5476 | E: agolden@elliman.com
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Mon Apr 1, 2013
Debra (Debbie) Rose answered:
................and your question is?????
0 votes 8 answers Share Flag
Wed May 23, 2012
Ron Thomas answered:
There are a lot of factors that go into determining the M.V. whether you use a CMA with a Realtor, or an Appraisal.
Please contact a Realtor and have them do a CMA, rather than using opinions and guesswork.

Good luck and may God bless
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Tue Mar 25, 2014
Ron Thomas answered:
Hang in there, Kam,
You will probably hear from some good people here on Trulia;
We are pretty much dedicated to helping people, that's why were here.
0 votes 2 answers Share Flag
Wed May 23, 2012
Elena Ravich, Esq. answered:
Usualy there is more room to negotiate the rent when the rental market is weak. Current market for rentals in New York and especially in Manhattan is very strong with less than 1% vacancy, and is becoming more pro-land lord now. If your apartment has free market rent and is not rent stabilized, the owner can increase the rent every year to what he believes is the market rent. I am not sure if your neighbors negotiated their rents this year or couple years ago. If it was just recently - ask them what arguments they used with the management to reduce their rent increase that worked and may be you can use the same. However now apartments rent really fast and many times there is more than one person applying for the same apartment. ... more
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Tue Mar 25, 2014
Ron Thomas answered:
How did you go from the Market Value of your condo, to the RENT?
Are you buying or renting?

Market Values are increasing; and so is rent.
The Market is going back up.
The people who were waiting for the BOTTOM, are going to be disappointed. ... more
0 votes 6 answers Share Flag
Tue Mar 25, 2014
Anna M Brocco answered:
Review your lease and see what it states, if anything regarding rental increases; unfortuantely unless something is in writing, oral information is weak....
0 votes 3 answers Share Flag
Fri Apr 12, 2013
Tim Moore answered:
Could be going down, but we don't know what you are thinking about.
0 votes 10 answers Share Flag
Tue May 15, 2012
Anna M Brocco answered:
Keep in mind that square footage costs do vary, and doesn't account for location and other considerations such as usage, etc.; therefore, it's really in your best interest to also review a comparative analysis.... ... more
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Wed May 16, 2012
Anna M Brocco answered:
Keep in mind that square footage costs do vary, and doesn't account for location and other considerations such as usage, etc.; therefore, it's really in your best interest to also review a comparative analysis.... ... more
0 votes 2 answers Share Flag
Tue Apr 9, 2013
Josh Rubin answered:
This market is funny. Assuming you meant all cash, you might find a 5% discount but more than likely you'll be up against other cash buyers if it's an otherwise attractive property. ... more
0 votes 24 answers Share Flag
Sun Sep 8, 2013
Anna M Brocco answered:
Keep in mind that square footage costs do vary, and doesn't account for exact location and other considerations, such as property size, condition, etc.; therefore, it's really in your best interest to also review comps, recently closed sold similar properties in the immediate area. Consider working with an agent of your own, he/she will be your best guide. ... more
0 votes 9 answers Share Flag
Fri Apr 20, 2012
Doreen Courtright answered:
Values in BPC seem to have held up, the same as they have across the city. Because of the higher monthly costs, the prices seem to be slightly less than condos in other neighborhoods. If you are buying in new development, keep in mind that you will be asked to pay the transfer taxes (1.825%). BPC is a special place for people who love the water, the views, the cleanliness of the neighborhood. I know many people who live there and would never leave. The market is very, very active right now with a lot of contracts being signed. There is no way to predict the future, but buyer confidence seems to be back. Good luck. If you have more specific questions, don't hesitate to give me a call. Have a great day. ... more
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Thu Apr 12, 2012
Anna M Brocco answered:
Since no link is visible, either contact the listing agent, or any local agent/realty office can also help, they all have access to the same information....
0 votes 2 answers Share Flag
Mon Apr 9, 2012
Christopher Pagli answered:
Hi, I know the building well..what specific info would you like?...if you want to know about available listings I'd be happy to send you listings that meet your specific requirements.

Chistopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
914 406 9023
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Sat Mar 24, 2012
Bruno Navarro answered:
Hi Oma,

That's a great question. There is no exact formula for determining an average price difference between those two locations because buildings are going to have different amenities, underlying mortgages, common charges, etc. All things being equal, you could expect an apartment on 92nd and CPW to be anywhere from 5 to 15 percent less expensive, although you'd be hard pressed to find two identical apartments in two identical buildings in those two locations -- part of what makes New York City great!

Please let me know if I can assist you further and help you with more specific details about the apartment you're looking at.

Best regards,

Bruno J. Navarro
Licensed Real Estate Salesperson
BOND New York Properties, LLC
1776 Broadway, 19th Floor
New York, NY 10019
212.804.8948 mobile
270.675.9195 fax
http://NYCApartmentAgent.com
... more
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