Forum
« owls' head park Closet doors - looking for help »
March 11, 2009
Nothing to see here
On the one hand, your broker is telling you that NOW is the time to buy and prices aren't getting any lower.
On the other hand, here's a 3 bedroom in north slope for sale by owner (who's a broker), priced at 599K. I'm gonna go out on a limb and say that if it's priced at 599K (even if it's a little small), someone might see things getting a lot worse before they get better
http://realestate.nytimes.com/sales/detail/253-NS90224603
Comments
You need to look at more than the price and 3 bedroom.
It's 900 sf (ABSOLUTELY MINISCULE FOR A 3 BEDROOM). Not to mention that they usually overestimate square footage.
Hardly a screaming bargain at $666 psf.
It's an ok deal I suppose, but nothing like what you're suggesting.
It's also not in PS. 321.
Posted by: 11217 at March 11, 2009 4:00 PM
PS 321 is oversubscribed... folks really should give up trying to get all snuggly with that school. It ain't gonna happen.
Posted by: tybur6 at March 11, 2009 4:19 PM
Dont get too excited - This seems like a pretty decent deal, but definately not a steal. Its a decent apartment, but it is a coop and a very small 3 bedroom with only 1 bathroom. At 900 square feet, if you beleive the broker's floor, plan it is still around 650/sq. foot.
Not bad - but definately not a harbinger of doom...
Posted by: newsouthsloper at March 11, 2009 4:19 PM
btw, you get about 850 sq ft if you use the numbers from the floorplan.
Posted by: tybur6 at March 11, 2009 4:23 PM
That apt has been around for awhile. The owner (a broker for Petes sake!) did some stupid renovations to it, really messing up the floorplan. It aint selling for that price. Also, its not a good indication of the market, because its such a strange apartment.
Posted by: saminthehood at March 11, 2009 8:40 PM
Wow, this seems like a pretty well-priced apartment. The floor plan is a good one by modern standards. To my mind, the disadvantages are that it is on a low floor and it was gut renovated so the interior space has modern finishes.
Of course, it's not spacious. If it were, it would be more expensive. The relatively high cost per square foot probably reflects the extra bedroom and the fireplace.
I'd guess the broker needs a quick sale.
Posted by: mopar at March 12, 2009 5:33 PM
Mopar - I thought the same thing. But reading Sam's comment and the broker's own admission that "The floor plan has a few minor discrepancies but is representative" seems to confirm that this place may be a hack job.
Posted by: newsouthsloper at March 12, 2009 6:47 PM
Oh my, what an admission. I missed that!
Posted by: mopar at March 12, 2009 7:15 PM
Foreclosures are only up 27 percent in the New York City area. Thank goodness for the moratorium issued by the banks on foreclosures. Well deadbeat home buyers now is the time you pay up or move out. Your asset is making everything toxic. So take your asset and sell it and go make some other state toxic.
Posted by: hannible at March 12, 2009 11:19 PM
Post a comment
Please be patient while your comment is published. It may take a moment.