How much is land worth?

Ty, it all depends on the price of the property and how they built it. An elevator can easily add $100,000 to building costs, top quality materials can easily cost 2 or 3 times more than just OK materials, labor can range from $100/day to $400/day depending on their qualifications, experience and union-status, and so on.
Some of those costs pay themselves back if you are going to own long-term (energy saving double-paned glass, radiant-floor heating, solid construction) and some are more about quality of life (elevator, sound-proofing, fancy appliances.) As a developer, you can pick a strategy to make money in all sorts of markets, from super-cheap to extra-fancy. You have to figure what people will want to pay for, so that's a bit of an art.

Posted by: Maly at November 20, 2009 10:22 AM in response to 868 Metropolitan Sells Out in Less Than Two Months

Dibs, I think we have room for another 10-15% down, but it will be a slow hiss over the next 3 years. Real estate is a slow animal.

Posted by: Maly at November 19, 2009 10:23 AM in response to 150 Bond Finally Sells—For a Loss

Not a bad price for the seller, considering the tough financing conditions. In a way, after the demo was done the house was at its lowest value because you just couldn't get a mortgage. It's a cautionary tale not to bite more than you can chew.

Posted by: Maly at November 19, 2009 10:12 AM in response to 150 Bond Finally Sells—For a Loss

Hey CG, even though I didn't remember your comment, I can now say I agree with you 100%!

Posted by: Maly at November 18, 2009 2:06 PM in response to House of the Day: 22 Sidney Place

It's the most satisfying kind of house: great house, great location, shabby decor. All it needs is a bit of shine and polish to look exactly the way the new owner wants. For the address ans size, it's well priced. Compare with the newish one on State street that was HOTD a few weeks ago. It's no contest which one I would buy if I had this kind of money.

Posted by: Maly at November 18, 2009 1:58 PM in response to House of the Day: 22 Sidney Place

Of course you can communicate with the LL directly, rather than his agent. Looking at past behavior, though, shows you that he most likely does not want to get involved. You don't say what the issues are, and whether they are annoyances or lease-breaking breeches.
So, in brief, you have have the "rights", but it doesn't mean you should.
You need to define your goals (problems fixed, move out early, other?), figure out if they are achievable (reach out for free help at your Housing Court), and pick the tactic that will most likely succeed. I don't know the particulars, but I doubt chasing your absentee landlord will do the trick. Your super is probably very secure in his position, which is why he is unresponsive to you. For all you know, he might be the nephew or godson of the owner, or the son of his best friend in grade school.

Posted by: Maly at November 18, 2009 9:58 AM in response to Contacting Landlord

Of course you can communicate with the LL directly, rather than his agent. Looking at past behavior, though, shows you that he most likely does not want to get involved. You don't say what the issues are, and whether they are annoyances or lease-breaking breeches.
So, in brief, you have have the "rights", but it doesn't mean you should.
You need to define your goals (problems fixed, move out early, other?), figure out if they are achievable (reach out for free help at your Housing Court), and pick the tactic that will most likely succeed. I don't know the particulars, but I doubt chasing your absentee landlord will do the trick. Your super is probably very secure in his position, which is why he is unresponsive to you. For all you know, he might be the nephew or godson of the owner, or the son of his best friend in grade school.

Posted by: Maly at November 18, 2009 9:58 AM in response to Contacting Landlord

This building has 40 units, but Streeteasy show 14 available for sale and 32 sold (not just listings, but actually sold.)
are some of the listings resales?
Are they counting parking spaces?

Posted by: Maly at November 17, 2009 1:26 PM in response to Signs of Life for Williamsburg Condos?

Etson, the listing says 1 flight up. I think the original listing price was fair, maybe a little bit less because the kitchen has to be fixed. I really don't know why the broker increased the price.

Posted by: Maly at November 17, 2009 1:18 PM in response to Co-op of the Day: 1110 Caton Avenue, #6C

Too bad the brokers weren't the Clinton Hill poets (Abdul Muid and I blank.)
A River Runs Through It
Beautiful contemporary home, thoughtfully blending the outside/inside. Let nature come in!
Top notch development provides a flexible, flowing layout that will let you enjoy the outdoor year round. Lovely Park Slope location, the Very Best for the Discerning buyer. Don't walk, swim to this one! Will not last!!

Posted by: Maly at November 17, 2009 12:12 PM in response to Footage from 357 4th Street Condo Lawsuit

All right, Park Slope enthusiasts, you convinced me that if you are going to live in a low-ceilinged post-war coop, I might as well do it in the middle of heaven, namely Park Slope. It seems like a lot of money to spend on a space so, well, blah. I could understand people renting this clean, decent corner 2 bedroom apartment, or even buying it if it made sense financially. It seems so interchangeable with a thousand other NY apartments, I fail to see the desire to spend $5,000 a month for the privilege.

Posted by: Maly at November 16, 2009 6:23 PM in response to Co-op of the Day: 130 8th Avenue, #7C

So if this location is much more desirable, how come houses are 2 or 3 times more xpensive for a similar house in the UWS, but average coops are worth just as much?

Posted by: Maly at November 16, 2009 5:22 PM in response to Co-op of the Day: 130 8th Avenue, #7C

I'm with Wasder, and only wishes I were a renter already. If we sign the contract this week, we should be renters in February, and not bitter at all.
To get back to the subject at hand, I think the pricing is aspirational. It fits in a 25x 40 rectangle, so it's about 1,000 sf, claustrophobic for a 2bed/2baths. The maintenance is medium-high, and although PS 321 is good, there are excellent schools on the UWS. To add 30 minutes to someone's commute, they need either 20% more space or 20% less money.

Posted by: Maly at November 16, 2009 5:01 PM in response to Co-op of the Day: 130 8th Avenue, #7C

Check Streeteasy. There are at least 50 similarly priced 2br on the UWS. I am not saying some coops aren't more expensive, but for the size and style, there are a lot of choices under 1million, while 2 years ago there was almost nothing under 1.2million. Maybe the appeal of Park Slope is such, the prices for workaday smaller 2br will be the same as in the UWS, but I find that surprising, since houses are priced simple to double.

Posted by: Maly at November 16, 2009 1:16 PM in response to Co-op of the Day: 130 8th Avenue, #7C

I don't want to start a battle about Manhattan vs. Brooklyn, but you could buy a 2br coop on the Upper West Side for that kind of money these days. I personally can't wait to leave Manhattan behind to live in Brooklyn, but shouldn't the prices be lower than in Manhattan proper?

Posted by: Maly at November 16, 2009 1:03 PM in response to Co-op of the Day: 130 8th Avenue, #7C

Either she has better PR than her neighbors, or the neighbors are indeed very lame. Is the issue about having periodically-appropriate style of windows, or for her to sneak in lot line windows? It sounds like a rather muddled approach to the affair. Why make it personal instead of about the rules. Surely if the neighbors intend to sue, a legal construction rule was broken. It seems improbable that Norah Jones would risk the structural integrity of the house she just bought.

Posted by: Maly at November 16, 2009 11:53 AM in response to Cobble Hill Neighbors Irked by Norah Jones' Windows

Bho there were almost no decent updated brownstones for sale in Clinton Hill. Most of the sales were complete rehab jobs then. I know people who bought a complete wreck 8 years ago, and even then spent 650k plus all the work. Your assumptions and your reasoning are both faulty. That there is downward pressure because of the credit constraints and overall ncertainty is a given, but your simplistic formula just doesn't apply in most cases.

Posted by: Maly at November 13, 2009 10:37 AM in response to Big Turnout for 437 Waverly Auction

I wonder how low they'll have to go to fill the buildings.

Posted by: Maly at November 13, 2009 10:28 AM in response to Brooklyn Gold Joins the Downtown Rental Party

It has all the appeal of the post-Soviet construction boom, hurry, hurry, cheaply, cheaply.

Posted by: Maly at November 13, 2009 10:21 AM in response to 574 4th Avenue: The Full Monty

$540k is more than I would have spent, considering that buying at auction entails extra costs, this is really a $600k purchase. However consider that the shell next door was bought a bit over a year ago for $745k, and the shell next (granted that one was 20ft wide) for $1,203k a year earlier.
Maybe the buyer overspent a bit, but still a much better deal than his neighbors. Well done, this house will be worth about a million? Not much of a discount for the privilege of doing all the work, and you have to assume the risk prices might get lower yet, one the other hand, you get to have a house exactly the way you want it, and there isn't that much available at this price point.

Posted by: Maly at November 13, 2009 10:14 AM in response to Big Turnout for 437 Waverly Auction

What is the exposure in the room? Is it dark or bright? I would go with an off-white, BM lily white is a cool blue grey lovely in darker room. I like BM dark linen in brighter rooms, it has a slight green tinge.

Posted by: Maly at November 12, 2009 9:19 PM in response to Paint and Exposed brick

I am not *that* funny, but thanks, thanks, thanks, thanks.

Posted by: Maly at November 12, 2009 2:48 PM in response to 580 Carroll Developers Cite Chambers of Horror

MM, it would be a crime to remuddle this beauty. I would not want to have the HGTV hacks putting granite islands and Waterworks faucets. Assuming you buy this place for $1.8M and spend $300,000 for a light touch upgrade of the mechanicals, where can you find a better deal?

Posted by: Maly at November 12, 2009 2:27 PM in response to House of the Day: 540 4th Street

How much would this place rent for? $1,700?
So with a thousand dollar maintenance, even factoring in a tax break, the value of this apartment is at the very most $240,000.

Posted by: Maly at November 12, 2009 2:07 PM in response to Co-op of the Day: 40 Clarkson Avenue, #4F

I've seen a lot of places, and this house is practically perfect in every way. If I had the money, I would buy it in a New York minute. Assuming there is no structural issue, a gentle updating with no layout shenanigans, some electrical updates, nothing flashy mind you, could be done for under $300k. How many houses with extreme and terminal issues have we seen, asking $1.6M and up?
If this weren't in Park Slope, it would be my holy Grail.

Posted by: Maly at November 12, 2009 1:58 PM in response to House of the Day: 540 4th Street

The dimensions are actually 17x45 (plus kitchen extension on the first floor) on a 100 foot lot.

Posted by: Maly at November 12, 2009 1:52 PM in response to House of the Day: 540 4th Street

This is a beautiful house, gorgeous original layout and details, prime location. Depending on the level of TLC needed, the price is a bit optimistic, but not delusional. If the seller is ready to play ball, I can see this selling fast.

Posted by: Maly at November 12, 2009 1:49 PM in response to House of the Day: 540 4th Street

It sounds like the old joke:
"- I lose money of every widget I sell
- so how are you still in business?
- I make it up in volume."

Their building practices are so poor they're over budget by $2.8M, therefore they will build more units to be profitable. Good luck with that.

Posted by: Maly at November 12, 2009 12:43 PM in response to 580 Carroll Developers Cite Chambers of Horror

Thank you MM, I was hoping you would chime in.

Posted by: Maly at November 11, 2009 3:50 PM in response to House of the Day: 75 New York Avenue

I think that ferocious and coordinated neighborhood opposition can kill this, just like that curb cut won on the last day in Prospect Heights.

Posted by: Maly at November 11, 2009 2:57 PM in response to Development Watch: 333 Carroll Street

I got $120/sf (lot is 4850sf x 2.43, no?)
Anyway, I agree it's aspirational. They probably would accept 1.1M for it. I'm just hoping no-one would pay a speculative premium in this environment.
It's a 4-family, not 3 as stated, so the taxes are higher than in fancier neighborhood.
I wonder if the building is vacant.

Posted by: Maly at November 11, 2009 2:52 PM in response to House of the Day: 75 New York Avenue

We'll never beat the Romans, who built their entire social lives around bathing and crapping. Maybe social historians will look at our flight to privacy as the real story, not gentrification, but bunkerization.

Posted by: Maly at November 11, 2009 2:25 PM in response to Condo of the Day: 110 Livingston Street, #8O

It has been a while since I have seen a listing well priced. This might just sell at ask.

Posted by: Maly at November 11, 2009 2:12 PM in response to Condo of the Day: 110 Livingston Street, #8O

I love it, and also it is outside our search area, I may have to drag the husband to this one. At this price, it's marketed to a developer. It's really a pity, because it's a fine piece of architecture. My preservationist heart hopes the current financial crisis makes it harder to destroy beautiful houses like this one.

Posted by: Maly at November 11, 2009 1:40 PM in response to House of the Day: 75 New York Avenue

I think we can all agree that by and large, male teenagers are stupid. Running an event that will attract large numbers of male teenagers need very serious security. It's not a race or urban issue, it's a biological, timeless problem. Ergo, don't run such promos or events unless you have the crowd control plan, especially when it's not a school night and it's not raining or freezing.

Posted by: Maly at November 11, 2009 12:12 PM in response to Two Teens Shot on Fulton in Fort Greene

Stargazer, I don't know about the wisdom of building playgrounds on top of heavy metal and solvent-contaminated ground. Why not make it a cancer and birth defect park, for those New Yotkers in need of extra slow means of suicide? A simple solution.

Posted by: Maly at November 11, 2009 10:40 AM in response to To Superfund or Not To Superfund, That Is The Question

Hopefully not a teen hangout like Buffalo Wings.

Posted by: Maly at November 11, 2009 9:40 AM in response to 'Nationally Known' Restaurants May Land in 345 Adams

If you are handy and can do basic plumbing, it's diy. If you love your tenant, Hansgrohe makes a great set of shower/bath tap with a thermostatic valve. I have it in my bathroom and really like it.

Posted by: Maly at November 10, 2009 4:22 PM in response to Water Temp Variation Question

"A" creature, ha!
You have a rat infestation, which is not that easy to fix, but impossible either. The exterminator will probably need to come back several times, and part of the issue may be structural (ie very expensive to fix.)
I would go to the housing court, avail myself of the free advice on how to terminate a lease and go from there. Some people (landlord and tenant alike) tolerate pests and think it 's a New York thing. I don't tolerate them, but then I am an owner now, so I can take the necessary measures. In your case, it sounds like your landlord is into half-ass efforts. Good luck!

Posted by: Maly at November 10, 2009 4:10 PM in response to Lease Termination Notice

Wonderful post, as always. Informative and fun, thank you.

Posted by: Maly at November 10, 2009 10:49 AM in response to Walkabout: The Architects - Montrose Morris, Part 1

Good catch about the earnest money and lack of lawyer. Andrea, where are you located? Either way, you'll need a lawyer to figure out how expensive it would be to enforce the contract, if indeed your contract is valid.

Posted by: Maly at November 10, 2009 10:26 AM in response to Seller wants out of Contract

What do you mean by executed? In NY, until both sides sign the contract and the downpayment money is deposited, you have nothing. Verbal representations are pretty much worthless.

Posted by: Maly at November 9, 2009 9:50 PM in response to Seller wants out of Contract

Donatella just reminded me that the nail in the coffin for the entire development was driven in when we went back to the sales office/model apartment. The banister of the staircase was set about half an inch away from the first 2 steps leaving a triangle gap at the bottom of the stairs. Then I looked at the floor, and there were gaps everywhere near the baseboards. I just pointed the bits to my husband, and we left.

Posted by: Maly at November 9, 2009 1:08 PM in response to Condo of the Day: 689 Myrtle Avenue, #1G

I saw this place back in 2002 when it was under construction. It was a big box with a mezzanine that was open to the living room, so lots of space but no separation. At the time, I thought the $387,000 or so they were asking was nuts. I would have been interested then for under 300g. To advertise it as a 2 bedroom is dishonest. And I still think $300,000 should be the right price.

Posted by: Maly at November 9, 2009 1:04 PM in response to Condo of the Day: 689 Myrtle Avenue, #1G

Minard, I can't talk about all the world-class cities, but in Western Europe, the secret to first-rate infrastructure is first-rate taxes. People squeal here about paying $4/ gallon. In the EU zone, they would pay double, and the excess tax goes to infrastructure construction and repairs.

Posted by: Maly at November 6, 2009 10:37 AM in response to New Kosciuszko Bridge Won't Come Cheap

I think we should take a vote on what the patrons will call this bar.
Mr. B's entry of Chance 11 is duly noted. My vote:
Ye Olde Second Chance

Posted by: Maly at November 6, 2009 10:31 AM in response to Fulton Sports Bar Signage Revealed

Benson, I think my Minnesota example is pretty relevant because the awarding of the contract was under intense scrutiny ( always a good thing in my book) and it was an urban environment. Building large infrastructure in a dense environment will always be slower and more expensive.
I followed IMBY's link and it's a gorgeous bridge. I am not saying we shouldn't challenge budgets and scrutinize public work, because it's clear there is a lot of room for graft. Let's look at all the leaks, not just the concrete mob tax or the union rules or the politicians' handouts.

Posted by: Maly at November 6, 2009 10:10 AM in response to New Kosciuszko Bridge Won't Come Cheap

You New yorkers think you are so special. Benson and Dibs, you get special demerits for getting ideology get ahead of facts. Guess how much the collapsed bridge in Minnesota cost to rebuild? $234M. Guess how long? 1,200ft. I know it's early for the math, but with 5,200 ft to a mile, what does that mean for our NY bridge budget relative to a Minnesota bridge?

Posted by: Maly at November 6, 2009 9:50 AM in response to New Kosciuszko Bridge Won't Come Cheap

Increase her rent by 25%. She'll move.

Posted by: Maly at November 5, 2009 2:22 PM in response to Help with Demanding Tenant?

The location is nice and convenient, but the school zone is terrible in that corner of FG. Who wants to cross major highways with little kids every day?
Also, the reno is a bit dated if not tired. Or maybe the pictures are grainy and dark.
Anyway, not to start a neighborhood war, but there are better houses at this price point, either a better school or better renovation.

Posted by: Maly at November 5, 2009 2:08 PM in response to House of the Day: 119 Fort Greene Place