Yeah Arthur Ravenel Bridge is so comparable. AR Bridge was built in a middle of a great cosmopolitan area, densely populated, above a protected cemetery and the living standards, thus labor cost, is very high.

Posted by: crimsonson at November 6, 2009 11:28 AM in response to New Kosciuszko Bridge Won't Come Cheap

All the things you want but too ashamed to ask.

Posted by: crimsonson at November 3, 2009 4:43 PM in response to Closing Bell: Gentrification Indicators

I just wanted to put in my anecdotal evidence to counter your anecdotal evidence thus proving you are guys are bunch of idiots.

Hail to The What!!!

Posted by: crimsonson at November 3, 2009 3:15 PM in response to Last Week's Biggest Sales

"altar"

Posted by: crimsonson at November 3, 2009 1:21 PM in response to Last Week's Biggest Sales

11217 - you obviously did not hear that anyone that do not believe in the Mayan calendar is a either a broker or a pre 2009 buyer.
You must now sacrifice your first born to the alter of The What or your gentrifying condo will be reclaimed by the angry mob.

Posted by: crimsonson at November 3, 2009 1:20 PM in response to Last Week's Biggest Sales

According to ACRIS, the mortgage on that purchase is less than $700k. So monthly is about $4k + tax.

Posted by: crimsonson at November 3, 2009 12:30 PM in response to Last Week's Biggest Sales

NO.

Or yes and increase the rent.

Posted by: crimsonson at November 2, 2009 12:55 PM in response to Tenant Compensation?

My neighbor left the water running because she wanted the rent controlled unit to be hers after her mother died. The city ruled against her. So she kept leaving the hot water on as revenge. So I and the neighbor below us often have no hot water.

SO I wrote an affidavit telling that I hear her running the water all night, which I did. 2 months later her dumb fucking ass got kicked out by the city marshal.

BTW - Rob you are a fucking idiot and destined to live in poverty because of your limited intelligence.

Posted by: crimsonson at October 23, 2009 3:57 PM in response to Tenant Leaving Water On

It is so interesting how 3rd, 4th and 5th Ave have developed.

Posted by: crimsonson at October 22, 2009 3:00 PM in response to Development Watch: 3rd Ave Hotel Trucking Along

I like it but I have one pragmatic question - how (can you) control sun light through those clock faces? Can you put shades, curtains and or wall to block the sunlight? Are you allowed?

Posted by: crimsonson at October 21, 2009 10:33 AM in response to All About the Clocktower

"crimsonson=trustfundy with coop "

Patently false - but that come back does not even make any sense.

Posted by: crimsonson at October 19, 2009 12:58 PM in response to Co-Purchaser vs. Guarantor

Rob - STFU
Your stupidity is astounding.

Posted by: crimsonson at October 19, 2009 12:11 PM in response to Co-Purchaser vs. Guarantor

Rob - STFU
Your stupidity is astounding.

Posted by: crimsonson at October 19, 2009 12:11 PM in response to Co-Purchaser vs. Guarantor

Learn to read A CrownHeightsLady -
FSRQ is theorizing (I do not agree or disagree since I do not know the facts) the story is one sided and that there is a good chance that some tenants are claiming these things in order to dodge rent increases.

Posted by: crimsonson at October 15, 2009 12:07 PM in response to Tenants Claim Negligence at Flatbush Gardens

"...uh they purchase it..and nobody forced them to purchase it."

Uhm if you are going to quote at least do the WHOLE FUCKING sentence.
"No one likes taking over a RS/RC property unless they can a see way to make them market rate. "

And thanks for proving my point IN THE SAME REPLY

"They knew the rent roll but were willing to pay big premium with desire to kick out and get bigger return. Not as easy money as they hoped."

Posted by: crimsonson at October 15, 2009 12:05 PM in response to Tenants Claim Negligence at Flatbush Gardens

That is the problem when you forced someone to provide services and goods well below market price - they are not motivated to give you the best service in return. They do 'just enough' to be legal or finds way to even go lower than what the law required instead of trying to provide something better.

RC/RS is broken. We don't have to get rid of it but fix it so tenants do not suffer for years with a bad landlord.

No one likes taking over a RS/RC property unless they can a see way to make them market rate. So the motivation to repair and upgrade is minimal - actually comical.

And abusive tenants - you get what you paid for.

B.R.O.K.E.N.

Posted by: crimsonson at October 15, 2009 10:39 AM in response to Tenants Claim Negligence at Flatbush Gardens

Exactly CMU - it is boring as hell. They go all that trouble emulating a plain old building. And to make it worst, it is not even look that accurate since the floor level are off (probably because of modern zoning rules), cornice too large and windows that lacks the details.

Seriously, this is as bad as praising a metal-n-glass modern building.

Posted by: crimsonson at October 14, 2009 4:18 PM in response to 2 Lefferts Comes Into Focus, Exceeds Expectations

Why DIB - is low aesthetic standards a prerequisite here?
It looks like an old building but that is about it. It definitely does not have the detail or charm of one.

Posted by: crimsonson at October 14, 2009 11:32 AM in response to 2 Lefferts Comes Into Focus, Exceeds Expectations

There is nothing mystical about Gravesend prices if you understand the community around it - tightly knit Syrian Jews. They are more than likely cash deals or with personal loans through their own banks.

As part of that community you are expected to live within specific locations. This means limited housing choices, thus higher prices. They are not shopping for houses in Park Slope, Bay Ridge or even the immediate neighborhoods even though they are less than 10 minute car drive. They want and NEED to stay in Gravesend. It is as important as marrying another "pure" Syrian Jew (no other kind of Jew BTW - even many orthodox from other countries).

Google. Even NY Times had several articles regarding the cultural traditions of this community. New Jersey has one too.

Posted by: crimsonson at October 14, 2009 11:24 AM in response to Last Week's Biggest Sales

Yawn.

Small windows to boot.

Posted by: crimsonson at October 14, 2009 10:25 AM in response to 2 Lefferts Comes Into Focus, Exceeds Expectations

"First-time buyer dropping $475k on a place. That's what's wrong with the property market..."

Why are you surprised? You are in the land of renters and six figure salary.

Posted by: crimsonson at October 13, 2009 11:04 AM in response to Offer Advice for 1st Timer

For financing yes there are rules but that dependent on the institutions involved.

Posted by: crimsonson at October 8, 2009 4:47 PM in response to Is This Even Legal?

There is nothing new or illegal about it. Incentives have been around. The difference is the stake are much higher NOW, thus the incentives. You can buy a house in middle America for $200k with $10k of incentives. That is about $30K+ in NYC scale. So $6k is chump change.

There are several reasons by the devs just don't lower the price. One of them is that it affects ALL other unsold units. Meaning a price hit here will be a price hit over there. They are basically making a comp for the next unit.

Then their bank will start putting the heat on them since pricing of units, to a certain extent, has been agreed upon when the construction loan was given.

Pricing incentive basically comes out of the devs pocket while lowering price affects everyone including the devs, banks, current tennants, etc. The ripple affect is much wider. Incentives don't have to be in the books. They can give Jane Doe $10k while you only $6k.

And $6k in incentive IS NOT the same as $6k in price reduction. You have to do a lot of math to figure out what $6k will actually save you considering the interest rate you have to pay, the tax breaks you will receive, reduced financing rate, etc.

Posted by: crimsonson at October 8, 2009 2:57 PM in response to Is This Even Legal?

There is nothing new or illegal about it. Incentives have been around. The difference is the stake are much higher, thus the incentives.

There are several reasons by the devs just don't lower the price. One of them is that it affects ALL other unsold units. Meaning a price hit here will be a price hit over there. They are basically making a comp for the next unit.

Then their bank will start putting the heat on them since pricing of units, to a certain extent, has been agreed upon when the construction loan was given.

Pricing incentive basically comes out of the devs pocket while lowering price affects everyone including the devs, banks, current tennants, etc. The ripple affect is much wider. Incentives don't have to be in the books. They can give Jane Doe $10k while you only $6k.

And $6k in incentive IS NOT the same as $6k in price reduction. You have to do a lot of math to figure out what $6k will actually save you considering the interest rate you have to pay, the tax breaks you will receive, reduced financing rate, etc.

Posted by: crimsonson at October 8, 2009 2:55 PM in response to Is This Even Legal?

Forget it, it is difficult and you need proper structure to do it. The rooftop would need have a water source. The grill would need to be 10 feet from outer walls AFAIR or any combustible structure.

Posted by: crimsonson at October 8, 2009 12:16 PM in response to BBQ on the Roof

"Was David Dinkins a better mayor than Rudy Giuliani?" Both YES
"Should he run, will you endorse David Paterson for governor next year?" Avella (after much hemming and hawing) NO in primary, YES in general; Thompson YES in both

"Is David Paterson a better governor than Eliot Spitzer?" Both YES
"Have you ever voted for someone who was not a Democrat?" Avella YES, Thompson NO

Thompson is a Democratic drone. Get some freaking balls and spine Thompson.

And I HATE Giuliani.

Posted by: crimsonson at October 7, 2009 3:18 PM in response to Prices Drop at the Oro Tower

Great East New York - another Dinkins - hallow and spineless mayor that will be pushed around by every union, protesters, developers, business groups, city council, etc during one of the worst economic times of the city history. Makes perfect sense.

Hijacked Democracy? If anything he is the product of democracy - self made. I rather vote for a ambitious arrogant prick than a spineless worthless weasel like Dinkins and Thompson. Thompson could not run the school let alone THE city.

Posted by: crimsonson at October 7, 2009 11:56 AM in response to Prices Drop at the Oro Tower

"I'm voting for Bill Thompson because I am so disgusted...."

You are not voting for Bill Thompson you are not VOTING AGAINST Bloomberg. How anyone think BT is better for NYC now or better qualified than MB is just beyond silly.

Posted by: crimsonson at October 7, 2009 10:40 AM in response to Prices Drop at the Oro Tower

Uhm Joe - OP is asking about a ONE time lump sum not his monthly carrying cost. I wish I had rich parents. You would be as dumb as Rob and josefsz if you do not take advantages like this.

Posted by: crimsonson at October 1, 2009 3:33 PM in response to Downpayment as a Gift

No matter what you look make sure the development is on sound footing. Try to buy in a 50%+ sold bulding. 70% would be MUCH better.

IMO, it is a good time to buy in Williamsbug. There are good deals out there. I would just stay away from building that is not even in finish yet. There are a lot of finished construction already that is looking for buyers.

Posted by: crimsonson at September 28, 2009 5:28 PM in response to Williamsburg - To Buy or Not?

What the house looks like and size is secondary. The buyer is likely part of the established Syrian Jew community in that area. So the primary cause of the high price is (drum roll please.....)

location.

Shocker! $10 mil for a Gravesend house or Central Park West condo. Guess which they will choose 99.99% of the time? The other .01 will be excommunicated.

Posted by: crimsonson at September 28, 2009 10:49 AM in response to Priciest Brooklyn Sale of '09 is in Gravesend!

Not a big fan, but in the long run I actually think it is a great investment. You can't beat the view and location. Nothing on that side of the park will ever be built.

Posted by: crimsonson at September 28, 2009 9:35 AM in response to The Darkness at Richard Meier's Brooklyn Tower

If you stop your fixation of the yellow color you would actually realize that is just a protective cover often used in construction before the outer wall is installed.

Posted by: crimsonson at September 25, 2009 11:36 AM in response to Horror Show Friday: 1715 11th Avenue

The price is set by the developer and agreed upon by the financial institution (they usually just need a floor level pricing met) they got their construction loan from (bank or otherwise) and filed officially with the state.

The developer can adjust the price for individual units and add incentives. However what they owe to the bank does not change so any changes affect their bottom line.

Any 'across the board' pricing changes needs the approval of their bank and would need to be filed with the state again.

Posted by: crimsonson at September 24, 2009 3:41 PM in response to Condo of the Day: 475 Sterling Place, #3I

Older established ones are much fewer compared to new construction. Current owners will hold out far longer as many do not have to sell now. I would look at a local agent instead. You don't have to pay them as the sellers do.

Don't forget to do your own search (NYTimes, etc) for FSBO.

Posted by: crimsonson at September 24, 2009 3:13 PM in response to Getting into Desirable Condo

"That SQUARE FOOTAGE for that apartment is WAY OFF. At best it is 33' by 22' which is 726 sq. ft. FAR SHORT of the listed 1100"

Huh?

Use Kitchen and LR to calculate length = 22 + 8

Use LR + BR1 + MBR = 13 + 10 + 9

That is 990. Now take account room measurements are based on studs to studs but OVERALL sqft is measured from outer wall (and this is true FOR any residential in NY - be it brownstone or condo) then you get the idea where 1119 comes from.
Even if you are going to be that strict with measurement then I can tell you now that many brownstone listings are straight up lying.

Posted by: crimsonson at September 24, 2009 3:08 PM in response to Condo of the Day: 475 Sterling Place, #3I

Inspectors vary from $300 to $500. It is usually based on size of the unit. The bigger the home higher the fee. For a NYC 1BR condo, expect around $350.

You should ask what is NOT done with the building. The ability to be able to move in does not necessarily mean construction is 100% done.

Also ask the tax abatement status (if there is one). Have they filed for it? When do they actually expect it to happen. This process can take months. At that time you may end up paying higher taxes than you initially expect.

Also check the status of common charges. The first year is based on early estimation.

Posted by: crimsonson at September 24, 2009 1:52 PM in response to Offer Accepted - Now What?

1. You have THE Offering Plan for the condo. Did your lawyer explained to you what you need to know about this condo (like condo boards, date, rescission, etc)?

2. You can hire an inspector BUT he will probably will be limited only to your space and not the common areas (rooftop, basement, etc).

3. If the offer has been accepted, it istime to dot your 'i's and cross your 't's regarding your mortgage. I assume you got pre APPROVED (not just pre qualified).

4. The inspection and your own walk through is part of the 'punch list' process. Anything you see major can STOP the closing until fixed. Anything minor should be fixed BEFORE closing. If the developer said they will not be able to by a certain date make sure they give you another date. Either way EVERYTHING must be in writing and your lawyer gets a copy (dates, list, etc). Be detail oriented (open EVERY door and drawers, every electric socket, every knob, etc) . If you don't catch it now you may have difficulty getting it done after.

5. Don't be in a hurry to CLOSE or MOVE. Make sure your punch list is in good shape first.

Posted by: crimsonson at September 24, 2009 12:22 PM in response to Offer Accepted - Now What?

Examples of HSBC conservatism BEFORE the Bubble:

70% sold for condos (a lot of the banks at the time would do 50%)

Condo board must be owner controlled (difficult in the first year of operation)

They pre-qualify us at 5:1 income ratio while another most where willing to do 6:1. We end up using only 3.5:1

After the bubble they actually stopped for a while giving mortgages for NY condos.

If you are going with HSBC make sure ask all the necessary questions. Obviously if this a tradition house (not co-op or condo) with 20% down at 4:1 ratio I doubt they will give you a hard time.

Posted by: crimsonson at September 23, 2009 4:08 PM in response to Recent Mortgage Experiences?

That is a big difference between 2 banks. Did you read the fine print and make sure that is not with points.

HSBC is very conservative so make sure you you are actually greenlit for closing.

I did Sovereign. Other than the wire transfer to lawyers escrow being late my rep was great.

Posted by: crimsonson at September 23, 2009 1:52 PM in response to Recent Mortgage Experiences?

right - it has nothing to do with the absurd level of corruption in every facet of Russian business. Nothing at all.

Posted by: crimsonson at September 23, 2009 9:49 AM in response to Mikhail Prokhorov's Unique Offer

Hardwood 'Floating' system allows less noise to travel between.
You can also buy hardware that you can mount ceiling drywall to even reduce significant amount of noise.

Posted by: crimsonson at September 18, 2009 10:49 AM in response to The Upstairs Thumping Floor

3rd Ave is bumpin!

Posted by: crimsonson at September 18, 2009 10:46 AM in response to New Gowanus Club is Getting There

"I guess because to some people the size of the bathroom and the kitchen appliances are of primary importance. ugh"

Do you really need to ask a question answered yesterday (read the Novo thread).

Seriously, people as so caught up in curbed appeal when we know that is only a primary concern to a very small portion of the buying population. Location, price, amenities, size and etc are often THE primary concern.

Not saying 500th 4th addresses this but you answered your own question.

Posted by: crimsonson at September 16, 2009 2:43 PM in response to Condo of the Day: 500 4th Avenue, #PHG

http://www.ps321.org/resources/school-information/ps-321-zone-map

321, 39 and 124 are all highly regarded PS. 321 is obviously the local favorite.

Posted by: crimsonson at September 15, 2009 2:16 PM in response to The Novo Sells Out

"Thats why I bought a cardboard box on President St."

Compared to the Flatbush hobos - you are doing well!

Posted by: crimsonson at September 15, 2009 1:43 PM in response to The Novo Sells Out

My wife and I actually looked at this building a year or so ago.

I totally agree about its look. We did not like it but there where a lot of things going for it that really put the look factor in the back burner.

It was beside a good local park! Great for kids and pets!
2 min walk to the heart of 5th Ave.
School zone
Decent walk to subway
Finishes where decent
Price (at that time) was compareable (the last units got good price cuts)

Location is still king in RE.

Posted by: crimsonson at September 15, 2009 12:26 PM in response to The Novo Sells Out

Some of the postings here are F@CKIN insane. This is the same board the blasted the banks for being loose on their credit approvals yet would not hold the same standard for a small owner. like WTF!!!!!????

Of course credit score is not the end all be all in regards to the viability of a potential tenant. But to say "because they have a lot of hurdles to overcome" is so delusional.

Hey Rob, my friend is $10,000 in debt because of she is a shopaholic. You want to lend her money because she is obviously needs to overcome more things than a person not in debt.

Holy sh!T Rob. Where do you come up with this logic!!!!???

Posted by: crimsonson at September 8, 2009 11:51 AM in response to Credit Check for Tenants?

Mend end it and don't end it makes sense. The anti-dev mass has nothing but complained about the development while offered no realistic alternative. Yeah a whole in the ground with is better than jobs and affordable housing. NIMBY at its best (or worst).

And anyway, anyone who votes for a politician strictly based on one newspaper is an idiot.

Posted by: crimsonson at September 8, 2009 10:30 AM in response to Times Endorsements Spark Debate

Excatly Joe. This what my loan officer explained to me a year ago. Basically, during the first few years is what is critical to banks. This is also when PMI is in effect.

Of course buyers need to be aware that PMI is a cost and not an investment that will grow. So they will need to calculate how much additional savings OR cost it will have on the long term. Lower APR + PMI vs higher APR + no PMI (and what is applied to interest and principal).

Posted by: crimsonson at September 8, 2009 10:16 AM in response to Lower Down Payments, Lower Interest Rates