Novo negotiable?

"this falls under the category of duh on the buyer's/renters behalf.

it's like people who move to the ghetto in the middle of winter and then when summer nyc summer days come they bug out!

do your research! your plopping down good money! of course sellers/agents/brokers are gonna be shady, that's the nature of the industry.

*rob*"

You should be the judge in the case because I'm sure the case was simple as you think. I'm sure the lawyers paid by the brokers, the developers and the buyers were all worried about the case being so obvious that someone who knows exactly nothing about it can opine to it so intelligently. You should write a letter to Corcoran and ask them to hire you.

Of course the case involves more than what you can get from the article- and of course the problems could not have been obviously detected from a simple home inspection (which is NOT an engineer's report) otherwise the judge would have ruled against the plaintiff's in this case.

This falls under the category of talking without thinking. Its like when a new scientific discovery is posted online, and someone with an 8th grade science background questions how such a thing is possible.

Posted by: panda10 at November 17, 2009 9:58 AM in response to Corcoran Found Negligent in Park Slope Condo Sale

Next to the Mickey D's will be an issue for some and not others. My biggest gripe with the apt's is the lack of common space. The size of the living/dining area makes you feel very cramped. Anyplace that has 3 bedrooms should have larger common spaces than a 1 bedroom.

Posted by: panda10 at September 23, 2009 11:10 AM in response to Broker Switcheroo, Huge Price Cuts at The Elan

A right to peace and quiet? Wow....the entitlement of some people are ridiculous. Try to enforce that right- with the condo board or with the police or anyone else. I know people who have been living with noise for years...louder than a child running...and more obnoxious...and they can't do anything about it. Creative solutions do not always work and it always comes down to whether someone wants to move or not.

I think if you realize that at the end of the day- no matter what you do- there is no way the upstairs people can be forced to move because of issue, then your approach to the problem will be based on mutual respect and give and take. Laws requiring 80% of the floor to be covered? Really...some of the comments on here are beyond crazy.

Posted by: panda10 at September 9, 2009 10:48 AM in response to Running Child Upstairs

I think you're being completely reasonable. The landlord thinks you should consider yourself lucky? Wow. Its not like you have the Partridge family living with you. I would start looking just to see what's out there. Don't rush- but if you find the perfect place (for your situation)- take it.

Posted by: panda10 at July 31, 2009 10:02 AM in response to No Rent Reduction: Stay or Go?

If you've never tried their coffee, you should. IMHO, its the best coffee in Brooklyn. I was pretty amazed at how smooth - but at the same time- rich the coffee is.

Good for them.

Posted by: panda10 at July 24, 2009 2:39 PM in response to StreetLevel: Cafe Regular Open on Berkeley

brooklynstyle- you're right about being able to withdraw penalty free from your IRA up to 10K (only once in a lifetime) but you have to pay taxes (not the penalty- but applicable taxes). Also- the rules are slightly different for a Roth IRA (timing restriction). Talk to your tax person. 10K may really only be 6K of usable dollars- and some tax experts say spouses can do it to (so if your husband or wife has their own IRA- they also can pull out 10K penalty free). Whether its a good idea or not really is up to you and your situation. If you have to put less down but pay PMI (which is difficult to get today) in order to fund a desired purchase- than maybe its better to take money out of the IRA in order to get to a 20% down payment. If you're doing this and still come short of the 20%- think about whether you're stretching yourself too thin.

FYI- taking money out from a 401k is not a withdrawal- it is a loan- and not every plan allows for it. You have to pay it back- with interest. Some people say its interest you pay yourself so its no big deal. Some people say it robs you of your retirement. If you take the loan- and you're still able to fund your 401k exactly the same as before AND can repay the loan- then it may not be a bad idea. You really have to run the numbers though to see if it makes sense.

Posted by: panda10 at July 22, 2009 1:52 PM in response to Tapping 401(k) for Purchase?

NorthSlopeRenter- Yeah- I haven't been in NYC long. Only the last 34 years. "Negotiating" a 12 month lease to an 11.5 month lease is not exactly what I meant by negotiating. I really mean the rent. Everyone renting today wants at least some percentage off the stated rent - even if the landlord thinks they already discounted the rent below market. But congrats on taking 2 whole weeks off that lease.

Posted by: panda10 at July 21, 2009 1:27 PM in response to It Pretty Much Sucks to be a Seller Right Now

I'm actually surprised how hard it is to rent out apartments now. I know people who are trying to rent out apartments at what I thought was reasonable- but now almost all apartments are no-fee so there are just too many to choose from. I've never heard of "negotiating" rent in NY. A few years ago, you either came with your first/last/security/brokers fee all in hand- all in certified checks- or you were out of luck.

Posted by: panda10 at July 20, 2009 10:12 AM in response to It Pretty Much Sucks to be a Seller Right Now

Cleaning the canal will not remove this gunk after the rain. Its a problem with runoff from the street which is a problem of the sewer system. You have to fix the infrastructure first- then you can clean the canal. Otherwise- you will be constantly cleaning the canal to deal with the runoff.

Posted by: panda10 at June 10, 2009 11:45 AM in response to Gowanus Gunk

Wow. Everyone jumping all over this.

See http://www.nyc.gov/html/dof/html/parking/park_tickets_violations.shtml

Code 46 is for double parking- but there is a carve out for deliveries.

Code 48 is for blocking a bike lane.

Fact is- the existence of a bike lane DOES increase the fines for delivery truck operators.

If everyone agrees that the existence of a bike lane does not prevent a truck from double parking- why not acknowledge the absence of one does not prevent bikes from traveling up and down the avenue- but reduces the chance of fines from NYC meter maids?

Bike lane tickets have no carve out for deliveries.

Posted by: panda10 at June 10, 2009 11:26 AM in response to CB6, Fifth Avenue BID Going After Bike Lane

Is it possible they were dropped from the floor above? You never mentioned if someone lives above you?

Also- you never mentioned if you have others living with you? Is it possible someone in your household did this to freak you out or to feed the birds or something?

Posted by: panda10 at May 29, 2009 12:56 PM in response to Mysterious bread on windows

Bklyn Fire Alarm Guy- you're implying that he deserved this? By filing a complaint? I'm all for going to your neighbors first with a problem- but this is a business- that paid (or should have) a knowledgeable contractor that should have known the noise of the unit could be/might be an issue. Just like the contractor should know about whether a roof can support the weight of the unit or if the electrical can handle the increased load- etc.

Wyckoff- but a webcam (less than $100) that's activated by motion- have it installed in a not so obvious spot outside- have it record for a few months. Just delete the files when nothing happens (to save storage) but if something does- archive it.

Posted by: panda10 at May 4, 2009 9:58 AM in response to Retaliation for DEP Complaint

I'm really sad about this. My daughter had her 3rd birthday here. It was expensive- but it was so much fun- even for the adults. That cafe space in the front was really great.

Posted by: panda10 at April 9, 2009 2:30 PM in response to Streetlevel: Kids Space Mamalu Shuts Doors

I agree with this quote- but there's always the other side. Many sub-prime loans were not made for purchase- they were cash-out refinance loans. So the borrower had a loan on a house they could actually afford- but due to the real estate bubble- they suddenly were sitting on assets worth a lot of cash. Why not unlock the value with a cash out refi? You can always refi again once the teaser rate expires. Well- when real estate prices crashed- so did their finances. No ability to refi at a teaser rate and now they are underwater and looking at forclosure. But we should ask- what did those borrowers do with the money? Its easy to think most subprime borrowers are victims- until we see what many spent the cash on.

Posted by: panda10 at February 24, 2009 3:44 PM in response to Quote of the Day

The common charges are over 1100 for the largest unit. Not crazy- but its on the high side.

Posted by: panda10 at February 13, 2009 11:38 AM in response to Checking In On 14 Hope Street

I know this is an old topic- but I'd rather put this here instead of starting a new thread.

With respect to the 50% above grade- I thought you can classify as habitable if you dug a wide/deep opening around the windows- so basically a cement pit- thats big enough to provide egress. Is that not enough?

Posted by: panda10 at February 10, 2009 5:24 PM in response to habitable Basement/cellar

Individual homeowners for the most part can put off selling their homes, absent a job change or some other life event. Builders of large projects must pay back their construction financing- any way they can. Going all rental can help- but there will be more price cuts on new projects to come.

Posted by: panda10 at February 6, 2009 10:27 AM in response to Toll Even More Serious Than We Thought About Price Cuts

cwbuecheler- its interesting you cite San Fran- the metro area is suffering some of the largest price drops in the nation- and some very high default rates on mortgages.

The tone on this forum a year ago would flame anyone sitting on the sidelines with cash as being stupid. Now- cash is king. Foreigners coming in to save the day? Not anymore. NYC will always take a while to catch up because of the extremely large number of coops that required borrowers to put down way more than the minimum that banks would allow and the lopsided supply demand curve. But you can only hold back the tide for so long. But its a double edged sword- if prices really do fall down fast in NY- that means its going to be a rough ride for everyone- much worse than right now.

Posted by: panda10 at February 5, 2009 4:19 PM in response to Quote of the Day

I think the qotd is overly simplistic and not 100% on point- but I do agree that a large part of the crisis is driven by consumer confidence, which is related to the point being made. People are scared and they spend less- even if they have jobs because they're afraid they're going to lose their jobs- and after they saw the 40% decline in their 401(k) and realized they are actually living paycheck to paycheck- people woke up and started saving. Ironically, saving is happening at a terrible time. We are generally a consumer driven economy and we need people to buy DVDs, go to out to eat, buy clothes etc. In a perfect world people would save when times are good- but not everyone is like the ant. Most of us are grasshoppers.

Posted by: panda10 at January 7, 2009 11:05 AM in response to Quote of the Day

Anyone who closed in the last 3 months went into contract 6 months ago. The bonus situation will be severe. Wall Street bonuses don't just pay for big ticket items- but for day to day living. Most bankers I know deficit spend- counting on their bonus to pay off their debt at the end of the year and for whatever else they need. When Wall Street bonuses are bad- then lawyers bonuses are cut in half (already announced) and so on and so forth.

I think its great that some are more optimistic- but I think there's still pain left to be felt. The major banks who have already announced layoffs (Citi- Merrill- BofA) have not finished the bulk of their layoffs yet. Most banks already announced that their bonus pool will be half of last years. It may not be World War III in 2009- but its going to be rough out there.

Posted by: panda10 at December 31, 2008 12:42 PM in response to National Prices Fall 18%, New York Further to Go

Call Citibank and ask what their rate would be on a jumbo $2mm property with 25% down. It will be way higher than 6.71% (even with a FICO of 700+). The "couple points up" comment is too funny. I'm used to worrying about bps (200 bps = 2 points) and that is a huge movement.

My point is the rate quoted in the paper is an average based on "published" rates. In reality- rates are actually much higher than the average and it is a problem- even if you make $400K a year. Banks just down want to lend anymore.

Posted by: panda10 at July 23, 2008 5:12 PM in response to Mortgage Rates on the Rise

I found parking to be easier. Maybe all in my head. Only thing I did notice was that yahoos who do not know how to park were able to keep their car in the spot longer.

If you are parking in the first spot (front of the car is by the cross walk) you need to park as close to the front as possible. Otherwise- you are probably taking away a spot.

Posted by: panda10 at July 7, 2008 5:05 PM in response to Closing Bell: Alt-Side Holiday Spreading From the Slope

Wow- 8 unit rental? I pass by this building everyday- and I was convincied it would be a hotel. 2 units on each floor- but who would build a 16 room hotel? As a rental- seems weird- but on the plus side- its probably handicapped accessible- with an elavator which is a plus. Not a lot of options for people with special needs in the neighborhood.

Posted by: panda10 at June 12, 2008 10:32 AM in response to 4th Ave Phallus Will be a Rental

I feel bad for contract holders. Whatever your personal feelings are about the Novo- people who bought had their reasons. You don't like their reasons? Tough. You can't control why people do things which is why I think its crazy when people say so publicly. The people who bought had a reasonable expectation of when to move in. Sure they will be let out of their contracts- I think it was mentioned here that June 30 was the date they can be released- but I'm sure there's going to be major disappointment because people have been strung out this long. Is it a blessing in disguise? Maybe- but I'm sure people held on to hope about moving out of whatever current situation they're in. A year lost waiting for something that still may not come for months.

As for Argyle- I hear its doing well (at least thats what the propaganda machine is saying) and the crest has move ins already (I thought crest is same developer?). Novo is moving really slowly.

Posted by: panda10 at June 3, 2008 12:33 PM in response to Should We Feel Sorry For Novo Contract Holders?

10:28- I'm looking to and I do not see a large disparity b/n 3brm Co-ops and condos- but to tell the truth- I rarely see true 3 bedroom co-ops (mostly floor through of a brownstone with the front turned into a room). The 3 bdrm Condos are more plentiful with new construction- but I the closing costs of condos- especially new ones should be taken into account- which I think is a factor for the disparity between co-op appreciate and condo depreciation. Also- lots of sponsors are slashing prices to get people in their buildings. I don't think individual co-op owners are under ths same sort of pressure to sell- so they slash prices less often and by smaller amounts.

Posted by: panda10 at April 2, 2008 12:31 PM in response to Brooklyn Prices Drop It Like It's Not Hot

I think installing vents- etc. is the extreme response. I don't know your neighbor- but is a confrontation really necessary? From your early post- you say you've shouted in your own apt. and your neighbor must have heard you- and it sounds like your neighbor has tried to address it- but that all seems extremely passive to me.

Why not try and have a conversation with the woman? Like the other posts- invite her over (maybe to show her the new renovations?) and just be honest. I think if you honestly tell her that odors in your unit are making it difficult for you to enjoy your space- she may be open to try some solutions (without making personal accusations). I think the fact that she tried with the air freshner indicates she wants to help. I think if you do that- you can both try to find the cause- maybe small animals dead in a crawl/wall space? Something must be causing it and it may or may not be her.

I had a neighbor that banged on the roof because she thought I was making too much noise. I hated that. I wanted her to just talk to me about it instead of the constant banging. So after a while- I went down there. We had a conversation and it went well. No more banging. She had thought all these nasty things in her mind that I was making noise on purpose or just being a jerk- but I honestly told her that I'm not doing anything other than living- and that the building was going to pick up my noise but I agreed to do whatever I could (more carpets- padding under existing carpets- socks instead of shoes) and we have a great relationship after that.

I think talking airs out whatever misconceptions you have in each other's mind about the other person- and if that doesn't work- you know you did what you could- and then you can spend the time/money for a mechanical fix.

Posted by: panda10 at March 12, 2008 11:47 AM in response to Stinky Neighbor - Please help!

You can also sell them if the co-op needs funds down the road. Not everyone feels this way- but personally- I've been looking and buildings without storage are a huge minus for me. Whether its a large elevator building or a brownstone co-op- not having basement storage means bikes- wagons- etc. have to be lugged upstairs constantly.

I think its a huge plus- I'm not sure if I've seen a true price difference between apartments- but I'm sure it has an effect on sales in a positive way.

Posted by: panda10 at March 12, 2008 11:32 AM in response to Increasing Co-op Value

Hey- thanks 2:40.

I don't want the moon- but my orignal post was just 2 questions about a place I know people on here generally don't like- but I took a chance that some may be able to provide some information. I've always said I'm not completely proud to be looking there and I'm not even down the road of really buying there- just looking- but the comments from anonymous posters which are generally insulting- and filled with hyperbole don't interest me.

I have 1 other place in mind but it needs some work and I'm not sure I'm up for that right now. I don't mind people disagreeing about places- but to personally be so negative- actually is sh*tting on all the people that have already purchased there.

I personally never have insulted anyone I have met in real life just because of where they live- have you? Probably not-but it happens here all the time.

The commute from Kansas is killer- but it actually is nicer than the commute from Jersey- but I'll probably just stay put in the slope. Thanks.

Posted by: panda10 at February 22, 2008 2:52 PM in response to Novo negotiable?

I'm sorry. I'm in no position to be condescending to a person with your real estate prowess and knowledge of science (since people you dislike are missing chomosomes according to you). Also- thanks for the black ice comment; I'm sure you're extremely popular with your many neighbors with 3 brownstones and all. Tell me which 3 houses are yours in PS so I can avoid the black ice that you leave for the kiddies.

Oh- if you ever find the listings- I would love to have them. This part I'm actually serious about. I don't think a lot has come up in PS in the 3 school zones I'm looking in so any heads up would be great. Oh- BTW- "Why can't you look at places which are over your asking price and negotiate towards 900k?"

Well- 900 is above my ask which is why that is my upper limit- so I do hope to negotiate towards my ultimate offer price- but I'm sure I didn't have to explain that to you.

Posted by: panda10 at February 22, 2008 2:01 PM in response to Novo negotiable?

Citi (which has generally pretty high rates)- will give 5.875 on a jumbo with FICO above 700 (or 720? I forget). I think that's pretty good. As for conforming limits- that won't change for a while. The GSE's have to first change policies- then that goes out to lenders- and then the lenders change underwriting. Its up to you, but I think 7/1 is pretty safe. Lots of people got in trouble with 2/28 or 3/27 but seven years is a long time so if you have a good rate- you can lock in seven years and then during that time- try to refi with a fixed (although new closing costs would suck).

You never mentioned with APR you were offered. Also- no one is securitizing now.

Posted by: panda10 at February 22, 2008 2:00 PM in response to seeking advice on securing jumbo financing

I don't get it- if you're so busy- why comment on posts that:

-you offer no help on
-you have no useful information
-you have no vested interest

I keep checking b/c I'm curious about my original questions.

You have time to send me 7 links- 6 of which ignore the basic criteria I laid out.

Thanks for taking care of your 3 brownstones by shoveling and keeping the pedestrians safe. Keep in mind- I've never insulted you in any of my replies. Not sure why you're so hostile in yours.

Posted by: panda10 at February 22, 2008 12:33 PM in response to Novo negotiable?

The Novo is asking 839K for a 3 bedroom.

The one listing you sent that was close to my $900K price point was the 5th street- which I put an offer in and was rejected right away. They had multiple offers above ask.

Again, you say things like there are 1000 listings but you can't find any for me. Please just send them over when you have them.

You sound really smart yourself and I'm thankful for your help. When you get the 1000 listings, let me know.

Posted by: panda10 at February 22, 2008 12:10 PM in response to Novo negotiable?

Thanks 12:49. I think that stinks. I've found out a couple of people have gotton out due to a "material change" in their particular unit (one less window than the original rendering for example) but your info is helpful. I know some developers offer incentives instead of price cuts (like storage units, etc.) but I don't think Novo offers anything.

5:43- sorry I'm a nutjob for asking for 5 listings out of 1000 that meet my house search criteria. Maybe you're in a different position than me and can widen your search to anywhere in brooklyn- but I'm not. I also don't have boatloads of disposable income where a price difference of $50K does not matter. Anyway, I would still like help finding listings so if you find any (please- that meet the above requirements) please send. Thanks.

Besides- if you ever read the original post- I'm not a fan of the Novo- but for a complete search- I would be foolish not to check it out.

Posted by: panda10 at February 22, 2008 11:12 AM in response to Novo negotiable?

5:08- thanks- but I should have specified- not interested in anything on the other side of the Prospect- and I'm looking to be closer to a subway.
5:09: 2 bdrms.
5:10: Saw this one- liked it- but its not in any of the 3 school districts I'm looking in- and its close to a million.
5:11: I saw this too and liked it. But I'm sorry if I didn't make it clear- I'm looking for less than $900K and they wouldn't budge. Actually I'm told they have multiple offers higher than ask.
5:12: Not in any of the school districts I specified. Nothing wrong with PS 282- but I don't want to be that close to Atlantic right now.
5:12: Have you been to this one? Its on the 4th Floor.
5:13: Not in any of my desired school districts and maintenance is over $1000k.

So other than the 1st one (which was my fault) the other six listings did not meet the above criteria. If you find more- that meet ALL the criteria- please let me know so I can schedule a listing.

Besides- why do you care so much about people who buy in a place that you don't want to live? I don't know why it offends you so much.

Posted by: panda10 at February 21, 2008 5:36 PM in response to Novo negotiable?

3:28- really? Great! I've been looking for a while now so please send me 1000- ok- just 5 listings with:
- 3 bedrooms (at least 85 sq. feet each)
- 1100-1200 square feet
- No walkup (ok- 1 flight)
- Zoned for 321/39/107
- 2 bathrooms (no half baths please)
- $900K or less (maintenance has to be less than $700).

Forget the central AC/heat (since no brownstone apt would have that and I don't mind window units). Oh yeah- it has to be in move in condition (does not have to be new- just nice enough to require no work upon moving in).

People like you 3:28 are the real sad ones. You make comments that are impossible to back up- and you're the guy you run into in the neighborhood- find out where the other person lives- walks away- and talks sh*t about them behind their back- not even thinking there must be a reason behind certain decisions in their lives.

Seriously- if you can send me the 5 listings I would love it so I can go visit those properties too. I really am anxious to increase my search and I guess I haven't been doing a good job looking since I missed 1000 listings.

Thanks.

Posted by: panda10 at February 21, 2008 4:55 PM in response to Novo negotiable?

Thanks Velvet and bkjennie. My wife and I were under the impression that new developments rarely negotiate price- unless they've been around a while. The unit I'm going to look at does indeed look over 4th and I'm worried about the view too (and the noise) but the units facing the other way are priced higher and I don't think worth the premium. Also the ones on the really high floors are priced even higher than that and I couldn't even afford those so that's a no go. I've read the comment about the bathroom before on curbed- that you have to go through the closet and the shower is tiny. Still- its 1 more shower than I have now. I guess I'll see for myself.

What's 457 Atlantic?

Posted by: panda10 at February 21, 2008 2:23 PM in response to Novo negotiable?

8:30- I'm no broker. I'm not sure why you would think that just because I just registered (I'm a long time lurker- and never initiated a post so no need to register before today- I've responded to a few like you as "guest"). Also- what in my question makes you think I'm a broker? Encyclopedia Brown you are not. And why haven't you registed at all?

I'm a guy in a difficult position. I never planned on buying anything this year. I've been saving trying to wait for the right time- but with one child already and another on the way- living in a rental (which I love) is kind of worrying me. I've been looking, had a couple offers in, but nothing exciting has come of it.

I know the general distate for the Novo (the Soviet housing comments, etc- which I agree with partly) but I think my wife and I should at least look before we forget it completely. Believe me- I'm not completely jazzed about the building or anything- but for g*d's sake, there are a million units in the thing and I figured some owners must read Mr.B too and would perhaps share their experience with me.

I generally enjoy the snarkyness on this board and I find some of the comments helpful- and I'm even a fan of "The What" (where is he by the way?).

I just think it sucks that you have nothing to add except what you said in your post. I don't even know what you mean by "Makes me nervous"- about what exactly?

I'm going to one of the many open houses they have this Sunday and the 2 questions above are the 2 main things on my mind before I go in. Thanks to the rest of the people who posted- I do appreciate it. And any help with my original question on future posts would be great.

Posted by: panda10 at February 20, 2008 11:53 PM in response to Novo negotiable?

lol..I know. I guess I can be light hearted about it since I'm not an owner- but work on the park has finally begun which means most of the heavy construction is done but who knows when the CO will be issued.

Anyway, anyone else have any idea if the developer has been flexible on price? Anyone purchased parking? Thanks.

Posted by: panda10 at February 20, 2008 4:40 PM in response to Novo negotiable?

Hi, I do not live there (I am in New Mexico) but did come across this post because I have mysterious bread thing going on.
I moved into a small community recently.
On to the point, 2 times there has been bread left at my gate. The only times I have actually gotten the bread was when I have been away for the night, which has been 2 times. Not just white bread, but Pueblo Indian white bread. They are pretty large loves, baked in outdoor ovens. They have not been wrapped, but are left laying on the soil, in front of the gate.
I was hoping to shed some light on this, but the most information was from this post. I doubt it was a squirrel. I really did get a kick out of all your responces.

Posted by: kai at November 21, 2009 2:53 PM in response to Mysterious bread on windows