Looks like Mark Plus Condos has gone rental!

For these rent prices it would of been cheaper to buy.  I should know I was in contract on a unit this past winter. http://streeteasy.com/nyc/building/mark-plus

OneOneTwoZeroOne

in Real Estate - Rentals 12 years and 11 months ago

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brokelin | 12 years and 10 months ago

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Train noise in not white noise to a lot of people. Also, I think people who have a downpayment saved are well aware of the costs of renting v. owning.  (Until you have the downpayment saved, it makes little difference if you know or not.)  Even with cash to put down, many don’t buy, because with the costs of transaction costs of buying and selling, it doesn’t make sense until you are ready to stay for at least a few years (figure 5, unless the market is going up a lot, and who can say when that will happen or not) – if you don’t want to risk losing money. Sometimes it doesn’t make sense to buy – if you think you will be moving, going back to school (perhaps elsewhere), moving for a job, changing your career and possibly income.  Buying works best (is less risky) when you know you’ll be staying awhile; it can make a lot of sense to rent when you don’t know that you will be staying put.

OneOneTwoZeroOne | 12 years and 11 months ago

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This bulding was FHA approved downpayment was less than $10K with the seller covering all of the closing cost and a year in common charges with the sale price being $270k mortgage payments estimated at $1,500 a month. To bad no one else was able to over look the noise from the shuttle train.  Broker dirscribed it as “white noise”.

coopking | 12 years and 11 months ago

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The problem is people cant get a mortgage and or are unable to pull together a downpayment. Many people realize its better to own than rent right now but plonking down something like $80000 is just an insurmountable obstacle for many.

deano | 12 years and 11 months ago

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They’re probably gambling on how fast Franklin will become a Smith or a Vanderbilt…

huesos | 12 years and 11 months ago

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The rental market is stronger than the condo/coop market and in many cases (especially with the crazy low mortgage rates) it’s cheaper to buy and that’s before even figuring the tax deduction on mortgage interest! These things run in cycles but I just rented a coop apartment I had tried to sell. The renter is paying more in rent than he would in maintenance and mortgage interest.  Eventually people will wake up and realize this.

likemike | 12 years and 11 months ago

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Hmm, the rental prices seem a bit unrealistic for the area and square footage. The finishes aren’t bad though. $100-200 less seem more realistic.