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Love it, Carimine. On a doom and gloom thread you're keeping an eye on the prize. To answer your question: I'm seeing studios in the $250K-$300K range, decent buildings. I'm not a realtor, just watching UES prices for a pied a terre for myself.
200k maybe 225k for 350-400 square feet in a simple building, maybe 6 floors, elevator, no doorman, clean, maintenance about $800, UES side street below 96 street.
That a deal to me, if it ever comes about.
These luxury buildings at a miilion dollars not me
200k maybe 225k for 350-400 square feet in a simple building, maybe 6 floors, elevator, no doorman, clean, maintenance about $800, UES side street below 96 street.
That a deal to me, if it ever comes about.
These luxury buildings at a miilion dollars not me
Due to inflation, the maintenance will be progressively rising (ie, the maintenance will not drop due to covid). I don't expect prices for the smallest units to ever drop below $900 per sq ft in the UES, though I could be wrong. Btw, by smallest units, I mean units of 350 sq ft maximum size. Above 350 sq ft, prices tend to rise sharply, and a 400 sq ft unit tends to cost more than 25% more than a 300 sq ft one (not just in NYC but everywhere).
Due to inflation, the maintenance will be progressively rising (ie, the maintenance will not drop due to covid). I don't expect prices for the smallest units to ever drop below $900 per sq ft in the UES, though I could be wrong. Btw, by smallest units, I mean units of 350 sq ft maximum size. Above 350 sq ft, prices tend to rise sharply, and a 400 sq ft unit tends to cost more than 25% more than a 300 sq ft one (not just in NYC but everywhere).
OK but were talkin crash here so if that ever becomes the case there should be considerable downside from here.
I agree maintenance will increase as less occupancy will require current owners to foot all the expenses.
Could it be the 5000 a month maintenance that causes the price to be discounted?Or is if that it is a poorly run building? Easy not to look in to the details.
This is a land lease apartment, of course it's cheap. Most people recommend staying far away from land lease apartments. Not to mention the extremely high maintenance for a 2br.
I think the super savvy poster should grab this deal. Not.
I look from time to time at the same type of studios, for the same purpose. I don't know of anything for $250k, but you can find them for $275k-325k. The prices have been in that range with minimal change over the past decade (ie, since the recovery from the housing crash, the last time I saw anything for $250k), and they have not changed much with covid. Most prices of micro-studios have not been influenced at all by covid, though for a few you can see a few thousand $ taken off, something that has been happening with such units that stayed on the market for a long time in general, with or without covid (I have not seen anything reduced by more than $10k).
200k maybe 225k for 350-400 square feet in a simple building, maybe 6 floors, elevator, no doorman, clean, maintenance about $800, UES side street below 96 street.
That a deal to me, if it ever comes about.
These luxury buildings at a miilion dollars not me
First off, Carmine, I apologize for misspelling your name. I was typing very fast did not catch the typo.
Secondly, I agree with you on the deal parameters. My budget is is closer to $300K, however I am holding out to see if I can snag a small bd or very nice (larger than 400 sq ft) Coop.
Well, if the writer of the article is right, we should have a number of deals to pick from
Could it be the 5000 a month maintenance that causes the price to be discounted?Or is if that it is a poorly run building? Easy not to look in to the details.
This is very true. Asking prices for Coops tend to be inversely proportional to maintenance fees, unit conditions, whether there is a tenant in place or not.
I think you end up paying one way or another, the answer depends on your preferences/budget.
I gotta wonder what's gonna happen to all the office space that companies will no longer need with the "new work at home".
Maybe investors will covert to residential bring more apartments to the market.
Look how different he Wall Street area is from 30 years ago.
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