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NYC Apartment Prices
Posted on 4/21/23 at 11:38 am
Posted on 4/21/23 at 11:38 am
I was just browsing NYC apartments and came across a 3/3 2200sq ft place on the market for $500k. Was on the market in 2020 for $1.54 million. I think it’s the buying opportunity of a lifetime. Would anyone else jump in?
5
Posted on 4/21/23 at 11:54 am to Motownsix
Where in Manhattan is it? What are the monthly maintenance fees?
Posted on 4/21/23 at 12:14 pm to Motownsix
quote:
I was just browsing NYC apartments and came across a 3/3 2200sq ft place on the market for $500k. Was on the market in 2020 for $1.54 million. I think it’s the buying opportunity of a lifetime. Would anyone else jump in?
Show me the listing and I can tell you exactly what is right or wrong with it.
Posted on 4/21/23 at 12:26 pm to Sterling Archer
57th st very close to the Plaza Hotel just south of the park. HOA is $5k a month but I believe that covers everything. Some details I don’t have, but the question I’m asking is this a good time to invest in NYC? I think so.
This post was edited on 4/21/23 at 12:30 pm
Posted on 4/21/23 at 12:28 pm to hiltacular
Posted on 4/21/23 at 12:41 pm to Motownsix
There has to be something wrong with it. It might need to be gutted or something.
quote:It's always a good time to buy a place at a reasonable price that you are interested in. However, that would seem hard to do given the parabolic pricing that's happened in Manhattan during the pandemic.
I’m asking is this a good time to invest in NYC? I
Posted on 4/21/23 at 12:41 pm to Motownsix
This has a lot of red flags. Wouldn’t touch something like this. I have no opinion on whether this is a good time to buy in NYC. It ain’t something I would want to do.
Posted on 4/21/23 at 12:53 pm to Motownsix
ahh yes that building. I won't bother explaining it but here is a link on everything that is wrong about it and why it is priced as such. It is poorly run, the monthlies are high and resale is tough bc of the stigma associated with it.
LINK
To answer your question on the overall market, demand is pretty high. The luxury market isn't setting records but it is still healthy also. I do think the city showed a good population growth after a huge decline in 2020-21.
Anecdotally the streets are busy and I don't see much of a difference now vs 5 years ago.
This post was edited on 4/21/23 at 12:56 pm
Posted on 4/21/23 at 1:10 pm to Motownsix
quote:
HOA is $5k a month
Posted on 4/21/23 at 1:36 pm to Motownsix
quote:
The ground-rent fees paid to the owner of the land underneath Carnegie House are currently $4.1 million annually, and are due to reset in 2025 — for the first time in 21 years. There’s no anticipating exactly how much the rent will rise when they do, but it’s likely to be a lot. In 2014, owners were given a hint when the land was purchased by real estate investors David Werner and Rubin Schron, for $261 million. That’s because this humble brick co-op now finds itself in the middle of “Billionaire’s Row,” the stretch of 57th Street that a 2019 report from Douglas Elliman and Knight Frank determined was the most expensive street in the world.
quote:
But if the land under Carnegie House is still appraised at $260 million in 2025, it will likely boost the annual land rent to over $21 million— about five times the current amount.
ETA: I wonder what they bought it for. I couldn't imagine being in a house that's almost worthless because of the impending HOA dues.
This post was edited on 4/21/23 at 1:42 pm
Posted on 4/21/23 at 2:00 pm to LSUGUMBO
(no message)
This post was edited on 7/16/23 at 12:39 pm
Posted on 4/21/23 at 3:13 pm to hiltacular
quote:
Anecdotally the streets are busy and I don't see much of a difference now vs 5 years ago.
hiltacukar, great job finding that info.
I’ve been to NYC twice since 2021 and I’m going twice in June. Even November of 2021 I thought NYC was as crowded as anytime I could recall in the past couple decades.
Apartment prices seem fairly well priced right now. I’m probably 10-15 months away from being ready anyway.
Posted on 4/21/23 at 3:31 pm to Motownsix
quote:
ETA: I wonder what they bought it for. I couldn't imagine being in a house that's almost worthless because of the impending HOA dues.
You realize they don’t have to renew the land lease at all if they don’t want to, unless there are options which it sounds like there are not.
At the end of a ground lease everything reverts back to the land owner.
That’s why the value of this property is so low. As you move closer and closer to the land lease maturity the value goes down and down and down.
Very similar property in Arlington (VA) right now. All eyes are on it at the moment.
Posted on 4/21/23 at 4:54 pm to Motownsix
quote:
I’m asking is this a good time to invest in NYC?
NYC Mayor Adams said this today:
“The city is being destroyed by the migrant crisis. Every service in this city is going to be impacted by the asylum seeker crisis.”
Posted on 4/21/23 at 5:19 pm to Im4datigers
quote:It's just math, though. It's theoretically possible that it's a good deal, all things considered.
That’s why the value of this property is so low. As you move closer and closer to the land lease maturity the value goes down and down and down.
Posted on 4/21/23 at 5:36 pm to Motownsix
quote:
was just browsing NYC apartments and came across a 3/3 2200sq ft place on the market for $500k. Was on the market in 2020 for $1.54 million. I think it’s the buying opportunity of a lifetime. Would anyone else jump in?
Something's not right
Sister in law just sold hers for a lot
Posted on 4/21/23 at 5:41 pm to thelawnwranglers
quote:
It's just math, though. It's theoretically possible that it's a good deal, all things considered
You’re exactly right. It’s basically an annuity you’re buying if buying as investment property. I just wouldn’t go into it blindly unless I knew the ground lease was getting renewed and how much said ground lease was going to increase to
Posted on 4/21/23 at 6:12 pm to Motownsix
Probably won’t qualify. Usually those are subsidized
Posted on 4/21/23 at 6:30 pm to MSTiger33
Well you will need to have an all cash offer to come in and for it to make sense long term you need to be a multi-millionaire. The bigger problem is it’s a shite building
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