Seller pays mansion tax and condo fes for a year. Seems to be worth a little under $25k. Any comments on whether offering the incentives is a better strategy than lowering asking price by $25k?
Three other thoughts:
1. Comps - hard to see how this will be attractive with apartment 20K asking $104k less (80k less taking account of incentives.
2. With 4 K-line apartments on the market (6K, 7K, 11K, 20K) at prices between 1.045 - 1.149) and a much lower comp (33K sold very recently for $900k) wouldn't it seem like there should be significant cuts ahead?
3. Anyone have any thoughts on this neighborhood. Seems like there's a whole mess of these condos on 3rd ave around 90th street at relatively attractive prices.
03/05/2008 Listed with Corcoran at $1,300,000
03/29/2008 Price decreased to $1,298,000
05/08/2008 Price decreased to $1,198,000
08/05/2008 Price decreased to $1,169,000
09/14/2008 Price decreased to $1,149,000
Reality bites.
You know, if they lower the price below $1 million, then there is no mansion's tax. But personally, with the impending demise of Lehman and perhaps more, I wouldn't touch Manhattan real estate with a 10-foot pole.
the seller is desperate...they like the rest of the sellers in Manhattan are having their come to Jesus meeting. Anybody who buys now only will only have themselves to blame.
I would not buy real estate in Manhattan with my worst enemy's money
By the way John Doe you should know the history of these Mitchell Lama Apartments. They were created aproximately 20-30 years ago as affordable rental buildings. The city gave the owners of the building the right to charge market rents after approximtely 20 years or so.
You can guess what happened when the owners decided to exercise their rights...liberal protests in the streets...state legislators and assemblyman ranting about how tons of middle class new yorkers (teachers, policemen, hospital workers) would not be able to afford housing and the low rents should stay in place. Eventually the owner of the building decides to just go Condo and gives all the renters HUGE sweetheart deals.
I know someone who purchased a 1 bedroom for $167,000 in 2003.
So what do these wonderful middle class liberals turn around and do they proceed to sell their apartments for huge profits.
They don't seem to care that much about the loss of affordable housing...I guess the new mantra is "move to the bronx"
on principle alone NO ONE should purchase anything there. if you must don't spend more than $500,000 or please for god sakes go to ACRIS and see how little the previous owner paid.
I hate this complex...it is filled with a bunch of communist liberals who used tax payer dollars to hit the jackpot...it is an abomination and the reason rent control should be eliminated...hypocrites...
Re: 11K, they're no longer offering mansion tax and condo fees, so it's an effective cut of $35k. On the other hand, I'd bet this will go low enough that there won't be any mansion fees.
flmd - interesting history on this building. I didn't realize these were Mitchell Lama apartments - gives a good sense of why the prices are lower. As I said in my original post, with the 33K comp out there at %900k, seems like these all have a way to go.
Seller incentives - Sale at 1619 Third Avenue #11K
Seller pays mansion tax and condo fes for a year. Seems to be worth a little under $25k. Any comments on whether offering the incentives is a better strategy than lowering asking price by $25k?
Three other thoughts:
1. Comps - hard to see how this will be attractive with apartment 20K asking $104k less (80k less taking account of incentives.
2. With 4 K-line apartments on the market (6K, 7K, 11K, 20K) at prices between 1.045 - 1.149) and a much lower comp (33K sold very recently for $900k) wouldn't it seem like there should be significant cuts ahead?
3. Anyone have any thoughts on this neighborhood. Seems like there's a whole mess of these condos on 3rd ave around 90th street at relatively attractive prices.
Here's my thought:
03/05/2008 Listed with Corcoran at $1,300,000
03/29/2008 Price decreased to $1,298,000
05/08/2008 Price decreased to $1,198,000
08/05/2008 Price decreased to $1,169,000
09/14/2008 Price decreased to $1,149,000
Reality bites.
You know, if they lower the price below $1 million, then there is no mansion's tax. But personally, with the impending demise of Lehman and perhaps more, I wouldn't touch Manhattan real estate with a 10-foot pole.
stevejhx- "I wouldn't touch Manhattan real estate with a 10-foot pole".
I wouldn't touch it with your 10 foot pole, neither. HAHA.
dco, thanks for the compliment, but I'm not that well off.
the seller is desperate...they like the rest of the sellers in Manhattan are having their come to Jesus meeting. Anybody who buys now only will only have themselves to blame.
I would not buy real estate in Manhattan with my worst enemy's money
By the way John Doe you should know the history of these Mitchell Lama Apartments. They were created aproximately 20-30 years ago as affordable rental buildings. The city gave the owners of the building the right to charge market rents after approximtely 20 years or so.
You can guess what happened when the owners decided to exercise their rights...liberal protests in the streets...state legislators and assemblyman ranting about how tons of middle class new yorkers (teachers, policemen, hospital workers) would not be able to afford housing and the low rents should stay in place. Eventually the owner of the building decides to just go Condo and gives all the renters HUGE sweetheart deals.
I know someone who purchased a 1 bedroom for $167,000 in 2003.
So what do these wonderful middle class liberals turn around and do they proceed to sell their apartments for huge profits.
They don't seem to care that much about the loss of affordable housing...I guess the new mantra is "move to the bronx"
on principle alone NO ONE should purchase anything there. if you must don't spend more than $500,000 or please for god sakes go to ACRIS and see how little the previous owner paid.
I hate this complex...it is filled with a bunch of communist liberals who used tax payer dollars to hit the jackpot...it is an abomination and the reason rent control should be eliminated...hypocrites...
Looks like the cuts have been coming.
20K $1.045M ---> $999K (5 days ago)
6K $1.05M ----> $995K (today)
11K $1.149M ---> $1.089M (today)
Re: 11K, they're no longer offering mansion tax and condo fees, so it's an effective cut of $35k. On the other hand, I'd bet this will go low enough that there won't be any mansion fees.
flmd - interesting history on this building. I didn't realize these were Mitchell Lama apartments - gives a good sense of why the prices are lower. As I said in my original post, with the 33K comp out there at %900k, seems like these all have a way to go.