Chelsea Stratus, rent or buy? or neither?

Good question. Have you considered going and visiting the sales office and acting a bit nutty and showing them the math on the rental, and then calling the Elliman broker and telling her that if you can't rent for the price you want you'll buy it instead, leaving her scratching her head? It may work.

Neither, it's still over priced,consider the rental price 4100$x12mo.x17years you will get a price.
Some say x 15 years some x 20 years and if you can wait til end of 1Q 09 you may get even for much more less.
Are you in a rush to buy

15, 17, 20 years?

No, my formula shows that typically 25+ times the true rent. The true rent is the monthly rent minus the owner's monthly costs directly for the apartment or the monthly charges (maintenance and taxes) in a co-op or condo.

I've seen that the multiple goes up as the apartment is more expensive, meaning more of a benefit for the renter at the higher end.

6 months on the rental market and no takers?

6 months, but before and after that rental was up at $4300, other units in this line went for more. What does that mean about the broker?

"What does that mean about the broker?"

I dunno... waiting for someone to offer $3,600?

Try it - tell the broker that buildings are offering 2 months and there's no fee, what will this owner be willing to do? Post the response - could be interesting.

Small item in NYTs this sunday re: falling prices for some units.

I just posted this on the Echelon Chelsea discussion:
gleeclub
less than a minute ago
ignore this person
report abuse Intresting, and in some respects should be compared to that 1BR in Chelsea Stratus that is up for listing - both are brand new construction with good finishes. You see that even though these guys are high, they are moderating their effective rent to get things moving, whereas the Chelsea Stratus apartment by the Elliman broker http://www.streeteasy.com/nyc/talk/discussion/7304-chelsea-stratus-rent-or-buy-or-neither is burdened by the full cost (potentially some negotiability), and a broker fee on top of that, and then some of the hassles of renting from a private owner unless you negotiate carefully upfront (negotiate for an option for a second year and negotiate the second year rent).
-
They apparently are offering their 1BR, with a monthly rent of $4200, now at a new rent of $4000 but an effective rent of $3333 and no brokerage fee. Obviously trying to move things. Both are new construction so it is an interesting marketing case study, who is more aggressive and who is a better marketer.

kylewest, that nyt piece is great, because it's one of the first ones we've seen with really perfect comps (although we don't know about the terrace sizes)

Still, it effectively argues that the Stratus A-lines fell 6% between 2006 and 2007, and again 6% between 2007 and 2008.

ali r.
{downtown broker}