condos: The intense interest in m127 auction is ironic
- 07/08/10 02:35 AM
When my recent posts on the auction of six condos in a new development called m127, at 127 Madison Avenue, generated a record number of page views on my blog, I was struck by an irony. What hit me – ouch! – was the difference between the number of people who registered to bid for the apartments, which were developed between 30th and 31st streets in Manhattan, and the number of buyers who rush headlong from competition in other purchase situations. To them, the very idea of a bidding “war” is anathema. But I’ll bet many of these same potential buyers … (0 comments)
condos: Get those certified checks to bid at city auction
- 07/06/10 03:25 AM
3 Hanover Square Bidders will have the opportunity on July 29 to win an apartment at the city’s estate auction of five co-ops and a condo ranging from the Financial District all the way up to Washington Heights. Manhattan Public Administrator Ethel J. Griffin will seek to dispose of the properties, which can be inspected July 13, 15, 19 and 22 from 10 a.m. to 2 p.m. each day. Two of the properties failed to sell at the last auction, and had the amount of their minimum bids cut, so this is your second chance. (Should they go unsold this … (0 comments)
condos: How does your garden grow?
- 07/02/10 03:20 AM
Humboldt Spotted Lily (Photo by Jon Siess) Nearly as rare as a Humboldt Spotted Lily is the city dweller who doesn’t yearn for outside space. More often than not, it is garden space that buyers crave, a chance to dig into friable earth, raise a crop of juicy tomatoes and impress neighbors with a postage stamp lush with fragrant iris, iridescent roses or plumes of ornamental grass. Ah, but the price such buyers pay! Not only do such places command a premium – there is only so much vacant land in Manhattan – but the tradeoff for a garden may be … (2 comments)
condos: Guest post: 10 rules for renting your condo right
- 06/30/10 10:50 AM
What appears to be the beginning of a beautiful landlord-tenant relationship can turn ugly faster than you think. So notes seasoned real-estate lawyer Ron Gitter, whose sage advice has graced this blog before and whose Web site contains much more valuable information. "Perform your due diligence when you intend to hand over your precious property to a stranger, or even a friend or relative," he counsels. Ron continues: "For your peace of mind and financial security, consider all the issues that might have an impact the tenancy. Be upfront about any conditions in the apartment that may be of concern … (3 comments)
condos: It’s either a perfect storm or a Bermuda high
- 06/29/10 03:10 AM
If you think the weather's fine, just dive in. (Flickr photo by SuperFantastic) There is a pretty strong likelihood that soon-to-be released second-quarter reports will show pretty strong sales in Manhattan along with prices that have more than held their own. Indeed, the Wall Street Journal said yesterday that sales of Manhattan apartments were 80 percent higher than one year earlier during the second quarter. The pace was the fastest since the summer of 2008, an illustration that the market has been recovering during the spring selling season, according to writer Josh Barbanel. He also quoted unnamed “analysts” as saying they … (0 comments)
condos: Interest is heats up for absolute auction of condos
- 06/24/10 08:25 AM
Flickr photo by Capture Queen. Although I have been writing about real estate auctions for some time, the interest that I have observed in the selling of six condos at 127 Madison Avenue in Manhattan this coming Sunday at the Roosevelt Hotel has been intense. Hundreds of readers have looked at my posts on the auction, an unprecedented four readers have called me for advice on the sale, and two asked me to represent them at the auction (before I explained to them the hazards that they faced if their bids were accepted). Paul Jaber, a hedge fund executive who studied … (0 comments)
condos: New York City is to auction off apartments and houses in Queens, Brooklyn
- 06/14/10 12:23 AM
The minimum bid for this Bayside property is $338,000. The public administrator in Queens is auctioning off 10 co-ops, one condo and 18 single-family houses, each of them left by owners who died without a will. The estate auction takes place June 29 at 11 a.m. at 88-11 Sutphin Blvd., Room 62, Jamaica. Inspection will be June 26-27 between 10 a.m. and 1 p.m. Regarding the co-ops below, the contracts will be nullified and deposit returned in the event that a board rejects a successful bidder. Apartments (upset prices provided): 87-15 204th St., Apt. B57, Hollis, $64,000 86-15 Dongan Ave., Apt. … (0 comments)
condos: Why not be a part-time real estate broker?
- 06/09/10 10:44 AM
Being a real estate broker is a glamorous and leisurely pursuit. Right! (Photo by loungerie on Flickr.) Someone told me a few days ago that she was thinking of becoming a real estate broker part-time. “Don’t,” I said unhesitatingly. Even if she has a wide social network, there is no way she can succeed. That’s because becoming a broker means working not just full time but all the time. Although many people think of brokers working on weekends, what they don’t know is that brokers also work most other days as well. In the case of the aspiring part-timer, either she … (4 comments)
condos: With bargains at auction, there often is more than meets the eye
- 06/07/10 02:29 AM
Model apartment at the m127 condominium. Potential bidders may snag a baragain in the auction June 27 of unsold condos in a small new development in the heart of Manhattan. Or, they may get more than they bargained for. Indeed, winning bidders may well regret their success at the absolute auction of five of the condos plus the penthouse (subject to the seller’s confirmation and, therefore, not an absolute sale) at 127 Madison Avenue, dubbed m127. It turns out there is much information about the auction that perhaps will proves instructive regarding auctions in general, a veritable testament to caveat … (0 comments)
condos: A buyer’s deposit can make or break an offer
- 06/06/10 03:40 AM
Flickr photo by unjanedoan. The convention in New York City and many other housing markets is for buyers to offer to put into escrow a 10 percent deposit when they go to contract to purchase a property. That deposit, which is called a binder or earnest money in some areas, are funds that buyers put at risk. It is meant to ensure that the buyer ultimately conforms to the terms of the sale contract and then closes on the transaction. If buyers default, they don’t get the deposit back. That is obviously a significant penalty. It doesn’t matter whether a … (1 comments)
condos: For renovations, sellers likely pay a heavy price
- 06/01/10 08:24 AM
West End Avenue (Flickr photo by claudiadaggett) There is one axiom in real estate that sellers rarely get: In a slow market, it normally is all but impossible to recoup the cost of a major renovation. A one-bedroom apartment that is handsome, stylish and uncommonly appealing exemplifies that truth. At the height of the housing market, the current owners purchased the 850-sf co-op in a distinguished pre-war doorman building for $575,000 in 2007 and then undertook a year-long renovation that set them back significantly in excess of $200,000. They made not a single discernible mistake in doing so – except … (1 comments)
condos: Condos slated for auction in Manhattan, Brooklyn
- 05/24/10 02:17 AM
On Wednesday, a two-bedroom unit in this Canarsie condominium goes on the block. As for the Manhattan units, June 27. A foreclosed 1,063-sf apartment that has two bedrooms and one bath in the 1989 Brook Club Condo, which has a pool, is to be auctioned on Wednesday. At 1229 E. 80th St., unit 180 will go on the block with an opening bid of $50,000. Monthly fees of $185 include common area maintenance and insurance, exterior maintenance and insurance, lawn care, snow removal, trash and water. An outfit called Williams & Williams is conducting the auction at 4:30 p.m. on May … (0 comments)
condos: Brokers have a mantra: 'Buyers are liars'
- 05/23/10 04:42 AM
Not only do many brokers characterize buyers as “liars” (generally in less of a malicious and more of a frustrated way), but they also think of sellers as greedy. I disagree. Buyers don't swear to tell the truth.(Flickr photo by Office of Gov. Patrick.) What happens with buyers is that they begin to refine and more often than not expand their requirements as they engage in the search process. It is a learning experience about what is of increasing and what is of diminishing importance to them. For example, once they actually get around to open houses and see what various … (2 comments)
condos: Caution: There's nothing like a sponsor apartment
- 05/21/10 03:36 AM
When co-op buyers see the words “sponsor apartment” in a converted building in New York City, their eyes invariably light up with anticipation. In fact, some buyers will specify that they want both to live in a co-op and to buy only a sponsor apartment. A decent sponsor apartment with minimal closet space. For readers who are not in the know, the reason is that sponsor apartments will allow buyers to avoid having to undergo the tedious, time-consuming task of assembling inches thick of a board package, the rigors of a board interview and all the attendant anxiety. Virtually all that … (0 comments)
When my recent posts on the auction of six condos in a new development called m127, at 127 Madison Avenue, generated a record number of page views on my blog, I was struck by an irony.
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