Out and About: 2-bedroom units are all the rage

This is the final Out and About for the summer, but please do check in for occasional posts on other topics meantime.

Second bedroom of my apartment, now on the market.

Two-bedroom apartments may well meet the needs of the biggest segment of buyers.

For one or two residents, they represent the flexibility of having an office, guest room or baby’s room for a family planning to grow.

For a couple already with offspring, two-bedroom units make it possible to accommodate easily (in New York City terms) two quite young children of even the opposite sex, two of the same sex into their teens and even three kids should it be possible to divide a large bedroom if, as often is the case, a true third bedroom is too much of a financial stretch for the buyers.

It is no surprise, then, that two-bedroom co-ops and condos accounted for approximately a third of the market share in Manhattan during the first quarter of the year.  And they sell quickly when priced correctly.

Two-bedroom units that are listed under the market have been going fast, while those that seem to be exactly on the market take just a bit longer.  That’s true of at least three pre-war apartments that I happened to see on the Upper West Side within the last couple of months.  Consider these:

Out and About: Windows best for jumping out

View, what view?

Short is the distance between a high window in a prison cell and rooms with windows jammed into a corner.

Although the exemplar in the above photo, taken in a co-op between Amsterdam and Columbus avenues in the low 90s, shows that light enters the living room, the windows add nothing else.  In fact, they throw off the room’s balance.

Without going up to the windows themselves,  such a configuration require a resident to hike over to them just to know the weather.  They probably are better for jumping out than looking through.

Yet the apartment,

Out and About: Walls always speak volumes

Portion of a wall that needs help

Clean windows, polished floors, organized closets and sleek kitchen all communicate positive aspects of any home being considered by buyers.

One characteristic that is not usually noticed at once also can have a decided impact on first impressions and subsequent appreciation of properties on the market.

That is the walls, especially in pre-war apartments and townhouses. The shape they are in speaks volumes.  They thereby affect prices in ways that can elevate or depress the selling price.

Consider the photo above. Perhaps you can

Out and About: Why I write what I write

(Flickr photo by MN Photos)

I frequently am asked why I publish this weekly feature.  Well, not frequently.  Actually, not at all.

But I thought you might permit me to indulge myself with an explanation.

It happens that I (among others) believe it is essential for real estate agents to get to know their market intimately.  That means not merely reading listings online but kicking the tires, as it were.

Not to toot my own horn too loudly, let me express my sense that only a minority of us go to the trouble of checking out listings personally just because they exist.  In other words, we don’t look at properties that might interest only a particular buyer but properties that may fit the needs of the next buyer as well.

The process of thereby learning the market takes a fair amount of time and uses up an unholy amount of shoe leather.  One week, I counted

Out and About: Beyond sow’s ear, a silk purse

Silk purse, a co-operative apartment near Central Park.

Indiana Jones comes to mind.  Imagine the challenging and unsavory conditions he had weather on the way to the treasure he was hunting.

So it would be for buyers in search of a new home as they approach the building where an 800-sf apartment awaits them in the very low 100s of a Central Park West block.

When they spot the building, a pet-friendly 1900 low-rise with no elevators and no amenities beyond private storage, they undoubtedly will note

Out and About: Some tradeoffs hard to take

Lovely apartment. . .

An unfortunte epidemic seems to have befallen an unusual proportion of new listings.

Of course, it has been just the luck of the draw on my routine tours of 10-15 open houses on most Sundays.  I keep stumbling upon (into?) homes with painful exposures onto rooftops cluttered with mechanicals.

Among the compromises some buyers are willing to make are unsightly exposures in return for otherwise desirable apartments.  But

Make noise, skip elevator in 2/2 UWS co-op

A handsome two-bedroom co-op on the Upper West Side provides expansive rooms, no adjacent neighbors and no need to wait for elevators on 93rd Street at Amsterdam Avenue.

Totally renewed with skim-coated walls, fresh paint throughout, brand-new lighting and numerous other improvements, the pristine pre-war apartment on a high first floor contains approximately 1,200 square feet, a modern kitchen with granite countertops and upscale appliances, two baths with stylish new updates that include Carrara marble, and exceptionally spacious closets.

Floorplan of 180 W. 93rd St., #1B (Click to enlarge.)

About halfway between Central and Riverside parks and in the middle of a neghborhood with all kinds of grocery stores, retailers, schools, restaurants and other amenities, the pet-friendly boutique building provides a part-time doorman seven days a week, live-in supers, bike room, laundry room and private storage room (for which there is a waiting list).  Washer/dryers, sublets and pieds-a-terre are permitted.

The apartment is priced to sell, at $995,000 with monthly maintenance of $1,812.  There’s more information and you’ll find more photos here.

You may have guessed by now that I am listing the apartment for sale, and the first open house will be Sunday, June 2 from 12:30 p.m. to 2:30 p.m.  This co-op happens to have been a wonderful home for me over the last seven years.

Tomorrow: Weekly Roundup

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
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Malcolm@ServiceYouCanTrust.com
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Out and About: Victims of their own excess

Squash anyone? Kitchen of brownstone listed for $10 million.

They closed on the brownstone on Aug. 20, 2008 for $7.85 million.

It happens that Lehman brothers collapsed less than a month later, causing our housing markets to swoon.

While the markets in Manhattan and Brooklyn in particular have made great progress since then, we still have a way to go before reaching the peaks of days gone by.

Unfortunately, the sellers — I’m sure, a very nice family — have overestimated the demand for properties that can accommodate a big family easily.

Out and About: No mystery in many properties

It is always abundantly, sometimes pungently, clear who lives in some properties that are on the market.

Is it the owner or a tenant?  You can tell all too easily.

When I opened the closet door of the Upper West Side apartment in the photo above not long ago, for example, I literally gasped.  Like me, you won’t have to tax your brain to know that

Out and About: Desperate measures warranted?

Truncated living room in an Upper West Side studio apartment.

Given the cost of residential real estate in Manhattan, nothing could be more understandable than buyers’ willingness to match the imperfect co-op or condo that they decide to purchase with the amount of money they can afford.

Consequently, many folks in search of a new home readily accept the necessity of turning a two-bedroom apartment into a three-bedroom unit, an alcove studio into a one-bedroom home.

But they invariably pay a price both in aesthetics and, paradoxically, flexibility.  Gone the dining area, the well-placed window in the living room, the airy ambiance.

So it is with