Out and About: It’s that vision thing

(Flickr photo by gerios)

If you’re a typical buyer, you believe you can look at a property and easily imagine how it can be improved to meet your standards

But if you’re a typical buyer, chances are you are wrong.

I well remember a buyer some years ago who rejected a house that met all her requirements.  She never Continue reading

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Out and About: A textbook case of overpricing?

Everything about this co-op is superlative. (Brown Harris Stevens photo via OLR)

When I walked into a studio apartment in the high 60s on Central Park West, the gut renovation bowled me over.

So did the price, $980,00 with monthly maintenance of $1,166.  That for a north-facing co-op of probably no more than 550 square feet on a high floor in a full-service post-war building.  From the balcony, and only the balcony unless you stand at the window, there are superb views of the park.

But $980,000, I wondered aloud? I told the listing broker that I couldn’t imagine anyone paying that much, but he told me that Continue reading

The Big Apple: Luxury sales skew market. More!

LUXURY SALES COLOR THE HOUSING MARKET, WHICH IS MOVING ‘SIDEWAYS’ AND PROMPTING CAUTIOUSLY OPTIMISTIC FORECASTS

Sales activity in the second half–as measured by number of sales, median sale prices, average number of days on market and the number of Manhattan apartments on the market–settled comfortably into historic 10-year ranges, according to two separate market reports in Crain’s New York.

(via Prudential Douglas Elliman)

Despite a busy market for trophy properties, the pace of sales and median prices of Manhattan apartments slipped during the fourth quarter, the Wall Street Journal observed.

The number of sales fell by Continue reading

Sealed-bid auction set for two luxury penthouses

43 West

Two duplex penthouses with terraces and views of the Hudson River from an eight-unit building are to be auctioned via sealed bids that are due Dec. 8. The reserve prices were not disclosed.

In the a former 1920 rental building now called West 43, at 552 W. 43rd St., between 10th and 11th avenues, the condos are being marketed as a closeout auction Continue reading

m127 auction has 13 secrets you need to know

It turns out that there may well be plenty you haven’t discovered about the absolute auction of five unsold condos plus the penthouse (subject to the seller’s confirmation) at 127 Madison Avenue, dubbed m127.

One thing the developer hasn’t volunteered in connection with the sale on June 27 at the Roosevelt Hotel is that the company, Cardinal Investments, is facing foreclosure on the building.  A foreclosure motion filed by the Bank of Smithtown is due for a court hearing two days before the auction, according to an attorney quoted by Josh Barbanel in the Wall Street Journal.

Alan C. Polacek, an attorney for the bank, which is based on Long Island, told Barbanel that a court-appointed referee recently put the debt owed by the developer at nearly $9 million.

The newly revealed information – together with an amendment to the developer’s offering plan, financial statements and the purchase contract – suggests a potentially confusing, even financially hazardous, situation for any winning bidders. Continue reading

Condos slated for auction in Manhattan, Brooklyn

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 26 at 127 Craig Ave., Freeport, which is a four-bedroom house that also will be for sale that day.  You can bid online, too.

Inspection of the Canarsie property is by appointment only.  Just call 718-998-1700 x200.

You won’t have to travel as far as Long Island to bid in person for the auction of five two-bedroom, two-bath units plus a three-bedroom penthouse that have remained unsold since 127 Madison Avenue was completed in 2007. Continue reading

There is only one right time to buy

The Frank/Patterson's new penthouse apartment with huge skylights.

In an uncertain market, the question on every buyer’s mind is whether it is the right time to get off the fence.

One buyer recently answered that question in an e-mail quoted by the Observer.  His response is worth noting in part because of the credentials that he and his wife possess.

Robert Frank is the wealth reporter for the Wall Street Journal and author of the best-selling book, Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich.  His wife is Rebecca Patterson,  global head of foreign exchange at JPMorgan Private Bank.

Smart people, right? They recently spent $4.2 million on a penthouse loft at 73 Fifth Avenue.  Here’s why Continue reading