real estate prices in nyc

[Minneapolis]

There's a possibilty that I will transfer to New York. I did some research and I could probably afford a condo for about 400,000. Is this a reality in New York or would I have to move to Brooklyn? I want to be in the city itself if possible. Anyone involved in real estate? I know prices are crazy everywhere--including Minneapolis. Any advice would be appreciated. Thanks!

[Luv2play]

From my limited knowledge, you could probably find something in Manhatten for $400,000 but it would be 1) very small, and 2) not a great view (how do you feel about air shafts?).

 

20 years ago half that sum would have bought you a large two bedroom 40's/50's co-op with doorman on the east-side 50's with views on three sides including a frontal view of the Chrysler Building, a western view of Citicorp Building and panoramic views in all three directions (it was an apartment I used that belonged to a friend of mine).

 

And Rounds was just around the corner (sigh).

[JT Brooklyn]

IMHO..In the past 5-8 years, even before 9/11... Brooklyn(neighborhoods closest to Bklyn Bridge, 20 mins to Midtown..) has become the IN Boro to live in..It is at the point where even Bklyn Real Estate, for the price range you quote is becoming tight! Bottom Line, Would you prefer to pay .59 cents for a bottle of WATER, or live in "Glamorous" Manhattan, and pay $1.85 for the SAME Bottle of Water? and that is just the water, my friend! LOL :+

[GinoMancuso]

As my regulars know, I've been in the real estate business full-time since I quit escorting a couple of years ago. So here's a quick lesson in NYC real estate from a former escort turned broker:

 

Around 80% of the residential buildings in NYC are cooperatives, but most new residential development is condominium. Generally speaking, coop owners own shares in a corporation; condo ownership is more traditional -- it's the actual apt you're purchasing. Coop purchases require approval from a building's board; condos do not. Coop purchases require a minimum of 20% down; condos do not. There are advantages to both forms of ownership beyond the obvious, though.

 

Depending upon location, maintenance fees, view and light, coops now sell for around $900-1000 per sq ft. Condos vary more - $900 psf at the low end for locations such as Sutton Place and Battery Park (which has notoriously high maintenance fees) to around $2000-3000 psf at homes in and around the Time Warner Center or the new Plaza Hotel conversion. Since the condo developments are new, they are typically full-service buildings with expensive building amenities such as concierge service, health clubs, etc - so tend to command higher maintenance fees to pay for all of that.

 

Real estate prices in Manhattan have risen almost 20% since the end of 2004, when people started cashing their bonus checks. 400K will still get you a small "straight" studio (i.e. no sleeping alcove) in most neighborhoods, though. I had one on the market in Chelsea in late February for 379K and I had four offers over the asking price after my first open house. (It sold for 425.)

 

Prices in prime Brooklyn neighborhoods such as Brooklyn Heights, DUMBO, Park Slope, and Carroll Gardens are now as - or more - expensive as neighborhoods such as Hell's Kitchen, Murray Hill and the Lower Eastside, but you get more for your money. Adjacent neighborhoods like Fort Greene and Prospect Heights (still nice and close to the city) are a little cheaper, but going up fast. You can still get a decent 1BR for 400K.

 

If you're like most Americans, you're probably used to a reasonable amount of space for 400K. If that's essential to you and you're willing to venture outside of the city, my advice is to check out some of the neighborhoods just over the Hudson in New Jersey. Property taxes there are high, but you'll find you get a lot more space for your money. You're also more likely to find a condo. Some areas of Queens are coming up fast, too.

 

If you'd like to shop around Manhattan, give me a call or send me an email. I'd be happy to provide more info.

 

"Gino Mancuso"

dgnrealty@aol.com

917-453-7093

[+ Charlie]

Gino, it's good to see you posting again. If I had a few million lying around the house, I'd buy from you any day!

[Luv2play]

To those of us who live in "other" worlds, the prices you quote seem unimaginable. But I remember thinking the same thing 3 years ago when I ran into an old friend in New York from Miami who was closing a deal on a 400 square foot co-op in the mid-50's westside for $150,000. This was 2 times what he received for his Miami 1 bedroom apartment, which he had bought 2 years earlier for $50,000 fully furnished (estate sale).

 

He told me the views were non-existent (faced a wall) but the building was nice and well run. It was the most he could find that he could afford. I suppose today this apartment would go for $400,000, so he has done well in his investment. But still, I think, for ordinary people without a 7 figure bank account, it's a form of privation living like that when you think what that money would buy elsewhere. Obviously, the experience of living in Manhatten must make up for it for those who choose that lifestyle.

[JT Brooklyn]

A 1 Bedroom in my building in Bklyn HTS (NYC)which Has a Spectacular view of a "Brick Wall"..just sold for 375K Cash..So guys paying 300 an Hr for Sex... kind of makes sense in a twisted kind of way!LOL LOL :+

[+ Charlie]

Good grief! I paid less than that for my three bedroom house in Palm Springs, with a swimming pool and clear views of the surrounding mountains! On the other hand, I can't walk outside and hop on a subway to Times Square.

[JT Brooklyn]

Charlie.. I guess the Bottom Line would be, as long as he finds a Sucker to pay 425K.... When he gets tired of Times Square! LOL :+

[GinoMancuso]

>I paid less than that for my three bedroom house

>in Palm Springs, with a swimming pool and clear views of the

>surrounding mountains!

 

Hey Charlie (how've you been, sexy??), I'm not surprised. I sold a fellow escort's studio apt for him last fall and he bought FOUR houses in Ohio with the profit he'd made. (He bought the apt in 1998.)

 

I can't imagine this housing bubble lasting much longer. But then I thought that five years ago when interest rates were higher ...

[+ Charlie]

Housing bubbles rarely break for long in Manhattan. I bought a co-op near Lincoln Center in 1984 and sold it one year later for four times what I had paid. I hate to think what it would be worth today if I had held on to it.

 

Sorry to see that you retired. I still start to breathe hard when I think about you.

[Damascene]

I keep waiting for my bubble to burst also. The appartment I bought in 1999 is now worth four times what I paid for it. I could sell but where in NY would I move to?

 

I now sit on the board of my coop and I see what the one bedrooms($400,000), two bedrooms ($700,000) and studios ($240,000) on the far westside of Manhattan. With the stadium, I keep hearing prices will go up more in my neighborhood. I could not afford to buy in my neighborhood now.

[JT Brooklyn]

Definitely a "DILEMA" for many. Even if they get their "Fantastic" asking price, Where the Hell do "They" move to, when the New Owner takes possesion? I have heard of people staying in Hotels, til they find their new CO-OP! lol :+