Anyone here familiar with Manhattan real estate?

[ringmastery]

From what you can tell, is this a good buy or not? I'm helping out a friend research apartments.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=735766

[freetobegay]

1. Tell your friend to move far, far away!

[ringmastery]

2. What's wrong with that neighborhood?

[freetobegay]

6. The prices!

[ringmastery]

7. LOL, 440k is pretty cheap for manhattan

the average condo is over 1 million.

[freetobegay]

8. For 800SQ feet?

I'll sat in the mountains then!

[Kathy in Cambridge]

10. That's how much my 750 sq foot condo is appraised at in Cambridge

Welcome to crazy Northeast real estate prices! :crazy:

[trof]

3. Just got their latest CD.

hee

[Spinzonner]

4. I do assume

that your friend's first-born is currently unencumbered by any existing liens.

[avb7]

5. Born and raised in Manhattan.....

Location, Location, Location the 3 most important factors in real estate. This is a very good neighborhood. A good friend of mine is stationed in a firehouse very close to that address and he loves it. Great access to subway and bus service. 15-20 minutes to Wall Street less than that to mid-town. Shopping is top-notch, everything you need is right there within walking distance. Close to Zabars, a food lovers heaven. Grays Papaya home of legendary hot dogs, great bar/restaurant, The City Grill on 73rd and Columbus. Brunos Ravioli on B'way and some great bakeries all over the area. The price seems to be in line with Manhattan real estate which is way over the top. $550 per sq.ft. seems high but it is the upper West side. If the guy wants to live in Manhattan, he has to be prepared to pay. Biggest draw back..almost impossible to park. Leave the car in Kansas. Good luck and welcome to the Apple.

[sleepyhead]

9. Careful....

When an ad says "a little TLC" that might mean major work needed (may need the entire kitchen replaced, for example). Also, if I'm reading the ad right, it has electric heat??? Very pricey. But it is a great neighborhood and if your friend is handy with home repairs, it may well be worth it. $440K is not out of line for Manhattan. But caveat emptor!

[ringmastery]

11. it wouldn't be too bad

if the heat was included in the $650 a month maint, otherwise you're right, it would suck.

good catch.

[sleepyhead]

12. I think that in coops

the maintenance fee does not include utilities. The maintenance money goes to the management company to pay for things like roof repairs, improvements to the common areas (eg lobby furniture), snow removal, salaries for the super and other building employees, etc. So your friend might want to inquire about average utility costs for the apartment. I've known of instances where those costs are high enough to be a deal-breaker.

[ringmastery]

14. the interesting thing about this apartment

is it's in an old converted brownstone townhouse. There are probably only 3 or 4 apartments in the whole building. The co-op board is basically your neighbors I guess. Maint. is low probably because of that. No need for fancy lobby's or amenities.

[sleepyhead]

15. Small buildings have the advantage

of having small coop boards. Some of them just put everyone on the board. The best thing about that is that there is much less opportunity for board politics and backstabbing to get in the way of accomplishing anything for the building. I think that if the utility bills aren't astronomical, and if the apartment doesn't need too many repairs, it sounds like a nice place to live at a more or less reasonable price. I live in a brand-new building, and while I like it a lot, there's a lot to be said for older buildings with history and personality.

[sir_captain]

13. It's a great investment

Manhattan real estate will *always* increase in value. If I had the money, I'd buy apartments in Manhattan in a heartbeat. As it is, I have to pay a ridiculous amount of rent instead.