Friday, September 21, 2018
Tuesday, September 11, 2018
Fully renovated and in excellent condition, this apartment features 11.5' ceilings and great light through its extra large windows. At approximately 1000 square feet this generously proportioned home is open and airy with a huge living area equipped with custom lighting, and separate dining area across from an open kitchen – which features custom cabinetry, double length drawers, Italian glass tiles and Bosch and Viking appliances. The 21' long master bedroom has a massive walk-in closet along with a built-in custom wood vanity cabinet for even more storage. The large home office with a full-size closet is currently used as a spacious nursery but can easily fit a queen bed – or convert to a large office/guestroom. There is extra hidden storage located above the front and home office closets. Simply said, there is room-to-roam in this spacious and inviting home in a fantastic building & location!
Thursday, August 23, 2018
Here's a typical assessment of a property for a client. This one closed in January.
'First I would say that the home looks stunning from the pictures and the floorplan - well thought out and tastefully designed. I took a look at DOB, DOF, and at some other recent sales to come up with an initial overview.
DOB - This is my initial main concern as I do not see a current C of O for a single family home (have they told you they have it?). There appears to be open items that remain for sign off before the job is complete (see attached). It is of course very possible the DOB page is not current, but from what I see they still have a ways to go before the home can receive it's C of O (plus Landmarks sign-off). As it relates to a purchase you would want to have your attorney ensure that contract-wise the seller/developer were responsible for taking care of all of the open items and delivering a completed home as it pertains to the city.
DOF/taxes - The Dept of Finance page is showing the building is currently recognized as a one family and is being taxed as such - so there is some contradiction with DOB (either DOB is not up to date or the building could be sufficiently complete for tax purposes). The taxes on DOF match the listing ($58,439/yr - $4869/mo).
I did look back at a tax bill from 2009 before the house sold and any permits were filed and the annual taxes were around $31,000. The current taxes do seem like they could be a natural progression rather than a jump up based on the alteration of building type - will have to investigate further so I cannot say for sure. You would definitely want your attorney to review the tax scenario during potential due diligence as well.
Square footage - I calculated on my own based on the floorpan and outside building dimensions and the 8505 ft2 listed is fairly accurate if you include the basement. Generally we might value basement square footage as half but given the level of the finishes and the usability of the space I can see counting as full here.
Pricing - If you were to purchase this in the "mid-twelves" ($12.5M = $1469/ft2) I think you are right in the ballpark in terms of value. Wonderful location off Riverside, wide home, elevator, new building systems, and a tasteful design are all big positives. Looking at some recently sold homes this one stood out in terms of location and building type:
https://streeteasy.com/sale/1221421 - a good example of an extremely similar sized home down the block, with elevator, renovated but just not a "modern luxury" version - sold at about $1260/ft2. I think you can make the jump $200/ft2 based on the brand new modern reno and features. For example:
https://streeteasy.com/sale/1191390 - a completely modern home with the back blown out/all windows - $1868/ft2
Other data points:
https://streeteasy.com/sale/1224154 - historic home, lots of original details with modern touch - $1449/ft2
https://streeteasy.com/sale/1222923 - smaller home farther north but also a brand new reno, thinner/shallower building, no elevator - $1334/ft2
Again the CofO issue stands out the most to me and would require clarification from the agents.
Would love to hear your thoughts and then we can arrive a proper strategy for bidding.'
Wednesday, July 18, 2018
Sunday, July 15, 2018
Another absolutely wonderful client!
There are some recent streeteasy threads with a few commenters approaching the purchase of a home like they would a stock. If catastrophe strikes the marketplace for both stocks and real estate will suffer. and both will come back as sure as the sun will rise. However at least with your home, you can live there and continue to enjoy it as you wait for the market to recover.
I'm not saying to be foolish. But when I hear somebody say they wouldn't Buy a particular home because they think the tax abatement will have negative consequences once it expires, it makes me think. I've always thought of a home purchase as at least 50% emotional. It's a very personal thing and I want to fall in love with a place at some level that I'm buying.
So find a home that you can comfortably afford, customize it, enjoy it. We all work very, very hard, we should come back to a home where we can feel happy and secure. And then after 8 or 10 years let's see how things turn out financially. And if you don't agree... the rent option is plentiful.
"Dear Keith, Christian, and Norman,
Thanks so very much to you all for your help throughout the process! I feel incredibly lucky to have fallen into working with you--you made the process as easy and streamlined as it possibly could have been! I appreciate just how much you did for me, going above and beyond with your recommendations for all the various people who helped make the purchase happen, and even going and doing the walk through with the inspector for me on that snowy day in March. I'll certainly recommend you far and wide, to anyone looking for an agent!