Thread: Looking for a condo in NYC

hey all,

I just started searching for a 2+ bedroom condo in Manhattan and I was wondering if anyone had any suggestions about the best place to look. I found a couple websites with a few nice listings but looking for an inside track. My budget is low but I'd like something that needs renovated and i dont think i want a co-op unless someone persuades me differently. Any help is greatly appreciated.


Thanks,
aaron

What's your budget? What kind of environment do you want? Are you renting/buying? I can help you with most of your questions.

I'm buying and looking for something near midtown, soho, chelsea, greenwich village...I'm kind of flexible on the location if it's the right property. I'd like to spend no more than $600k but I would prefer something cheaper that needs work as I"m a contractor. I may only keep it for a few years as I have a ton of work in the city and it financially makes sense for me. However it's hard to project the work more than 3 years out

Not sure, but that budget as you know seems really low... Watch the show "Selling New York" on HGTV if you haven't already. Good luck with your search and I hope you can get something in that range! Subscribing.

Yeah it doesn't take real long to see that most condos in decent shape in a nice neighborhood start around 750k plus but I found a nice place on w23rd st. last week that is listed at 499k but it's a co-op and the association fees are steep plus i'm not sure how much that would limit my market when I go to sell

101 West 23rd Street in Chelsea

above is the link

you do realize that almost anywhere you *want* to live is going to be a coop right?

there are very few condos in nyc, and most are new construction withing the past 10 or so years from complete gut jobs of wharehouses, etc.

i can tell you right now you have zero chance of finding a 2 bedroom in any decent area for 600k.

i know they exist, but they are held by builders/investors themselves who will be flipping them, you wont find them listed because no realtor is going to list a gut job when they have 2 years of good inventory on the books.

also regarding the coop you found for 500k....that is somewhat artificial...the montly fees are 3k ---> which is like another 500k on top.
So that 500k 2b/2b is really a 1MM 2b/2b at 800sq/ft which is much more in line with fair market value.

For 3 years, you are better off renting in ALMOST ALL circumstances. You can live where you want, you have no realtor fees, no boards to mess with, no maintenance, you can leave the city whenever you want (after lease of course) and not have any baggage left behind.

if it is just because you can contract it and flip w/ no cap gains tax due to primary residence x 24 months, then rent for 3 months, make connections and find an unlisted property, buy, fix, live x 24 months, sell, profit.

If you are still looking for a place, I have a name of a guy who might be able to help you in NYC. He owns a handful of places and is slowly getting rid of his inventory (retiring). A really nice guy who will do right by you and if he cannot, I'm sure he has the names/numbers of others who could help out.

PM me if you need his info.