Family Condo Value in UES
A: If you are looking to buy a new family home in New York City and you have the following criteria: Must Be Condo, Must Be Close To Central Park, Must Be Pre-War, Must Be At Least 2,400 Sq. Ft, Must Have At Least 3.5 Baths, Must Have Outdoor Space, Must Have 24HR Doorman; you are probably having trouble finding anything of value under 3M! Not anymore. Check out this 10-Day old listing!
Check out this snapshot of a 3BR/3.5BTH Pre-War Condo on 153 East 87th Street. It is 2,400 Sq. Ft. Duplex (Note: Duplex's always seem smaller than straight units) + 600 Sq. Ft. Private Terrace! Marketed By Katie Rosenberg of Warburg Realty.
UrbanDigs Says: Without having seen this apartment I would think the main reason this property is being discounted is because of the high monthlys. For 2,400 Sq. Ft. you are paying $3,755/Month between maintenance + Taxes. If you read my post on maintenance: The Hidden Devil you would know that the Monthlys divided by the Total Size comes out to a figure of 1.56 (fairly high). Ideally, using this formula you want to find an apartment whose #'s bring in a a figure of 1.0 or under; although that is not always the case. The higher this figure goes the more the asking price MUST be lowered to compensate for affordibility. Graph is Below! That is what this broker is doing and explains the lower asking price. For those with the luxury of a stable high paying job who are in the market for this type of apartment, definitely check this one out!
maintenance EVALUATOR
