New & Notable Listings Under $300K
A: There are never alot of choices when your budget is $275K or so in NYC, so when doorman studios under $300K pop up, you should get over there fast to take a look! These 2 are brand new listings both on the market since 6/5/2006. They are a bit pricey but without much competition the seller can get away with the initial ask close to $1,000/sft; so put your negotiations skills to the test should you decide to pull the trigger and submit a bid!
Remember to keep emotion OUT of your decision to buy and try your best to spend your hard earned money on the unchangeable features of the property; such as location, view, light, and raw space! If there is an empty lot as a view for the property you are thinking of buying then you MUST do your research and see if a new development is planned and whether or not you will lose that light and view!
160 East 91st Street; Apt. 2M
Size: N/A (looks about 325 SFT)
# Beds: 0
# Baths: 1
maintenance: $426
Asking: $289,000
Price Per Sq. Ft.: N/A
Marketed By: Lisa Holland Davis & Bruce Davis of Halstead
**OH TUESDAY JUNE 13th 5:30 - 7:00PM**
230 West End Avenue; Apt. 4A
Size: 300 SFT
# Beds: 0
# Baths: 1
maintenance: $542
Asking: $295,000
Price Per Sq. Ft.: $983
Marketed By: Ken Widerka of Citi-Habitats
Posted by Glenn
Mon Jun 12th, 2006 09:27 PM
I expect that we will start to see more of these in the near future. I don't think there are many serious buyers at $350k for a studio. Speculators are going to have to start dumping their stock soon before the market plunges. Especially if the Fed raises rates by another point this Summer.
Posted by nycinvestor
Mon Jun 12th, 2006 10:09 PM
You mean 1/4 point next month? A full point would flat out cripple the economy and housing.
Posted by Glenn
Wed Jun 14th, 2006 10:06 PM
No, I mean a full point by the end of the Summer, or a 1/4 point each month for the next four.
Posted by UrbanDigs
Thu Jun 15th, 2006 06:25 PM
In order for that to happen, they will have to raise by 1/2 point in June and another 1/2 point after that? That would be a big surprise to me!
I would love to see a 1/2 point increase on June 28th, and think Bernanke would be wise to do that. But another 1/2 after that?
Glenn, do you know something I dont about inflation? Do you think its much worse than people expect? Is it because energy prices have been high for almost a year now?
Posted by Glenn
Sun Jun 18th, 2006 05:26 AM
I know I bought a plain slice of pizza yesterday for $3.00 from a place that just a year ago sold that some slice for $2.00 Many of my friends that own are facing 10-18% increases in their common fees, mostly due to heating fuel price increases. The local meals on wheels is facing the same fuel price increases and they haven't received a inflation increase in 6 years from the gov't.
Inflation takes time to ripple through the economy. First fuel, then food then labor...then stagflation. We'll see if all the white collar workers really have good negotiating power with their employers.
We are only now seeing the ripple effects of oil prices going from $30 (2004) to $55 (2005) and now we are at $70.
Posted by UrbanDigs
Sun Jun 18th, 2006 01:29 PM
Wow, thanks for the real life examples. Yes, my common charges went up like 5% to cover higher heating expenses. I think all buildings had the same thing.
I couldnt agree with you more and think inflation could very well be much worse than everyone is predicting, as the lag of effects of higher energy prices ripples through the economy. Its just a scary though to see a 6% fed funds rate and the effect that would have on housing.
If this is the case, why doesnt the fed just raise by half point? These quarter point increases are fooling the markets into thinking we are almost done, and they are not strong enough to have immediate effects. If he did this a year ago, we could have been in a different position by now.
Posted by WaltDe
Fri Sep 1st, 2006 07:54 AM
Keep up the great work on your blog. Best wishes WaltDe