Properties on the decline...
A: Lets delve into the world of price cuts in New York City and go over some properties that have been reduced twice or more since its been on the open market. Now this doesn't necessarily mean the unit is cheap, rather, that the seller is willing and eager to lower the price to move the property; a very favorable attribute for savvy buyer's to look for!
323 West 11th Street; Apt. 4W
Size: 720 SFT
# Beds: 1
# Baths: 1
maintenance: $827
Asking: $649,000
Price Per Sq. Ft.: $762
Price Reduced From: $729K --> $699K --> $649K
Marketed By: Kari Kaplan of Douglas Elliman
EXPECTED MONTHLY COSTS w/ MIN DOWN PAYMENT = $4,109
*Pre-Tax costs assume Full Ask, 20% down and 30YR fixed at 6.5%
42 East 12th Street; 2nd Floor
Size: 2,000 SFT
# Beds: 2
# Baths: 2
maintenance: $2,215
RE Taxes: $708
Asking: $1,999,000
Price Per Sq. Ft.: $1,000
Price Reduced From: $2.5M --> $2.1M --> $1.99M
Marketed By: Paula Allen of Sotheby's Int'l Realty
EXPECTED MONTHLY COSTS w/ MIN DOWN PAYMENT = $13,031
*Pre-Tax costs assume Full Ask, 20% down and 30YR fixed at 6.5%
135 East 71st Street; Apt. 16A(15% Down Limits Marketability)
Size: 1,280 SFT
# Beds: 1, Conv. 2
# Baths: 1.5
maintenance: $1,860
Asking: $999,000
Price Per Sq. Ft.: $780
Price Reduced From: $1.25M --> $1.149M --> $999K
Marketed By: Nicki Buck of Corcoran
EXPECTED MONTHLY COSTS w/ MIN DOWN PAYMENT = $5,017
*Pre-Tax costs assume Full Ask, 50% down and 30YR fixed at 6.5%
9 Barrow Street; Apt. 6H
Size: 440 SFT
# Beds: 0
# Baths: 1
maintenance: $740
Asking: $439,000
Price Per Sq. Ft.: $998
Price Reduced From: $499K --> $475K --> $450K --> $439K
Marketed By: Joanna Pashby of Corcoran
EXPECTED MONTHLY COSTS w/ MIN DOWN PAYMENT = $2,960
*Pre-Tax costs assume Full Ask, 20% down and 30YR fixed at 6.5%
REMEMBER: Do more research in any unit's building to see what the last comparable sale was. PropertyShark.com is a great resource for this type of data. Don't forget to give a premium for apartments on higher floors with better natural sunlight and views, and apartments that have been fully renovated. Bid accordingly and consider devising a bid strategy that gauges the seller's level of desperation first to see if they really need to move the property fast; who knows, you may get lucky!
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