When Your Own Apt Goes Up For Auction

Posted by urbandigs

Wed Apr 21st, 2010 09:15 AM

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A: I must admit it is a bit strange when the apartment you used to own hits the auction block. Its the same apartment I blogged about right here on UrbanDigs way back in JAN 2006 when I turned my JR4 into a 2BR for marketing purposes when I decided to sell. Now the unit is active on Bid on the City with a starting bid of $799,000. Weird.

When I owned that apartment the only major thing I did to it was renovate the terrace. I added lattice wood all around for privacy, installed planters with ivy to grow into the lattice, a cast aluminum table with umbrella that seated 6 comfortably, a BBQ, a hammock, landscape chips (not an easy job when you do it yourself), a shed, and plants everywhere. I can't tell you how soothing it used to be to come home after a long day of work, open my terrace door, play with the dogs for a while and then take the hose and water the plants and terrace tiles. Its just something that most apartments in Manhattan can't offer.

I have no idea what that terrace looks like today but the space was awesome! The embedded picture shows you what it looked like after I finished it back in late 2002 or so.

I easily spent 11 out of 12 months a year out on that terrace, eating breakfast in the sun, drinking cocktails and wine on the nights and weekends, and lying in the hammock on the hot summer days. I especially loved playing with the dogs who loved it when it snowed. A terrace apartment like that doesn't come around too often and for those who admire outdoor space, I would certainly check the place out.

I know the new owner gut renovated the kitchen, likely a $35,000-$40,000 job. Not sure what else was done. I sold the place for $935,000, all cash, back in early 2006 and closed in July 2006. And that was after turning down a $950,000 offer a few months prior - yes, I got greedy in the first few weeks of showing and thought I could get more (I detailed this story into a discussion on The First Few Weeks for sellers). The offering plan states 1,069sft and the terrace is about 650sft or so. Total monthlies today look to be about $1,683/mth, about a $320 per month more than when I sold it in 2006.

My feelings about seeing my old place on an auction site like BOTC are mixed. On one hand I think I made a great sale; although a year or so before the peak. On the other hand I feel like that apartment should never be auctioned off. And yet I feel like all I really want is someone who really appreciates outdoor space to step up and buy this place and enjoy it for what unique feature it offers -- the terrace. That apartment is all about the terrace, always was and always will be. I'd be lying if I told you I am not insanely curious to see how that auction goes, because if there ever was a unit that should do well in an auction type setting, it is this one.

I was hesitant to write this piece at first, but now I feel like maybe there is someone out there that is perfect for this apartment who may not know that the auction takes place on April 27th; ironically one day after my birthday. I do feel like perhaps it was meant for me to step up and buy back the apartment that brought so much happiness and entertainment for me and my family. But unfortunately circumstances change and that apartment could not fit the needs we have for the years to come. So hear I am wishing the auction good luck!