Manhattan Condo Living: December 2009

Christmas time in New York City is my favorite time of year to be in Manhattan.  So much to do and so much to see if you are brave enough to bundle up, get out in the cold and bring a good pair of walking shoes!

Manhattan Short Sales Condo Closed. We just had a closing yesterday on one of our Manhattan New York Short Sale condos. This closing came just in time for the holiday season. We work long and hard on this short sale and we are very happy to finally have it closed so that both buyers and sellers have a peace of mind.

We listed this Manhattan Short Sales Condo earlier in the first quarter of 2009. Sellers bought this Manhattan Condo in the height of the market and since the market has soften, the sellers were in financial hard times and needed to proceed to sell this Manhattan condo as short sale so the condo will not be foreclose by the banks.

We are full time Real Estate agents here in Manhattan New York. Working on Manhattan Short Sales Condos is one of our speciality. We know the pricing is crucial in order for us to help the seller out of their position and also getting the approval of the banks. We priced the property according to the market of first quarter of 2009, we compared the prices in the neighborhood and the availabilities and know that we must set the price ahead of the curve and anticipate the market may either dip further or slight increase in value.

If you are a seller that is thinking of selling your Manhattan condo as a Short Sales, please note that working with the right agents with experiences such as ourselves is important and crucial to your Manhattan Short Sales Condo success. We not only have the full market knowledge, we also understand the steps of Manhattan Short Sales process. Please contact us today at (917)837-8869 if you are thinking of selling your Manhattan Condo as a Short Sales.

If you are a buyer that is thinking of buying a Manhattan condo as a Short Sales, you should read our Short Sales series blogs. Buying Manhattan Short Sales are not always 'a bargain or a steal', the price of the Manhattan Short Sales Condos must be fair market price or it will not be approved by the banks. Buying a Manhattan Short Sales must be patient and flexible with your timeframe. There are many other available Manhattan Condos on the market that are NOT short sales but also have tremedeous amount of value and price negotiability, sometimes more negotiability than Short Sales condos, to find out more of these Manhattan Condo listings, contact us today at (917)837-8869 or Morgan.Evans (@) elliman.com.

Having New York-Manhattan Short Sale is complicated, SELLERS or BUYERS please read our series in order to better understand what a short sale is and how we will proceed on with the short sale. If you are thinking about doing a short sale in Manhattan New York city market, call Eileen Hsu or Morgan Evans at(917)837-8869 for additional details and your confidential short sale intake evaluation.

Manhattan Condo Under $500K is a popular request - We receive multiple phone calls a day from investors or first time home buyers looking for properties under $500,000.  Savvy buyers are on the market right now looking for a condo as their long term investment. Our team is active on the market and have a list of the best Manhattan Condos within that price range if that is what you are looking for.

Manhattan Condo Under $500K are usually studio apartments. A studio apartment is typically a complete living area including the kitchen, living area, sleeping area - without walls. The only private area is the bathroom. The size for the studio apartments are anywhere from 150 Square feet to 550 Square feet. Depending on the location, condition, exposure and market inventory, studio apartment price per square feet is approximately $1,000 per square feet.

Manhattan Condo Under $500K can also be a good Real Estate investment for first time investors. We work with many first time investors that prefers to put their cash in Real Estate market than in stocks in today's market. Many of our first time investors are also conservative investors therefore we have always recommend to start at studio apartments and if they enjoy it, we expand their Real Estate portfolio to larger apartments. Studio apartments are good Real Estate investments because the price is the entry level of our market place here in Manhattan New York, it is easier to find renters to occupied the apartment, it is also in high demand in the sales market if the investor ever decides to sell the studio apartment.

Manhattan Condo Under $500K are in high demand among first time home buyers. Many of our first time home buyer have been past clients of ours that rented apartments from us. We do both sales and rentals, many times our rental past clients turn into sales clients once they saved up enough down payment or have decide to enter the home owner market. In 2009, many of our financial savvy past clients have decided to enter the market to buy vs rent. At studio apartment prices, if the buyer decides to take out a mortgage, it will be most likely under conforming loan amount and the buyers in todays market are receiving historic low of mortgage interest rates.

Manhattan Condo Under $500K are popular among pied-a-terred or second home buyers. Besides servicing the local market, we also work with many buyers from out of town, oversea foreign buyers. Manhattan New York is a city that everyone loves and would like to own a piece of. Our out of town buyers look into studio apartments as a long term investment as well as second home for them when they visit the city of Big Apple.  Not only it is a wise investment, they save the hotel expenses when they or their family/friends visit the big city. Especially during holidays, many of our out of town past clients come into Manhattan New York to enjoy the festive lights and the holiday energy that this big city has to offer.

Contact us for your own Real Estate consultation call (917)837-8869.

Read more:

• To learn more the terminology of Manhattan New York Real Estate
• One of best Midtown Studio that is perfect for second home or investment
• Samples of Studios under $400K, please call us for more listings

If you are a buyer that would like to have a private one on one buyer consultation. Please contact us now at (917)837-8869. If you are a buyer that speaks Chinese and would like work with someone that speaks your Chinese dialect, call us now at (646)644-6929.

We are both English and Chinese Speaking Real Estate agents under one of the most successful Manhattan Brokerage firm Prudential Douglas Elliman with extensive market knowledge. In addition, we specialize in connecting the local Manhattan sellers with both local and international buyers with our preferred buyer networks. Call us today at (917)837-8869.

Well it looks like the popularity of the first newstory about the tiniest apartment in Manhattan sprouted a couple of other inquiries to truly find the smallest apartment in New York City.

Here is a link to new article about the smallest apartment in Manhattan.  I recommend watching the video which will give you the best idea of what this apartment is like. 

Now I don't think this is a true apples to apples comparison of Manhattan's tiniest apartments simply because this is a rental apartment.  The tenant is paying about $800/month for rent.  The previous article was about a couple who actually bought an apartment.

Some buildings and neighborhoods are notorious to cut up the original layouts and make these tiny apartments, is this a legal apartment, I'm not sure.  But as a commenter on the article stated, now the New York Fire Department knows about this apartment, even though an address is not given and from the video it looks near impossible to know where exactly this building could be located at.

I completely understand the mentality the gentleman renting this unit has.  I have helped a number of young people who will be working extremely long hours and outside of work will be letting off a little bit of steam and only look at their apartment as a place to sleep.  Location is super important so they will sacrifice renovations, views, and in this case size. 

Copyright "New York City's Smallest Apartment - Spoke too Soon" 

NO FEE UPPER WEST SIDE RENTAL APARTMENTS - December 2009 Edition 

No fee rentals in Upper West side in New York City - Partner up with me to day To find your desirable NO FEE RENTALS in Upper West Side in New York city, being an Upper West side resident myself, I know the ins and outs of each Upper West Side blocks, building, management company, and your need to know information of this amazing neighborhood.

No fee Upper West Side apartments, December 2009 Edition.  This past month I have been out with a number of customers looking for a variety of apartments.  I have looked at park block studio's in brownstones, I have been in 2 bed/2 bath doorman buildings two blocks walking distance to Lincoln Center, and in a variety of prewar 1 bedrooms in the 80's and 90's.  

• Pricing-I have had a number of requests for studio's below or around $1500-$1700/month.  This price point is very difficult to find something that is no fee or something that doesn't have some serious flaws involved.  Flaws being, the size is tiny, 5th floor walk-up, view of brick wall, very less than desirable location.  But I do see comparing it to last years market very favorable rental concessions.  I have seen rents for some units come down approximately 15% sometimes more since last year.  

• Inventory-Everybody wants the same thing, and some are getting what they want.  Everybody wants the 1 bedroom fully renovated, doorman unit for $2500 or less.  These units when priced right, I still see rent out in a week or so.  I saw a great studio at Dorchester Towers, 155 West 68th St, 22nd floor, eastern exposure-views of all the great Central Park West buildings, brand new renovations, no fee, I would say 550 sq ft, for $2375.  This apartment was on the market for less than a week before application was made.  I'd assume there was a little negotiation involved, but probably nothing too drastic.  Now a studio for $2375 is on the higher side but this was a great space in a centrally located well run doorman building.  The point to the story is that there is a lot of inventory, the un-renovated unit, initial inflated prices will sit until they become more realistic, but the well priced units still move quickly, so once its priced accordingly people will make quick decisions.

A sample of No Fee Rentals in Upper West Side in New York city.

• 245 W 72nd St-1 Bedroom, for $1700!! Elevator building, Pullman style kitchen!
• 245 W 75th St- Cozy studio for $1450! Elevator building, with laundry!
• 155 West 68th St-Flex 3/2 bath, huge 1400 sq ft, renovated for $5500! Doorman, elevator, garage, rooftop deck
• 155 West 68th St-Flex 3/2 bath, 1200 sq ft, open western and northern views, brand new renovations for $5300! Doorman elevator!
• 49 West 74th St-Renovated Large Park Block 1 bedroom for $2000!

No Fee Rentals in Upper West side in New York City-Most of the No fee rental in Upper West Side in New York city for rent will be either owned by individual owners or a management company.  Management companies typically have straight forward guidelines of who they will accept as an applicant.  If you do not meet their income requirements, credit scores, among other issues you will not be looked at.  Naturally every company is different, but renting from a management company and directly from an owner will be a different process.  An individual owner might be a little more flexible to work with.

Contact me at (917)837-8869 or email at Morgan.Evans(@)elliman.com to look for your No Fee Rentals in Upper West Side in New York City

Copyright "No Fee Upper West Side Rental Apartments - December 2009" 

I read this article and figured I share it with the rest of the community.  Anytime I work with a new buyer or renter they are shell shocked at the size and price of Manhattan real estate. 

Recently, a couple bought a 175 sq ft apartment for $150,000.  Here is a link to the pictures.  I have shown rental apartments this size, but never a for sale unit.  What's nice about this unit is that it appears to get good light. I find that a lot of small studios are positioned within a building to squeeze out just enough space and are right next to brick walls or in a building's air shaft.  Because this unit looks to have a pretty clean open exposure that will do wonders for the lack of space.

The couple seems to have done a pretty good job of maximizing the space.  They mentioned adding a Murphy Bed which I would say will be a very good addition.  Overall my takeaway is that this couple is as happy as can be about their purchase.   Which in the end is probably all that matters, it seems they got what they want and are having fun with the extra money they would have spent for a much larger apartment.

So next time you walk into a house and the buyer's mention how small it is, you can mention to them about how in New York City people buy apartments that are only 150 square feet.