We read with curiosity today the headline article from the New York Times Real Estate Section advising readers on "How to Spot a Good Deal". Although the article is certainly
When we saw this unit back in April (it's #E607 at 575 Grand Street, the East Village Co-op Building), we thought it was an "ok" deal. Priced at just $425,000 for 800 sq ft (not including a good-sized balcony), the well-maintained unit certainly seems reasonably priced, especially when compared with similar units on sale at any of the four Co-op Village buildings and certainly when compared with the rest of lower Manhattan. If you poke around a little though, you may notice that Gary purchased his 1BR unit in 2004 for just $350,000, a price that does not seem unreasonable today given that housing prices on average in the US are at mid-2003 levels. Add to that the recent discussion on Streeteasy regarding the impending financial problems at the Co-op Village boards, including the recent decision to raise the "rental tax" (the amount apartment owners must pay to the board if they sublet their units), to a shocking 150% of maintenance per month. Still a deal? Looks less so, no?