Who is buying them QUOTE LuxuryENDQUOTE condos?

I wonder... At $700K - what banks approve mortgages and how are they appraising such "luxury"? Tax abatements are fine, but the price would nullify any possible tax savings. Such "luxury" won't last for more than 5 years, than it will become even worse then the brownstones. How is this possible?

I went to few "open house" showings and I'm stunned, realy, I've never seen such "luxury" since Nikta Chruschev bulit NYCHA Housing Projects lookalikes in the 60's. Of course, he opted for "luxury" of building them 5 stories tall and thus adding the additional "luxury" of not having an elevator. It hasn't come to that in these new "luxury" condos, but it's close, damn close.

I asked the RE guy about the luxury of the constant stream of of cars below on the Belt Parkway and he told me that it was a "luxury" akin to being next to river. I also asked him about the "luxurious" sheetrock and he told me about the "luxury" of ease of removal in case I want to completely redo the apartment. After seeing sooo much "luxury" I inquired as to the discrepancy in the number of bedrooms to the number of closets (3/2) and was told that the third bedroom is usually refurbished as a walk-in closet by more sophisticated and afluent buyers. I'm still reeling from all that "luxury".

Price: $700K or more. Anyone?

Sunday I saw a new luxury building on Ocean Avenue right below Avenue U. Most of the units that faced Ocean Avenue were marked as "sold", so someone is obviously buying them...

500K - 700K ??? Doesn't that seem nuts? Something's fishi here. I can understand Pre-Const, but what a luxury living facing Ocean avenue, Sirens, car-horns, trucks that need to go to Midas for a muffler, practically no fresh air... luxurious.

Balla, I am totaly with you on this one. I keep on driving by these buildings on ocean avenue that have a huge Luxury condo's sign on them. Sometimes I point them out to my wife and say "Here is another luxury condo". Recently I went to see a few of these condo's with a friend from work. The materials were so cheap and the layouts were horrible. There is no way I would justify 700k for such an apartment. At most these apartments (2 bedrooms) are worth 300-400k.

For 700k you can buy a house! You will have a lot more privacy and will be able to make as much noise as you'd like.

As for my friend...He decided to buy one of these condo's for 740k (3 bedroom 2000sq ft) and is waiting for bank approval.

If you're talking about those light brick 3-story 6 unit things with the railings in front of their balconies, I live in one. The rent in mine is high (close to $2K) but that second bathroom is a marriage saver!

My friend just closed on one of these condo's. Its pretty large and takes up 2 floors. Its a 4 bedroom with around 2200sq ft. he got it for 720k and what really surprised me was the fact that he got a fixed mortgage at 5.25% for 30 yrs.
He is a single guy and will live in the 4 bedroom by himself. He got the 4 bedroom because he hopes on finding a wife soon and settling down

flux wrote: He is a single guy and will live in the 4 bedroom by himself. He got the 4 bedroom because he hopes on finding a wife soon and settling down

Well, it sounds like he has already settled down! Good luck to him.

i dont know.. if you are paying 2k for rent it might make sense to get something for your money...
but some of these buildings are just being marketed in desperation. the "luxury" is often only to be found in a handful of appliances and finishes in the kitchen and bathrooms

NYC seem to be the most expensive. Go to buffalo you can buy a two family for $20,000. Is it really worth paying so much money? what are you realling paying for?

pocketshark wrote: NYC seem to be the most expensive. Go to buffalo you can buy a two family for $20,000. Is it really worth paying so much money? what are you realling paying for?

For one thing, not living in Buffalo.

Um...Buffalo? I think the minimum wage is a sack of apples.