Washington Plaza

[CaptainFlannel]

@Simka - FYI, that XKCD comic applies to you as well.

Someone reminded me recently that the early buyers in a new build often have a harder time getting a mortgage since there is a lower owner occupancy rate, and when they get one, higher rates. Which is why it's not uncommon for early buyers to get a discounted price. (I assume that applies to conversions as well.)

I'm unclear how long the units on the market have been available. At some point though if they aren't moving, renters who want to buy their units may be able negotiate a further reduction in the insider's price. If the developer has misjudged how hot the Jackson Heights market is, getting current renters transformed to owners will make selling the renovated apartments at asking or above easier. Of course, inventory in Jackson Heights is kind of low too right now, so if there is a pent up demand for apartments, renters hoping to play chicken with developer on price could lose.

[Lilybell]

Thoughts regarding a few comments people have made:

1.  The new floors are not laminate; they are oak. All the floors of the renovated apartments were ripped up and replaced. The bathrooms looks exactly like the renderings.

2.  simka, Robinson told me the lobbies/hallways are going to be upgraded and that we are getting a new intercom system.

3.  The units have only been available for a few weeks - they started showing in mid-April, I think.  The current tenants who are interested in purchasing have a lawyer who made a proposal on our behalf (affecting 42 units). We are still waiting to hear back and they will probably wait at least 30 more days to see how many units they sell before we get a response.

4. There are a large number of units undergoing renovations that still aren't listed as for sale.  The apartment next to mine was shown a bunch of times over the weekend but it's not on Streeteasy yet.  I'm so curious if the price will match the black book - they converted the dining area into a 2nd bedroom but the black book still has it listed as a 1-bedroom. 

5.  Flannel, the smaller units you mention used to be large studios but were converted into small 1-bedrooms.  The bedroom and dining areas are pretty small  - so is the bathroom.  But the bathrooms in the entire complex are small.  Some of the new floorplans are pretty awkward because they converted what used to be large entry foyers into small dining areas.

6.  I'm driving myself nuts trying to decide if I'm going to buy my apartment and redo the bathroom and kitchen myself or if I should make an offer on a renovated unit (depending on what they actually sell for). 

[eddie]

the prices are high, but I thought it wasn't that bad of a deal until I saw the maintenance.

$1,231 maintenance for a 2 bedroom where the 2nd bedroom is 11x8 is just out of line. That's a junior 4 bedroom and most jr 4 apts in JH have maintenance under $800... some well under $800.

Even if you paid cash you are still left paying what amounts to almost a monthly rent that will never go away.

[Simka]

@Simka - FYI, that XKCD comic applies to you as well.

Okay...I'll give you the benefit of the doubt and assume you didn't see my response to lalochezia (below the cartoon): "Oh, yes...I have been reminding myself of that. But thank you.  "

[Simka]

Thoughts regarding a few comments people have made:

1.  The new floors are not laminate; they are oak. All the floors of the renovated apartments were ripped up and replaced. The bathrooms looks exactly like the renderings.

2.  simka, Robinson told me the lobbies/hallways are going to be upgraded and that we are getting a new intercom system.

...

6.  I'm driving myself nuts trying to decide if I'm going to buy my apartment and redo the bathroom and kitchen myself or if I should make an offer on a renovated unit (depending on what they actually sell for).

1. Glad to hear that! I think the renderings, in that particular case, do a disservice to reality, since the beauty of oak flooring doesn't come across.

2. I totally believe the lobbies and hallways will be renovated to some degree. They'd have to be! I just didn't know how definite the design depicted is. And I remember people mentioning having problems with their intercoms at past tenants meetings, so that seems like a good move.

6. Good luck with your decision. Having more frequent updates about sales, and what the apartments are going for, would be helpful, wouldn't it? I'm not sure how closings work with conversions that aren't in effect yet; I have a feeling that it will be months before the sales prices from recorded closings are public. But maybe we'll get news other ways.

[CaptainFlannel]

No need to give me the benefit of the doubt Simka, as I'll tell you I did see your response.

The thing about renderings is that no one really expects them to convey the beauty of oak floorings, or to look like anything more than simulations. (The renderings are done before the apartments are finished being renovated because the developer has a strong financial incentive to get units sold quickly). It's not the uncanny valley, but renderings look like, well renderings. Even the ones that simply place furniture in an empty room for an online listing look fake. Nobody would object to a 3D model in the sales office, and base their objection on it not looking like reality. It's not supposed to. Renderings are a digital tool in the same way a model is, that aids in online marketing, And with the flood of real estate porn on HGTV people are pretty familiar with.

There's a one-bedroom in Dunnolly Gardens that I think has been on the market for over a year. I get periodic notifications about open houses. What it doesn't have is any photos of the actual apartment. I can't help but wonder if renderings would do any good (assuming the place it a total wreck and that were acknowledged in the MLSLI listing.)

[Simka]

No need to give me the benefit of the doubt Simka, as I'll tell you I did see your response.

And yet you still felt motivated to tell me something I'd already cheerfully acknowledged I knew? Huh. Go figure.

[CaptainFlannel]

No simka, you don't understand. You gave me the benefit of the doubt that I *did not* see your response. I let you know I *did* see your response. Do you see the difference?

[lalochezia]

http://i0.kym-cdn.com/photos/images/newsfeed/000/117/658/EveryThreadEver.gif
(warning: strobe)

[abcdefghijk]

The maintenance does seem to be more on par with Manhattan apartments.

But if they are promising doormen (white gloved, who knows?) and "luxury" I suppose you must pay for what you get.

[Simka]

The maintenance does seem to be more on par with Manhattan apartments.

But if they are promising doormen (white gloved, who knows?) and "luxury" I suppose you must pay for what you get.

I would not hold my breath waiting for white-gloved doormen! But seriously...if that's what buyers want their money to go to, I hope they get it.

[Simka]

No simka, you don't understand. You gave me the benefit of the doubt that I *did not* see your response. I let you know I *did* see your response. Do you see the difference?

Yes. I was being polite and you were not.

[CaptainFlannel]

Keep telling yourself that @Simka.

How does the maintenance compare to Carlton House? The amenities on the website for the building says gatehouse personnel at key hours, which means it won't have 24-hour staff. That sounds similar to Carlton House, which has a part-time doorman. If I recall correctly, the maintenance always seems kind of high at Carlton House, which I've attributed in part at least to paying the salary of the doormen.

[Lilybell]

But if they are promising doormen (white gloved, who knows?) and "luxury" I suppose you must pay for what you get.

There won't be doormen.  There will be a part-time attended guard booth, same as now. There is rarely anyone in there - it's mainly there for packages and the guys spend most of their time cleaning up the grounds/lobby areas.

The attorney explained why the maintenance will be so high, and it made sense at the time. But I was so overwhelmed with information at that meeting that I can't remember what he said about it!  And I don't understand why there's a one-bedroom with 1200 maintenance in one building and a higher-priced two-bedroom with $880 maintenance (it's larger than the one-bedroom) in another one. 

Does the number of apartments in a building affect maintenance?  The ones with the $1200 maintenance are in a building with fewer apartments because they combined 4 apartments to create 2 huge ones instead.  So, would maintenance be higher since there will be at least two fewer apartments in that building? 

[eddie]

But if they are promising doormen (white gloved, who knows?) and "luxury" I suppose you must pay for what you get.

There won't be doormen.  There will be a part-time attended guard booth, same as now. There is rarely anyone in there - it's mainly there for packages and the guys spend most of their time cleaning up the grounds/lobby areas.

The attorney explained why the maintenance will be so high, and it made sense at the time. But I was so overwhelmed with information at that meeting that I can't remember what he said about it!  And I don't understand why there's a one-bedroom with 1200 maintenance in one building and a higher-priced two-bedroom with $880 maintenance (it's larger than the one-bedroom) in another one. 

Does the number of apartments in a building affect maintenance?  The ones with the $1200 maintenance are in a building with fewer apartments because they combined 4 apartments to create 2 huge ones instead.  So, would maintenance be higher since there will be at least two fewer apartments in that building?

i don't see those apartments listed that you speak of. Nor do the 2 bedrooms look huge from the floorplans. They actually seem on the smaller side, with the 2nd bedroom being only 11x7 and 12x8 in the two 2 bedrooms that i see listed.

seems like really nice apartments otherwise, but I just don't like this trend of really high maintenances and in that regard, I hope buyers do not support it. It's just crazy to think you could pay 600k cash for a 2 bedroom with a tiny 2nd bedroom, and still be stuck paying $1231 per month PLUS utilities.