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Thread: Buying a new construction condominium

  1. #61
    Disgruntled Optimist lofter1's Avatar
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    It is not unusual for the list to be that long. You might find a somewhat shorter list of Ifems for the Orion or Atelier -- buildings where the TCO has been obtained.

    The "Required Items" run the gamut from "easy to take care of" all the way over to "need lots of cash and time to get the job done".

    Much of the inaction has to do with the intention of the developer. The architect / contractor can only make happen what the developer says to do (and pays for).

    Print out the list. Try calling the Developers office and ask some questions. Or try calling the Architect direct. Neither of them might WANT to talk to you. But if you're friendly (non-aggressive) and use some phone charm you might be surprised what you'll find out. And don't call late in the afternoon. Best time would be mid-morning.

    Final move could be to ask your lawyer (although I hate that option because it costs you $$ everytime you even think about what your lawyer might say ).

  2. #62

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    Your real estate attorney ought to be able to help you out. That being said, there is likely one or two major items that the sponsor is trying to fight/defend as they would cost real $ to remedy. You are not going to get any real answers from anyone on the sponsor's side of things (ie, corcoran). However, you may be able to get someone at the site to slip up and give you some information if you ask nicely

  3. #63
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Default Who to bug about a delayed closing?

    No one wants a delayed closing. Forget about the woebegone client for a second: The selling broker isn't getting paid and the developer is bleeding money to his banks.

    So if closing is late, it's either because (1) the developer is trapped in a situation he can't change, or (2) he's in a situation where he thinks he'll lose less money fighting whatever battles he's fighting than he would if he closed quickly.

    ***

    That's the background. Now our problem: the developer gets bogged down, what should the client do? Well, the client wants two things, information about what's going on and action to make things move faster.

    The trick is to realize that those two things will come from different people.

    For information, lofter and bigkdc are right that you can try various avenues: the developer, people on-site, your lawyer. Try 'em all at once.

    But information, in this case, is not something you're going to get from a real estate agent. Either the agents are too low-level to know what's going on (likely) -- or they do know what's going on, but won't cop to it, because they are technically agents of the seller.

    What does that mean? They don't work for you; they are in service of the deal, and their job is not to give you all the information you want. Their job is to get the deal to close.

    {Aside: of course only a truly wonderful agent will tell you this ahead of time, she says, polishing her halo.}

    That does mean, however, that agents are the people who might help you get some action. The selling agent (and your agent, if you have one) are the people who want you to close swiftly, because then they get paid.

    So even as you are pressuring the developer for action, the agents are the people you go to and say, "now, now, now!" even as your simultaneously curse them under your breath for not telling you anything.

    Speaking of which, I've got to go pick up my phone, I think I hear an irate client calling . . .

    ali r.
    {downtown broker}

  4. #64

    Default Tribeca Space

    Well, I spent the entire week trying to get someone from either the developer or Corcoran or the developer's lawyer to talk to me about the status of the TCO or the multiple problems listed on the DOB website. No one would speak to me. And I was VERY nice and charming - even flirtatious (hey - I'm desperate!).

    Has anyone ever heard of a building taking almost a full year from completion to obtain a TCO??? We're not talking about a construction site here - Tribeca Space was finished in Fall 2006!!! When I signed the purchase contract a year ago the apartments were finished, the halls were finished, the elevators were working, etc.

  5. #65

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    Quote Originally Posted by 25Murray View Post
    Has anyone ever heard of a building taking almost a full year from completion to obtain a TCO???
    What does your lawyer say? Any help there?

  6. #66

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    Quote Originally Posted by 25Murray View Post
    Has anyone ever heard of a building taking almost a full year from completion to obtain a TCO??? We're not talking about a construction site here - Tribeca Space was finished in Fall 2006!!! When I signed the purchase contract a year ago the apartments were finished, the halls were finished, the elevators were working, etc.

    Read this - not sure if it will make you feel better or worse...

  7. #67

    Default Tribeca Space

    The sponsor's lawyer won't return my phone call or my lawyer's phone calls... Seems very fishy to me.

    The story on the other building in Tribeca made me even more upset. Has anyone moved into that building yet?

  8. #68

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    Yes it has a happy ending as people either:

    a) moved in
    b) sold for a big profit

  9. #69
    Senior Member Capn_Birdseye's Avatar
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    Default Hoboken - buying an apartment

    Buying an apartment in Hoboken, good idea? Anyone got info on prices, etc. would be much appreciated, thanks....

  10. #70
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    In the past couple of decades, Hoboken has been sold as a "sixth borough" -- a place for kids out of college to get their starter apartments, and for families who felt pushed out by Manhattan prices to get more space.

    There is a limited amount of land, which has supported prices, and very uneven schools, which haven't helped.

    If you are considering buying there, I would weigh

    1) prices of condos versus those in similar buildings in Jersey City;

    2) a look at what school you feed into, and what its recent "report card" has been -- even if you don't have kids, your next buyer might;

    and 3) the quality of amenities (parking, etc.) that your building is offering. I would check to see if there's an "amenities race," and if buyers are offering an appropriate premium for newer, more tricked-out buildings.

    ali r.
    {downtown broker}

  11. #71
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Default But can I rent it out?

    Two recent clients looking at new construction condos -- seven-figure budgets -- one wants a primary residence, one wants a business pied-a-terre.

    They are each nervous about prices, and to calm them down, the selling brokers are making a big deal about how these condos will make great rental units.

    But here's the thing: the features that will make your unit a great unit to live in aren't necessarily the things that will make a great rental.

    It's okay to think, "I want to buy this apartment to live in, and as downside protection I can rent it out," but just be aware that buyers and renters usually want different things.

    A great rental, generally, has a lot of nooks and crannies so you can stuff a lot of renters into it; a cheap kitchen because renters don't care about an expensive one; and a so-so view because renters pay for location, not views.

    Whereas, if you're buying a unit to live in (and resell as a primary residence) you're better off gunning for bigger rooms, a more expensive kitchen, and views.

    ali r.
    {downtown broker}

  12. #72

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    Front Porch - is there a robust high end luxury rental market? When I look at the NYTimes I rarely see large apartments/townhouses for rent. There are some but it seems like the pickings are kind of slim.

  13. #73
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    bigkdc,
    there is an interesting niche market for high-end rentals for wealthy people who move to New York for work assignments.

    The easy example is Will Smith, he comes in and he's shooting for six months, he needs a place for the family.

    The less obvious example is a finance professional or CEO who is based elsewhere and comes to New York on what they believe will be a temporary assignment -- they still need a three-bedroom, but they'd rather not buy.

    I have done a couple of deals like this -- clients who came from other clients, or in one case, WiredNY.

    I currently see 323 active listings in my system if you were in a position to drop $10K or more in monthly rent.

    Only a sliver of those are going to be townhouses, though -- many more are apartments or lofts.

    ali r.
    {downtown broker}

  14. #74
    Disgruntled Optimist lofter1's Avatar
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    A "Buyer Beware" article from today at CURBED (those who love the Ariel twins might want to take a read):

    In the past few days we've seen a sharp uptick in the number of reader rants about some condo buildings. We've bundled them together and present them here as ... the gripe file!

  15. #75
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Welcome back, L1, how was vaca??

    ali

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