NYC apartment market is insane

[spdrun]

Here's proof positive of that fact.
Whale Pieds-a-Terre: the Priciest of One-Bedroom Apartments - Whale Week 2013 - Curbed NY

(Meanwhile, I have offers out on two fork-loser properties in the low $100k range, one of which is close to 3000 sf )

[elchivito]

A bit over 3K dollars per square foot. Sounds like a smokin' deal.

[spdrun]

Originally Posted by elchivito

A bit over 3K dollars per square foot. Sounds like a smokin' deal.

If you can resell it for more, then why not? This being said, I only value properties based on the rent I can extract from them. Making apartments of that type basically worthless by that metric.

[elchivito]

I am curious though. The article states that that one dame bought an apartment with four fireplaces.
How do you get firewood into those apartments? On the elevator? Where do you split your kindling? What does a cord of oak cost in NYC and are there Messicans parked on the street with nice fat cords loaded into the backs of their pickups with cardboard $$ signs?
I'm guessing not even whales (whatever they are) can get Mesquite. Poor things..

[spdrun]

The same companies who deliver oil and coal will deliver wood. (My experience is with a house in Queens, so no elevator issue -- I guess in an apartment they'd use the service elevator.)

[Can't Know]

Rents on the other coast are pretty crazy, too.

The newest trend is piggybacking on something NYC has also done, "Micro" apartments as small as 220 square feet. My BIL has a tent that is bigger than that.

Tiny apartments: Modern living or barely living? | On The Block | an SFGate.com blog

[spdrun]

SF is actually worse than NYC -- in NYC, you can still buy 400 sf in a nice/central neighborhood for about $300k, or something much larger (800 sf) in a peripheral but still convenient area for about the same price. Both require looking, but are doable.

With the lack of condos and co-op conversions in SF, prices to purchase are actually much higher, or you're stuck renting for life. Yeah, 220 sf would be too small for me. My current apt is about 400 and feels tight (though not unusable). The next place will be at least 700-800 sf/3 bedrooms -- one for me, one to rent out to a roommate, which should pay the common charges/utilities and some of the mortgage, the third for guests.

[elchivito]

I gotta see three bedrooms carved out of 800sf. More like 3 closets.

[spdrun]

Originally Posted by elchivito

I gotta see three bedrooms carved out of 800sf. More like 3 closets.

Bedrooms are for sleeping. How big does it need to be, as long as it gets ample light? This is one apt that I'm considering -- more like a 2.5 bedroom, but still adequate for my purposes for the next few years.

If I wanted more space, I'd buy a second place 150 miles north of the city, and can afford to.

[Hatterasguy]

High end stuff is fun, but the risks are high. You have to have a lot of money to play in that league. Trump is quite good at it.

[Txjake]

Wow.,. Krazy. In OKC, 300K will get you 3000 sq ft on 3-5 acres or a nice late Victorian in Mesta Park

[spdrun]

Areas that have 3-5 acre lots could hardly be considered "city."

[Fulcrum525]

Originally Posted by elchivito

I am curious though. The article states that that one dame bought an apartment with four fireplaces.
How do you get firewood into those apartments? On the elevator? Where do you split your kindling? What does a cord of oak cost in NYC and are there Messicans parked on the street with nice fat cords loaded into the backs of their pickups with cardboard $$ signs?
I'm guessing not even whales (whatever they are) can get Mesquite. Poor things..

Delivery of wood or anything else for that matter is not a problem (I highly doubt the apartment owners would go out and buy it themselves)

Now, and I'm talking here from first hand experience, the main problem would be that most of these people would have little to no clue how to light a fire unless you gave them gasoline and a blow torch.....

[spdrun]

At least coming from the lower end of the market, many New Yorker apartment dwellers are surprisingly handy. Hell, my next-door neighbor is a carpenter

[Pooka]

A few years back (maybe six or so) I rented an apartment in downtown Tulsa. In a very classy high rise with 24 hr security, on site grocery shop, parking....

It was 720 sqft and cost a whopping $450 a month.

Of course, that included all bills paid except cable. I did get free internet.

Location, location, location......

Check out Craigslist-Tulsa, apts for rent, Central Park Townhouses for some examples of what the market is like at the moment. There is one on there now just like I had and the current rate is $1050 a month.