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The Million-Dollar Manhattan Apartment
The New York Times ^ | April 18, 2014 | Michelle Higgins

Posted on 04/18/2014 5:00:28 PM PDT by proxy_user

With a budget of about $1 million, Patricia Marx began looking for a two-bedroom, two-bath apartment in Manhattan last fall. She soon realized just how limited her options were.

******

As Ms. Marx quickly learned, rising prices and an ongoing scarcity of listings mean that buyers in the million-dollar price range are increasingly out of luck or forced to make major compromises.

Low inventory, high demand and a shift toward larger units in new luxury developments pushed the median sale price for a Manhattan apartment to $972,428 in the first quarter of the year, up 18.5 percent over the same period last year, according to a report by the Douglas Elliman brokerage firm.

*****

Eventually, Ms. Marx went into contract on a two-bedroom, two-bath with a lovely view in the Sutton Place area that was listed for $995,000. “The apartment is a wreck,” she said, noting a crumbling bathroom, gaping holes covered with blue tarp and a vintage oven. With an impending renovation, she expects to pay at least $1.2 million in all. “I convinced myself I was dealing with play money,” said Ms. Marx, who recently listed her current home, a gracious one-bedroom corner unit on East 88th Street in Carnegie Hill for $975,000. “A million dollars to me still seems like an unfathomable amount of money.”

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy
KEYWORDS: manhattan; realty
Prices are still going up. A little more than 20 years ago, you could get a nice 2-bedroom for under $200K.

There is an apartment available in my building that would suit this lady, two bedrooms, one and a half baths, size 1050 square feet, maintenance $1650 a month. Too bad they're asking $1,350,000 - but, the price has come down!

1 posted on 04/18/2014 5:00:28 PM PDT by proxy_user
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To: proxy_user

“ “I convinced myself I was dealing with play money,”

Good thinking.


2 posted on 04/18/2014 5:07:09 PM PDT by lowbridge
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To: proxy_user

“Ms. Marx” How fitting being that she’s living under a Marxist state. Anyone who pays even a dime to live in that abomination of a city is out of their mind. Like a friend of mine said “NYC is like North Korea but with food” lol.


3 posted on 04/18/2014 5:07:24 PM PDT by GrandJediMasterYoda (Hitlery: Incarnation of evil.)
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To: proxy_user
I remember reading a few years ago that a decent Manhattan condo/coop on the Upper East/West Side went for $1,000 a square foot.Looks like it's gone up.
4 posted on 04/18/2014 5:09:53 PM PDT by Gay State Conservative (Stalin Blamed The Kulaks,Obama Blames The Tea Party)
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To: proxy_user

New York City: the ultimate Marxist paradise.

A small elite living in luxury and large poor population who can’t survive with nothing in the middle.

Makes me so proud. :)


5 posted on 04/18/2014 5:11:53 PM PDT by Tzimisce
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To: proxy_user
A little more than 20 years ago, you could get a nice 2-bedroom for under $200K.

C. C. Baxter paid $81 a month to rent a cozy little apartment in "the West 60's,near the Park" in "The Apartment".

6 posted on 04/18/2014 5:12:28 PM PDT by Gay State Conservative (Stalin Blamed The Kulaks,Obama Blames The Tea Party)
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To: lowbridge

We paid, in US Dollars, about $800K for just over 800 square feet in Causeway Bay on Hong Kong island several years ago. But unlike Eww Yuck City, Hong Kong is a great place to live.


7 posted on 04/18/2014 5:17:22 PM PDT by Fai Mao (Genius at Large)
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To: GrandJediMasterYoda

What the heck is she bitching about?

She’s going to sell her current place for close to a million. She’s upgrading and buying a place which needs work, but which she can afford, in part because of the killing she is making on the increased value of her current place.

What’s the point of this article? That the yuppies who want to live in Manhattan have a tough life?

Every city in America has its desirable neighborhoods, which cost much more than the less desirable areas. It’s a fact of economic life. Facts of life hold true even in New York City.


8 posted on 04/18/2014 5:20:23 PM PDT by Dilbert San Diego (Im)
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To: proxy_user

Just another reason to avoid NYC (and other places like it). In Oklahoma and Texas (and other similar places), for about $150K-$250K, I can find easily find an assortment of 10-40 acre ranches to choose from, with a 4-bedroom houses, barns, shops, convenient to town, etc.

Just nuts.


9 posted on 04/18/2014 5:26:22 PM PDT by LaRueLaDue
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To: proxy_user

She convinced herself she was dealing with “play” money. She IS dealing with play money.


10 posted on 04/18/2014 5:28:08 PM PDT by VerySadAmerican
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To: LaRueLaDue

Just where in Texas are you seeing 10 acres with house a barn for $250,000? I can’t find a decent lot within 40 miles from Houston for less than $35K. And I said “decent” lot.


11 posted on 04/18/2014 5:30:43 PM PDT by VerySadAmerican
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To: GrandJediMasterYoda

Been observed before that NYC is really a foreign country so your friend’s thought is not far off.


12 posted on 04/18/2014 5:34:06 PM PDT by doorgunner69
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To: VerySadAmerican

Well, not near Houston, that’s for sure...

Most of what I have seen like that is in west Texas or the panhandle, or in east and southeast Oklahoma.


13 posted on 04/18/2014 5:37:49 PM PDT by LaRueLaDue
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To: VerySadAmerican

Have you looked south down 288 toward Angleton? Used to be able to pick up a sizeable amount of property for a pretty good price. Prices in Houston are getting unbelievable and it’s getting so crowded that a lot of people are trying to get out of the city so it’s driving prices in the suburbs out of sight.

That’s what happens when you have 250,000 new people move in in the last two years. Houston’s housing market has been more or less affordable until now. Plus the City of Houston wants to jack up all the valuations so they can collect more taxes. It’s a no win situation for those of us who have been here for a long time. We could sell our homes and make some money but they we would need to move somewhere way outside the city where property is more affordable.


14 posted on 04/18/2014 5:49:07 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: VerySadAmerican

We sold our 8.33 acre Texas lot for $65,000 a year ago. With a garage and a pond.


15 posted on 04/18/2014 5:53:21 PM PDT by Marie (When are they going to take back Obama's peace prize?)
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To: proxy_user

Yes but the rats live rent free there-—such a deal for them. Shelling out a mil for a glorified big closet? No thanks...


16 posted on 04/18/2014 5:58:13 PM PDT by tflabo (Truth or Tyranny)
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To: proxy_user

Totally worth it to live on a smelly, overpopulated island with no beaches, bad weather, and tons of liberal scumbags.


17 posted on 04/18/2014 6:11:15 PM PDT by American Guesser
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To: lowbridge

LOL!


18 posted on 04/18/2014 7:41:44 PM PDT by MV=PY (The Magic Question: Who's paying for it?)
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To: proxy_user

Just where the hell do people get this kind of money...I realize that there are rich people...but 1.3 million dollars for a damned apartment....give me a break !!


19 posted on 04/18/2014 7:41:49 PM PDT by terycarl (common sense prevails over all else)
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To: proxy_user
With an impending renovation, she expects to pay at least $1.2 million in all

The toilets better be solid gold for that price. She and 0 use play money while the rest of us struggle with what's left of our real currency.

20 posted on 04/18/2014 8:28:22 PM PDT by bgill
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To: Marie

Where was your 8.33 acre lot?


21 posted on 04/18/2014 8:29:12 PM PDT by VerySadAmerican
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To: VerySadAmerican

central tx


22 posted on 04/18/2014 9:41:10 PM PDT by Marie (When are they going to take back Obama's peace prize?)
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To: Marie

Is it near Waco, Temple, Austin, the Hill Country? I would love to check for other “lots” like that for sell.


23 posted on 04/18/2014 10:39:55 PM PDT by VerySadAmerican
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To: Tzimisce

Soylent Greenburg.


24 posted on 04/18/2014 11:45:52 PM PDT by fieldmarshaldj (Resist We Much)
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To: VerySadAmerican

About 45 minutes from Austin. Kempner.

Here’s the trick: land with a crappy trailer on it is worse than land with only the improvements.

(Watch the property taxes, though. There’s property tax and the school tax - which can be more than the property tax. It’s so high that I though they were making a mistake. More than $2400 a year on a $100,000 lot - valued at $60,000 according to the tax man. That killed us.)


25 posted on 04/19/2014 6:52:44 AM PDT by Marie (When are they going to take back Obama's peace prize?)
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To: VerySadAmerican

I like the Horseshoe Bay area. And Fredericksburg is nice as well.....I am even thinking of retiring to that area once Corporate America is done with me.


26 posted on 04/19/2014 6:54:38 AM PDT by dfwgator
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To: Marie

Property taxes are a bitch in Texas. But when considering moving to other states we compared everything. When you add up sales taxes, personal property taxes, car tags, driver’s license, utilities, and other costs it pretty much is a wash. Then there are some states that have income tax.


27 posted on 04/19/2014 3:03:49 PM PDT by VerySadAmerican
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