clock menu more-arrow no yes

Filed under:

The Appeal of Rental Conversions, The State of NoHo and More!

New, 5 comments

If reading The Hunt stokes your deepest hopes that someday everything in life could work out, then you, too, are obsessed with the New York Times Sunday Real Estate section. Join us as we venture into the depths of this weekend's installment, figuring out along the way what the subtext of each story tells us about the state of the NYC real estate market using our bona fide Market Point system.

This week we got a look at the drawing power of rental conversions, a little tour of NoHo and of course, The Hunt.

The March of the Conversions

-"Conversions are presenting buyers with a chance to escape the scrutiny of co-op boards while acquiring some modern conveniences along with that coveted old-fashioned detail" Give the people what they want! Plus 3 MP

-"The conversion of Devonshire House began with its purchase by a developer in 2007... As the economic climate worsened, the developers began to worry about their unfortunate timing." Minus 1

-Devonshire House is all sold out! (With the exception of the Penthouse) Plus 5

- "Renters may feel like second-class citizens and resent the change to condo, whereas buyers may believe that their property values are affected by tenant-occupied units." Could make for awkward moments in the lobby. Minus 1

An Apartment With Room for the Dog

-"It was the place where they had fallen in love. And it was a place where both could find work" New York is still the place people are going to flock to. Plus 2

-Their bedroom was so small that the when the dog would leave the room it would hit the unfortunate woman "across the face with his tail". Minus 1

-“Paying $1,600 a month for a one-bedroom and getting gouged on everything else, it upset me. I felt I was constantly being ripped off — buying groceries, buying flowers for my wife, buying dog food.” Ouch! Minus 2

-"They were confused by the loose definition of neighborhoods, as when West Harlem was called Morningside Heights and Bushwick referred to as East Williamsburg." Minus 1

-"Agents often told them, “You can be pioneers here,” Dr. Ryan said. “But we didn’t want to be pioneers. We just wanted to buy a home.” Points for keeping it real. Plus 1

Living in: NoHo

-"In 2009, 21 units sold, for an average of $1.37 million. That works out to a 50 percent price drop" Minus 2

Well folks, we're in the green with 3 Market Points. Not a bad week!