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21 East 87th Street
New York, NY 10128
Liz Chiang with Compass, original listing -
$4,495,000
Conventional
Property
Bedroom
3
Bathroom
Full: 3
Property Type
Conventional
Square ft
2500 Square Feet
Property Description
Perfectly located in Carnegie Hill, apartment 2C is a generously proportioned Classic 8 home (3 beds / 3 baths & home office/4th bedroom) with beautifully renovated bathrooms and kitchen. Upon entering from the semi-private elevator landing, you are welcomed by a stately entrance gallery with marble floors leading to a grand living room featuring eastern exposure, multiple seating areas, 9 2 beamed ceilings, elegant crown molding, and an inviting decorative fireplace. Connected by opaque Bendheim-glass doors, the formal dining room can comfortably accommodate large dinner parties. The recently renovated Scavolini kitchen is a chef s dream with an enormous amount of counter space and storage, a custom oversized sink, central A/C, and all top-of-the-line appliances: Sub-Zero refrigerator, cooktop, oven, warming drawer, dishwasher, microwave, and coffee machine all by Miele. In addition, there is a full-size bar cabinet complete with a Miele wine refrigerator, beverage refrigerator, freezer with automatic ice maker, and even more storage. The home office/potential 4th bedroom is connected to a beautifully renovated full bathroom which functions well as a powder room. The layout of the public rooms was meticulously designed to create an effortless flow when entertaining guests.A separate bedroom wing allows for maximum privacy and consists of three spacious bedrooms with custom closets. The primary bedroom features a walk-in closet, en-suite windowed bathroom and central A/C. The bedroom hallway also has two large storage closets and a linen closet. Additional special features of the apartment include partial central air conditioning, thru-wall air conditioning, pristine hardwood floors, recessed lighting, high ceilings, full size LG washer and dryer, private storage in the basement, classic pre-war charm and modern sophistication.21 East 87th Street, an Emery Roth designed building, is a highly coveted cooperative in Carnegie Hill. There is a 24-hour doorman, live-in superintendent, gym, bike room, laundry room, and private storage for each apt. Pets allowed. It's conveniently located between Madison Avenue and Fifth Avenue and within steps of Central Park, Museum Mile, public transportation, and prestigious public and private schools. $747.50/month capital assessment through 2025. Purchaser pays 2% flip tax. 65% financing allowed.
Property Information
Lot Size
0 sqft square ft
Property Type
Residential Common Interest-Condominium
Year Built
--
MLS Number
--
Location
Address
21 East 87th Street
City
New York
State
NY
Zip Code
10128
County
NEW YORK (UPPER MANHATTAN)
Listing
Provider
Name
Phone
(917) 584-3212
Office Name
Office Phone
Agent Name
Liz Chiang
Agency Phone
(646) 586-8268

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.