(Closed) NYC bees (and others): need advice on apartment–way too good to be true?

posted 10 years ago in New York City
Post # 32
Member
997 posts
Busy bee
  • Wedding: May 2010 - The Pierre Hotel

Yes, people can own individual apartments in a building, if it is a condo or co-op (technically in a co-op, the own shares of the building corporation, but for your purposes they are similar).

Now that I know that he’s the owner of apartment, one thing I can think of is if he doesn’t live in it (let’s say if his job requires a lot of travel) and wants to rent it out.

Or, the more nefarious scenario would be where he *says* he’s the owner renting it out but he doesn’t actually own it. The pictures are picture of a random apartment he found on the internet and it’s a scam.

The only way I know of this is a few years ago, I saw a listing for an apartment “for rent by owner” that was listed for $1800/month that I KNOW goes for at least $5K/month. I was curious, so when I emailed to inquire, the person responded and asked for my mailing address to mail a key because they were “out of town.” I looked this up online and found it was a scam. Sad, but true. Could it be possible that this guy is impersonating the real estate agent you found on WSJ?

I hope that’s not the case, but just wanted to give you a head’s up! Hope it works out!

Post # 33
Member
21 posts
Newbee
  • Wedding: June 2011

wow…that definately doesn’t sound right…and btw free parking DOES exist…i have it in my luxury building

Post # 35
Member
2394 posts
Buzzing bee
  • Wedding: April 2010

View original reply
@veganglam:  If we’re not looking at the same listing, then disregard my opinion of the actual.  I glanced through CL and a few other apartment-hunting sites and saw only one notice that fit your description (but it matched to a “t” so I assumed).

 

Whoops!

 

 

Post # 36
Member
409 posts
Helper bee
  • Wedding: October 2012

This definitely sounds like a scam…  I have really only looked at apartments on the upper east side (also pretty east on the island), but the luxury one bedrooms (w/o all utilities, free parking and a plasma tv) were minimum $2300….  I would just be super careful.

I would also be careful with brokers when you do eventually start looking.  they will show you apartments that you can rent directly from the management company and then charge you a brokers fee.  I saw a few brokers doing that with the management company we wound up renting from (their apartments have a distinctive style, so it was easy to spot)

Post # 38
Member
3563 posts
Sugar bee
  • Wedding: August 2010

View original reply
@veganglam: sorry, I may have used the wrong term…but anyway, there are some buildings that are all rental buildings, there are some buildings that are co ops and some that are condos. In condos and co ops, someone owns the apartment, and they can choose to rent it to someone else if they don’t live there (for instance, it may be an investment property). For instance, Fiance and I are renting our apartment from a couple who owns our brownstone, but who live in Italy most of the year. There’s no difference at all in the rental process, but sometimes with an owned apartment, you can get away with not paying a broker’s fee if you do it directly through the owner.

Post # 39
Member
3563 posts
Sugar bee
  • Wedding: August 2010

View original reply
@veganglam: sorry, I may have used the wrong term…but anyway, there are some buildings that are all rental buildings, there are some buildings that are co ops and some that are condos. In condos and co ops, someone owns the apartment, and they can choose to rent it to someone else if they don’t live there (for instance, it may be an investment property). For instance, Fiance and I are renting our apartment from a couple who owns our brownstone, but who live in Italy most of the year. There’s no difference at all in the rental process, but sometimes with an owned apartment, you can get away with not paying a broker’s fee if you do it directly through the owner.

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