How much for wreck at 895 WEA?

http://streeteasy.com/nyc/sale/623238-coop-895-west-end-avenue-upper-west-side-new-york

The dining room is more than four feet longer than the living room. The master bedroom (?) looks like the sink is in the bedroom or what? It is a corner unit which is nice. The kitchen has real space. Also, I believe that this was one of the pair of buildings in Streetscape in the Times a few weeks ago. I would like to confirm that but still cannot find that article. The good news is that this could be spectacular. The bad news is that it would cost a forturne and I mean for a gut reno at what is said to be $300 per square foot, well, someone might do it.

I think it will sell within 5% of ask.

I agree with nyc10023. Just look at the A line sales and it's very likely that someone will feel that putting money into the renovation makes sense (and of course they're going to think they can do it for under $300/sq ft).

Agree that it will likely move relatively close to ask. Very nice building. Layout is extremely workable and offers good options for families. Maintenance is decent, though that can (and will) change.

A true classic 7 in this location (with considerable frontage looking out onto WEA) should spark interest. If a true gut reno is needed, as I would assume will be, that'll likely run a good half mil and possibly higher depending on the desired finishes and quality.

But once the necessary work has been done this apartment should be glorious.

By the way, 12A went a hair above its $2.4 ask last year. It was in impeccable, carefully renovated condition and was really a knock-out space--shows what tremendous potential 7A has.

Re: the sink in the bedroom--shaving closets were not uncommon at the turn of the century. It's kind of cool and throw-backy--I'd probably keep it.

Hi, the part of the valuation I am having difficulty with is 104th st.
I understand the pricing on wea in the 70's and the 80's curious how much people think it drops in the 90's (I would say 20% discount) I feel a very distinct feel at 91st st., and the 90's at least has the express and Whole foods. Then how much does it drop at 104th st?

Gabrielle. Its not going to be a 20% discount at 104th. Maybe 5% to 10% imo. See 845 and 905 West End for evidence of that. Whether you are on 84th or 104th, if you are spending 2 or 3 million, you are prepared to send your kids to private school. That is the key difference. Sure Fairway and Citarella etc are not so close, but Broadway from about 103rd up is pretty charming. The "dead" zone (on Broadway) is from about 93rd-4th to 103rd, imo. I wish it were a bigger discount because Im an interested buyer for this area, but it's not.

I'm with bfgross that WEA gets better, not worse, as you keep going north, but maybe that's because I live up here. (*grin*)

Gabrielle, I know that you are looking for a project, and I do think you could get a nice reno here for $400K, but I should warn you that people here think my reno estimates are always low.

Note that the "low" maint for a boutique-sized building is because this is a p/t doorman.

ali r.
DG Neary Realty

I agree that there is a dead zone between 94th and 103rd or so on Broadway. Will that ever change? What is going in where the Duane Reade closed down?

10% is probably in the ballpark for the discount you get for moving a mile up WEA. It might have been 20% ten years ago.

Transportation is roughly the same: in 440 WEA or 895 WEA, you walk a couple of blocks to the 1 train, then switching to the express after one stop. The 80s have better shopping; I think Whole Foods has leveled that playing field somewhat, despite the schlep to Columbus. Both areas are nice places to live. The 500-pound gorilla in the corner is the schools. Six years of public elementary frees up six figures per child.

You're not going to get much, if any, of a discount from 'prime' on 104th street, especially for a desirable unit. You really need to go up past Colombia if you want to start seeing significant discounts.

We recently purchased in Morningside Heights (Colombia area) and though we certainly would have spent a bit more if the same apartment were, say, on 75th street, the comps in the area were surprisingly close to what we'd been seeing in prime UWS.

Sorry--Columbia not Colombia. No, we haven't moved to South America :-b

sweet bones/layout...nice bldg...gd mntnce...this will trade

Bram, you bought a 3-BR right? I don't think Miller Samuel gives us stats this detailed, but I think the discount for moving north is greater for 2-BRs than for threes... which dovetails with bfgross's observation that the bigger buyers can buy themselves a greater range of school choices as well.

ali

One note on the reno cost in the "A" line at 895: factor in close to $50K for mandatory window replacement in compliance with the building's design standards. Although 895 isn't a particularly snooty coop, the rules on that one topic are quite strict.

Multiple brokers posting on SE during the day. Little inventory? no clients? or they get paid per post by SE? Listing brokers are non-responsive, buyer's brokers are non-responsive. I am trying to buy, with an insane amount of cash, and keep on hitting dead (deaf) walls.

Ali--yes, technically it is a 3-BR (the third BR is on the small side, though). We were looking at 2s as well and you are probably correct that the discount on northern 2s is greater than for 3s. But we were also interested to see far less of a discount than we'd expected--the major discounts didn't seem to start happening til one moved even farther north.

GG, for you, posting on these threads might be a break from work ... but for the agents here, it IS work!

We're busy gathering market information and meeting new clients as well as exchanging gossip. I'm sorry you're not also getting exposed to the old crowd of brokers like Dave, Klara, Matthew, etc., because they were delightful, but they got driven off by SE's fairly strong anti-broker sentiment of the past couple of years.

That said, in my own practice at least, August is not a month for listing new inventory. I'll close the things that are board approved, help existing clients' kids with their rentals, and pitch new sellers for September listings -- but I've got nothing new to put on the table.

I think that's fairly typical of the market as a whole, and if you're frustrated, you might want to take a few weeks off the search and try again after Labor Day.

ali r.
DG Neary Realty

mmm..interesting posts from people that I enjoy reading from.
I am one that personally loves hearing from the brokers who are out there day, front_porch, and others don't give up on us.

I obviously have to do some deeper research as I have recently walked away from some 92nd st plus ^ streets deals that I liked but didn't think the 5 -10% discount to the 70's and 80's was enough.

Mind you UWS- HELP please feel free to disregard my post as I am very specific in trying to find "prime" in as many areas as possible in the 4 bedroom space I am looking for, so I am probably being too obsessive compared to most buyers.

Additionally I so get the craziness of an area that is only a mile or so apart.

I do like the Miller Samuels Data and I have to admit it was one of their pieces of research that steered me from looking much above 91st st for a 4 bedroom space. I know it is based on averages, however when I saw the psf went from $1786 in the 70's and 80's to $1297 psf (about 23% less) in the 90's - 114th st it feed into this premium for prime stock I have been seeing in the market for the last 6 months. Where the prime stock is so limited, then when it hits the market the days on market is so low it is not funny.

Second quarter 2011 Miller Samuel
10023 (covers 60th -77th st, CPW - RSD)
1 bed psf $882
2 bed psf $1305
3 bed psf $1637
4 bed psf $1780

10024 (covers 77th st - 91st st, CPW - RSD)
1 bed psf $750
2 bed psf $1084
3 bed psf $1523
4 bed psf $ 1786

10025 (covers 91st st - 114th st CPW - RSD)
1 bed psf $839
2 bed psf $937
3 bed psf $1147
4 bed psf $1297

Also I would like to understand more about the school systems as I have not researched into that part of the quotation.

on the upside away from the statistics, 895 does have more going for it then a lot of the properties I have seen, especially if you were going to renovate anyway to get pretty much what you want. I have seen these "gut " estate properties moving faster than the "livable " 7 - 12 years ago renovated that have the premium that they are NOT a gut, but that you would still want to gut.

Good luck!

Ali, thank you for your polite response to my post. Some of what you write is clear and understandable, but if I have repeatedly attempted to see a current listing, alone and then with a buyer's broker, and still haven't succeeded, then someone isn't doing their job for the seller. And of course, as a potential buyer, with such limited decent inventory it is frustrating.
When I see a buyer's broker chatting and ignoring my request to see two apartments, in fact, not responding at all, the refrain that goes through my mind is "looking a gift horse in the mouth". Some brokers are not hungry enough. I'm as serious a buyer as there is. I wasn't in the past.The pickings are slim, but it is frustrating not to be able to see the few that rise above the crowd.
And then a listing broker tells me, after over a week since I made an offer, and after she xeroxed copies of all of my financial statements with trillions of dollars in money markets, that my income is not consistent . She never even asked for a 1040. How would she know? Does a listing broker ask for all financial doc. plus 1040's for several years prior to a meeting of the minds on price? .
I dare say a safer buyer than I does not exist. Oodles of cash, a reasonable short position, no debt, and an age, ripe enough that I could prepay CC's until 120. (that's a Jewish thing Ali). The 120. I should be able to retire and play golf. But I haven't.
Junior Phi Bete and Magna Cum Laude from an Ivy League (LOLOLOL) does not help me understand this insanity. Press reply before you regret it.....

Not only is the Miller Samuel data based on averages, it doesn't provide enough granularity.

Break out 10023-10025 into avenues. RSD, WEA, WEA to Columbus, CPW, co-ops, condos, prewar, post-war, etc.

Things are rapidly changing vis-a-vis elementary schools, but one thing kinda holds. Below 80th street-ish (border zig-zags), buyers of C5s, C6s, sometimes use their zoned school and having a good zoned school as a backup adds value below the 2m price point. Above that border + above that price point, not so much. Which means (as W81 pointed out), that 3br+ apts may not take a hit further north but 2br/conv. 3br apts do.

GG,

Refs to 120 are okay; I have a Yiddishe kop.

I am sorry you've been having trouble. I know that inventory has been short for months -- especially in the Conv-3 and 3-BR segments -- and if I had more to bring to market, I would.

And I'm very sorry that you're having trouble getting in to see specific properties. I've been on your end of that, and it just stinks.

Typically, a listing broker should ask for a REBNY financial form -- it's just two pages, but a pretty good thumbnail -- with an offer. In addition, he/she can quietly, at that point, let you know about board requirements -- for example, when we sold an apartment in the East 50s with a tight board, we let potential bidders know that the board would want a six-figure reserve post-closing. Why embarrass people?

ali r.
DG Neary Realty