Price Drops! No Below $725 PSF yea in Manh

>there way to $550 psf?

$550? Not $500?

an astute RE person in NY said they were $850. I am merely pointing out she is wrong. And you have to get to $550 before you get to $500. Most 2bd/2bath co-ops in ME are selling a lot lower than $850psf

Brooks, keep cherrypicking and dream on. LOL

lots of cherries to pick

Here, check this one out!

http://streeteasy.com/nyc/sale/648585-coop-108-east-82nd-street-upper-east-side-new-york

So Sad..................

yea pretty sad just came on the market. how long will it be on the market before a price drop? I say in 3 moths it will be offered lower. you?

I thought you lived in ME? prices are lower there too!

http://streeteasy.com/nyc/sale/603118-coop-50-sutton-pl-south-sutton-place-new-york

here is one that can not sell! After being on the Market for almost two years and a price chop of over 25% -- still on the market and

now PRICED AT $710 PSF--- can we say here comes $550!!!!!!!

o yea.. ME

Sad referred to this thread!

http://streeteasy.com/nyc/sale/593546-coop-200-east-57th-street-midtown-new-york

08/20/2011
Listed by Prudential Elliman at $1,070,000.

should sent this greedy owner/broker to jail!

yes sad-- because the poor son of a beech can't sell his. 19A's has been on the market for 380 days and he cannot sell at $710psf..

very sad-- hope he doesn't have to sell because of an expanding family-- they will be cramped-- well better that reason that for financial difficulties..

B2 -- I will confess to not understanding the syntax of the thread title, beyond your suggestion (hope?) that “prices are on there way to $550”, contra some “astute RE person in NY said they were $850”. I don’t follow the Midtown East 2-BR coop market specifically but I do follow the downtown loft market. You could argue that the downtown loft market niche is different (it likely lacks the bottom of the bottom of other Manhattan niches and probably has more at the ultra level) but here is a comprehensive data set from a spreadsheet I update publicly on Google Docs.

There were 132 downtown loft resales with “sq ft” data going back to September 1, recorded as of a week ago. The median value was $1,085/ft, which is probably flat to 2010 (just like the overall performance in the 4Q11 market reports). Since you seem to be a fan of low numbers, you may be thrilled to know there were 2 lofts that closed *below* $500/ft.

You might not like some of the other data, as distributed:

$4xx/ft = 2 loft resales
$5xx/ft = 1
$6xx/ft = 4
$7xx/ft = 4
$8xx/ft = 18
$9xx/ft = 18
$1,0xx/ft = 21
$1,1xx/ft = 24
$1,2xx/ft = 14
$1,3xx/ft = 9
$1,4xx/ft = 4
$1,5xx/ft = 6
$1,6xx/ft = 1
$1,7xx/ft = 2
$1,8xx/ft = 0
$1,9xx/ft = 3
$2,0xx/ft = 1

Details are at http://spreadsheets.google.com/pub?key=pH6-obbpbrJyKEvl715ToSA&output=html

For fun, those two at the extreme low end were 463 Greenwich St #1 and 145 Chambers #5 (I would add the SE links, but the spam filter kicks out a comment if it has "too many" links)

Cherry picking IS fun; indeed, I do it all the time on my blog. But my regular readers get some context for the outliers.

yes ME is another market-seems like most 2bd/2bath apartments are trading below $700 psf... And still going done --- $550PSF is a target-- and some of my statements are tinted with sarcasm.. nothing better than a little ny sarcasm..

2 bd/2bth co-ops that is

I think 233 e 69 is over priced at $850k. It's a very ordinary 4 room apt in an OK location. I wouldn't pay more than $600k. On 8-20-11, it listed for over $1mil: so delusional.

Speaking of delusional, last nite's "Selling NY": an Italian buyer buys a 3 bed apt on 124th st & FDB for $1.5m at the Apex Condominiums. Como se dice 'schmuck' in Italian?
http://ny.curbed.com/archives/2012/01/13/_s4e12_the_inspector_investors.php#more

>Cherry picking IS fun; indeed, I do it all the time on my blog. But my regular readers get some context for the outliers<
Jolly good for you, SM. You're readers are soo lucky that you're such a guru.

woops RENY--same building hi floor 5--offered at 733 psf--where'd it trade?
http://streeteasy.com/nyc/sale/621158-coop-200-east-57th-street-midtown-new-york
dream on, fool

bottom (appropriate name) the apartment is 1400 sqft, not 1500 as listed. It's a diamond in the rough, aka dump. The one I listed was renovated and actually sold! I guess you don't understand the differences. Genius! LOL!

Scuzzi: not $1.5m, but rather $1.06m @ the Apex Condominiums. Bought from the Sponsor; a condo with hotel services. Buona fortuna.

---dwell, I think 233 e 69 is over priced at $850k. It's a very ordinary 4 room apt in an OK location. I wouldn't pay more than $600k. On 8-20-11, it listed for over $1mil: so delusional.

so how much $psf at 600k? isn't that ~$500 psf!!!!!!!!!!

Brooks,
I focus more on usable space, layout & location rather than psf. Also, IMO, psf can be misleading because who knows how it's measured: are common areas included? most likely, the sfootage is rounded up. So, imo, if an apt is advertised @ 1,000 sf, it's probably closer to 850 sf. But, I do agree prices are heading south.

http://streeteasy.com/nyc/sale/563993-coop-200-east-57th-street-midtown-new-york

Hey RealEstateDope--here's another, same building, higher floor---do the math, how's 550/ft sound?

Go ahead and remeasure, make it 600 psf--the building you cite is full of this shit--proving you a dope is boring--

----I focus more on usable space, layout & location rather than psf..

I agree there are other things that matter.

But, A REALESTATE person from NY told me that's what you look at. I thought it was a pretty simple way to look at it.. This person also said that prices could not go down to $500psf. If they did, we would be in a depression and the government would not let that happen. I was just trying to point out that that was very simple minded of her. Prices can get down to $500PSF and a lot are selling as low as $600 psf.

Yes, sounds like a simpleton. Looking at listings on SE, I see nuthin but down arrows, like a pin pricking the RE bubble, deflate & shrink, with the ever recurring "Listing is no longer available". How bout some plain english: no one would buy at the over inflated ask, so seller took it off the market.

This person also said that prices could not go down to $500psf. If they did, we would be in a depression and the government would not let that happen.

Brooksie: That was $500 psft for all of Manhattan,(as you predict) cannot and will not happen, mark those words. Your ridiculus examples nowithstanding. LOL!!

oh I thought you wanted HB to find a Co-op in midtown Manhattan with a doorman for $500PSF. I showed you an apt(410 e 57th street apt 6a that recently sold for about $550psf) and said things were almost there. I never said all of manhattan was going there. I said ME could be there soon. And there are plenty of examples.. But please, don't ask me to bet my retirement(401k) on that,
RealEstateNY
5 days ago
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huntersburg: BTW if you can find a midtown Manhattan co-op with a doorman for $500 PSF, let me in on it, I might be interested!

oh, I also said this.
RENY.
That's fine but ME's prices are dropping the fastest. RE is about Location. And ME is clearly not the location. It's depreciation the fastest in Manhattan. As W67 says here come $500 PSF!!!

then you said this

"We'll the only way NYC real estate would crash (and $500 a sqft would qualify as a crash) would be for the city's economy to crash. If the city's economy crashes, the state will be right behind it; since the city and it's immediate surrounding counties like Westchester and Long Island (their real estate would suffer the same fate) make up the bulk of the states revenue. If all of that occurs, do you think things will be rolling along in the other 49 states when the country's premier city is in an economic meltdown."

just to be clear on who said what

"Well the only way NYC real estate would crash (and $500 a sqft would qualify as a crash)"

Did I mention a specific neighborhood, or specific building or a specific listing??? On this board NYC generally means MANHATTAN! I guess you didn't understand that! LOL!

The last I heard Mid-town East was in Manhattan. Again, You mentioned a specific neighborhood. The specific neighborhood you live in Mid-town EAst. If you intended to include ME with the rest of Manhattan to feel better about the value of your home, that is fine. If it makes you feel better keep telling yourself how expensive your apartment is.

Yeah I'm really sweating out the market when I bought for $163 psft. Did my quote say NYC or Midtown East, re-read it. I don't think a crash of RE in a specific neighborhood would cause the consequences I outlined above. Learn how to read!

If you find any apartments at $163 psft in your search, BUY IT! LOL.

I bought pets.com at $2 share.. am I sweating out the market?

A fool, only looks at his in price.. an investor looks at how high and when to sell.

It only takes one sperm to get it started..so who cares if your son dies?

Bottom: "here's another, same building, higher floor---do the math, how's 550/ft sound?"

Estate condition, when the new owner puts in at leasT 200k of renovations, new kitchen, 2 new baths, new floors, rips out all of the 1970's built-ins, wall to wall carpeting, flocked wallpaper, let me know what the finished cost is!

And of course you noticed it's a high maintenance building, maybe that had something to do with the lower price.

Here's what a renovated 2 bedroom will run in a well managed midtown co-op.

http://streeteasy.com/nyc/sale/641977-coop-400-east-56th-street-sutton-place-new-york

I guess things haven't hit BOTTOM yet, and you should know about BOTTOMS! LOL!

Backpeddle muchly?
Now the ENTIRE manhattan island has to hit $500psf. So as long as foolz like yourself don't sell at $500psf then all is well with the world.

w67: Did you ever hear of buying a house or apartment as a home?? I guess anyone who bought Pets.com had better stay out of the real estate market.

You sound like this describes you well; "A man who knows the price of everything and the value of nothing."

If price don't matter why know it cost $163 psf?

It's a more apt description of you.

I'm keeping track of my purchase, you're trying to keep track of everyone else's. There's a difference between a fixation, like you have, and someone knowing what they bought and what a great bargain it was.

Just keep track of the ppsft your paying for your rental what what it will cost to renew. LOL!!

Lol. I don't keep a tally of the diaper costs for my two kids. Nor am I on familyeasy.com.

Yet I know the value of nothing? Flmao. Where is it written that I can NEVER be an owner? I just don't want to be an 'owner' whilst this massive bubble is deflating.

Who'z the tool?