chasing the market down: our favorite price choppers

strange

And what was the price that the seller paid $700k...the seller will still make a huge profit no matter what price he sells at.

does this count? ha. talk about begging for attention.

http://www.streeteasy.com/nyc/sale/316253-condo-433-warren-street-boerum-hill-brooklyn

Ooh, ooh, I have one! My all-time fave so far:

http://www.streeteasy.com/nyc/sale/109362-coop-140-riverside-drive-upper-west-side-new-york

This place needs a gut reno (including all floors ripped up--why they tout 'herringbone floors' in the listing is beyond me). Still way off target--definitely not worth anywhere near $2.2.

Guess they'll just continue chasing the market downwards.

What do you think of this one?
http://www.streeteasy.com/nyc/sale/317846-coop-201-east-79th-street-yorkville-new-york
What would be a fair offer?

ooooh - me me me! - I've got one too - and it just closed in June initally at $895,000! -

http://www.streeteasy.com/nyc/sale/328017-condo-147-waverly-place-greenwich-village-new-york

re: 147 Waverly Place
This should also be posted to the misleading square footage calculations thread...

From $7.1MM to $3.9MM, and still no takers:
http://www.streeteasy.com/nyc/sale/225905-coop-1170-fifth-avenue-carnegie-hill-new-york

this is still so ridiculously overpriced... it's not like penthouse allows you to put an extra 0 at the end...

http://www.streeteasy.com/nyc/sale/62020-coop-552-laguardia-place-greenwich-village-new-york

633 days on market, $14.4 to 12.5, with a ways to go...

But Jess, the Total Monthly Payment is only $61,074! A steal!

Oh - I know that penthouse - it's been around FOREVER on the market - even longer than the 633 days indicate!

Re 4 west 21st street, I saw that unit at an OH back in July when it was around $2.1 million. While the living/dining area is a little small, as is the second bedroom, I thought this place was pretty nice and I like the location. While I thought the price was way too high, I otherwise would have been interested in this unit had I not already just bought a place. Now, it is at an asking price at which were I still in the market I would be willing to put in a bid on it (albeit less than ask). I think we will see a lot more of this coming to reality in pricing in the coming weeks and months.

My favorites:

http://www.streeteasy.com/nyc/sale/167365-condo-529-east-87th-street-yorkville-new-york
The most messed-up floorplan I've ever seen. Down from $2.5MM to $1.5MM.

http://www.streeteasy.com/nyc/sale/238966-coop-340-west-55th-street-clinton-new-york

And two more (streeteasy won't allow that many links)

http://www.streeteasy.com/nyc/sale/234504-coop-530-east-72nd-street-lenox-hill-new-york

http://www.streeteasy.com/nyc/sale/68429-condo-300-east-62nd-street-lenox-hill-new-york

""I've got one too - and it just closed in June initally at $895,000!""

Idiots. So they're trying to flip a schlock reno job for more than a mil over their purchase price?? Sorry, pals, not in this market.

newbuyer99- that floor plan IS ridiculous! That said, I'm kind of digging it at the current price, although the original one was ridiculous. You could make the floor plan slightly (slightly) better with some work. I'm also a little confused. So the only way between the lower and upper level is the public stairway?

Newbuyer and wishhouse: I went to an OH last spring at 529 E. 87th. It's a bizarre situation. A family lived there for 30+ years with 5 kids, but they never bothered to combine the two floors, so the family just trapsed through the public hall to get between the two levels. It also still has the built-in bunk beds that said children slept in. Overall, it's a a warren of little rooms, needs the most gigantic gut job imaginable. And if memory serves, monthly condo fees are pretty high. Good news is that it comes with the roof rights - currently just a tar pit, but it has potential.

i think lots of these sellers / brokers have inflated most the orginial listed prices to start with, and the price chopping is where the pricing should have been. those greedy sellers/brokers.

wishhouse - I agree it sounds tempting at $1.5MM. Wife and I came back to the listing several times and tried to talk ourselves into the potential, and possible ways to realize it. Just couldn't do it, though.

Here's an attractive looking 2BR price chop at grand army plaza at the low end of the price range.

http://www.streeteasy.com/nyc/sale/106081-coop-45-plaza-street-west-park-slope-brooklyn

Anyone happen to know what is wrong with this place?

Here's a terrible apartment with an abysmal layout that will require multiple chops:

http://www.streeteasy.com/nyc/sale/356163-condo-245-seventh-avenue-chelsea-new-york

I remember looking at a truly amazing penthouse in this building about 5-7 years ago... It had a lot more windows!

Just goes to show you, to each his own, the 2 apts above were described as "attractive" and "terrible", except I'd say the descriptions should be reversed.

I think this one qualifies for this thread:

http://www.streeteasy.com/nyc/sale/317978-condo-374-west-11th-street-west-village-new-york

WSJ

Supermodel Gisele Bündchen and quarterback Tom Brady have both re-listed their former Manhattan pads. Ms. Bündchen is now asking $5.9 million for her West Village penthouse, a bit more than half of her original asking price last September. Her boyfriend, the New England Patriots quarterback, wants $18.29 million for his Time Warner Center condominium, roughly 10% more than he asked last year.

Ms. Bündchen, 28, has had some trouble selling her apartment, which measures about 1,700 square feet over three floors connected by a spiral staircase. After first putting the two-bedroom unit on the market in September for $10.9 million, she lowered the price several times, down to $7.9 million. She finally took it off the market this spring.

In 2002, Ms. Bündchen paid nearly $3 million for the apartment, which has Hudson River views, a wraparound terrace and a roof deck with hot tub and built-in barbecue. Marie Schmon, of Corcoran Group, has the listing.

I was just saying the % price change was attractive. I have no idea if the apartment itself is any good :)

And this one was listed at $3.3+ mm this spring -- now at $2.6mm:

http://www.streeteasy.com/nyc/sale/277054-coop-135-watts-street-tribeca-new-york

Not a chopper yet as it's a brand new offering, but I'd like to set up a betting pool as to what the final closing price will actually be - predictions? (and zizizi, no, you can't wait until next Tuesday to make a prediction).

http://curbed.com/archives/2008/10/08/era_of_the_milliondollar_studio_still_going_strong.php#more

Studio apartment in Brooklyn, now 32% less expensive then when it was first listed.

http://www.streeteasy.com/nyc/sale/286940-25-plaza-street-west-park-slope-brooklyn

was that a mistake in price increase or were they just greedy?

http://www.streeteasy.com/nyc/sale/231746-condo-211-east-51st-street-sutton-place-new-york

kallyan, the multiple increases seem bizzare at first, until you learn that those apartments are "absolutely gorgeous boutique-style homes"

Gawwwwwwjuss

ccdevi - are you serious? You'd be ok paying $1.8MM for an apartment with a total of 2 windows (unless I am missing something)?

huh? who said anything about that? no idea whats it worth, just looked pretty well done, sure the layout is weird, but to call it a "terrible" apt?

Just got this beauty in my inbox tonight:

http://www.streeteasy.com/nyc/sale/229112-coop-167-east-61st-street-lenox-hill-new-york

I can't remember who mentioned the maintenance problem on a different thread, but I think this is a prime example. At this current price, with a good interest rate (which you'd get since you have to put 35% down), maintenance would be more than 40% of your monthly payment. So you have to drop the price that much more to make an impact.

In the same building:

http://www.streeteasy.com/nyc/sale/150534-coop-167-east-61st-street-lenox-hill-new-york

I know it's a big apartment, but $7K in maintenance?!?!

Curious to see what this one sells for (if it does). More generally, I agree with whoever said apartments with very high maintenance would see the biggest drops. We shall see.

ccdevi - the finishings may be nice, but the awkward layout is horrible - no windows in any common space, and there's really no way to improve it. The layout really does make it a terrible apartment.

Not exactly a price chopper but the sellers seem to be genuinely confused here

http://www.streeteasy.com/nyc/sale/319278-coop-155-henry-street-brooklyn-heights-brooklyn

I love the "rarely available", except in 2006, 2007, and 2008 when you could have purchased it.

Awesome catch. That one is very funny.

http://www.streeteasy.com/nyc/sale/217773-condo-150-east-85th-street-upper-east-side-new-york?email=true

Only a 10% drop from the original ask, but we saw this apartment in May (at $1,999,999), and asked the agent how flexible the price was. The answer was something like "the sellers are committed to selling, but believe the apartment is priced fairly, have received several offers below ask and have turned them down".

I remember when I saw the first price cut a month ago my reaction was "they're late to the party". Two more price cuts since then, in line with the title of this thread.

We actually liked the apartment and the area a lot, and the terrace is amazing. Plus it's a condo. If they had been less greedy and more realistic, they might have gotten a decent price in May.

That one is a good apartment and it looks like they told the truth on the square footage. The Lucida going up across the street is very close to this Ventana building, and the bedrooms are small. Discount the square footage for the terrace and the maintenace/adjusted sf ratio (at $1.8m) is around 1.9, which is high but understandable given the building. Figure it should go for <950 per adjusted s.f. - <$1.6m

> "the sellers are committed to selling, but believe the apartment is priced fairly, have received
> several offers below ask and have turned them down".

There are going to be a LOT of folks saying coulda woulda shoulda...

yup

Curbed just noted a 3BR on W36 with a 29% price chop...

http://curbed.com/archives/2008/10/09/curbedwire_big_purple_pricechopper_daniel_libeskinds_biggest_fan.php

I like this one. It's taken 5 cuts to get it down by 20% from the original listing in February. If the square footage is close (and I didn't bother to check) the apartment is around the $800/sq ft mark.

http://www.streeteasy.com/nyc/sale/185108-coop-200-east-27th-street-kips-bay-new-york

Remember the days that under $1k psf south of 96th was rare?

The square footage is not as exaggerated as most. Per my count is about 900 sq. ft., so it is under 1K per real sq. ft.

I meant, the apartment linked by jaspernonbeliever.

30% drop on CPW...

http://curbed.com/archives/2008/10/13/morning_massacre_prof_plum_in_the_library_with_a_pricechopper.php

I think this one now qualifies:

http://www.streeteasy.com/nyc/sale/234535-coop-16-w-16th-st-ph-chelsea-new-york?email=true

colgin - 16W16 needs a gut reno (not apparent from the pics).

Here's another one: http://www.streeteasy.com/nyc/sale/326839-condo-80-park-avenue-midtown-south-new-york

Started at $3.3, still overpriced, IMO. You would be buying the equivalent of the biggest house in the neighborhood - mostly 1BRs in this building.

221 West 82nd #14C: Just reduced for the NINTH time this year, and the second time this week. It's now $1,195,000... and it's still overpriced.
http://www.prudentialelliman.com/Listings.aspx?ListingID=940347
http://www.streeteasy.com/nyc/sale/164090-coop-221-west-82nd-street-upper-west-side-manhattan

$885 psf, but that is high maintenance...

Down 40% since its original Sept '07 listing. Cut twice with its first broker, re-listed with another broker at a lower price (does that count as another cut?), and then lowered three more times. At the current price it's about $800/sq ft, again without scrutinizing the stated square footage (although it's a condo, so it should be reasonable although there may be significant allocation of common space as it is in a small building). The size of the building also means very few listed sales on streeteasy and high maintenance - $1.68 / sq ft but 63% is tax deductible.

http://www.streeteasy.com/nyc/sale/233862-condo-229-east-24th-street-kips-bay-new-york

If this apartment had been originally listed at the recently chopped asking price, it might have sold for even more...

http://www.streeteasy.com/nyc/sale/155670-coop-3-hanover-square-financial-district-new-york

West81st- wasn't there a discussion about this apartment a bit back? Really, really strange layout. Only 1.5 baths is too little for an apartment of this size, plus the half is in the freaking kitchen.

Newbuyer99: Yes.
http://www.streeteasy.com/nyc/talk/discussion/4873-nice-drop-

15 west 84th 2A has dropped from 2.85 to 2.299...I offered considerably lower than that and got turned down...from what else is out there though this ask is now quite competitve but unfortunately out of my range....there are alot of sellers in NYC that just don't have to sell and as long as that continues the future price drops may take alot longer than expected to kick in...off to the next lowball offer to see what happens....

curiously - what is the square footage of 15 W 84 2A?

my guess by eye is around 1700-1800 Sq feet....its feels very big

jaspernonbeliever - have you looked at 229 e. 24th? I've been intrigued by the posting, but haven't made it to an open house. Bedrooms look small, but otherwise looks like it could be nice

zws284 - I have not, as I have the same concern about the bedrooms. I suppose the really small one could serve the same purpose as converting a Jr. 4's dining room - for a child's room or home office - at just under 8' wide I think a queen bed is out of the question. But, otherwise I agree that it looks like a good space. It seems like you should be able to do a lot more with the living room than is shown in the pictures. People talk about de-cluttering an apartment when showing it, but this looks almost too sparse. I mean, the TV is currently 17 feet away from the sofa. Definitely let the board know what you think of it if you get around to checking it out.

I found this one...

It's a 9-room on a high floor on Park Avenue for under $4 million. That strikes me as kind of "affordable" for some people. Since when has Park Ave. been affordable? What does this do to big apartment prices on other, less desirable streets? $3M, $2M, $1M????

http://www.streeteasy.com/nyc/sale/211244-coop-1192-park-avenue-carnegie-hill-new-york

here's another one, asking $1.395, paid $1.295 in August 2004.

http://www.streeteasy.com/nyc/sale/168374-coop-400-east-52nd-street-beekman-new-york

mrsblogs: Good catch. Even at $3.995MM, a 50% downpayment is a pretty serious obstacle in a zero-bonus environment.

Nice building, though the proximity to Hunter is a minus for many Park Avenue devotees.

Jess - it's awful - both bathrooms are thru the bedrooms and very high maintenance. Sh

Asking price reduced 36% since May 2008.
http://www.streeteasy.com/nyc/sale/234504-coop-530-east-72nd-street-lenox-hill-new-york

05/13/2008 Listed with Elliman at $2,650,000
06/24/2008 Price decreased to $2,195,000
08/20/2008 Price decreased to $1,950,000
10/15/2008 Price decreased to $1,695,000

27% chop on 5th avenue...

http://www.nypost.com/seven/10162008/realestate/go_for_broker_133754.htm

What was that brokerspeak about "buyers of high end properties aren't affected by the stock market" again?

Oh, and Pandit's place sold for 20% off listing price...

Re 530 E. 72nd: Assuming the current asking price is fair market value, the 36% price reduction shows that the apartment was overpriced by 54% in May.

and down she goes - the listing that started this thread gets wacked yet again:

http://www.streeteasy.com/nyc/sale/226126-condop-4-west-21st-street-flatiron-new-york?email=true

now we're at 1.795 or $1,261 psf now which was reality in this neighborhood only a short time ago.. the real question is what is the price psf reality now? Thoughts?

brodie, you beat me to it, I just got the notice from streeteasy about 530 East 72nd. Somewhat tempting at the latest price, especially if there's still room for negotiation.

had to add this one, a beauty: you know things are getting ugly when the listing includes a glowing description of the 'toto toilet & bidet'. 3.3mil chopped most recently to 2.499:

http://www.streeteasy.com/nyc/sale/326585-coop-69-fifth-avenue-flatiron-new-york?email=true

http://www.streeteasy.com/nyc/sale/329483-condo-464-west-44th-street-clinton-new-york?redirect_url=http%3A%2F%2Fwww.streeteasy.com%2Fnyc%2Fsale%2F329483-condo-464-west-44th-street-clinton-new-york

I think somone can get this for 600k

817 West End Avenue has become an interesting case study. The building converted to condos in late 2007, with unusually attractive insider prices - probably close to 50% below then-market levels. As a result, a very high percentage of tenants bought; a few have tried to flip. So far, there seems to have been only one successful flip: a tiny unit on the 11th floor. Meanwhile #7E - a cute, undersized six - is trailing the market downhill, and has now broken the $1MM barrier:

http://www.streeteasy.com/nyc/sale/179699-condo-817-west-end-avenue-upper-west-side-new-york

These folks must have figured they were getting the deal of a lifetime when they bought the place for $650K. But the way it's turning out, they may net less than $200K - after price cuts of about 28%, two sets of transaction costs (including transfer taxes and closing costs on two loans, plus Corcoran's commission) and eventual relocation costs.

noone said it was gonna be pretty....

(ok, a bunch of brokers did... but you know what I mean)

West81, did you actually see the West End Apt? From the pics, it looks like it faces shafts every way around...

mimi: Just saw it this evening. You are right: glorious views of walls in every direction. Tiny rooms, virtually no closets in the bedrooms. Might be the smallest 6 I've toured.

Now that I've seen it, I'm not even convinced they'll get $999K.

Has ANYTHING in Manhattan gone into contract for a respectable price since the week of 10/6?

chatham44 - Do you live in the building? From the building history it appears this place sold previously (with an asking price north of $810K). What makes you think it will go for $600K? I have a buyer who might be interested, if yo have some inside knowledge...

good question mrsblogs. I can't wait to see how the real estate brokerage number crunchers try to spin Quarter 4 2008 in their market reports...

"I can't wait to see how the real estate brokerage number crunchers try to spin Quarter 4 2008 in their market reports..."

My guess is that it will be similar to what the hedge funds are doing...they'll just compare price drops to other places doing worse.

So, for example, "UES down 20%, but that's not as bad as Harlem which is seeing 40% drops, yadda, yadda."

Midtown West should be 750-800 bucks a foot for newer build, and there is no close subway...

the building is across the street from the gas station, and is on dingy 10th avenue, NO DOUBT nice building....developers timing was excellent

15 West 84th #2A down another 100K.....now down from 2.85 to 2.199.....

This may be a record for a one-time percentage drop - 25%. Says renovations were done, I hope they didn't cost more than $230,000, difference between purchase price last summer and new offering price.
http://www.streeteasy.com/nyc/sale/233813-coop-64-east-94th-street-carnegie-hill-new-york

05/11/2007 Previously listed in StreetEasy by Citi-Habitats for $939,000
08/13/2007 Previous sale closed for $970,000
05/10/2008 Listed in StreetEasy by Elliman at $1,600,000
10/17/2008 Price decreased to $1,200,000

I have a hunch that this will keep going lower. The owners have already closed on another apartment, so they could get desperate soon:

http://www.streeteasy.com/nyc/sale/233784-condo-545-west-110th-street-morningside-heights-new-york

Plus, I think 64 East 94th is still overpriced. The square footage is overstated (what else is new). It's on a low floor. The apartment looks nice, but nothing special. And the maintenance is pretty high. I don't know what on earth they were thinking listing it at $1.6MM in any market. Who knows, as always, but my guess is they'd be lucky to get $1.0MM for it.

http://www.streeteasy.com/nyc/sale/211287-condo-225-east-86th-street-yorkville-new-york?email=true

Another one streeteasy sent me. 27.5% total price drop since March. Although I like the area, and the apartment/terrace look nice, I think the original price was very, very ambitious.

riv_drive - that place in morningside heights is a complete ripoff. i'd be surprised if they could sell that for even $1.5mm.

They purchased for around $1.9 in 2006, so we could be headed down to those levels.

64 East 94th - that has to be close to a record for sf overstatement. Listed at 1200, I measured it from the schematic at 742. Only 62% overstated.

OK, I got it wrong - 992 square feet. 20% off.

http://www.streeteasy.com/nyc/sale/341783-coop-240-w-23-st-chelsea-new-york

another unimpressive apt added to the number of chelsea penthouses up for sale. owner expecting a 30% increase in just over a year. high maintainance apt & feels a lot smaller than the pictures. will have to keep dropping for more interest. probably below 1.4. crazy at 2.1 mill. what were they thinking

http://www.streeteasy.com/nyc/sale/346072-coop-320-east-83rd-street-yorkville-new-york

I think this one qualifies, although I can't tell if someone bought it, or if they just pulled the listing and then re-listed. 34% drop from February listing.

At first I thought it might actually be a great deal, but then I realized it's a 4th floor walk-up.

http://www.streeteasy.com/nyc/sale/307247-coop-401-east-65th-street-lenox-hill-new-york

And another. I can't sort through all the broker names and history, but also looks like 34% drop, this time since March.

nb, re: 320 E. 83nd: That apt. was on the market last spring until July / early August; then it was put back on market in early fall. Another huge price cut, but still not worth it for a dingy non-doorman walk-up in a non-descript area of the UES. Plus, I'm bitter because I tried to go to an open house there a few months ago and the broker hadn't bothered to show up. Complete waste of my time.

here is a notable chop...

http://ny.therealdeal.com/articles/lenny-kravitz-cuts-price-on-penthouse

.3 of 1%, thanks for letting us know

actually, its 10 times that.... (unless you are on some other hexidecimal math system)

but I noted it because it was damn lenny kravitz...

lighten up.

let's see real declines in established coo-ops before we draw any conclusions based on Lenny Kravitz

yes, I'm drunk, still not notable.

Really a big 1-bedroom, they attempted a 2-bedroom sale (by putting up a wall)
Now down 40% from original ask (1500k to 890k)
Place is actually a good deal at 890k, 896 per real square foot, totally new and lavish, 1.3x maint/sf ratio. but that darned 40% down requirement is killing the buyer list.

1st listing
http://www.streeteasy.com/nyc/sale/189315-coop-155-east-76th-street-upper-east-side-new-york
StreetEasy History

03/03/2008
Listed in StreetEasy by Bellmarc at $1,500,000
03/28/2008
Price decreased to $1,200,000
04/14/2008
Price decreased to $1,175,000
04/22/2008
Price decreased to $1,150,000
04/29/2008
Price decreased to $1,000,000
05/12/2008
Bellmarc listing no longer available
06/17/2008
Price increased to $1,500,000

2nd listing

StreetEasy History
http://www.streeteasy.com/nyc/talk/discussion/5465-chasing-the-market-down-our-favorite-price-choppers-
06/10/2008
Listed in StreetEasy by HF International at $1,200,000
07/22/2008
Price decreased to $1,100,000
08/13/2008
Price decreased to $999,000
10/11/2008
Price decreased to $890,000

333 Central Park West #33:
Slid from $4.475MM to $3.595MM with Corcoran:
11/06/2007 Listed in StreetEasy by Corcoran at $4,475,000
01/18/2008 Price decreased to $3,995,000
04/07/2008 Price decreased to $3,700,000
06/29/2008 Price decreased to $3,595,000
Then continued downhill with BHS:
09/10/2008 Listed in StreetEasy by Brown Harris Stevens at $3,499,000
10/02/2008 Price decreased to $3,199,000
10/17/2008 Price decreased to $2,999,000