650 west end avenue

This one disappointed me when I saw it four months ago. Until recently, it may have been the most overpriced listing in this range on the UWS. A seven in the low 90s for ~$1.5MM may happen soon, but I don't see this listing as much of a bellwether one way or the other.

It was a classic six, and while I like the layout a lot (particularly for a family with small children) it does not feel like a 7. Smart, tasteful renovations. Nice light. The master bedroom is miniscule. Given that it's a 1900 sf condo, i think it's well priced and they clearly want to move.

I noticed there's another classic 6 available in the building to rent at $5900/month. Maybe it has issues, i have no idea. But it's another example of the striking disparity in costs between owning and renting, and why i must disagree with nshipley that apartments like 7C are well priced, even if they seem so by peak standards.

http://www.streeteasy.com/nyc/rental/61961-condo-650-west-end-avenue-upper-west-side-new-york

Nan: I disagree with you on almost every point here. Why do you say "they clearly want to move"? It's clear that the owners have outgrown the apartment, but there's nothing in the price history to suggest real urgency or a grasp of current reality. IMO, the $455K cut in March just brought the listing back in line with the overall market decline; and the sellers didn't switch agencies, which I would have expected if they were seriously impatient.

WRT the apartment itself, I think the renovation looks quite dated already. The money that went into this apartment seems likely to stay there. While the layout is good for small children, they will outgrow that windowless, shared playspace pretty fast - as the current occupants have. And if young families are the target demographic, the school catchment doesn't help. Meanwhile, the master bedroom is truly awful.

my bet is that you could have the rental in a heartbeat for $5,500 per month. doesn't that mean that the reasonable sale price is less than 1/2 the asking? unless you strongly believe that the market will go up from here, why would you buy this place vs renting?

strange layout, unspectacular building, dated renovations add up to insanely overpriced. i don't see this trading about 1.5, and even at 1.5 i'd be very hesitant.

They really chopped this one up. The living room was the playroom and the small second bedroom. Making the living room what was the dining room with that window looking out onto what is presumably the central courtyard really devalues the place for me. From the pictures I kindof like the renovs and the current kitchen/living room can easily be made back into a dining room/family room. Taking down the walls of that playspace bedroom can be made back into a LR with some reconfiguration of the hallway space. But at their price, maybe a bit off. My redo to bring it back is prob $50,000 to make it seemless.

why bother? so you can pay them $2.0 million?

you're right. Everything has a price though. It's not 2 million.

maybe $1.4 million tops

Thank you for the comments on the apartment. We have three young kids so the layout to me looked nice but I think hearing perspective on how we will outgrow the space is useful. Also, I think not being in a good school district is important for us to consider. Thanks again for the analysis.

According to SE, both 8C and 12C are 1577 f2. How can 7C suddenly be 1900 f2? Is the broker lying/inflating the f2 or was the building re-measured over the past few years?

great comment Steve2888. What a farce. It does look close to 1500-1600 ft.

If that is the case on the size, seems like this is still needs to fall a lot further to be in line with other apartments in the area.

ok..$1.2 million tops

We went to see the OH today. It is a nice apartment organized for a family with kids (I liked the playroom) and the fact that the living space doesn't have a great view didn't bother me as there was still good light, but there is no way it can be 1900 sq ft and the living room space is on the small size. I would agree with Steve 2888 about his estimate. I also agree that the renovations are now dated and it would need some work again and it was a bit disappointing compared to the photographs online. I'm thinking it needs to fall further particularly given the fact that it remains outside a good public zone.

ok $ 1 million tops