This area is a poster child for the NYC real estate market. On the norht end At 240 (the Heritage) you have delusional sellers trying to turn 50%+ profits from 2005 sales prices. On the south end you have the Rushmore which tried to sell at Heritage 2008 prices plus, looking like a complete disaster as sales stall and buyers walk away from deposits. Realistically this area trades at no better than... [more]
This area is a poster child for the NYC real estate market. On the norht end At 240 (the Heritage) you have delusional sellers trying to turn 50%+ profits from 2005 sales prices. On the south end you have the Rushmore which tried to sell at Heritage 2008 prices plus, looking like a complete disaster as sales stall and buyers walk away from deposits. Realistically this area trades at no better than $1,000 psf (and potentially a lot lower ($600-$800 psf) given the situation at the Rushmore. While painful for me (who has put a deposit down on the Rushmore and think its a complete no-brainer to walk away from it) there will be opportunites for buyers in this market in 2010 and 2011 after the dust settles. The moral of the story for buyers in this area is "patience grasshopper," particularly since the construction continues south of the Rushmore.
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Response by skippy2222
almost 17 years ago
Posts: 202
Member since: Jun 2008
While I don't think you are wrong, I'm not sure that what you say will happen. I don't see the high floor 1300 square foot 2 bedrooms at 200 Riverside Blvd (I think a good example of what could fall the most as it is one of the older buildings with the highest RE taxes) trading at $1,000,000. Boy would I love to own one of them for $1,000,000. I lived through the RE market of the late 80's early 90's. Quality coops in middle of the road post war buildings lost about 20% from peak 1987 prices, not 30-40%. As always, some apts will trade lower if any of the 3 d's occur(divorce, death, displacement) but I'm not clear that it will be the rule. I think it will be the exception. Time will tell. Meanwhile I'm trying to save a war chest for that eventual possibility.
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Response by skippy2222
almost 17 years ago
Posts: 202
Member since: Jun 2008
I also think that many people are doing he same, just sitting on the sidelines with cash, waiting for the right deal to surface. There are always people with money, with good jobs, with minimal impact from the recession.
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Response by Streeteasyfan
almost 17 years ago
Posts: 127
Member since: Feb 2009
nyalman: please email rushmoreresidents@gmail.com if you'd like to join a group of buyers in private discussion.
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Response by columbiacounty
almost 17 years ago
Posts: 12708
Member since: Jan 2009
this is starting to get ridiculous. OP has clearly seen the light and wants to move on--torture yourself if you must, but let other people forget past mistakes.
While I don't think you are wrong, I'm not sure that what you say will happen. I don't see the high floor 1300 square foot 2 bedrooms at 200 Riverside Blvd (I think a good example of what could fall the most as it is one of the older buildings with the highest RE taxes) trading at $1,000,000. Boy would I love to own one of them for $1,000,000. I lived through the RE market of the late 80's early 90's. Quality coops in middle of the road post war buildings lost about 20% from peak 1987 prices, not 30-40%. As always, some apts will trade lower if any of the 3 d's occur(divorce, death, displacement) but I'm not clear that it will be the rule. I think it will be the exception. Time will tell. Meanwhile I'm trying to save a war chest for that eventual possibility.
I also think that many people are doing he same, just sitting on the sidelines with cash, waiting for the right deal to surface. There are always people with money, with good jobs, with minimal impact from the recession.
nyalman: please email rushmoreresidents@gmail.com if you'd like to join a group of buyers in private discussion.
this is starting to get ridiculous. OP has clearly seen the light and wants to move on--torture yourself if you must, but let other people forget past mistakes.