2004 asking prices?

if its a sponsor apt, i think we can easily conclude its condition.

We're also starting to see new listings with initial asking prices around the 2004 level. Here's an example: http://www.prudentialelliman.com/Listings.aspx?ListingID=1109049

#4A sold for the same price in 2004.
http://www.streeteasy.com/nyc/building/107-west-86-street-new_york
#3A is renovated, so condition isn't an issue.

10H is somewhat similar to 49 W 96th asking 699k

http://www.streeteasy.com/nyc/sale/394225-coop-49-west-96th-street-upper-west-side-new-york

This unit's condition was decent. The open house I attended was swarmed full of people.. yet its still on the market. Speaks volumes about the stat of the market

I personally did not like it but I'm very curious as to what other people did not like about 4A other than it faces 96th street.

interesting...monthly numbers on this one(pretax) are roughly equal to rental.

Bugelrex, you're right, those are pretty similarly sized apts. School zone is the big no no. When those finally sell we'll know how much this second leg down amounts to. Maybe we'll see some closings in the 2003-2002 realm?

West81st, and most importantly regarding 107 West 86th, 8A just went into contract at 769K, which is also 2004 pricing, a better price actually, considering that it's 5 floors above. If it closes somewhere between 7-12% below ask, we'll be solidly in 2003 territory, right?

Trompiloco,

Since these are lower priced 2BR, catering to starter families perhaps the poor school zone has a higher weight than I thought. Excuse me for sounding ignorant but for a child of K-5, is a poor school really such an issue if the parents do their part on nights/weekends to educate their child? Or is it past 5 years old where the poor school zone really becomes an issue?

Not only is the school zoning important, but the catchment area for neighborhood schools. Private school costs 25-35k/ year. Middle schools in the city are often application based, and if your child doesn't have a good foundation, it limits your on-going schooling.

You can of course repeat a curriculum at home, but school is more than that. It is about socialization, working with other kids and experiencing learning in a group setting. If a school has teachers with chaotic classrooms, or are uninspiring to kids, then how can you expect them to see education as something you value as a family.

Other factors to consider:
1. Cleanliness of school (is your child going to be perpetually sick meaning days off of work for you?)
2. Afterschool program - does it have one? Will you need to hire a sitter for when school lets out
3. Playspace - do your kids have a safe place to run and climb during recess?
4. Specials - Is there a music program? Art program? Second language?

When you have the choice, educated parents choose to live in neighborhoods with better schools.

2004 prices. GMAFB. We are going lower. I saw lots full of new cars in FL on travel this week - and into spillover lots at the now-shuttered chain restaurants. It was Fords and it was Audis. We are maybe in the third inning as a country and, yes, that includes Manhattan where THEY'RE NOT BUILDING ANY MORE LAND!!!!!!!!ONE!

Pricing sure is interesting in this market.
Certainly some stuff priced in the 2004 range, and it seems to me that is about where things are selling now; but then we all know of places listed way above that.
I got an update yesterday from 203 e 72 where they dropped to $1.349, but they bought the place for $891 in 11/04. So they are still up 51% over the end of 2004. And I assume the reason they dropped the price is that a similar apt 3 floors up came on the market at their price. So they both seem delusional to me. But...
I am sure from their point of view, they look at the place that sold for $1.5 in october that was sold in 2006 for $734. And think their 50% markup for 5 years is way less than a 100% markup for half the time.

studios are not in the 2004 range...alcove studios were in the mid $200's in 04 now they are $400.

bugelrex, I firmly believe that home greatly outweighs the school itself in terms of providing an education, at any age, not only K-5. However, there's a sad truth, which is that starting in MS your child has to apply to his/her schools of choice. I would be really afraid that the good (O.K. passable, OK. non-scary) middleschools in the UWS would give a lot more consideration to a PS199 or PS87 graduate than to one from PS84. I don't know for sure, but I suspect it.

Jerkstore, of course we're going lower and of course we're in the third inning (and the first three have been the soft ones), there's no question about it. I started this thread just to show the pace of the deterioration, since there are always blind people. If you ask 2004, you get 2003 or 2002.

Toast: so? are they selling?

Another example:
201 East 28th 4-D listed today, in very good condition, is asking 649K, while 3-D in the same building, same layout, same condition, closed for 719K three weeks ago. In other words, the seller of 4-D has correctly understood that the 3 month difference from when 3D when into contract and today, merit a 9% reduction.

Stabilization, my ass!