UWS townhouses that are going into contract

i think you mean sellers.

No, I mean buyers (a little tongue in cheek). It's interesting to see at what point buyers perceive a property as fairly-priced.

I thought 132W70 was not a bad deal (can't see the future, so who knows how low rental prices for 1-beds in bstones will go). I didn't check out the owner duplex so didn't see if it was in good condition. Restoring the stoop in 132 is a pain but does not warrant a 500k diff.

10023 - i thought you may have grabbed one of the W70 townhouses.

Sorely tempted. But we already own, and my partner is (weakly) using veto power to deter me from increasing the RE portion of our portfolio.

what level of equity will banks now require on a owner occupied townhouse ala 132 W 70 ?

It depends on your personal financial profile. If you'd financed many times previously through the same lender, were diligent in payments (and paid off the whole mtge) and you had liquid assets equal to the asked-for loan, it shouldn't be a problem getting a 70-30 mtge on a 4m+ townhouse on UWS. 70-30 because there are 7 units (exceeds the 4 units required for traditional 80-20 mtge).

There is no easy conversion to a 4-unit townhouse available for either of the W70 townhouses because you'd have to make internal staircases (best spot would be smack in the middle where the plumbing is).

If they were 5-units and you could show an easy conversion to 4-unit, might be able to get away with 80-20 and then put money in escrow pending C of O change.

nyc10023, et.al.: Thoughts on the closing at 129 West 69th? Market movement, or just overpriced?
http://www.streeteasy.com/nyc/sale/361448-townhouse-129-west-69th-street-lincoln-square-new-york
StreetEasy History
06/20/2008 Previously Listed in StreetEasy by City Connections Realty at $7,000,000.
10/31/2008 Listed in StreetEasy by Sotheby's at $6,750,000.
10/31/2008 City Connections Realty Listing is no longer available. Last priced at $6,950,000.
11/20/2008 Price decreased by 4% to $6,450,000.
12/03/2008 Price decreased by 8% to $5,950,000.
01/13/2009 Price decreased by 5% to $5,650,000.
04/27/2009 Sale recorded for $5,300,000.

Prices in Manhattan on the UWS and UES are down quite a bit...seems like you can buy an apt in a decent building for 600 $/sqft for coop and 750 $/sqft for condos. Why would anyone buy in the Financial District for similar sqft prices as other part of Manhattan? There is no community down there. You cant even find a grocery store. I think FD should be at least 70% of UES, UWS, midtown or gramcy area.. I think it would be at 400-500sqft for condo and less for coops. Please feel free to comment.

Definitely market movement. It's a very charming block, even though it's not a park block. At the peak of the market, it would have been a solid 6m+ house. There are never many townhouse sales, but the numbers show a definite downward -20% trend.

I think 129 W 69 is a four story building. Thus the price might look a little 'short' when compared to the traditional 5 story houses more typically found in that neighborhood. But I could be wrong.