Julia, check this out. $279k studio, UWS

Here's a noteworthy closed sale: http://www.streeteasy.com/nyc/closing/801996

Small alcove studio on a museum block, with private outdoor space. Nice walk-up brownstone. Estate sale. Opened in September at $575K. Reduced three times, to $439K. Closed last week for $365K.

http://www.streeteasy.com/nyc/sale/348495-coop-122-west-80th-street-upper-west-side-new-york

Prices start at $199K

http://www.streeteasy.com/nyc/sales/uws-manhattan/

this is great..west81st..love your listing..i'm glad you're still posting

AR,

Good Morning

good morning to you as well.

dwell: the $199K prices are time shares...for that price you get the apartment for 45 days/year. The true UWS studios start in the $250K range.

West 81 - the math on that walkup comes out to 376 interior sq. ft. Even with the tiny outdoor space, no reason it should have sold for over $399K. I think $365K is a fair price, not the steal of the century; it's still just under $1000 psft for the interior space. Plus, it looks like the bedroom is lofted? Or something else weird going on.

AR,

We are pass the hump, how was your work week so far?

aboutready...i looked at stuytown website and their one bedroom apts have dropped to $2295..are you hearing anything about it dropping further...i might just be dreaming of $1800 for next winter.

OTNYC: Agreed - not a steal, just a signpost on the road to wherever we're going. FWIW, the outdoor space doesn't look tiny to me; for an apartment that size, it seems pretty generous. Looks like the loft bed is built into a little sleeping "L" that's walled off from the main living area. Can't call that space a bedroom because it has no windows, just a door to the terrace.

julia: an ask of $2295 is more than worthy of an $1,800 bid. Its not like you are bidding $500. Remember, they can only say no. If it sits empty for 3 months they are going to wish they can find you

west81st....the layout was great for the price...my lease isn't up until November so i need to decide in the summer whether to rent or buy...i'm leaning towards renting because rentals are dropping so quickly.

mutombo, my boss is a bitch, but things are going fine.

julia, life is strange. right now $1600 wouldn't shock me. TS runs out of debt servicing reserve money sometime early fall.

rent. it's just my opinion, but if you can get a really good deal that allows you to save, do so. if you decide to buy, let us know, as I'm sure you will. i love to have some purpose to my searching.

aboutready...i definitely will rent if i can find a one bedroom for 1800 or less..thanks for keeping me up-to-date on stuy town.

AR,

You should be your bosses boss you are too good for that :-).

"Prices start at $199K"

http://www.streeteasy.com/nyc/sales/uws-manhattan/

all the apts in your link are over $20 million.

Sorry about the time share.

Where does Julia want to live? WS, ES up or down?

Here's $179 for an alcove studio.
http://www.streeteasy.com/nyc/sale/372989-coop-301-east-63rd-street-lenox-hill-new-york

Maintenance may be too high for Julia, I think. But that unit sold for $375 in spring 2006, so that's an awesome find dwell.

Dwell, I think something unpleasant may be going on in that building.

Thanks, aboutready.

Yeah, I saw some pretty low prices on the UES & so I assumed same for UWS. My bad, but, I'm redeemed!!

Seriously, what are Julia's parameters? I'll keep an eye out.

That building at 301 63rd is a land lease gone bad. Most apartments there are worth very little, because similar ones could be rented for what the maintenance is down there. Like that tiny studio with 1,600 maintenance.

I don't think it's a neighborhood thing (chime in here Julia). Total monthlies of less than $2000 would be my guess, in a reasonable neighborhood, not a walk up.

aboutready,

301 East 63rd Street is a land lease:

"the reason the maintenance is so high is that the building doesn’t own the land it sits on – it’s rented for $2.5 million per year. Negotiations are underway to purchase the land for $50 million. "

http://blogs.wsj.com/developments/2009/02/25/high-maintenance-the-reason-a-manhattan-studio-costs-only-189k/

So, fuggedit.

As I look at the low priced apts, I wonder if prices have fallen as much as I assumed they had. Seems for a nice alcove studio in a nice location with a "low" mntnc, prices are around $300ish.

"land lease gone bad"

Trompiloco: How'd it go bad? Negotiations fall apart? I'd never buy an apt on a land lease.

Prices are coming down, but Julia is right. They're not coming down very quickly for studios. The difference in price between many studios and one bedrooms is negligible, but if you can't afford the studio, you can't afford the one bed.

aboutready.... you nailed it regarding studios...the prices haven't fallen that much...i can get an alcove studio for around $350k in need of a gut renovation but if you look at the listings the nicer studios are still over $400k.

the one I originally posted did have a nice floorplan and looked renovated. so that's a start. we'll keep looking just in case the rental market has a surprise upswing (hah, but one never knows), or we find something fairly irresistible.

julia - totally agree with you there; I think a lot of 1st-time buyers (myself included) have been keeping the hope alive for a lot of studio/small 1br sellers...

studio prices are coming down here and there...Lincoln Towers have come way down...

well, they're down, but those studios have high maintenance, a lousy location (I live right by 'em), and most were listed for above-peak asking prices before they were cut down to reality.

booy....maintenance is high and they look like government housing BUT...the studios are large..i'm just curious when they start closing under $300k

I'm calculating (from one random sample...forgive me) that they're about 450sqft internally...aren't a lot of Murray Hill studios just as large?

lincoln towers, i think (not sure) the studios are about 500sq...the alcove is large..i saw one that was converted to a bedroom, wall up, french doors, they took down the dressing area and built closets in the newly built wall...it was perfect except they wanted $489k

Here we go. How about a one bedroom instead?

http://www.streeteasy.com/nyc/sale/412054-coop-52-riverside-drive-3c-upper-west-side-new-york

Julia, is an apartment with HDFC limits a possibility? If so, this could be an interesting opportunity.
http://www.streeteasy.com/nyc/sale/412540-coop-135-west-89th-street-upper-west-side-new-york

Julia, hold out for a one bedroom. Really.

http://www.streeteasy.com/nyc/sale/413476-coop-45-east-end-avenue-yorkville-new-york

AR is right, Julia. I'm seeing a striking difference between apt. that are getting listed right now vis-a-vis those listed 3-4 months ago. 380K for 750 sqft is almost here.

AR...Trompiloco.... you made my weekend...i keep lowering the price i want to spend on an alcove studio...now i'm hoping to find a place (eventually) for under $350k...

julia... hold out for the 1 bdrm.... you'll have a kid one day... and it'll make the move or not move equation at least a 3 yr dilemma and not a 9 month dilemma... and FWIW... if the babies are timed perfectly... when you trade up to a 2bdrm or 3bdrm... they (the 3bdrm) have a greater % to fall than your 1 bdrm... so net net.... you will be way ahead :)

That's how it used to be in NYC....

it's seems a bit dark, but the times they are'a changin'.

http://www.streeteasy.com/nyc/sale/412054-coop-52-riverside-drive-3c-upper-west-side-new-york

ar...it looks good but the maintenance is high for me...the big change in studios is they're renovated..kitchens and baths which saves me time and money...also prices have definitely come down to under $400k but if I could get a one bedroom for $350k you'll see me walking on cloud 9.

julia, not perfect, yes indeedy. but we're getting there. if we don't see at least 10 good one bedrooms with reasonable maintenance in desirable neighborhoods needing minimal work for $350k or less by the end of October it's shackburgers (and shakes) on me!!

Julia,

Totally can be done! I just closed on a tiny-tiny 1 BR in an elevator bldg with low maintenance in a great (not marginal) area for sub $300...My friends who are looking are also seeing a lot in the sub $400k range..hang in there!

boo, congrats!! enjoy.

AR: nice catch on 52RSD: great location, pre-war, great floors, nice windows, reno'd kit & bath. Street view reminds me of London.

dwell, thanks. it looks much better on the Madlin website. with 25% down and a 5% mortgage, if you could pick it up for $320k, it would be around $2k a month after taxes. it seems charming for the price.

Yes, that's the word: charming.

AR....I believe, I believe!!

boo...did you find your great place thru an agent, through a friend or somewhere else..please steer me in the right direction..thank you

"i keep lowering the price i want to spend on an alcove studio...now i'm hoping to find a place (eventually) for under $350k..."

If you keep lowering your budget like that, your never going to buy anything. You need to put a floor in your budget because greed can come back and bite you in the you know what.

and now alpine i have just presented julia with a lovely one bedroom for $350k. guess she should have jumped at the straight studios for $400k last year.

not sure I would classify that as a real 1 bedroom considering that the kitchen is virtually non-existent. I know first hand that the kitchens in Lincokn Towers are triple the size.

alpine, it wouldn't be difficult at all to expand it. and yes it is a real one bedroom. you'll get a much different product in lincoln towers, which suits some people and not others. we're talking prices today vs. last year here, apples to apples.

yes it would be difficult as the kitchen is right net to the front door. If you expanded it, there would be no way to get into the apt. I just don't think prices have declined as much as the people here believe.

alpine292...my original budget was $450k but then i saw studio prices dropping to under $375k...my lease isn't up until nov with a free month to follow so I don't have to move until december...

oh, and in case your interested, the apt. for $279,000 you posted in the original post has INCREASED their price to $299,000.

also I thought the one bedroom AR posted was great but the maintenance was too high for me..

well then it's not as good of a deal now, is it? and has it sold?

"If you keep lowering your budget like that, your never going to buy anything. You need to put a floor in your budget because greed can come back and bite you in the you know what."

Actually, greed is what bit (and decimated) a host of owners who bought too high. A little nutty to complain that Julia is looking too low...

Methinks its just more alpine sour grapes...

http://www.streeteasy.com/nyc/sale/418307-coop-66-west-84th-street-upper-west-side-new-york

AR: That place is tee-tiny, but with a little negotiation it could be a decently priced home for 1 person.

Julia has wisely decided to rent for another year, but the apartment she was looking for was a studio in an elevator building with a separate sleeping area, preferably move-in condition, total costs not more than $2000 month.

julia, are you an insider? can you see closed sales prices? here's an example that just sold at less than its 2006 price, renovated nicely, with total costs (before tax benefit) of around $2100, maintenance around $600. i saw a few similar closed units. there's still a fair amount of room for downward movement.

http://www.streeteasy.com/nyc/sale/229500-coop-399-east-72nd-street-upper-east-side-new-york#

09/06/2006 Previous Sale recorded for $345,000.
05/04/2008 Listed in StreetEasy by Prudential Elliman at $400,000.
07/23/2008 Listing entered contract.
09/22/2008 Re-listed by Prudential Elliman.
01/27/2009 Price decreased by 6% to $375,000.
03/05/2009 Price decreased by 7% to $350,000.
04/09/2009 Listing entered contract.
06/18/2009 Listing sold.
06/18/2009 Sale recorded for $338,000.

julia, saw six or seven moving vans today, all moving out, and this just for the southern portion of PCV at noonish.

on the sales front, take a look at this:

http://www.streeteasy.com/nyc/sale/418233-coop-446-east-86th-street-yorkville-new-york?email=true

$299k, alcove studio, renovated kitchen, good closets.

whats PCV ? this is what im lookin for too

Not to be confused with plastic pipe (PVC), from Wiki:

"Today, Peter Cooper Village-Stuyvesant Town is a sprawling collection of red brick apartment buildings with typical housing project-style architecture, stretching from First Avenue to Avenue C, between 14th and 23rd Streets"

in other words, it's those drab middle class projects way out east where most people never go.

marco, i thought you'd moved you exploration for a shoebox to brooklyn? i haven't been updating this as frequently, because Julia's looking to rent now, but i'm happy to add to the thread if there are others looking for good deals on better and cheaper-than-average shoeboxes. i had a very nice property listed the other day, total costs before tax benefit of around $2000, i think it's in one of the i'm looking for a cheap one bedroom threads, actually had a separate bedroom.

marco, julia is interested in possibly renting in stuy town, which is why i mentioned the movement in the complex. sorry, OT a bit.

ar..i flounder back and forth. if i did find a decent alcove somewhere in the city under 300k id take a very good look.

OK then, if i come across any interesting specimens i'll let you know. keep in mind that recorded sales prices are frequently at least 10% under final listing, so if you are really interested you need to look at units up to the $400k range.

this is a bidonthecity property, really a chopped up straight studio, first floor and all that, but very interesting pricing history.

http://www.streeteasy.com/nyc/sale/441222-condo-352-west-56th-street-clinton-new-york

06/03/2004 Previous Sale recorded for $265,000.
06/29/2004 Previous Sale recorded for $290,000.
06/29/2004 Previous Sale recorded for $266,000.
08/18/2005 Previous Sale recorded for $355,000.
05/30/2006 Previous Sale recorded for $166,666.
08/18/2008 Previously Listed in StreetEasy by Corcoran at $449,000.
01/12/2009 Corcoran Listing is no longer available. Last priced at $380,000.
05/12/2009 Also Listed in StreetEasy by Manhattan Apartments at $369,000.
07/31/2009 Listed in StreetEasy by NYBGroup at $199,000.

julia they have some nice studios at 10 park avenue...look up the building.

http://www.streeteasy.com/nyc/sale/374962-coop-415-central-park-west-manhattan-valley-new-york

It needs a little work but nice location and price.

AR....you're terrific...mhilqt...i looked at 10 park..didn't like the area..have decided to rent when my lease is up otherwise i'd be buying something based solely on price which would not make me happy...i want the feeing kylewest said when he comes home and is happy...i want that.

here's an alcove studio at $335k. if negotiated down to $300ish it would be a bit over $2000 monthly, before tax benefits.

http://www.streeteasy.com/nyc/sale/372799-coop-166-east-35th-street-murray-hill-new-york

the bid on the city thing is pretty good. I like that apartment. I have to admit Im feeling a bit antsy. as much as I belive things are going lower, could all the low hanging fruit get snatched up?

marco, it's comments like those that will make me quit posting interesting information. i think i'll start a thread "look at how insanely high these low prices still are compared to 2004 recorded sales." buy if you must, but don't fret.

understood

yeh, seriously marco_m. :) Grab a beer, toss a frisbee, enjoy the holidays. The market's feet are entombed in concrete and 1000 feet in the Hudson. And for god's sake, continue to do the rent/own calculations... The God of Cash Flow never dies....

Im ok now..ive gotten my senses back