I am amazed at the number of units I am seeing (resales) where the deal is not getting done. Noah at UD is reporting that two of his deals are falling through because of issues with the buildings. Here is one example. That's some ugly listing history. http://www.streeteasy.com/nyc/sale/351646-coop-100-west-57th-street-clinton-new-york 09/25/2008 Listed in StreetEasy by Prudential Elliman at... [more]
I am amazed at the number of units I am seeing (resales) where the deal is not getting done. Noah at UD is reporting that two of his deals are falling through because of issues with the buildings. Here is one example. That's some ugly listing history.
http://www.streeteasy.com/nyc/sale/351646-coop-100-west-57th-street-clinton-new-york
09/25/2008 Listed in StreetEasy by Prudential Elliman at $495,000.
10/17/2008 Price decreased by 4% to $475,000.
11/26/2008 Price decreased by 2% to $465,000.
12/11/2008 Price decreased by 9% to $425,000.
01/29/2009 Price decreased by 7% to $395,000.
02/19/2009 Listing is no longer available.
02/27/2009 Price decreased by 3% to $385,000.
03/22/2009 Listing entered contract.
05/05/2009 Re-listed by Prudential Elliman.
05/05/2009 Price decreased by 9% to $350,000.
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Response by romary
over 17 years ago
Posts: 443
Member since: Aug 2008
hmmm, 2nd floor.
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Response by mimi
over 17 years ago
Posts: 1134
Member since: Sep 2008
AR, yes, this is one of the factors that are not being considered in the midst of the uptick excitement. In the current credit climate, many of the accepted offers will fail to buy.
Other factor to possibly have a role in the coming months: the amount of listings that are going off the market going now into rentals that will fail to rent. The owners of the places I've saved in Harlem seem to think that they should sell for the 300% profit that they've made in the last 6 years. They are now taking the properties off the market, and trying to rent them. God help them, more than half will fail to rent, and then they will think about the low ball offer that would have give them just 250% of the profit...Example: a condo that was bought at 280k, selling at 900, would not accept 700k last december. Today, it is not selling, and not renting.
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Response by aboutready
over 17 years ago
Posts: 16354
Member since: Oct 2007
Mimi, I don't feel sorry for the grasping ones, but I've sold three times before. For those units that were priced in the ballpark and obviously willing to negotiate, to then go into contract and have the buyer not succeed for whatever reason has to be ulcer-inducing. What an ugly game this has turned into.
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Response by mimi
over 17 years ago
Posts: 1134
Member since: Sep 2008
True. But the ugliness is systemic and is pretty much hurting everyone. I bet gastroenterologists are thriving...
Getting caught in bidding wars in 06-07 was also a horrendous RE reality. Hopefully after the correction we'll find a better way of dealing wth RE.
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Response by aboutready
over 17 years ago
Posts: 16354
Member since: Oct 2007
I hear you mimi. I was looking in 2007. What a joke.
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Response by ncy10025
over 17 years ago
Posts: 198
Member since: Feb 2009
hmmm - claim it's a jr 1 - not seeing it -- also maintenance is very high- my guess is they were unable to get financing or came to their senses.
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Response by Skunkles
over 17 years ago
Posts: 33
Member since: Feb 2009
I like to snark it up as much as anyone, but I have to say this seems pretty reasonable at $583/square foot. I note however that 57th Street seems to be a street with a lot of lower prices per square foot on low floors --- probably because that street is the major cross town avenue (with two way traffic I believe) until you get to 42nd Street. For an apartment on the 2d floor, the noise and exhaust may be serious considerations.
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Response by aboutready
over 17 years ago
Posts: 16354
Member since: Oct 2007
It's not overpriced, even for the second floor. But my real point is that they were in contract, and then SIX weeks later they weren't. Now it's the end of this selling season. If you've ever sold an apartment before, that's a sad listing history.
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Response by 30yrs_RE_20_in_REO
over 17 years ago
Posts: 9913
Member since: Mar 2009
Land Lease building = higher degree of likelihood of deals falling.
well, point taken, even so, the concept still stands. Last year it would have gotten financing. I'll post more examples of properties falling out of contract as I see them. I should take better notes!!
hmmm, 2nd floor.
AR, yes, this is one of the factors that are not being considered in the midst of the uptick excitement. In the current credit climate, many of the accepted offers will fail to buy.
Other factor to possibly have a role in the coming months: the amount of listings that are going off the market going now into rentals that will fail to rent. The owners of the places I've saved in Harlem seem to think that they should sell for the 300% profit that they've made in the last 6 years. They are now taking the properties off the market, and trying to rent them. God help them, more than half will fail to rent, and then they will think about the low ball offer that would have give them just 250% of the profit...Example: a condo that was bought at 280k, selling at 900, would not accept 700k last december. Today, it is not selling, and not renting.
Mimi, I don't feel sorry for the grasping ones, but I've sold three times before. For those units that were priced in the ballpark and obviously willing to negotiate, to then go into contract and have the buyer not succeed for whatever reason has to be ulcer-inducing. What an ugly game this has turned into.
True. But the ugliness is systemic and is pretty much hurting everyone. I bet gastroenterologists are thriving...
Getting caught in bidding wars in 06-07 was also a horrendous RE reality. Hopefully after the correction we'll find a better way of dealing wth RE.
I hear you mimi. I was looking in 2007. What a joke.
hmmm - claim it's a jr 1 - not seeing it -- also maintenance is very high- my guess is they were unable to get financing or came to their senses.
I like to snark it up as much as anyone, but I have to say this seems pretty reasonable at $583/square foot. I note however that 57th Street seems to be a street with a lot of lower prices per square foot on low floors --- probably because that street is the major cross town avenue (with two way traffic I believe) until you get to 42nd Street. For an apartment on the 2d floor, the noise and exhaust may be serious considerations.
It's not overpriced, even for the second floor. But my real point is that they were in contract, and then SIX weeks later they weren't. Now it's the end of this selling season. If you've ever sold an apartment before, that's a sad listing history.
Land Lease building = higher degree of likelihood of deals falling.
100 w. 57th is land lease as well?
land lease
http://www.streeteasy.com/nyc/talk/discussion/4394-100-west-57th-carnegie-house
well, point taken, even so, the concept still stands. Last year it would have gotten financing. I'll post more examples of properties falling out of contract as I see them. I should take better notes!!