Under 1M market: some are asking 2004 prices.

Here the broker changed the apartment number!! Now it's 1CC. C, C broker run. It's on the first floor, but that's some chop. other (admittedly higher floors) C-line apartments sold for $645-709 in 2004.

http://www.streeteasy.com/nyc/sale/390453-coop-222-east-80th-street-yorkville-new-york

now listed at $649k

Here is the prior listing for the same apartment.
03/15/2008 Listed in StreetEasy by Bellmarc at $995,000.
04/11/2008 Price decreased by 2% to $975,000.
08/20/2008 Price decreased by 9% to $888,000.
08/27/2008 Delisted temporarily.
09/10/2008 Re-listed by Bellmarc.
01/02/2009 Price decreased by 10% to $799,000.
03/05/2009 Listing is no longer available.

Next door at 446 East 86th, the competition in the A line is producing similar results. Since the discussion about 3/4 of the way down this page: http://www.streeteasy.com/nyc/talk/discussion/7617-if-you-can-demonstrate-market-movement-with-comps-upper-east-side-edition?page=4 , 9A has cut again to $399k, so it is now 6% below two lower floor 2005 comps. Meanwhile, 4A has added a second broker, perhaps hoping that this will bail them out before they have to match or beat the 9A ask. There are no 2004 or 2003 A line sales in the building to would allow us to investigate Trompilico's 2004 pricing thesis directly.

I guess my example is just competing with itself. Interesting idea, along the lines of the "my neighbor" thread but with a target comp date.

SLS, 4A is now down to $399K as well. Not reflected in SE yet though. 6A and 7A both sold for $425K in 2005.

Tromp - what's surprising is not the rate or pace of cuts but that anyone thought pricing a J4 near Gracie Mansion at $860K was a good idea. Even at peak when we were looking in 2007, there were many of these properties trading at around $720K.

Sorry to disappoint you OTNYC, but a bunch of these (admittedly oversized) Jr4's actually sold for over 1M in 2007. I guess Jr4 come in all shapes and sizes. I posted very detailed info about this building a few months ago, with all that data in it. Right now there are 2 high-floor comps with top-notch renovations (33F and 36F) asking 995K and 1.2M, like they didn't ever hear about Lehman brothers and all. So 6B's original ask was by no means out of line. The whole city was insane. Per aboutready we can see that a clearly inferior apt. unrenovated, dark, first floor and smaller (I've seen it in person) dared to ask 995K in early 2008. That one isn't worth 550K IMHO.

tromp, i agree, and so obviously does the market. but look closely at the kitchen picture (the pictures on the Bellmarc site are a bit better, but this broker should be fired). Hard to tell, but it may have been renovated (if so, the broker REALLY should be fired). first asking was maniacally aspirational, but a 30% drop does take it close to 2004, and the floorplan shows a much more generous 2nd bed than is common in the Jr.4 market.

Trompilico - Hypothetically, if the 6B apartment goes for $700k the people on the 33rd floor are going to want a premium for being on that high of a floor. Usually there is a 1-1.5% increase per floor, so let's split the difference and say 1.25% x 27 floors = 33.75%. So, if 6B sells for $700k, then 33B (I know this one is 33F, but it is just an example for discussion purposes) should go for $936,250. I would imagine they are thinking that there are not a lot of 33rd floor apartments for people to choose from. I would, off the cuff, agree with that, but wouldn't be interested in that particular one for a variety of reasons. But, for a buyer who really, really wants to be "high in the sky", maybe this could work for them.

I don't disagree with you, I guess I was just trying to throw out there the fact that the main thing the 33rd floor apartment had going for it was that it was on the 33rd floor and some people dig that.

WOW, I'm amazed that people would pay that much more for the views. To each their own. Do you think the difference in value can be calculated per floor? I can see that there should be a huge difference in value between a 1st and a 10th floor, but I don't think that correlates to a similar difference between, say, the 25th and 35th. Once you are away from the noise and you clear the height of most bldgs. around you, the difference should become way smaller.

Also, 33F doesn't have a balcony, and 6B does. How much for that difference? I think it's a fairly good sized balcony, about 10x4.

6.5 x 10 actually, I just checked it.

AR when I went to 222 E 80th CC I found it really cramped, with carpet instead of hardwood, and a pretty high maintenance for a 1st floor apt.

Someone told me prices aren't actually declining.

Tromp - I totally agree there isn't much difference btw 25th and 33rd floors. I am on the 12th floor now and there is a BIG difference even just down to the 7th or 8th floor, both in noise and light/views. I would imagine at somepoint that premium must give way, right? The balcony is nice, I agree, although on the 6th floor you don't have much privacy either.

I have to say that I am one of thos epeople who be freaked out by a 6x10 balcony on the 33rd floor. We looked at a couple of places were you sort of felt like you were just sort of dangling out there...not for me at all!

My wife and I almost bought an apartment in 222 East 80th Street over 2 years ago. It was nice, but we found it pretty expensive (price + maintenance) for what you got. Nice area, though. That 1st floor apartment is going to be out there a long time if they don't cut it again. It just doesn't have a whole lot going for it to make it special in any way...not good in this market.

Privacy aside, a real balcony where you can fit a table and chairs and have breakfast or dinner, is really enticing. Would prefer something in the 9 to 15th floor range (33rd not for me either) but this building is so gigantic that it is set many feet from the curb, so you don't feel you wouldn't feel your eating breakfast and breathing exhaust. I think.