215 East 80th
Started by Rent_or_Buy
almost 17 years ago
Posts: 165
Member since: Feb 2009
Discussion about
http://www.streeteasy.com/nyc/sale/345661-condo-215-east-80th-street-yorkville-new-york How low can this go? Is 925 wishful thinking?
No...having seen listings keep going south your wish will come true...
Rent-or_Buy - FYI, there is some discussion of another listing in the building, and the building generally, near the bottom of this page:
http://www.streeteasy.com/nyc/talk/discussion/7617-if-you-can-demonstrate-market-movement-with-comps-upper-east-side-edition?page=4
Everything must and will come down, but there are other factors in play. In this case, on top of very good location, this building has remarkably low maintenance (if the numbers listed by SE are true and correct), below $1 psf, when the average in the UES right now is around 1.50. That gives the pricing a floor IMHO. At 5% interest rate, every $100 less that you pay in maintenance are equivalent to paying 20,000 less in price. Meaning, your carrying costs are roughly the same for an apt. that costs 720K with 1200 maint. than for one that costs 700K with 1300. In this case I think the maintenance is at least $600-700 below average, so that would reasonably mean a premium of some 120-150K over comps. Just my $0.02
thanks for everyone's help