http://www.streeteasy.com/nyc/sale/326820-coop-233-east-70th-street-lenox-hill-new-york My wife and I went to this property several times. It is a really lovely apartment, in a lame building in a lame neighborhood. And there's high maintenance. But the price history was quite interesting. Also interesting was the fact that this unit until recently was cross-listed for rent, at $6900/month. The... [more]
http://www.streeteasy.com/nyc/sale/326820-coop-233-east-70th-street-lenox-hill-new-york
My wife and I went to this property several times. It is a really lovely apartment, in a lame building in a lame neighborhood. And there's high maintenance.
But the price history was quite interesting. Also interesting was the fact that this unit until recently was cross-listed for rent, at $6900/month. The owner ultimately pulled the unit from the rental market, and is looking to sell only.
When I toured the property, I noticed a full bookshelf on topics like option pricing, etc. (Clearly a Wall Street seller). The broker claimed the owner had been relocated to Asia, but who knows whether this is true or not.
[less]
Response by anonymous
about 17 years ago
Ah, you said the majic words. The guy is on Wall Street. Clearly he's evil and has priced the apartment wrong. Thank you for letting us know about this Wall Street connection.
Ignored comment.
Unhide
Response by falcogold1
about 17 years ago
Posts: 4159
Member since: Sep 2008
That's a fair price today for a fair 3 bedroom. Looks nice. Who cares what's on the shelves. Just a seller coming to grips with the reality of the day. If you like it take it off their hands for $1,250,000. That's a deal that could happen if the seller is truly pressured. (I assume that's your wall st. implication)
Ignored comment.
Unhide
Response by craberry
about 17 years ago
Posts: 104
Member since: Feb 2009
Not sure what you are getting at, if he or she was an unemployed firefighter would that make it more palatable to buy it?
Ignored comment.
Unhide
Response by dmag2020
about 17 years ago
Posts: 430
Member since: Feb 2007
Wait - $1.3 million is a fair price for a 3 bedroom apartment? Hehehe. And that's why they say there's a sucker born every minute. Soon one will buy this place. And will then proceed to lose his down payment. I agree, who cares where he works? The reality is real estate is absurdly overpriced in this city. Reality hasn't even BEGUN to set in.
Ignored comment.
Unhide
Response by julia
about 17 years ago
Posts: 2841
Member since: Feb 2007
what books are on the shelf is important, especially in this case..it gives the potential buyer a psychological edge...did the seller lose his/her job...did they relocate to get a lower paying job..it all helps when making an offer if you feel the seller is hurting and needs to sell.
Ignored comment.
Unhide
Response by joedavis
about 17 years ago
Posts: 703
Member since: Aug 2007
Maintenance $3153. This is not selling for more than $1 million was my first reaction, but OP is right, it looks nice and spacious, and the maintenance is 50% tax deductible.
Likely $1 million to $1.25 million will be the selling price
Ignored comment.
Unhide
Response by Ubottom
about 17 years ago
Posts: 740
Member since: Apr 2009
lotta tender nerves re the reference to wall st-settle down-clearly important for legit pricing/bidding reasons to know as best can the status of the seller--and if the guy is a wall streeter out of work or relocated, it will help with bidding--much better to look around the apt and assess what the circumstances may be, than to listen to the listing broker
Ignored comment.
Unhide
Response by Squid
about 17 years ago
Posts: 1399
Member since: Sep 2008
I wouldn't call this a true 3-bed. It's more like a 2 that's been converted. And the dining 'room' is horrible--who wants to walk in the front door and trip over the table?
And who cares what's on his bookshelves? If you want the apartment, make an offer you think will get you to yes.
Ignored comment.
Unhide
Response by hejiranyc
about 17 years ago
Posts: 255
Member since: Jan 2009
Did you check out the anticipated monthly nut AFTER putting down 279K? $9144/month @ 5%, which is simply fictional because interest rates are higher for coops, especially on jumbo loans. Realistically the monthly nut would be more in the $10K/month range. That is simply absurd for this location in a decidedly ho-hum building. I think they should brace themselves for a final sales price of well under $1 million...
Ignored comment.
Unhide
Response by evnyc
about 17 years ago
Posts: 1844
Member since: Aug 2008
Squid, I had the same thought. Apart from the high maintenance, the kitchen looks wee tiny with no possibility of expansion unless you lose the bathroom. Under $1m would be my guess as well.
Ignored comment.
Unhide
Response by just_fo_debate
about 17 years ago
Posts: 17
Member since: Jun 2009
i know a similar condo was sold at 975 k recently at a private transaction. also 50% deduction of the mantainence is not good. means the coop has large mortgage. they will not able to get anything above $1.1 mm. take my word.
Ah, you said the majic words. The guy is on Wall Street. Clearly he's evil and has priced the apartment wrong. Thank you for letting us know about this Wall Street connection.
That's a fair price today for a fair 3 bedroom. Looks nice. Who cares what's on the shelves. Just a seller coming to grips with the reality of the day. If you like it take it off their hands for $1,250,000. That's a deal that could happen if the seller is truly pressured. (I assume that's your wall st. implication)
Not sure what you are getting at, if he or she was an unemployed firefighter would that make it more palatable to buy it?
Wait - $1.3 million is a fair price for a 3 bedroom apartment? Hehehe. And that's why they say there's a sucker born every minute. Soon one will buy this place. And will then proceed to lose his down payment. I agree, who cares where he works? The reality is real estate is absurdly overpriced in this city. Reality hasn't even BEGUN to set in.
what books are on the shelf is important, especially in this case..it gives the potential buyer a psychological edge...did the seller lose his/her job...did they relocate to get a lower paying job..it all helps when making an offer if you feel the seller is hurting and needs to sell.
Maintenance $3153. This is not selling for more than $1 million was my first reaction, but OP is right, it looks nice and spacious, and the maintenance is 50% tax deductible.
Likely $1 million to $1.25 million will be the selling price
lotta tender nerves re the reference to wall st-settle down-clearly important for legit pricing/bidding reasons to know as best can the status of the seller--and if the guy is a wall streeter out of work or relocated, it will help with bidding--much better to look around the apt and assess what the circumstances may be, than to listen to the listing broker
I wouldn't call this a true 3-bed. It's more like a 2 that's been converted. And the dining 'room' is horrible--who wants to walk in the front door and trip over the table?
And who cares what's on his bookshelves? If you want the apartment, make an offer you think will get you to yes.
Did you check out the anticipated monthly nut AFTER putting down 279K? $9144/month @ 5%, which is simply fictional because interest rates are higher for coops, especially on jumbo loans. Realistically the monthly nut would be more in the $10K/month range. That is simply absurd for this location in a decidedly ho-hum building. I think they should brace themselves for a final sales price of well under $1 million...
Squid, I had the same thought. Apart from the high maintenance, the kitchen looks wee tiny with no possibility of expansion unless you lose the bathroom. Under $1m would be my guess as well.
i know a similar condo was sold at 975 k recently at a private transaction. also 50% deduction of the mantainence is not good. means the coop has large mortgage. they will not able to get anything above $1.1 mm. take my word.