Sales That Seem To Defy Market Trend

buy now or be priced out forever!

wowzers! only 955 to go :)

w67th - play nice....no need for so much snarkiness. Spinnaker has an interesting idea for a thread and it will be useful to see how certain neighborhoods/buildings/etc play out going forward.

didn't you see my happy face....

I wish him all the LUCK in the world "re-flating" this mkt... it's just like when I see a guy go for a girl WAY WAY WAY out of his league... it's fun to stare at at the bar... and in 5 minutes he "pretends" to get a text and makes a fuss leaving the bar....

:) see another happy face...

oh yeah, you really have human behavior down cold.

w67th - hope your 4th was good. He isn't trying to reflate the market. If he could do that he would have enough $$ that he wouldn't have to hang out on SE talking to guys like you & me ;)

This is more information for people to see and that is what SE should be used for.

This surprised me:
http://www.streeteasy.com/nyc/building/21-east-96-street-new_york

How about 100 RSD #3AB? Recently closed for $4.319M, significantly above ask and after a bunch of cuts. Bidding war?

06/28/2008 Listed in StreetEasy by Brown Harris Stevens at $5,900,000.
08/22/2008 Delisted temporarily.
09/02/2008 Re-listed by Brown Harris Stevens.
09/04/2008 Price decreased by 3% to $5,750,000.
10/08/2008 Price decreased by 9% to $5,250,000.
11/25/2008 Delisted temporarily.
01/24/2009 Re-listed by Brown Harris Stevens.
01/24/2009 Price decreased by 14% to $4,500,000.
03/03/2009 Price decreased by 11% to $3,999,000.
04/07/2009 Listing entered contract.
07/01/2009 Price increased by 8% to $4,319,000.
07/01/2009 Listing sold.

There are no other combo sales to compare to, but the highest A line sale in the building is for 10A ($2.83M), and the only B line sale that I can see is 6B ($685K) - pricing the combo about 800K above the individual units on higher floors at the peak of the market. Also, I am not sure to what extent the units have been combined other than knocking down walls - there are still two kitchens (maybe by design?).

ok...so, is this a sign of increased or decreased prices. sold for 8% over final ask and 27% less than first ask. no real comps.

cc, how about 21 E 96th? Thought that was a surprisingly strong print.

which one?

03/05/2009 #4 $4,375,000 -11.6% $4,950,000 ↓
04/23/2007 #8 $4,925,000 -
02/16/2007 #7 $4,500,000

That's not too shabby. Was surprised, though E 96 wasn't so hot in this market.

^thought

cc - I think the 100 RSD sale is surprising. For a low floor apartment that it is likely in need of work, I would have guessed that the closing price would have been a lot lower.

But then again, if I were a successful publisher, I might not quibble over a measly 25-30%.

he's an agent..not a publisher.

http://www.streeteasy.com/nyc/sale/383746-coop-315-west-106th-street-manhattan-valley-new-york

26 days on the market sold for 2% below ask and 28% above same line comp 3C which sold for 920K in 2006. Can't find any associated listing info for 3C so difficult to compare condition. Better view on 6C certainly but hard to attribute this or condition to a 28% premium over 06 comp. Another anomaly?

02/11/2009 Listed in StreetEasy by Brown Harris Stevens at $1,295,000.
03/09/2009 Listing entered contract.
05/12/2009 Price decreased by 2% to $1,270,000.
05/12/2009 Listing sold.
05/19/2009 Price increased by 2% to $1,295,000.
05/19/2009 Listing entered contract.
07/13/2009 Listing sold.
07/13/2009 Sale recorded for $1,270,000.

weird. i liked how the next listed recorded sale was 130 e. 94, 9b, which sold at about half of initial listing after much time, under a million.

maybe they own 7c and need more space? or they believed the broker when he/she said it was a "sick" deal?

"maybe they own 7c and need more space? "

possible, but they listed their address as 258 RIVERSIDE DRIVE, #10B

3C does NOT appear to be a comp, since looking at the broker's floor plans for each unit, 3C appears to have had the back end "chopped off" and is missing the dining room and maid's room (kithcen of 3c looks like the first 7 feet of the dining room of 6c).

indeed

the sellers listed their address as 258 RSD, not the buyers??? and i was kind of joking, but whatever. where did you get the broker's floorplan for 3c?

That clears that up 30yrs, thanks.

w67th be careful of a deal too good to be true. Especially if the life of your family depends on it. Many Oysters spent a lot of their time in Caribbean charter fleets. Couple that with a guy in a less than ideal financial situation and you have a boat full of booby traps. 48' is a lot of boat for an Ericson 23 skipper but hell you'll be able to hire your own captain with all the money you made this past year.

"the sellers listed their address as 258 RSD, not the buyers??? "
sorry, you're right. mixed up "party1 and party2".

"where did you get the broker's floorplan for 3c"
I don't know, brokers have no more resources than any other SE user and their services are worthless.

Sorry, ar, that wasn't directed at you; just trying to vent some of my frustration at the tide of attitude that that it's not possible that brokers actually DO have info that isn't available to to average buyer, etc.

just wondering 30yrs. most brokers don't have an incredible array of additional accurate info to share. but as i've said before, there are good ones and bad ones, and i have met a number of them who i respect.

This speculator was lucky to avoid a bloodbath:

http://www.streeteasy.com/nyc/sale/365529-condo-250-east-53rd-street-sutton-place-new-york

05/09/2008 Previous Sale recorded for $2,535,000.
11/14/2008 Listed in StreetEasy by Prudential Elliman at $2,995,000.
01/29/2009 Price decreased by 3% to $2,895,000.
06/23/2009 Listing entered contract.
07/15/2009 Listing sold.
07/15/2009 Sale recorded for $2,587,500.

Hmmm, sold 9.3% above last-asking: http://www.streeteasy.com/nyc/sale/392479-coop-373-bleecker-street-west-village-new-york. May even have made a few bucks.

06/01/2007 Previous Sale recorded for $995,000.
03/17/2009 Listed in StreetEasy by Prudential Elliman at $1,075,000.
04/08/2009 Listing entered contract.
07/13/2009 Sale recorded for $1,175,000.

Spinnaker1 - re 250 East 53rd - the most recent listing says "be the first to live in this corner unit" but there was a prior recorded sale 5/9/2008 for 2,535,000. Prior owner never lived there? Prior owner signed a contract in 2006 probably.

That would be my guess brodie. Prior owner/investor bought through a LLC

"just wondering 30yrs. most brokers don't have an incredible array of additional accurate info to share. but as i've said before, there are good ones and bad ones, and i have met a number of them who i respect."

See that's the problem I have around here - just because MOST brokers are "X", the group think around here is "No brokers are worth anything" (NB: when I use the term "group think" it doesn't mean it's 100%, but it does mean that it sort of gets taken as the de facto answer).

30yrs, not all of us. you're doing what you accuse others of doing, lumping everyone together, assuming we each don't have the ability to judge an individual on his/her merits, and your NB doesn't really address that. people who have some strong opinion are more likely to voice it. many more people have strong anti-broker feelings than pro-broker feelings so that skews the conversation, but the majority of people do not assume all brokers are incompetent. whether they wish to use the services of one is another issue, often with perceived financial implications.

i took the NYC real estate licensing course years ago, i intended eventually to enter commercial real estate, life plans intervened. i would never presume to judge anyone without some knowledge. i can safely say, however, that i wouldn't work with agent rachel if she were the last broker ambulatory.

http://www.streeteasy.com/nyc/sale/416945-coop-175-adams-street-downtown-brooklyn-brooklyn

WTF? Concord Village is a nice, stable, non-luxury, formerly middle-class housing on the fringe of Brooklyn Heights. Even at the tippy-top height of the bubbliest real estate champagne fountain imaginable, no apartments in the complex sold for $650k. $550k is as high as they went. So who on earth is ponying up an extra $100k ABOVE peak prices to live in a perfectly ok but mediocre quality postwar coop?! I really hope this closes for under $500k, because otherwise my formerly unshakable faith in the decline of the under-$1mil 2-bedroom market will be dead.

"but the majority of people do not assume all brokers are incompetent."

Being that "the majority" is 51%, I'd be really curious as to what the actual answer to that question IN REGARDS TO SE POSTERS is.

12C sold at a 16% premium over 06/07 same line comp after 22 days on the market.

12C: http://www.streeteasy.com/nyc/sale/406126-coop-308-east-79th-street-upper-east-side-new-york

04/22/2009 Listed in StreetEasy by Brown Harris Stevens at $685,000.
05/15/2009 Listing entered contract.
07/16/2009 Listing sold.
07/16/2009 Sale recorded for $670,000.

14C: http://www.streeteasy.com/nyc/sale/44544-coop-308-east-79th-street-upper-east-side-new-york

08/25/2006 Listed in StreetEasy by Brown Harris Stevens at $619,000.
11/01/2006 Price decreased by 3% to $599,000.
11/09/2006 Price increased by 3% to $619,000.
11/30/2006 Listing entered contract.
12/20/2006 Listing is no longer available.
01/04/2007 Listing sold.
01/04/2007 Sale recorded for $560,000.

After a reno and chasing the market down for 5 months, this one resold at a 15% premium over its 2006 sale price.

http://www.streeteasy.com/nyc/sale/363176-coop-160-east-65th-street-lenox-hill-new-york

STREETEASY HISTORY
11/30/2006 Previous Sale recorded for $600,000.
11/06/2008 Listed in StreetEasy by Prudential Elliman at $850,000.
01/06/2009 Price decreased by 3% to $825,000.
02/01/2009 Price decreased by 4% to $795,000.
04/03/2009 Listing entered contract.
07/17/2009 Listing sold.
07/17/2009 Sale recorded for $692,500.

14C: http://www.streeteasy.com/nyc/sale/44544-coop-308-east-79th-street-upper-east-side-new-york

Seller was Holder of Unsold Shares, most likely apartment was totally unimproved for 40 years and needed LOTS of work. It also was on the market for a long time (almost a year?) at a time when everything else was taking minutes to sell. So it seems it was a :problem unit".

12C was not only renovated, but showed well. That could explain most, if not all, of the price differential.

This thread adds color to what I have been saying for a long time. Just because someone bought in 06/07, doesn't mean they got a bad deal. The overall market is down, we get it. But just because the DOW is down, doesn't mean every single person who purchased individual stocks saw their portfolio go down (sure, most did, but not all). If all you bought was Family Dollar and Intel, you're actually doing OK. As an example, I paid 30K less for the same line in my building in 2007 than someone who purchased in 2004, apts in similar condition. Also sold a property I purchased in 2004 for close to triple.

So, I hear the bears - if you can find an investment vehicle that tracks the NYC real estate market, probably not a great time to go long. But if you find a home you love that you can afford and plan to be in for a while, you've done the research and you're getting a great deal, not necessarily a terrible decision to take the plunge. No guarantee that same place will pop up for a better price because you waited for a year or two.

Another renovated resale 16% above initial offering in 2005.

http://www.streeteasy.com/nyc/sale/366871-condo-177-east-77th-street-upper-east-side-new-york

STREETEASY HISTORY
01/25/2005 Previous Sale recorded for $670,000.
11/20/2008 Listed in StreetEasy by Corcoran at $995,000.
12/11/2008 Price decreased by 10% to $895,000.
03/13/2009 Price decreased by 5% to $850,000.
05/11/2009 Price decreased by 6% to $800,000.
06/09/2009 Listing entered contract.
07/20/2009 Listing sold.
07/20/2009 Sale recorded for $780,000.

30 yrs, that's your queue.

Hardly a 30% discount from peak.

http://www.streeteasy.com/nyc/sale/385694-coop-302-east-88th-street-yorkville-new-york

STREETEASY HISTORY
04/28/2006 Previous Sale recorded for $482,000.
02/19/2009 Listed in StreetEasy by Halstead Property at $535,000.
03/03/2009 Price decreased by 7% to $500,000.
05/14/2009 Listing entered contract.
07/17/2009 Listing sold.
07/17/2009 Sale recorded for $485,000.

Spinnaker1: You might want to take a closer look at 177 East 77th. For one thing, presenting any Jan.2005 closing as a 2005 price is shading the data, because the price was obviously agreed in 2004. But there's a much bigger problem with this one: it appears to have been an insider sale to a tenant-in-residence. If you want an honest 2005 valuation for a renovated "D"-line unit, the sponsor sold #3D that year, renovated, for $875K. With a four-floor difference in elevation, a fair estimate for #7D - renovated, at the same time - would be at least $925K. To my eye, the resale of #7D for $780K suggests a decline since 2005 of about 15%, which is hardly a counter-trend trade.

I appreciate that you're trying to balance the perceived bearish bias of this message board. It just seems that a lot of your examples don't bear scrutiny.

The significance of 302 East 88th Street hinges on whether the renovation pre-dated the 2006 sale. Even if it did, an April 2006 closing doesn't reflect peak pricing (not in New York anyway). I also don't recall anyone claiming that $480K 1BRs have declined 30% from peak, let alone from early 2006. I think bulls and bears agree this is among the strongest market segments, and it's probably the one helped most by low rates on conforming loans.

On E 77th I did say "initial offering". I would argue the smart money bought the unrenovated unit if you are estimating a one bedroom reno at $255K in 05. As in most of these, there are a lot of forensic assumptions being made by others. I'm not really making any claim about the situations surrounding the sales, buyer/seller mental or financial state, quality and date of reno, etc etc. They are what they are and the experts are weighing in with opinion, great I say. I will remove references to peak pricing as it's a little too subjective. What was peak in one place may be 18 months away from a peak in another. I sold a studio in the WV in mid 05 and subsequent same line sales through the "peak" never managed to exceed mine.

I do see many people who should know better still looking for their 30% peak price discount on their one bedroom though. All I'm attempting to point out is that this is a far more nuanced decline than many people understand or are willing to believe.

Spinnaker1: No, I'm not saying it would have cost $255K to renovate #7D. My point is completely different. I'm saying $670K is not a realistic market price for the apartment at the time of that transaction, because the buyer appears to have been a tenant in residence who got a special deal to motivate her to buy. An outsider, in a full arms-length transaction, would have paid more. So I'm tossing out that transaction altogether and using a 2005 arm's length sale in the same line to put a value on #7D. OK?

West, you did say: "With a four-floor difference in elevation, a fair estimate for #7D - renovated, at the same time - would be at least $925K." so you didn't explicitly say it cost 255k to renovate as you are attributing some of premium to the four floor difference. Fine.

What I don't understand is how to determine an insider deal from another fully reno'd arms length deal. Can you explain?

Insider transactions represent a fair proportion of property trades. Should only arms length deals be considered valid comps?

spinnaker1 wrote: "Should only arms length deals be considered valid comps?"

Exactly. Appraising 101. In fact, any transaction that looks like an outlier has to be thrown out unless you can either establish to a reasonable degree of certainty that it isn't tainted, or quantify the distortion and adjust for it.

I'd rather not go into details about the sale of #7D. I might be wrong. But it definitely looks like a duck, and quacks like a duck...

Fine then. I shall armor clad my next entry. Maybe it'll be mine ; )

God help me if you rip THAT one apart.

I misspoke - actually mine will be entered into one of the threads closer to your heart. Board permitting..

Armor-cladding on an Internet message board might be overkill. We're just having fun here.

Good luck with the Board.

Lets take a look at this one. 7A just sold at a $65K premium over the 9A comp from late 2006.

7A
http://www.streeteasy.com/nyc/sale/384689-coop-215-west-78th-street-upper-west-side-new-york

9A
http://www.streeteasy.com/nyc/sale/28739-coop-215-west-78th-street-upper-west-side-new-york

?

This one isn't exactly a trend-buster, but it's a very solid sale at the Normandy (140 RSD).
---------- Recorded Sales ------------ | ------------ Previous Listings -----------
07/25/2009 #18O $1,500,000 +3.4% | $1,450,000 2 beds 2 baths 1,350 ft²
04/26/2007 #15O $1,625,000 +8.7% | $1,495,000 2 beds 2 baths
Both apartments were renovated, but #18O is much more "finished" - through-wall AC, for example.

spinnaker1: At 215 West 78th, the "A" and "B" lines are mirror images. Although it doesn't show on Streeteasy, #8B sold for $1.674MM in February, on an August 2008 contract. With that in mind, take another look at the trend, and how #7A fits in. #9A looks like an outlier. Aside from the fact that it showed poorly, the owners dumped it as soon as the paint was dry on their fancy upgrade at 101 West 79th. (That took a while, because the previous owners - a prominent Aussie film director and his wife - had a distinct fondness for pink).

Truly a master of RE forensics.

LMAO... you can't support your own thread... LMAO...

This couldn't have been a bidding war, could it?

http://www.streeteasy.com/nyc/sale/394603-coop-42-west-89th-street-upper-west-side-new-york

STREETEASY HISTORY
03/24/2009 Listed in StreetEasy by Prudential Elliman at $895,000.
05/14/2009 Listing entered contract.
07/31/2009 Listing sold.
07/31/2009 Sale recorded for $975,000.

10% off peak?

http://www.streeteasy.com/nyc/sale/345534-coop-200-east-27th-street-kips-bay-new-york

Sale at 325 Fifth Avenue #38C

I realize this is only an "in contract" rather than a sold listing, but even if one assumes the contract price reflects a generous 10% discount off the last asking price of $1.899 M, it still boggles my mind that someone is willing to pay this kind of psft for this building in this day and age.

Is there something unique going on here--can someone enlighten me about this building?

Spinnaker1, I see I posted that 42W89 as a counter-example in the lowballing thread. Don't know how the price compares, but think it's a plain old "price it well and buyers will appear". Or two bidders fell in love.

princetonbabe, it'll be interesting to see what it goes for:

02/27/2007 Previous Sale recorded for $1,465,000.
11/04/2008 Listed in StreetEasy by Prudential Elliman at $2,175,000.
12/04/2008 Price decreased by 8% to $1,999,000.
12/12/2008 Price decreased by 4% to $1,910,000.
03/04/2009 Delisted temporarily.
03/27/2009 Re-listed by Prudential Elliman.
03/27/2009 Price increased by 7% to $2,050,000.
04/22/2009 Listing is no longer available.
06/08/2009 Re-listed by Prudential Elliman.
06/08/2009 Price decreased by 3% to $1,995,000.
07/25/2009 Price decreased by 5% to $1,899,000.
08/08/2009 Listing entered contract.

The previous sale, on an August 2005 contract, was to a speculator who's been renting it out. If she doesn't take a bath on this it really will be an exception to the usual story in these buildings that investors from the boonies loved during the bubble.

RE is fun. More on 325 Fifth Ave, 38C. Angela and Bruce had $250K to invest, so buy this in 2/2007. Here're their monthly numbers since then:

-$5937 interest on a $1M 7.125% interest-only mortgage
-$1500 interest on another $250K mortgage. Don't know terms, so let's assume same as the $1M
-$1005 CCs
-$0161 RE taxes
------
-$8603 monthly

There's been a tenant for at least part of these 30 months (they got lucky there) but we don't know how much they've recouped on the $258K cumulative nut. A few months ago they paid off the $1M note, so let's assume that that $1M is now costing them less than 7%.

NWT: Many thanks for the RE history. My hat is off to you . . . you are awesome . . . and numbers like this can make an attractive property look unappetizing.

I'm a bit math-challenged--I tend to go by gut instinct and back-of-the envelope rounding calculations, but I would say that if they got out within 10% of the last ask price, they are still pretty darn lucky.

Yeah. What's scary about this one is that it's a relatively *good* situation. They actually ponied up a good chunk of the price, and had the wherewithal to pay off that 7%+ mortgage so now the $1M's costing them only 4-6%. The more you dig into these bubble-era high-profile condos the more horror stories you see.

lmao

301 West 57th Street #27C
1236 sqft
Closed for $2.2 million in June 2009

Haven't seen this place but from the pictures it looks fairly mediocre, except for the views, of course. Is it possible that Central Park/Columbus Circle views from not even a top floor and a dated apartment can still command $1780 psft?

Suggests what the current premium for this type of view must be. Still scratching my head, though.

Here is a shocking price paid by a Columbia professor for a very narrow brownstone (16ft wide) in Harlem:
Sold: 357 West 121st Street
House - 2 family in Central Harlem
for $2,575,000
on 02/23/2009

I'm waiting on this one, well, just b/c ;)
http://www.streeteasy.com/nyc/sale/396244-coop-15-west-81st-street-upper-west-side-new-york

I'm not sure I'm playing this game right. Is it just finding listings that sold for more than peak price? What were peak years? '05-'07?

How about this one: http://www.streeteasy.com/nyc/sale/383745-condo-223-west-80th-street-upper-west-side-new-york

01/04/2006 Previous Sale recorded for $1,455,000.
05/02/2007 Previously Listed in StreetEasy by Brown Harris Stevens at $2,590,000.
07/19/2007 Brown Harris Stevens Listing is no longer available.
02/11/2009 Listed in StreetEasy by Brown Harris Stevens at $1,750,000.
04/03/2009 Price decreased by 3% to $1,690,000.
06/30/2009 Listing entered contract.
07/20/2009 Listing sold.
07/20/2009 Sale recorded for $1,690,000.

So, that's up 16% from 2006, no?

uwsmom - it looks like this was a first offering from the developer who did the condo conversion. Some of the hawks here might consider it an outlier. But still...

I'm not sure there is a hard and fast rule here. Peak period can be pretty subjective, although I have seen assertions from people with much more RE knowledge than me stating that 07 was "it".

uwsmom, what complicates that one is that number 7, same footprint, and as a conversion i assume the same condition, sold for $1.69 (ironically) at virtually the same time #6 sold for $1.455.

oh heavens. i knew there would be "complications" ;).

Hmm, I'm going to go out on a limb and suggest that there could be significance even if #6 sold for $1.69 in '06. Afterall, aren't we looking for a downward trend in '09? Who knows...i should stay in the shallow end :)

oh no, come swim in the deep end! not saying it isn't trend-defying, just saying the trend sometimes mystifies. be brave, soldier on.

the pitfalls in doing the downward comps is just as great. price looks low? estate (and condition to match). price looks low? divorce. price looks low? they've sold one of the bedrooms to the neighboors and the floorplan isn't the same as the floor below.

mimi,

That sale cannot be used as any type of market indicator. Columbia provided the professor significant help with financing as part of his compensation package.

Does the title of the thread say anything about market indicators? I thought that the nature of this discussion was examples of unusual listings that defy any other explanation but that the people who bought them was willing to put up with the high price.

Actually here's the full explanation as provided by the New York Times

" MANY buyers say that jumbo mortgages are hard to come by these days. But don’t tell that to Edward R. Morrison, a law professor and economist at Columbia University, who is something of an expert on these troubled times. Last month Mr. Morrison and his wife, Anne, bought a restored two-family town house at 357 West 121 Street in Harlem for $2.575 million. Brokers said it was a record price for a town house in the neighborhood — just down the hill from the Columbia campus in Morningside Heights, near Morningside Park — and one of the top 10 town house sales in Harlem in recent years.... Property records show that the Morrisons had some help financing the purchase. They obtained a $1 million first mortgage from Countrywide Bank, now a subsidiary of Bank of America, and a second mortgage directly from Columbia University for $1,039,000.

Elizabeth Schmalz, a spokeswoman for the law school, said the Columbia mortgage was provided by the law school as “one-time compensation assistance” to help Mr. Morrison complete the sale. The first mortgage was provided by Countrywide through another university program that provides mortgages at “favorable rates” to some faculty members. That program also provides a one-time $40,000 payment and an additional $40,000 a year in housing assistance."

Still, the columbia teacher is a nut!!!! I've been following the Harlem market and he overpaid big time. I think it is a sale that defied the market trend...

That's why they call them "academics." Because "it's academic" means it has no contact with the real world. These are the people we're paying 40large a year to educate our kids, and we wonder why they can't find jobs??

Have you heard about the sweetheart deal Grayson Carter has with Conde? In his case, he can afford to overpay with a zero interest, 200+ yr mortgage? Are the terms of the Columbia loan public? Maybe it's a similar situation, or they are guaranteeing to buy back the house at the same price if he leaves on good terms/retires?

Typo - graydon.

The interesting terms would be in the note. All that's filed is the mortgage: http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2009030300309005

Not sure what's public, what's not. From my experience, Columbia is very generous with faculty they really want and housing is a dealbreaker for many faculty candidates.

And they're also trying to get people out of faculty housing -- all those buildings on Claremont Ave.

Morrison's purchase makes sense when you break it down. (1) Renovated -- no work needed to be done, no more upfront cash, no inconvenience -- townhouse right by his job. (2) Long-term purchase that he and his family can grow into; he has 2 or 3 young kids. (3) Borrowed $2m for pennies in interest; we're probably talking less the 4.5% APR, when you factor in the sweetheart interest rate from Columbia. When rates go up, and they will, he will effectively be making money by not prepaying his mortgage. (4) His tax deduction is huge; keep in mind, as a tenured law professor, he makes 6-figures in salary + the consulting work he does (which is pretty hot right now, considering he specializes in bankruptcy), putting him in one of the two highest tax brackets. Could he have gotten the townhouse for less if he waited? Maybe. Does overpaying on a long-term purchase when the economics work out matter? Not really, when you understand the economics.

~ 90% premium over 07/08 initial offering in 60 days, really? When will final price post I wonder. Is 15 CPW that bullet proof?

http://www.streeteasy.com/nyc/sale/391847-condo-15-central-park-west-lincoln-square-new-york?email=true

For almost $8 million, you don't even get a real dining room? You get a breakfast nook but still have a combined living/dining room?

Europe to the rescue.

http://www.streeteasy.com/nyc/sale/52969-condo-80-riverside-blvd-lincoln-square-new-york

10/29/2006 Listed in StreetEasy by Corcoran at $2,220,000.
11/23/2006 Listing is no longer available.
05/23/2007 Re-listed by Corcoran.
09/09/2007 Listing is no longer available.
02/09/2008 Re-listed by Corcoran.
03/04/2008 Listing is no longer available.
09/05/2008 Re-listed by Corcoran.
01/07/2009 Listing is no longer available.
06/29/2009 Listing entered contract.
08/17/2009 Listing sold.
08/17/2009 Sale recorded for $2,220,000.

what a relief!! dick fuld sold at a profit, even covered transaction costs. this is his purchase, sold for $25,870,000.

http://www.streeteasy.com/nyc/sale/23902-coop-640-park-avenue-lenox-hill-new-york

i know you're all relieved. horrible to think of dick with that park avenue burden.

Desending back to earth, here is a 4th floor walk-up with a cramped 2nd bedroom that went for 9% above asking. Don't see any comps but I went and saw this one and couldn't get past the hike up, the cramped 2nd bedroom and the odd roof access (via the common stairs.)

http://www.streeteasy.com/nyc/sale/394603-coop-42-west-89th-street-upper-west-side-new-york

Spinnaker1: Looks like you posted that one about two weeks ago, ~30 entries up in this thread. Are strong sales still so scarce that you have to recycle them?

With regard to the timing of the peak, I think it varied depending on location and property type. For cookie-cutter 1BR condos on Riverside Boulevard, the big money was mostly made by 2005. On Central Park West and other prime venues, the run-up for family-sized trophies continued through late 2007.

much of non-fidi downtown continued to rise also.

You can't add color?

We love color, especially when applied with such deft brushstrokes.

Would you hurry up and close? I can't wait to see whether your deal is a market-mover, a price-chopper, a successful lowball or some combination.

I think we can rule you out as a potential trend-defier. You're too smart to fight the tape.

One week and Its more of a price julienner, as you are already aware.

"Julienner" - I like that. We might need a thread for sales that slice with a mandolin rather than a guillotine. Maybe trades like yourse are a sign of stabilization, or maybe the market is just bleeding more slowly from "a thousand small cuts". Time will tell. In any case, I hope you'll stick around to keep the sampling honest.

Good luck next week.

http://www.streeteasy.com/nyc/sale/356210-condo-263-ninth-avenue-chelsea-new-york

04/07/2006 Previous Sale recorded for $1,850,000.
10/08/2008 Listed in StreetEasy by Stribling at $2,395,000.
12/18/2008 Listing is no longer available.
02/04/2009 Re-listed by Stribling.
04/02/2009 Price decreased by 4% to $2,295,000.
05/30/2009 Listing entered contract.
08/04/2009 Listing sold.
08/04/2009 Sale recorded for $2,150,000.
08/12/2009 Listing sold.

Don't know how the $1.65M compares, but looks as if the seller's last big chop got multiple bids:

http://www.streeteasy.com/nyc/sale/411376-coop-235-east-73rd-street-upper-east-side-new-york

01/19/2008 Previously Listed in StreetEasy by Prudential Elliman at $2,699,000.
06/06/2008 Previously Listed in StreetEasy by Bellmarc at $2,099,000.
08/12/2008 Prudential Elliman Listing is no longer available. Last priced at $2,300,000.
03/05/2009 Bellmarc Listing is no longer available.
05/05/2009 Listed in StreetEasy by Bellmarc at $1,395,000.
06/04/2009 Listing entered contract.
08/11/2009 Sale recorded for $1,650,000.

NWT... i don't know but $2.7MM=> $2.1MM=>$1.65MM (close)... in 1.5 yrs doesn't seem like a trend buster IMHO. Let's keep searching shall we.. spinniker mentioned a rash of French pastry chefs driving around the west side in the Escargots throwing french francs and baguettes at people.... I think they are chinese buyers in disguise... but that's just my racist self...

No, not a trend-buster, but this is a handy thread for the rare above-asking sale.

I absolutely loved this apartment. The only thing I did not care for was that both bathrooms are ensuite. Despite that I was watching it very closely and was not surprised to see it go into contract: famous owner, very appealing renovation (bathroom placement excepted, although I'm sure they look great - and as always this is a matter of taste), well located, and well-priced.

http://www.streeteasy.com/nyc/sale/414114-coop-141-east-3rd-street-east-village-new-york?email=true

That said, I expected it to

12/30/2004 Previous Sale recorded for $$770,000.
08/02/2008 Previously Listed in StreetEasy by Corcoran at $1,199,000.
01/28/2009 Corcoran Listing is no longer available. Last priced at $999,000.
05/16/2009 Listed in StreetEasy by Corcoran at $899,000.
06/14/2009 Listing entered contract.
08/26/2009 Listing sold.
08/26/2009 Sale recorded for $976,500.

The renovations were probably not cheap, a $206,500 profit (26.8%) in slightly less than five years is not bad by any stretch of the imagination. Also a fine example of pricing ahead of the market.

I meant: That said, I expected it to sell in the $850k range. First post; sorry.

iohannes, it's a fairly unusual unit for that market segment. seems like it must be a combo. if you notice the sales history, many small units. the 1200 sf 2/2 wasn't developed and/or converted that extensively during prior booms. zoning and relatively low demand for it.

developed in that neighborhood, i meant to say.

Iohannes, I watched that place closely too. I'm really surprised to see that final price. Aboutready, do you think the fact that it's a 2/2 in that area and in a stable building made it more appealing?