Well priced 3 bedroom goes into contract quickly

900 p sq ft--seems like the right price...now...smart seller avoids future citation in the chopper's thread

what do you think this would have sold for if it was a condo?

probably closer to $1.6

This is my point about the real leading edge market being down AT LEAST 30%. Not Q1, not Q2... Right now, where do you need to price to sell. Can there be much debate that this is a $2.1mm+ apartment at the peak of the market?

that place was never worth $2 million at the peak.

3bdrm in a good coop by union square--easy 1300 psf at peak
you are spot on rhino
my prob: sick of being in big cash, renting unable to move. tough to resist buying down 30 odd %, even tho i know better. i am a rare lucky animal tho.

> that place was never worth $2 million at the peak.

So, this is alpine's new strategy? Deny prices ever went up, so there can't be a "decline".

10022 - at least give him credit for originality. my mind could never be so warped so in an odd way i'm impressed

if you belive that place was worth $2.1 million, then how about posting a peak comp?

Seldom do I see an apartment where I say, "spacious!"; it was originally 2 apartments, no?

AlpoDog, people are tired of your 'prove it to me' game where you deny it anyway. That's a decent neighborhood and a real three bed... Seems stupid to deny it was $2mm.... That said, stupid is as stupid says.

I also don't think it was ever worth 2 million. Since this apartment is clearly a combination of two apartments (2 BR + alcove studio), I would say that peak pricing was around 1.6 or so. If you look at the ask prices in 2007, the 2 BR/2BA units were priced in the 1.1 - 1.3 million range.

First the peak was 2008. Second, yeah so the 2bed was worth $1.3mm and the studio was worth $500k. The combination of the two is worth more...which is why combinations are so desirable to people. To say this was worth much less than $2mm is huge nitpicking.

ubottom, you at least need to see what it actually SOLD for, although it may have been close to list here. the estate sales are KILLING the market, but there are far fewer of them downtown. patience.

"my prob: sick of being in big cash, renting unable to move. tough to resist buying down 30 odd %, even tho i know better. i am a rare lucky animal tho."

Remember, cash today buys much more stock, crude oil, real estate, etc. than it did last year. Don't focus only on the fact the balance is not moving up in nominal terms.

i'm still lovin' my cash. next year, maybe not so much, but we'll see. i'm thinking until 2011 you're probably ok with cash. some day interest rates will rise and even cash will get more money. deflation, deflation, deflation. and there is still HUGE amounts of losses to be written down by the banks, and the accounting changes may be reversed, and deleveraging is being delayed by the huge amount of government debt being issued, but the the train wreck still seems in the future. hold on to your cash, it is your friend. real estate purchases right now, not so much.

I went for some short term bond bond funds, I hope I don't regret it. I have a schedule to average into stocks between here and 600.

what type of bonds?

I found funds where there worst quarterly drawdowns were like 2-3% and average annual returns were 5-6%. ADFIX, JAFIX, PTTDX, TGMNX.

thx for the info. i'll be looking soon. sad, it's been kind of nice not doing much proactive.

Oh I have been mostly in cash since Jan 1. That includes missing the downside and the upside in stocks/bonds. Let me know what you find. Especially if you want to say something bad about these funds or what is in them.

I lived in this building. 2.1+? No shot. No apt in this building has ever sold for even 1.5, and the apts that came even close to that #, while smaller, were nicer and on high floors. The 2br was worth maybe 1.15, the studio maybe 425. Maybe you can get to 1.7 at the peak, maybe.

That's fine....but I have a hard time that two apartments that add to $1.7mm aren't worth more than $1.7mm when combined and renovated. People combine apartments because three beds trade at higher psf value than 2 beds, and much much higher psf value than studios. And I still say that true three beds were not flying around for way less than $2mm at the peak.

I don't think combination of the apartments is necessarily worth more than the sum of the parts. In this case two of the bedrooms don't have closets because the floorplan has to accomodate the hallway space. Adding a closet to the 9X13 room would make it very small. The overall size is great, but the layout is problematic IMO.

I think combinations are necessarily worth more. I doubt this apartment could have been had for $1.7mm IMHO.

"And I still say that true three beds were not flying around for way less than $2mm at the peak."

at Lincoln Towers, true 3 bedrooms have always sold for considerably less than $2 million even at the peak.

Alpine, if you lived here, you'd know that lincoln towers is not in chelsea...

"That's fine....but I have a hard time that two apartments that add to $1.7mm aren't worth more than $1.7mm when combined and renovated. People combine apartments because three beds trade at higher psf value than 2 beds, and much much higher psf value than studios."

agreed.

There is an apartment in this building for rent at $60 per square foot.

Based upon this, this apartment's "last offer" price would suggest a price-to-rent ratio in the area of 15X which is, indeed, on the very low end of what I've seen.

do love my cash but could easily buy apt of dreams tho wont--maybe late fall--maybe summer 2010--nyre aint done pukin--that is for sure

did buy huge tips today-in all my accounts incl retirement-first securities purchase in a while beyond bills cd's

gotta love tips--no downside as in metals commods etc--but good perf in case we overinflate--and if they dont redeem at par get many guns--and you can buy direct at auction from treasury--no broker of the other type i am not so fond of

No downside? Last I looked at a chart of the TIP etf or Vanguard's VIPSX, it moved up and down a good 10% or so. Granted, that's not a gold or energy stock.

The ticker may not capture the dividends....Will look again.

I represent a holder of unsold shares in this building, so I know a bit about it. The low floor units views aren't too pretty. And there's a convertible 3 (barely), renovated, on a high floor with real views which has been sitting on the market for 42 weeks orig at $1,375,000 now down to $1,175,000. The apartment directly below sold for $1,250,000 4/14/2005.

1405 - similar to the 2br portion of this unit, but much higher floor - was a Q2 2008 sale in the sense it cam on the market 5/26/2008 for and was in contract within 2 weeks, closing 8/21/2008 at full ask.

30 Years - are you talking about 1828? From the se listing, it looks like a classic over-priced-to-begin-with:

09/09/2008
Listed in StreetEasy by Gumley Haft Kleier at $1,645,000.
11/15/2008
Price decreased by 9% to $1,495,000.
12/19/2008
Listing is no longer available.
02/11/2009
Re-listed by Gumley Haft Kleier.
02/11/2009
Price decreased by 8% to $1,375,000.
03/03/2009
Price decreased by 15% to $1,175,000.

It is an OK 2 - not a 3. And "renovated" is a stretch, per the listing photos.

"but I have a hard time that two apartments that add to $1.7mm aren't worth more than $1.7mm when combined and renovated"

but these 2 apts don't add up to 1.7, not in my opinion anyway. and this apt isn't renovated.

30 yrs, end of day, are you saying this apartment is not evidence that the market is down 30% because it was never a $2mm apartment? Based on what you have seen and what you know, do you think the market is down less than 30%?