Soho loft - 23% off 2006 price

Soho seems to be getting hit really hard these last 4 months.

completely unlike the rest of the city?

History will show them to be smart sellers.

Um... compared to the other "higher end neighborhoods" south of 96th street? Yes I would say so.
Let me rephrase and say, "even harder than the rest of the city."

They do neighborhood reports in the quarterlies... I don't remember soho being much worse than the other hoods. In fact, if I remember correctly, I think UWS took the biggest hit.

I don't dispute. Out of my radar.
I've been looking at neighborhoods south of 34th street so I have some tunnel vision.

Tribeca

155 Franklin St, Apt 3S
Sold 6/23/06 for $3.05mm
Sold 6/12/09 for $2.575mm

Down 15.6%. Assuming 3% for closing costs and 6% broker commission, they lost $720K.

10022: Looks like Jess beat you to that Spring Street resale.

http://www.streeteasy.com/nyc/talk/discussion/7613-if-you-can-demonstrate-market-movement-with-comps-downtown-edition?page=4

NYC10013 that was the bargain of the century.
Prime location, big classic loft.
Owner was a Lehman guy who had to sell.

Let me know when Dietz Lantern starts dumping. I've mentioned that one in the past.

Take a look at the way neighborhoods increased in price and i bet it will be a good example of how they will fare on the way down. Take a look at the boom in prices in Soho on the way up.

CC of $2150. No wonder this apt is only worth 1.39mil

so how much lower does soho go?

This may sound like a silly question to those of you who are NYC real estate junkies but why is South of 96th street considered 'Prime' Manhattan real estate as opposed to 97th or 98th or even 101st on the west side?

Because 96th Street is where the Pilgrims drew The Line, of course. It was written in the Mayflower Compact, along with awarding the area code "212" to Manhattan.

That's the line where you have one dollar store per block vs one per 5 blocks. ;)

30yrs
Fair point.

Parking is still a small fortune in Soho.

cc of $2150.
Is not outlandilishly high. Though Soho does seem to have lower maintenance costs then other neighborhoods, this apartment is supposedly 1900 sq ft.
A rough average for lower manhattan is 1$ per foot.

I too would like to know why South of 96th is considered "Prime" Manhattan real estate....anyone?

^------- Really?

Look at this map. Can you figure it out?
http://maps.google.com/maps?f=q&source=s_q&hl=en&q=96th+Street,+New+York,+10024&sll=37.0625,-95.677068&sspn=46.630055,93.076172&ie=UTF8&cd=2&geocode=FUZubgIdS2OX-w&split=0&ll=40.783515,-73.953352&spn=0.010951,0.030899&z=16&iwloc=A

96th St is a natural dividing line between neighborhoods AND the ghetto projects just above it. If you love ghettos and projects, then, ABOVE 96th St is where you want to live and lucky you! - it's cheaper too.

The East side is much more dramatic than the West side. It used to be crossing 96th St on a lot of the Aves (especially Park) was as dramatic as turning off a light switch - no gradual change.... BOOM!!!!!! OTOH go up West End Ave and you really can't tell much difference.

But a lot of it has been because the city government has defined it as so: take a look at various tax incentive programs (like the building twax exemptions and abatements) and they use 96th street as a boundary.