How Much is it Worth??

$675k

Thanks Matt... how did you come up with that number?

grossly overpriced

$675K sounds right. That's the median closing price for one-bedroom/one-bath condos in midtown for the last 60 days, so would apply to this nothing-special place.

Certainly not the $1M-whatever it's been sitting at for two years.

"how did you come up with that number?"

Bite-sized rooms. No kitchen (oh excuse me -- "appliances-in-the-living-room"). Unremarkable location.

Thanks for telling us what it is Matt. That doesn't really answer the question. In todays market, it is worth 20x annual rent value $850,000...the 2004 price In tomorrows market, it may be worth about 12x annual rent, or about $600,000, the 2002 price.

Actually, rent "values" do not, nor have they ever, had anything to do with the values of co-ops or condos. Trying to compute the values of apartments for sale based on the going rates for rent is about as accurate as trying to compute the propensity of marriage for women based on the brand of lipstick they're wearing.

All that being said Matt did write 675K, did he not?
I hear you, you want to understand his thought process. What comps? Been to the city register? etc., etc., etc.. All this is really important when your going to present an offer or defend an ask. Once you spent time looking at apt after apt after apt you get a sence of what something should sell for at the moment. It's more than intuition, it the amazing workings of our little noodle, mixed with our obsession. Even if Mat pulled 675K totally out of his ass you got to give that ass some RE respect.

Hey Matt, maybe you ass can teach a continuing education course to nyc licienced brokers.
I can see it now.................................

Matt walks into a dusty classroom one evening often used by the great minds of the learning annex. He nods to the class, walks to the desk and drops his breifcase. He turns his back to the class lowers his pants, bends over and, lets one rip. You can actually see the blond hair of the buffy sitting in the first row feather back. CarolSt, who is sitting in the back row turns to another broker and says, "oh, I'm going to get an A in this class".

Isn't the pulling-out-of-the-ass method the same way RE agents use to compute square footage?

Except "rent values" have everything to do with tax assessments in New York -coops are compared to rentals in the immediate areaa - that is why Park avenue and Fifth avenue multi-million dollar apartments have lower real estate taxes than Murray Hill apartments - makes no sense, but that's how N.Y.City calculates real estate taxes.

If I were the broker I would lower the list to $875K and see if I can knock a monkey from the tree within 10%.
As a buyer in this environment, I wouldn't want to pay more than 700K, but then I am probably a bit more restrained than most, so I think this place could sell in the mid to high 7's.
Time will tell.