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Seeking input

Started by 026451
almost 17 years ago
Posts: 31
Member since: Dec 2008
Discussion about
A good friend is considering a bid of $1135 sf for a luxury apartment in a UWS post-war building with amenities. Great view. Smallish 3brm. Comparables in bldg are much lower ppsf but without view. Apt. in not horrible but not great shape and needs about $60K renovation to get up to nice but not super luxury level. Sound too aggressive? Is the NYC market still set to decline further? Or will we see a turn in the next 3-5 years above this level? This board has always been a source of fantastic info. I told my friend I would post to see what people think. Any input would be appreciated.
Response by NYCMatt
almost 17 years ago
Posts: 7523
Member since: May 2009

$1135 per square foot??

Does that come with daily maid, cook, and spa service?

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Response by apt23
almost 17 years ago
Posts: 2041
Member since: Jul 2009

What will the $60K add to the ppsf? You are talking some rather high ppsf for "nice" . It better be one helluva view. And because many on this board think prices will come down in the next years - including me-- your friend better be sure they can afford to take a hit if they are forced to sell before 3-4 years.

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Response by w67thstreet
almost 17 years ago
Posts: 9003
Member since: Dec 2008

Lmao. Ask your 'friend' if he wants to be on 'sales that seem to defy the mkt' or 'lowball' thread. Hahahahaahahahaha

at $1000 psf, guarantee he/she/you/threesome will be on 'defy mkt thread'. Hahahahahaajajaj

lemmings.

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Response by 026451
almost 17 years ago
Posts: 31
Member since: Dec 2008

It sounds as if the strong weight of opinion is the apartment is overpriced. ($60 would add about $40-60 psf to the sales price). I'll let my friend know.

Question, in case she asks, did the consensus or majority view on this board predicts the real estate bubble, both before and after/rise and fall?

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Response by NYCMatt
almost 17 years ago
Posts: 7523
Member since: May 2009

I'm one of those who consider the apartment WAY overpriced, and no I'm not predicting a further dramatic drop in prices. It's just plain stupid to pay that kind of money in a POST-war building that's in "not great shape" when you can get something in FABULOUS shape on Fifth Avenue for less money per square foot.

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Response by drdrd
almost 17 years ago
Posts: 1905
Member since: Apr 2007

$1,000 psf is pretty much in the laughable range for what you're describing; aren't some places below $700 psf now? I'd suggest you take your time & keep looking.

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Response by RE2009
almost 17 years ago
Posts: 474
Member since: Apr 2009

i can't even believe this is a real question....

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Response by UWSer
almost 17 years ago
Posts: 158
Member since: Feb 2009

Is it a river or park view? If not, might be a tad high. I believe this is river or park view though.

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Response by drdrd
almost 17 years ago
Posts: 1905
Member since: Apr 2007

Okay, great view, but is it protected? A view is terrific, of course, but the apartment itself sounds like an overpriced yawn.

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Response by 026451
almost 17 years ago
Posts: 31
Member since: Dec 2008

Great river view. At 35 stories, yes, protected. Apartment layout is good, but not very large and galley kitchen (though a pass through but not an island) is a bit cramped.

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Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007

regardless it sounds overpriced, but two questions. condo or coop? how long has it been on the market?

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