50 Park 15H

5H went for $615 in january 2005. this place was originally listed at $709 and got progressively decreased to $599 and is finally in contract. assuming a modest 6K per floor difference, that means if it went at asking, thats 13% below 2005. that certainly seems in line with most of the discussions here.

it actually sold during summer...than board turn down and came back on market a few weeks ago...sold pretty quickly at 599k.......whereas it sat on the market for awhile at 599k earlier in the year....just saying that it kind of sold(or went into contract) within 2 weeks...thats pretty fast....

no one is suggesting that nothing is selling. the point is that reasonably priced apartments are selling, often quickly. but as i said, a full price sale here is roughly 13% below 2005.

over the summer people were saying these types of apts could go to 400k in 1 yr.....and that even 500k on these apts were too expensive.......but i think that advice was wrong..

well, first of all it hasn't been a year yet. and second of all, many many strings have been written here talking about the deflation of value in the late 80's and how it took almost five years to reach the bottom. no doubt this will be a long drawn out affair from the point of view of all of us living through it. i think that when people look back at this period of time there will be general bewilderment at the purchasers and purchases of 2009-2011. people will wonder how they couldn't see the obvious inevitable decline.

mhillqt, i wrote that prices were not tenable given incomes and rent trends. they still aren't. just go buy something already. you don't need to have your decisions validated here. it's your money and your choice.

aboutready....im looking....havent found anything comparable in price/location/building since the summer.......

keep looking. and the next time you find something you like in your price range do buy it. you'll drive yourself crazy otherwise.

but for your reading pleasure, and just to drive you insane, here:

http://www.nakedcapitalism.com/2009/11/ivy-zelman-%e2%80%9chome-prices-are-going-back-down%e2%80%9d.html

trust me...when i find that same price again...i will POUNCE on it!

What is your list of buildings in Murray Hill? I'm sure SE-ers would be happy to keep tabs on falling prices for you.

Mhillqt, maybe it sold so quickly because some former looker when it was listed before realized that they liked it enough to bid the ask this time?