407 PAS 5B sold for 370,000$ in November 09

link to apt?

http://streeteasy.com/nyc/building/the-ascot

thats the building page because it shows the actual sales price (ask was 449)...

something about this building....rings...a...bell...

He's given up, I guess. 5B, though, doesn't have 20-something-B's views and refrigerator.

What was our friend's unit number exactly?

like high teens....

so whats the floor differential...

looks like this seller owns several units and is selling them...but i just glanced

I'm thinking 18B or 24B. Funny how soon we forget.

def not in the 20s, it was high teens

bansalpr?....which was it?

I remember it had a great refrigerator and a rare side window in the living room, but I can't remember the floor. In the 20's?

It was 18B. http://web.me.com/mac.hive/407PAS/18B.html is shut down. I'd post the thread if not for embarassment at telling him he had it priced correctly.

18

lol....Well, we finally got a real data point ...so you see the floor differential as worth a 100k or so?

Oh you guys are forgetting the old rule of NYC re. If you stick ur head up your azz or anyone's for that matter for years at a clip the higher the prob of your unit going up in price.

Now whether this keeps up with just cc/re tax inflation, replacement build cost and or risk adjusted return - well thatz a whole lotta stick ur head up in somewhere else discussion.

FWIW:
5B $370,000 Nov '09
14B 475,000 July '08
22B 539,000 Dec '08
16B 525,000 Feb '08

Why no 18B listed as sold in ACRIS? He never sold his place? After all this time? Weird.

Do you guys see now why I HATE the generalizations about using "averages" like $PSF, etc? If you use the often quoted "$10,000 per floor", it would put 18B at $490,000... do you think that's the right number today?

____________________

David Goldsmith
DG Neary Realty

30, I certainly understand that the per floor generalization is too glib for various reasons (is there really a difference in 21 and 22, for example).

However, the first thing I look at for any apartment is ppsf, just to get some ballpark rough idea of what we're talking about. I don't see how you can not do that. Of course, I know there are inaccuracies, etc. and lots of reasons that buildings and units sell at different prices,,,but you have to have some idea. I mean, isn't "one bedroom for 489k" just rough in a way since there are one bedrooms..and there are one bedrooms. For example, isn't it roughly valid and kind of useful to orient someone to the market to say, "you will have a hard time finding a condo in chelsea below 1000psf" (i dont know the market so well, so maybe that's not the right number, but you get the idea. ....Or do you have another way of "thumbnailing" price in various hoods.

110k less than 4B in 2005...

407 Park Ave South
4B sold on Jul 15, 2005 for $480,000
Manhattan, NY 10016
Single Residential Coop Unit

Year Built: 1984
Building Stories: 27
Zoning: Elevator Cooperative
Boro-block-lot: 1-884-1

interesting, ouch...maybe someone can work out the floor difference from that era....

CAVEAT COMPARABLE: we haven't seen the refrigerators in these units

jim,

there are 900sf 1 brs for $419,000 and 900sf 1 brs for over $1 million. So if someone asks "can you find a 900 sf 1 br in Chelsea for under $450,000, the answer is "yes". But I'm not sure that's really helpful, because I don't think many want that apartment. My point is that people overly depend on "averages" to try to make judgments about specific apartments, and almost no apartment is "average" in every aspect. generally there are about 5 or 6 major factors which go into the price of an apartment, so overly focusing on ANY ONE of them leaves way too much wiggle. It's just that square footage is the one people are most often wont to overly focus on.

Anecdote from my first 2 months as a RE salesperson: I had been working with a buyer for a few weeks and figured out pretty much what she wanted. I found a unit in 111 Fourth Ave which I thought was exactly right for her. When I told her about it, I quoted her the 650 square feet it actually was and she said 'no, that's too small". A week later when i called her, she had an accepted offer. On THAT apartment. I was incredulous: I told her about that apartment and she refused tyo see it because it was "too small". WTF? "The broker told me it was 800 square feet so I went to see it. You were right. It is exactly what I was looking for".

Okay, so a higher floor makes for better light and view, probably quieter - let's throw in the benefit of "high-end finishes" that condolingo bandies about - how much more can a unit in the exact same line command in any market? I seem to recall a few numbers being thrown out to the holdout on that higher floor that ran something like this "Take $380,000 and run!" Sounds like somewhere between those numbers and what the guy was holding out for is about right, so no one ever won this argument, for all the vitriol exchanged.

I would guess 50k minimum for 13 floors higher..max say 70...but that is just a "feeling" of what I would pay if I liked the building to be so much higher

Lowery. It ain't sold yet? I say let the vitriol stand. Let's see pas putz in 2 yrs. Oh he better keep shining that refridge.

okay, so I am late to this conversation.....but WTH, almost $1500 maintenance???? so you get the "cheap" apartment, and then you get a gift that keeps on giving!!! /does not compute

I can't remember the numbers tossed around in the marathon "don't let this thread die" thread. Wasn't the higher floor guy looking for low $500s?

67, sure, if he wants to sell, he just got a very big clue as to how, and it isn't by holding out on his price, and it is not a bargain at $370K either, with that maintenance.

does anyone still read this thread? if 5b sold for $370... how come 5c, which is a studio, listed for $345 less than 6 months later? (streeteasy database doesn't show sold price unless i'm an insider.) does that make any sense?

So out of sheer curiosity I just went looking for the thread that was on fire when MCR was looking for data in 2009. It appears that thread has since been deleted, but it produced some good offspring.

This one? http://streeteasy.com/talk/discussion/9261-open-house-today-130-400pm-high-floor-corner-1-bedroom-407-park-avenue-south-18b?page=1&site=nyc