Sellers still delusional - 515 East 85th Street #4E

God of Cash Flow will set them straight...Halleujah... halleujah.. sing the praises of her!

Nonsense. High $600ks? It has over 1,000 sq. ft in space. Maintenance is on the high side, but keep dreaming if you think it will drop to that level. $750,000-$800,000 is probably a fair price.

-burp-

950 sq ft... Maintenance reasonable considering everyone saying $2 psf. As to the price.... If it sold for $799K end of 06 start of 07 with no updates.... you have to knock off at least 10% of the purchase price. $720K it is :-)

I wonder how many sf it really is? Nice kitchen...

the tax benefit!

hey, I've been there, it is not one of the pretty streets in Yorkville and this building is not good looking at all. Also it is 15 -20minutes walk to closest subway. (You can also tell the undesirableness by the fact that the 2/2 1000sf+, this all renovated apartment was selling for $799K in 2007! and was selling for 200ks in early 2000)
My point was that this seller is selling it for 10% more than the peak price, without any upgrades. Just don't understand the delusion.

1,100 sq feet is a blatent lie, yes it seems to be a real 2 bedroom, but its also as far as possible from the subway - it gets weird over there Yorkville is not the Upper East side okay? Maint. is on high side for no roof deck and 515 #5F is listed at 650k as we speak which needs some work but no more than $30k. So #5F that goes for 620 and you put some shiny cabinets and stupid moldings like this place has and you get to 650k which is apprx 20% lower than the high print paid on this place.

oh and mortgage rates are going higher, so for everyone 1% higher in mortgages chop another 10% off the prices, we have only felt one year of declines here people...let's be serious.

the 515 #5F needs at least $100k+ renovation. It is a complete shithole. 2 bedroom and kitchen needs full renovation and the windows needs to be replaced. not even talking about floors, doors etc.

meant 2 bathroom - in really bad condition, no one can live there without renovating.

Let's put it this way.

If THIS piece of crap apartment is really worth $928K (http://streeteasy.com/nyc/sale/477718-coop-16-west-16th-street-chelsea-new-york), then 515 East 85th should be priced closer to $1.5 million.

"It seems it is following the other unit in this building. 7E, who bought at $699K at peak of the market and put $100k+ into renovation and selling for $829K. (When you take into account that the market has gone down 25% from it's peak. it should REALLY be selling in the high $600ks)"

If this is how the 4E people are thinking, they are very misguided. First, 7E isn't actually "selling"; it's asking and hasn't sold in over 10 months on the market. Second, they haven't moved the price since a 2% micro-cut in August, so 7E isn't even trying that hard to sell.

The city is still brimming with delusional sellers, those that hope that everything since Sept. 2008 has been a hiccup in the non-stop bubblicious appreciation of NYC real estate. How much longer until they face reality? Who knows. This gov-engineered FHA dead cat bounce will make the whole thing harder, longer, more dragged-out. Unless they are in W'burg or Downtown Brooklyn and really have new developments galore around them that sit for years empty, rusting, with just a few lights on at night, and then start to go back to lenders and go rental or fire-sold, unless they see all that, they may just dug in their heels and keep on dreamin'.

Matt, I've been to both 16th East 16th street #14PNN (A) and 515 East 85th 5F (B)
And believe it or not, while (A) is in bad condition, (B) is in worst! yack! I don't know how the current owner lives there without feeling suicidal - I would have killed myself already if I had to live in that sewer.

Considering crappy location, worst building, worst apartment condition, no light, higher maintanence, no amenities (no gym, no roofdeck..etc), it should be the other way around. If 16th East 16th St 14PNN goes for $928K, 515 East 85th 5E should be listed for $500K.

generally speaking, 16 w 16th isn't a great building for combined units.