Three Bedrooms: Yours for Under $1 Million

"112 West 72nd Street, Apartment 7BC, a three-bedroom, was originally priced at $1.1 million, which would have required the buyer to pay a mansion tax of about $11,000. But after six weeks, the sellers dropped the price to $995,000.

“People get really caught up psychologically over this 1 percent tax,” said Jessica Cohen, an executive vice president of Prudential Douglas Elliman, and the lead broker on the apartment. “We wanted to open up the buyer pool to get a qualified buyer more quickly.”

Yeah, $11k is just psychological. Everybody in the pool now or desiccate

Well, let's not get silly.

Under a million, by and large you're stretching the definition of "three bedrooms". Most often it's a choppy layout with one of the "bedrooms" converted from the dining room, a chunk of living room taken over as a "bedroom", or one bedroom divided into two.

For a proper three bedroom in Manhattan, you're still considerably over a million dollars.

NYCMatt: True, but eighteen months ago, the mansion-tax/conforming-mortgage battleground was a proper TWO bedroom. The front line in a lot of neighborhoods has shifted to convertible threes and even smallish classic sixes, depending on condition. Will it hold there? I might - at least for a while -because a convertible three meets the needs of a lot of $1MM buyers.

"And that's just the beginning."

? - why not the end?

Cause the $1mm 1bdrm gal/guy (04-07) is kicking themselves in the nuts.
1) we have yet to see rents stabilize;
2) no mkt to mkt for failed dev and hence thousands of foreclosures that should didn't;
3) no nys budget, hence no worst case re taxes;
4) rent/buy still f'n suckz;
5) credit still shrinkage;
6) re as a no loss guarantee is up in crack smoke;
7) savings rate up, meaning spending Down;
8) and I say so.

aren't most apartments/houses priced around this mansion tax? In the end, what's the difference? It's part of the price. If an extra $10K bothers you so much, then negotiate the price down.

well, that's kinda the point steve.

Goddammmmmmit. You fools. Under $1mm two players in the room, above $1mm three players in the room, it just so happens the third player wants 1%. Not 1% above $1mm, 1% on entire transaction. Just run the f'n scenario at $999k and $1.001mm, itz a huge delta for both buyer and seller.

w67, the mortgage tax is just as bad (or worse).

Yes. The other one is the $500k cap gain exemption. Could it be that the tax break is priced into your unit?!?!!!????? Hmmmmmm. I'll let some Econ phd figure that one out.

"Right Juicy? Here's your UWS 3-bedroom for under $1 mill. Should we go back to that ancient thread?"

Congratulations, you found a 3 bed that is under 900 sqft. Hardly a reason to celebrate

900 sq. feet? I think the apt. is 1400. Where did you get 900 from?

And I would have to question whether this is a true 3 bedroom. If you look at the floorplan, it is obvivous that they converted the dining alcove into a 3rd bedroom.

Which one is under 900 square feet, Juicy?

After all these years, you should really learn how to graciously accept defeat.

112 West 72nd Street #7BC

112 West 72nd Street, Apartment 7BC

http://img.streeteasy.com/nyc/image/83/8834783.gif

We know the studio on the left is 300 sqft (past sale of that line) and if you do the math (not steve math) you are somewhere between 500-600 sqft for the box on the right. Just in case stevejhx or alpine forgot, 300 + 500-600 sqft is 900 sqft or under.

"After all these years, you should really learn how to graciously accept defeat."

I will graciously accept that you have the most absurd view of the world and you have yet to say anything factual on this board "After all these years"

"I will graciously accept that you have the most absurd view of the world and you have yet to say anything factual on this board "After all these years""

You mean like the decline in real estate that is and has occurred, that you denied?

Tee-hee-hee.

Still waiting on your comment on the broker spin, now that you have some time.

In fairness, these are shitty three beds. The only factual things out there are prices have fallen 25% and rents have fallen almost as much. The stock market, low rates and 'discounts' bought buyers back in to stabilize the market...and the jury is still out.

I'm not sure what is so absurd about Steve's point of view...he said prices were too high and they fell. He lives in a pretty nice rental for much less than what it would cost to own, even if you use awful math. Meanwhile Juicy, you bought in an up-and-coming nabe thats got its work cut out for it...and a lot of empty units.

There's an entire thread on that apartment:

http://streeteasy.com/nyc/talk/discussion/17576-112-west-72nd-street

I don't care how many brs it has - I would never buy it.

Rhine - I always back up what I say with empirical evidence and/or accepted economic theory. JuiceMan is still in the, "Real estate never goes down in Manhattan" frame of mind.

So steve, you agree that you are celebrating a 900 sqft 3 bed apartment and that doing so makes your point worthless?

"Meanwhile Juicy, you bought in an up-and-coming nabe thats got its work cut out for it...and a lot of empty units."

Rhino, since when has the UWS been "an up-and-coming nabe"? Where do you live, Jersey?

"Rhine - I always back up what I say with empirical evidence and/or accepted economic theory."

hahahahhahahaahhahaahahahhahhahahahhhahahahhahahahahahah!

"JuiceMan is still in the, "Real estate never goes down in Manhattan" frame of mind."

Have never said it, nor can steve ever back this up when I ask him to find where I did. More stretching the truth from stevejhx.

"Right Juicy? Here's your UWS 3-bedroom for under $1 mill. Should we go back to that ancient thread?"

http://streeteasy.com/nyc/talk/discussion/17576-112-west-72nd-street

LMAO! steve, keep em coming. Every day you make yourself look more and more foolish!

JuiceMan today: "LMAO! steve, keep em coming. Every day you make yourself look more and more foolish!"

JuiceMan TWENTY MONTHS AGO: "JuiceMan: The Housing Crisis is Over -- Wall Street Journal"

http://streeteasy.com/nyc/talk/discussion/3637-housing-crisis-is-over

Seconded by:

spunky: "Great article Juice. You had to know that article was going to piss off losers likes stevjhx, MMAfia and the most recent board idiot dco. Well Done Bravo"

Thirded by:

LICComment: "It is amazing how many people are wishing housing prices crash because they were too scared to buy in the recent past. Prices aren't going to crash in NYC my friends, and in a year you will be kicking yourselves for not getting in during the narrow window of the soft market we just went through."

Owned again, JuiceMan. Owned again.

"Owned again, JuiceMan. Owned again."

steve, read the article in the post you fool, it is not bullish. How does this translate to "Real estate never goes down in Manhattan" anyway? It doesn't. Missed again

Does this allow you to celebrate 900 sqft apartments filled with cat poo that are under a $1M? HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHA

JuiceMan, you really do crack me up. Remember this thread?

where is my 3br/2ba for $1 to 1.249 million on the UWS

JuiceMan about 20 months ago: "You may be just joking around joedavis but if not, I think your expectations are completely unrealistic. Decent UWS 3/2's are in the $2.5 - $3M range right now, and prices are going up, not down. Over the next year, you will be have to get eally lucky to get a decent 2/2 in that price range. I looked at a 3/2 yesterday that hasn't hit the market yet and it already has an offer above asking."

http://streeteasy.com/nyc/talk/discussion/3732-where-is-my-3br2ba-for-1-to-1249-million-on-the-uws

Oh you were so sanguine those 20 months ago!

Still sticking to it, too?

JuiceMan about 20 months ago: "steve, when I see it happening I will gladly report on it. It's not happening in that segment of the market."

Are you "gladly reporting it" now?

good catch steve
I was almost going to post the same thing for Juiceman

My quest led to a conclusion, and indeed I purchased something below 1.249 million that is larger than the dimensions indicated but further up than the usual UWS benchmarks.
Just for fun I re-ran the search now
http://streeteasy.com/nyc/sales/uws-manhattan/price:-1250000%7Cbeds:3%7Cbaths%3E=2

interesting -- 16 properties show up - not exactly a bonanza, but most are in contract, and went quickly
Some were acceptable for my original criteria and went quickly. Others are still around. A couple of them may actually be quite good!
However, there is still not much selection in this category -- something that may change soon

JD, only JuiceMan and LICC can, when confronted with the reality of their own words, attempt to redefine the obvious meaning of them:

JuiceMan: The Housing Crisis is Over -- Wall Street Journal

JuiceMan: read the article in the post you fool, it is not bullish.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHA

"Are you "gladly reporting it" now?"

I don't need to report it steve, you have told the whole world about a magnificent 900 sqft 3 bed in the UWS. You started an entire thread on the subject and forgot to actually read the article.

"interesting -- 16 properties show up - not exactly a bonanza"

dig in here joedavis, there are obvious issues with each one of these. No offense, but I find it pretty hard to listen to your claims that there are many properties available at this price range when we watched you search for two years without success. Buying something in Harlem is fine and we are all happy for you, but you more than anyone should know that this price range for true family apartments in this neighborhood are a very difficult find.

Poor, poor JuiceMan, still can't face reality.

Reality = Prices down 25% in the last year.

JuiceMan reality: "Decent UWS 3/2's are in the $2.5 - $3M range right now, and prices are going up, not down. Over the next year, you will be have to get eally lucky to get a decent 2/2 in that price range."

LICC's reality: "Prices aren't going to crash in NYC my friends, and in a year you will be kicking yourselves for not getting in during the narrow window of the soft market we just went through."

Who's kicking who, LICC?

Isn't this the illegally converted studio and Junior 2? Also can't get a mortgage on it because it violates Fannie Mae / Freddie Mac rules regarding condo owner-occupancy ratios. These 2 issues and the fact that it is about 1000 sq feet are probably why it is under 1M.

Wow Steve, quite the crusade you keep maintaining. You seem to spend an unholy amount of time on it, yet the legs it stands on are flimsy at best:

"I always back up what I say with empirical evidence and/or accepted economic theory."

No. Just, no. There's way too much distortion and noise for one to take what you post at face value anymore.

"JuiceMan is still in the, "Real estate never goes down in Manhattan" frame of mind."

See above. Just not true.

"JuiceMan TWENTY MONTHS AGO: "JuiceMan: The Housing Crisis is Over -- Wall Street Journal""

Yes, he posted a WSJ article with that headline. What's your point? Does that mean we should equate every single word of every article you post to your own words? Poor. You used to provide decent info/perspective, Steve. Then you went on this never-ending vendetta against two other posters on here, all while broker-babbling about your new rental. Sad.

bjw: "You used to provide decent info/perspective, Steve"

bjw: "There's way too much distortion and noise for one to take what you post at face value anymore"

I haven't changed at all, bjw. Maybe you just don't like that what I said would happen did and continues to. Some people, like JM & LICC - the last of an otherwise dead breed - don't like to have their words played back to them. Much like Bill O'Reilly.

Steve, please, your views on real estate have not changed at all actually, but I think you play much much faster and looser with the facts to corroborate your thoughts. I've never had a problem with predictions of price corrections (I actually welcome them for all the overpriced stuff out there). Add to this that you seem more concerned about "playing words" back to others, and you have yourself a nice combination of fluff and prima donna rants. Here's the thing about Bill O'Reilly and whoever's playing his words back to him: both are a waste of time. The kicker is, JuiceMan's no Bill O'Reilly.

"but I think you play much much faster and looser with the facts to corroborate your thoughts."

Not true.

"The kicker is, JuiceMan's no Bill O'Reilly."

Well....

http://streeteasy.com/nyc/sale/488289-coop-255-west-end-avenue-lincoln-square-new-york?email=true

is this big enough for you? yeah... but $150K is like so close to $1MM mansion tax... me thinks.. they want a deal at $999K but ya like a stripper putting on the pasties, it's gonna come off at the end of the show.

FWIW, i would've taken lvng room and office as larger bedrm and blown out small bdrm for larger dining/lving/eat in ktchn... but that's on frst blush.

Maybe this one?

http://streeteasy.com/nyc/sale/484891-condo-155-lexington-ave-kips-bay-new-york

of course, having a hidden reserve is a waste of time

here's a newly listed large combo real three bedroom with great maintenance. in an area people love to hate, but good for families. under a million and listed for a bit more than what it sold for in 2005. don't know who did the combo and renovation, the 2005 sale is listed as a combo.

http://streeteasy.com/nyc/sale/489060-coop-345-east-93rd-street-yorkville-new-york