Manhattan 2bdrms going for asking?

Tell them to try Yorkville. Glut of 2BRs is evident there. If they are flexible and patient, your friends should do fine - not necessarily a steal, but certainly 2004-ish pricing and maybe better.

"I thought 2/3 bedrooms are very discounted because of all the Wall St-ish families who have to move out because of the economy?"

Think again.

Wall Street-ish families account for 30% of of high-end sales.

That means that 70% have nothing to do with Wall Street.

West - they had to sign the contract because #2 is coming very soon :)

Yorkville is a crazy little area...I lived on 89th & york for years...tight knit community over there, you got carl schurz park and dog runs, but you are far from subways and central park and the distance between East End - York - 1st Ave - 2nd Ave are pretty big! I would argue the distance between East End and 1st Ave is prob the same from 3rd Ave to 5th...such long avenues that far east. Park and Madison, Madison and 5th are fairly short. So it is a trek from East End or York over to central park. So I find as you go east, buyers tend to get a littl dis interested, unless you are fine with this and want the discount/value

But what you are saying is true and I have written about it and got a ton of fire for reporting on this. I have 8 2BR buyers looking across the city right now, not easy to find good product that is priced right..even stale ones from many months ago have went to contract. Expect it to last a few months more, not much after that though. lets see

I went to this OH in Chelsea over the weekend: http://streeteasy.com/nyc/sale/493035-coop-210-west-21st-street-chelsea-new-york

It's advertised as a 2 bed, though the two bedrooms were listed as 9' x 11' (I think that included closet space, and it was really 7' x 11' based on how a queen bed barely fit with no headboard) and 6' x 10' with no closet.

The OH was absolutely mobbed, even toward the end of the two-hour window. There were so many people, we literally could not get in the door. Parties were huddled outside the apartment, outside the elevator, outside the front door, etc. When we finally got inside, every room of the apartment was packed with end-to-end people (some, predictably, with strollers), and the doorbell never stopped ringing. Based on traffic and perceived interest, I wouldn't be surprised if this sold at or over ask.

Not only did we have zero interest in this place, but I think it finally also pushed us over the edge to rule out two bedrooms and focus on a big one bedroom with some kind of office nook (which is all we'd need the second bedroom for). Any two bedroom we can comfortably afford tends to have extremely small rooms and much higher price per square foot compared to the large one bedrooms. Given the resale advantage to 2BRs, I could live with one or the other, but both is too much. To us, this place is a small one bedroom with a windowed closet that's priced $200k over market. But, for a family with or considering an infant, I guess it's a great value.

We then went to see a few one bedrooms, all larger than the above apartment. In most cases we were the only people there, and brokers were talking about price flexibility before we could even sign in. I think we've finally had our moment of clarity, and the sacrifice is one we're willing to make.

I don't think its a great value for a family with an infant. Mainly, because once the child is out of the crib (or toddler bed) that "bedroom" becomes to small, and the family will need to consider moving again. And you could forget about trying to fit two kids into that room. My kid is almost 5 and has a bedroom roughly 12 x 9, and it feels a bit small. Couldn't imagine him in a 10 x 6, especially with a twin bed.

anyone need a 3BR condo? I'll sell you mine -

a_g, 100% agree. the master bedroom is just big enough for a 5 yr old. the other bedroom is just an office with a closet suplement, as there clearly not enough in the apartment.

I understand the desire to nest when you have children - but large 2 bedrooms are available all over Manhattan for cheaper than the cost to buy. Why would your friends lock themselves into a 2-bedroom when it may not be sufficient as time goes on?

Since we don't know anything about the apartment Technologic's friends finally bid on, how high the accepted offer was, or how much the same apartment might have fetched two years ago, this discussion isn't likely to shed much might on the state of the 2BR market.

As for Iad's experience, a packed open house is often evidence of a deceptive listing rather than a hot property. If one potential buyer felt duped, there's a good chance most others did too.

Typo - "much might" should be "much light".

I lived in Yorkville in a 1BR and moved to UWS in a 2BR. I'm not looking back. I urge you to try the walk right now from York to the subway, because you'll be doing that every day and cursing yourself.
There is an York express bus downtown, but it costs twice as much.

Gcondo. The key is to sell it as a 2bdrm. Based on this thread it's the season of the 2 bdrm lemmmings. Maybe they r trying to get it bf snowstorm. You know how those lemmings r, always stocking up on NYC re bf a big storm.

No great news here...same apt. 3 floors higher sold for 760k in 2008

210 West 21st St,
7RW sold on Jan 16, 2008 for $760,000
Manhattan, NY 10011
Single Residential Coop Unit

Year Built: 1902
Building Stories: 7
Zoning: Elevator Cooperative
Boro-block-lot: 1-770-48

lad. the 5rw apt went for 540,000 in mid 2004 so that would essentially be the support level for that apt. another rw apt went for 800,000 plus at the height of the market so if you discount the 25% down the market has supposedly gone down, then 600,000 would be the support level. That is potentially, quite a drop is you pay ask.

i have been looking for 2br in the 2 mill price range and was deeply disappointed even though i extended my search to many neighborhoods -- but not ues. I have found that rents are very, very pliable and are significantly below costs of owning the same apt. Though I would like to find a permanent abode, there is a great advantage to renting right now and i would recommend everyone take a look at the rental market before buying. If nothing else, it is an indication of where purchase prices might go.

west -- i think 'much might' says it all

I dont know anything about the apartment specifically - Im really not on the level with them that I could ask how much they actually paid for it. I am not sure why they wanted to buy vs. rent, I just know that they were set on buying but I think its because they are planning on staying in the city very long term.

The key to this entire discussion is 'pregnant' wife. What man after having knocked up his girl, having seen her gestate his seed for nine months is ever ever ever gonna bring up rent/buy ratio as her hormone rages, nesting instinct kicks in and looks upon her man to 'provide'! The fact he held out buying past the first one gives him props.

Oh shoot, I'm gonna get it from the ladies. ;). Would it be better if I accept even in a gay marriage I have often found the 'nesting' partner?

w67th - good point. anyone want to buy my large 2BR condo?

have been looking at 2br's in 1 - 1.2m range and, like this thread has discussed, we haven't seen a lot that we've liked and the 1 or 2 units that we did like were bid out from under us. They seem to be moving. now, haven't had as much luck selling my 1 BR condo and my broker's theory is that the larger units have stabilized first and then it will gradually trickle down to 1br's. we'll see.

to yorkville - i lived on 83rd and EEA - it's far but if you work in midtown you can take the m31 bus down york and across 57th.

yourz welcome g-unit.

i mentioned this awhile back... but here is how nyc re musical chair is played. If you got your mind set to buy, a 1bdrm/2bdrm/3bdrm buyer is fungible to a degree esp. w/ regards to true 2 bdrm buyer.... the greatest price compression is happening in the 3bdrm units.... not long until they start to bump into nice 2bdrm prices.. likewise 1bdrm units got a bit of bounce w/ credit last year and the "young" lemmings trying to beat the feared "banker" bonus.... SO WHAT HAPPENED?

Looked like 1 bdrms got a floor set (note "looked"), now 2bdrm lemmings are basing their bidding on a "perceived" floor for 1bdrm..... this will flow up to 3bdrm in the next 3 months.... HOWEVER you must note what is happening in the 1bdrm and RENTAL mkts.... 1bdrm w/o gov't support post 4/10 is gonna take another dive.... proving once again.. therez plenty of lemmings in nyc....

You are welcome.

That's weird, I don't agree with your assessment that 2/2 are going for asking, at all. I have been looking for a while now, been going to open house every Sunday for almost a year for 2/2 apartments. I have saved 100+ places in my search and looking at the recent ones that went into contract, I can see that the actual price sold are waaay UNDER the final asking -mostly ranging from 100K+ to 30K UNDER asking. And there is definitely no bidding war in any of the ones I've looked at. There are certainly more foot traffic during openhouses now, but I haven't seen a single "bidding war". Serously, what are you talking about? Are we not in the same city? Even the ones where the brokers confidently bragged that there is alot of interest now.. are still sitting in the market. I'm not talking about 1/1, 2/1, junior 4, I'm taling about true 2/2. Now there are couple of places, I saved, that i really liked, priced reasonably, and while I comtemplated to bid, some went into contract, but even these, I was pleasantly surprised at the discount these places went for.

But the reason I haven't bought a place yet, still comes down to price for alot of them. Lot of the sellers don't want to go down to 2004 levels, or 25% below peak level. And we are not even talking about how much we perceive it to further go down. Seriously, there are alot of delusional sellers out there, who are still thinking, if we sold at 2008, we could have gotten this much and can't bring themself to go down 25-30%. Don't they know those 2006-2008 days are LONG gone? We are not in a rush to buy, and know as a fact that Manhanttan real estate is not going anywhere for a while so we are not going to settle and pay high price for something that is clearly not worth the money.

Anyhow, I have noticed the brokers are coming up with new tactics. My (buyer's) broker we hired few month ago was telling me that 2/2 inventory is going to disappear soon, because all condos have stopped contruction and there is no supply in the market. so I should be bidding now and be agressive with it. ARE YOU KIDDING ME? I fired him right away after that stupid comment. How stupid can you get? there will ALWAYS be people who need to move (divorce, death new job, retirement, bigger/smaller family) even for 2/2!. With Unemployment at 10% and rents where it is now, it's going to be a while before prices go up again and bidding wars come back. We have been doing all the searching (not the broker) and yet this broker just wants to collect his 3% commission asap and are coming up with all these reasons why we should buy now around asking price, as there is not going to be any inventory in the future. DO YOU THINK I"M A 5 YEAR OLD?? Buyers, beware of these brokers new tactic: BUY NOW BEFORE ALL THE INVENTORY IS GONE! As they just want their commission at your expense. They are probably desperate trying to earn money to keep their own apartments from going into foreclosure.

Anybody want a 2 bedroom 2 bath in a high end luxury building with all amemities. Great PRICE!!! Great for someone starting a family. Fabulous building. Need to sell b/c have two kids now instead of one.

"So I met with friends over the weekend who are expecting #2"

I just had a big meal, and am also expecting #2...any minute now.

Like jjun, I don't think that sellers are getting prices at which they originally listed their 2/2 apartments. Usually there have been several price reductions before the apartments do sell but I do think they are selling better now than 6 months ago even for "stale" listings as urbandigs says. I've been amazed at the volume of traffic recently at open houses, but I suspect that everyone is just looking to see what's new on the market after the Christmas break. As someone who has only been following the RE market for less than a year, I find the pricing very difficult to comprehend in many cases. If I see an apartment which seems to be priced right from the start, I start looking around to try to figure out what's wrong with the apartment or the building because I've seen over the past months so many apartments which were listed at high prices and then dropped sometimes several hundred thousand dollars in several price reductions.

I was in the market for a downtown 2 bedroom. I found the 2 bedrooms in my price point ($950K-$1.5M) were extremly dissapointing looking apartments in worn out coops, had ridiculous maintence fees, were located in overly congested and noisy locations, or all of the above and needed substantial work. Afte making a number of what I considered to be reasonable offers and being outbid on a number of occasions or refusing to meet the minimum that the sellers were asking, I decided to refocus my search. I am closing now on a very large one bedroom (convertible to a two if I really wanted to) in Tribeca very close to whole foods in a luxury doorman building that has been fully renovated. I am quite happy with my decision and I like the apartment. Prices may come down, may go up, but I am in it for the long term and recommend if you find an apartment that you like and meets your medium-lomg term objectives, then buy it.

Lincolnramses, that's so interesting that both you and lad decided to focus your searches from two bedrooms to very large one bedrooms. Having seen many two bedrooms and being disappointed in many instances at how little you can get for the money, it seems like a wise decision. Some one bedrooms that I've seen feel more spacious than two bedrooms and paying a lower maintenance is a definite consideration.