Upper East Side New Developments - Price Cuts?

its because they still think the wall street money is coming to the rescue..not happening. i have some yahoo that id love to sell at 400 a share also.

just wait until the summer. they'll realize that the bonuses did absolutely nothing for their sales and will start lowering their prices or get foreclosed.

But back to your question, no. You are not going to get a new development 3 bdr for 1.1. Stop being frustrated that they won't agree with you and sell you what you want at the price you want to pay and either wait to see if the mkt comes to you, pick a differant neighborhood or, more realistically, buy a fixer upper in your price range.

get real, 1.1mln for lucida for a 3bdr will never happen.

I say the lucida goes belly up by year end . Anyone on the street who got better than a fifty k bonus got restricted stock and clawbacks. Very few apartments in the high end will be purchased

Mealie, you bring up a very interesting question: will the fundamentals eventually catch up with the sheisters? The answer is INVARIABLY yes; and we see this in EVERY market cycle and in EVERY market. The longer it takes, the harder it hits. We saw the brokers in Miami try to play this game down there, but it got too desperate too quickly. The banks with exposure down there have been playing the same game and are now reaching the end of their rope. They actually took on the same psychology as the individual spec players, and continue to sit with empty buildings, just like the devs and banks are doing up here. But they are getting to the end of their rope. When that happens (which is beginning as we speak) you will see a new bottom in the market. But not until that happens will you see a bottom, and nothing can stop it. New York City, is behind these other markets but HAS to cycle through the same gyrations. NOTHING can stop it.

Marcs, 1.1 million for a 3 bedroom seems cheap to you because you are used to seeing higher prices, but once you see lower prices you will think to yourself how much of a ripoff it is, unless there is gold and diamonds in the floor. It is a waiting room you spend your time in until you go to work the next day.

Thank you everyone for your advice. Marcs... I think the Lucida will have to drop prices. From what I heard the developers have eaten through their interest reserves.... So what's next? Does anyone know of a project in the UES where the prices will come down? I am trying desperately to move.

Aboutready found an interesting $900/ft sale in a new dev on 83rd and York.

A decent 3 bedroom for $1.1 million on the UES???? Good luck! Not trying to be mean or sarcastic, but just seems very unrealistic, bad economy or not. I know people who are having trouble trying to find a decent 2 bedroom in that range.

There are decent 3 beds in the $1.4mm range. To deny $1.1mm is possible looking forward a little given the current set of circumstances is moronic.

Try the Isis on E77 and Second. One major price cut before sales even opened. The "skin" is going on the exterior now and it's a bummer. Second Avenue subway reared its ugly head into the area, unexpectedly soon.

marco - that is just an ignorant comment. i am one of many people in this city who fall outside your grand, erroneous generalization.

plenty of hi end homes will be purchased in 2010, just like in every year before (and after it), even though in your great wisdom, u will not be one of the buyers.

There are certain pockets of the UES where you can get a 3 bedroom coop for maybe $1.1M, but not for most of the UES (but I'm hoping that prices drop soon). I would look in the low 90's near Second Avenue for that price range. I tend to divide up the UES into sections- maybe no one else does but it works for my search. The Carnegie Hill area tends to be expensive because of PS6 (excluding 5th Avenue where the kids likely attend private school). Also the low East 60's tends to be pricy and small sized apartments because there are many condos there and it's close to midtown. If you look along 1st, 2nd and York and all the side streets, there are many buildings to consider. I also like that area because it's a good mix of people of all ages and family situations. But it's alot of work to find a reasonably priced, decent sized apartment in the UES to buy as opposed to rent.

Actually most of Carnegie Hill is zoned for 198 which isn't good. I think most kids go private from that area and it's proximity to the park that keep prices high. I think Yorkville is your best bet in your price range.

I have noticed is that you strangely dont do that much better in a rental or purchase in PS 290 than PS 6.

Here's one 3 bedroom coop which fits within your price range. Don't know anything about the building.

http://streeteasy.com/nyc/sale/467520-coop-519-east-86th-street-yorkville-new-york

And one more

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

And also

http://streeteasy.com/nyc/sale/490890-coop-305-east-88th-street-yorkville-new-york

Rhino I was just looking up there and it was much cheaper to go to york. I saw some real crap in ps 6 zone. It seems that there are some deals but they are much harder to find. 6 is a great school but it's no longer the only school like it was in the old days. Lots of good schools in district 2 but for 198 and 59

Mealie, if you want to stay UES, why are you looking at the most expensive new construction? There are a LOT of significantly cheaper options (pretty much ALL of them except for a couple).

Everyone thanks so much for your comments. I do appareciate them even the ones that laugh at my price range for a 3 bedroom. The deal is this... I am trying to sell my 2 bedroom, 2 bath apartment in a high end luxury building in Carneige Hill and then I want to get a three bedroom in the same area. Ideally i would love to not have to give up my amenities and move into another high end building but I am slowly realizing this may not happen. I know this seems unrealistic but I seriouosly think there are deals out there. Let me clarify, I know there are deals out there and I know a bit about the real estate market. With my background I know that there are a lot of new development projects in trouble...I just keep hoping they will drop prices or auction some off. Please note that I have seen almost every inexpensive 3 bed apt in the UES and for some reason or another we had to say no to them (plus I need to sell mine first). What do you guys think.. will the prices come down? Is there a broker out there that is willing to get a credible buyer that is willing to put down half (cash) on a purchase of $1.1 million?

Ummmm..yeah prices will come down. Sell and sign a two year lease. And no ones cares about your putting 50% down.

Rhino86 please tell me why they don't care about how much I put down? Isn't that important? How long before prices come down? You think I should rent huh?

Financing shouldnt matter. Why not give it three full yrs from when it started rolling over. It went up for 15.

Mealie, I thought the same way as you- that it would help if you could put down at least 1/2 the purchase price in cash. However, it seems as though the only time that it makes a difference is if you can purchase the entire apartment for cash. Then you have an advantage over the majority of buyers who are financing. It would be great if you could find a nice 3 bedroom in the UES for your price point, but often I've found it tough to find a nice 2 bedroom for $1.1M.

Right it helps to say 'I dont need a bank'. The higher DP does however suggest that you will not have as much a chance of being rejected for financing as someone putting down 25%.

Does anyone have any thoughts on moving to Bronxville? Not happy about it but its an option. Want to stay in the city!!

Not cheap, but great schooling. Also high taxes. Plus the 28 min train to the city. I've obviously thought a lot about this. To me, the question is commuting time vs. private school cost. Would you (and/or your spouse) work X extra hours a day to save 2 kids x $30k in tuitions / (1 - tax rate). Bronxville = 1 hour a day round trip. If you make $1mm+ an hour a day may not be worth $85k to you. If you make less than $500k, I'd argue it could be.

Not cheap but definitely cheaper than Manhattan. Found a townhouse in perfect condition for $895,000. Yes the taxes are high but it all equals out. High taxes + low mortgage (Bronxville) = high mortgage + lower taxes (NYC). I agree with you that the commute is something that I have thought seriously about. What r your thoughts on private school? I'm assuming that you have thought about this as well.

I think its a function of income and income security. If one makes $400k and nets $240k in Manhattan, I personally would not want to commit to $60k in tuitions. If I could be confident in $800k and $450k net, that might be different....right 12% of net is one thing, 25% in another. Also further, two earners making $200k in base each is one kind of $400k. One finance industry earner with $150k base and a $250k average bonus in another thing.