I can't sell my co-op

Assuming that it's in a decent condition, has OK views and a reasonable board, I'm not sure why you haven't sold your apartment. The price per square foot, even at 550K, sounds reasonable. What is your broker's feedback about the negative things that turn people off? Sometimes even drastic price cuts won't move an apartment. We chose not to bid on a condo in a nice building (at a low price) because it faced an awful back yard. That apartment is still on Streeteasy four months later. Sometimes, price isn't the factor.

To all those people who say Manhattan is not the same as the rest of the country - can some explain how this person will only end up making 10% (after broker's fee and transaction costs) over the last 4 yrs? Meanwhile the S&P is up nearly 50% in that timeframe.

Remember - Manhattan is not like the rest of the country and is not affected by the housing slump - therefore you should have sold it by now and doubled your money. You must be doing something wrong.

I have seen a lot of apartments on this site that have been listed for over 2 years. I think this guy's problem is pretty common. You have to weigh how much you want to sell it vs. how much money you are willing to accept. I have made lowball offers at some of these apts thinking they would like to get them sold already but many of them are willing to sit on the apartments watching their value tank. The market is going down. I would say, try staging your apt or doing cosmetic things to make it look fancier/more high end and try to sell asap because the market isn't going to go up.

Does your listing appear on this site when you search for 1 bedroom UES? Have you thought of changing brokers?

It may be the apartment not the broker. Is the apt on street level. Does it have no views. Is the maintenance cost high. Does it smelll of cat piss. There be be many unattractive features of this apt that would make it difficult to sell even in the hottest of all markets.

Does the apartment have 4 walls, not 3.5 but 4 walls? Then you should have sold...greedy! By the way make sure that the broker isn't screwing with you so that one of his family members can by it dirt cheap...because a drop of 50% is crazy!

Prices are down and peopple have to be realistic. The condition of the apartment now plays into the price more than before. I'm looking for a one bedroom on the UES and I no longer will pay top dollar if I have to renovate. WHERE IS YOUR APARTMENT??

Does the apartment have 4 walls, not 3.5 but 4 walls? Then you should have sold...greedy! By the way make sure that the broker isn't screwing with you so that one of his family members can by it dirt cheap...because a drop of $50k is crazy!

A drop of 50k isn't crazy. The market is down. You need to decide if you want to sit on the apartment or sell it.

#10 just doesn't get it. apartments aren't selling because people refuse to pay crazy prices anymore. No matter what I can afford I'm not going to "throw" my money away on an apartment.

You say you had a bid of 490 last week. Was that the perspective buyers first bid or the final offer? If you're asking 550 and they bid 490 you should counter and possibly strike a deal in the 520-530 range.
What have other apt. in your building sold for RECENTLY?
Are you getting a lot of lookers? Traffic at open houses?
I too can't find your apartment by searching on StreetEasy. Perhaps the broker isn't marketing it well. Since none of us sknow specifics about your apartment these are general comments that may or may not apply to you.

UES is the least desirable area of the city right now. Harlem is more desirable. had a buddy who turned down inital offer and had to settle for 25K less on the next offer. avoid UES (non-carnegie hill/sutton place UES)

UES is the by far the best place and safest part in NYC to live.

Okay #12 wonder if you said the same thing in 2000, 2001, 2002,2003,2004,2005,and 2006. Contrary to your belief prices in Manhattan are going up and the inventory is at a very low level.

I'd like to know what recent comps (last 180 days) are in this building for this kind of unit. Otherwise, you're all taking out your asses....

I'll give you $250k cold hard cash, take it or leave it.

This sounds strange - there must be info missing.

To give you a sense of comps - I recently bought my place - 1 br UES, near 3rd ave that's smaller than the OP's place and paid in the high $400's, this after I lost out on a comparable place in the same building that went for more $$. And last month another 1 br in my building (of comp size) sold for $600k.

Granted, all were marketed by major RE firms and my building has great features - low monthlies, solid financials, is near the subway, doorman.

So there must be a reason - either the broker's not doing their job, the building has a reputation of having a hard-ass board, bad financials, etc. OP, can you elaborate so we can advise you better?

#14 - "UES is the least desirable area of the city right now. Harlem is more desirable. had a buddy who turned down inital offer and had to settle for 25K less on the next offer."

..huh?

Harlem is probably 'hot' right now because people see it as having a lot of upside. And places are selling pretty well on the UES these days, esp with families because of the good public schools.

#15 your post is dumb - even if you think so - everyone has to think the same as you for that to mean something economically.

I agree I live in the UES and and wouldn't live any where else than the UES. As far a safety have to agree with #15 you are right on the money.

Message to the original poster: Please link to your listing. Assuming this is not a fake.

to the OP- I am in a co op building on the UES east of 3rd avenue. Our activity has been the best I have seen in years. We had 2 1BR's sell in two weeks in the March/May time frame. Not sure if it is slower now, but suspect if you did not sell if your were listed then, there may be a specific apt or board perception issue holding you back. Our board is very easy and transparent. That really matters now. Most younger buyers seem to pay more for a less restrictive building. Also, your price seems low for 800 sq ft. Not sure what gives.

OP needs to post the listing which actually gives free advertising - so is to his/her benefit.

I am wondering if OP has land lease building with crazy maintenance or crazy, restrictive board.

I am so happy I am in a condo.

I think the OP is full of shit and a bitter renter! Nice try - keep payimg me rent buddy.

The UES has never had a great reputation. It does have low crime but not much else.

The Upper East Side -- which means from 5th Ave. to not-quite Lexington has always had a GREAT reputation, but not everyone likes its stuffy/genteel spirit. The area east of that is called Yorkville (despite manipulations by RE brokers), which many people dislike and many others love.

The two are combined for crime statistic purposes. It by no means at all is the safest neighborhood in Manhattan. That's a statistical claim, and you need to back it up with statistics. See Community Data at thrid pulldown in upper-left corner of http://www.nytimes.com/pages/realestate/communities/index.html

8 months is too long -- must be something wrong. is your broker doing enough marketing? how often are you having open houses? trouble is that you are now in the summer when most people are out of the city on weekends.

309 East 87th at $549,000 is the only one that fits the criteria from the perspective of having been on the market some time. (Though I think it only says 20 weeks) It lists the footage at 750, not 850 and other than that I know nothing about the building. Also it lists the last price drop as 36,000 dollar drop, not 50,000. The other generous sized 1 bedroom at 549,000 has ony been on the market 2 days. (205 e 63rd) plus I think it is a land lease, no?
Anyway there is no exact corroboration for OP's story in the brokers system, whatever that means.

That having been said, being unfamiliar with small coops in that area, I was rather impressed with the bang for your buck one can get!

#31, except then you have to live on the upper east side.

#32--agreed, but still...

Just assuming you are for real, OP, and that your story is true, regarding your request for advice on price chop: Don't bother to lower it to 525,000 is my advice. Lower it to 499,000 or stay put. Assuming you are for real you better look at the way in whih this has been marketed as I can find no apts that match your story.

#15 -- UES is not the "best place" in the city in which to live. far from it. Perhaps you like it. But the overwhelming majority of buyers do not. If you'd choose UES over TriBeCa, SoHo, NoLITa, East Village, West Village, Chelsea, Park Slope, Brooklyn Heights, Cobble Hill, DUMBO, UWS, Gramercy (and the list goes on), you are in the minority, bub.

I own an apt in GV, one in Tribeca and one on the UES and I personally like the UES over GV and Tribeca. I feel much safer in the evening and I enjoy the close proximity to Central Park, Museums and the Theater district. Who can ask for more. If I were a teenager or 20 something than probably GV would be a better choice yet I see a lot of 20 year old in the UES that seem to loving it there as well. To each his or in my case her own.

Since when is the upper east side closet to the theater district?

UES is for blue haired bitties. Its the last stop before retirement.

When it comes down to it, I think economics, appreciation and supply/demand speak for themselves and give very direct info on which areas are most desirable.

#38 -- exactly! when i am 95 and can only comsume liquid foods i will move to the suburbs of the ues.

I'm confused. I thought the UES included Yorkville, EAst End Avenue, etc. am I wrong??

yes. it was a joke. they feel like the suburbs.

Go on 2nd ave in the 80's and you see the majority of people walking the streets are below 30

fratboys and blue hairs

#43-- the majority of people on 2nd ave in the 80s are clueless sons/daughters of the blue haired bitties and/or just plain clueless. i haven't gone up there in eons nor would I have reason to, beyond the occasional trip to CP or Museum mile. Its just not a desirable place to be. I don't make this shit up.

I love the UES everywhere else in NYC is for losers

#45 ha ha ha exactly.

#46. and that is where you should stay, forever. please don't come out.

folks, we're getting off the topic here...

kind of tough to stay on topic if OP doesn't share a link to his listing!

you'd think he/she would log on and see what advice people are giving...

#46. I am assuming you are, like, 17 years old at this point. The Upper East was uncool when I was your age and that was like in 1988. Its gotten worse since then my young friend.

The UES has always been very young transients or blue haired ladies. Maybe it's changing.

#46 is 17 years old + baseball cap + fake ID swilling beers at the local college bars whoooo hoooo!!!

i'm sorry that you can't sell your coop. have you tried the chicken dance?

Have you spoken to the Brokers to get feedback from the people who have viewed the apartment?You need to identify what the major flaw is and then attempt to minimize that flaw. I just sold my 700 sf one bedroom in Murray Hill (not a hot neighborhood) for $10,000 above ask and it sold in one week. I priced it slightly above what the same unit on another floor sold for last month, feeling mine was in better condition. BUT, I also spent some time making it look VERY appealing - putting plants around, extra lighting to brighten up a bedroom, new towels in the bathroom and a couple of throw rugs to hide some carpet stains. Also, I bought new throw pillows for a couch that had seen better days and made sure the place was spotless and UNCLUTTERED. These things go a long way and I think were responsible for my quick sale. Speak to your broker and find out what people are saying when they see the apt.

#56 is sooo right. Keep your apartment uncluttered and CLEAN. Make sure there are no pet odors.

nuggit

OP is full of it....why would you not post the address....he also hasnt responded...person is an idiot...locaking total common sense

I ended up buying in the UES because it was cheaper than anything I could find below 59th St., which was my original plan. We closed this week and I have fallen in love with the neighborhood. Hunter College helps a lot with the old-and-stogy stuff, we're not too far from there.

There is something bothersome about your apartment, OP. In addition to what others have said, it could be an unpopular layout. There are a lot of 'em out there with 3 foot by 12 foot hallways, 5 walk in closets, quirky built-ins that would cost a fortune to remove, etc.

You could take it off the mkt. for awhile if you can do that. Then stage it and come back with new pix in the fall, when the buyers are out again. Good luck!

UES rocks best place to live in Manhattan. I love it too and I'm 25. Lived in the G. village before and feel much safer here plus great restaurants, bars and love going to the best Museums in the world and walking in Central Park with my girlfriend.

#61's post made me vomit in my mouth. He's precisely the reason why the UES sucks so much ass.

"The G. village"? Who calls it that?

I also highly doubt that a moron who would fail freshman English (in middle school) would love going to museums (spelling it with a capital M must make it cooler).

Stay up there, 61--along with all your frat brothers from Penn State.

There are many examples of listings which are on the mkt for many months and many price reductions. Is it that hard to believe that this can happen in Manhattan?

I just saw a one bedroom close after one year on the market.Price started at $699k and they sold it for $485k. The apartment was large but needed some work.

Hey 62 61 here. Calm down boy sorry we can't be all as cool as you. Just because you live on the upper west side doesn't make you hip.

The Little Black Arrows claim another, and still - without remorse or regret - they continue to rain down.

Little black arrows point up; little red arrows point down. Get it right.

The UES is the best area in NY. It always was and always will be. To say Harlem is better is ridiculous. The Upper West used to be a hell hole but now it's become trendy and it's value has increased to as much as the East Side. To compare the UES and Harlem is like comparing Beverly Hills to Compton. The UES is not trendy like Soho, but also it is the cleanest area in NYC, the safest to walk around in, has a ton of restaurants that aren't too expensive, and has the best neighbors. I know the West Side has gotten popular in recent years, except when I go out there it seems like a lot more shady people walking around and a lot dirtier than the East Side. If you want grit and hipness, Soho or Brooklyn is cool. But if you just want a nice place, the UES is the best.

to #68. I've lived in Manhattan for 2 years and everytime I go to UWS (70's to 80's, 2 blocks from park) its seems pleasant.. don't really notice anything shady. Could you be more specific (specific areas, times etc), maybe I'm not looking hard enough.

#68 - that's really great that you like the UES.

You love it so stay there. There are very smart people here in Manhattan. Believe me you are not the smartest one around. Everyone else is not simply stupid. Unfortunately, your posts implies you feel that way.

The Mayor lives on the UES and Robert DiNiro just moved to the UES.

#71 - your post is a bit simplistic and out of context. We can name famous and rich people who have moved to many neighborhoods in Manhattan.

why is zip code 10007 the most expensive in the city if the UES is so great?

Everyone living in Tribeca must be delusional . . . oh an Deniro is building his hotel in Tribeca not the UES (the reason he moved there is supposedly to be close to the hospital because it is rumored he has cancer . . .)

Post # 62 is gay and feels the UES is a anti gay area. That's probably why he so hostile.

To my young 25 yr old UES groupie. Bro, when you get a little older and wiser, you'll see how pathetic UES is. Its cheap for a reason. And when we say UES, we are not referring to Carnegie Hill or Sutton Place (which are nice to be sure, but boring as sin). And to the guy who thinks Hunter College brings in youth to the nabe, have you ever taken a good look at the student population of Hunter? Not too pretty.

The fact that in all this time the OP has not responded and not linked his/her property, coupled with my (and others) inability to locat a listing that fits the criteria, brings me to the possible conclusion that this is a fake posting--someone trying to further their agenda while coming up with a story to illustrate their opinion that seems plausible on the face of it.

I just moved from downtown to the UES because I bought my first place and got more space for the $$ than in my old nabe. So far I'm loving it - has a nice neighborhoody feel, good restaurants and near the park. Also clean & quieter than downtown, and not as crowded on weekends as other aras with tourists & suburbanites who explore the city for the day.

There might be better deals in Harlem but the UES usually retains its value well.

And, no I'm not a 25-year-old fratboy, I'm a 38-yr old female professional.

It's quite apparent some moron on this board doesn't appreciate the UES and enjoys bashing people who do. He's probably gay or was dumped by some girl who discovered he was a loser so he ran out out there with his tail between his legs. Wah Wah Wah

#77 -- you bought your first place at age 38? thats the types who inhabit UES. And #78--EVERYONE here is bashing UES, largely because its banal and, frankly, sucks. We, again, do not make this shit up. For instance, I think NoLIta sucks personally, however the market dictates that I am wrong, therefore I am entirely amenable to stating that I am wrong with respect to that nabe, as should you be w/r/t UES, as the market has spoken and it has said "UES sucks".

#77 here....#79, sounds like you suck - take a prozac.

So if we're older and buy a place we suck but if we're 25 yo recent ex-frat boys we suck and if we live somewhere else we suck.... go post your vitriol on curbed.com

I think part of the problem on this thread is that some people are talking about the UES, while others are using that name but thinking of what's actually Yorkville. The two are very very different. Not many frat boys on 5th, Park and Mad. Totally different kinds of old ladies in Yorkville vs. UES.

Even Yorkville used to be an interesting nabe a generation or two ago -- it was known as "Little Europe" and had big swaths of German and Irish immigrant areas, plus little 2-6 block areas for each of many nationalities: Hungarian, Finnish, etc. Bars, restaurants and shops to reflect all those countries.

#81 the problem is that people are being stupid. And the thread is about selling a coop not debating where the UES sits on the 'cool meter'.

#81 - your post is confusinge because UES includes Yorkville, however there is more to the UES besides Yorkville. Same goes for Sutton place - UES includes Sutton Place but Sutton place is not all of the UES.

Try to do an advanced search on streeteasy and you will see that Yorkville is a subsection of UES.

From www.uppereast.com -

"The Upper East Side includes the area from 59th Street to 96th Street and 5th Avenue to the East River - including all of Lenox Hill, Yorkville, Carnegie Hill and areas along Park Avenue, Madison Avenue and 5th Avenue (zip codes 10022, 10021, 10028 and 10128)".

For a map of the different neighborhoods -
http://www.uppereast.com/upeassidneig.html

Don't trust brokers with neighborhood definitions - the're full of it.

First of all, you should definitely consider switching brokers. I assume you're paying 6%? Is the listing even in RLS? Sometimes shadier one man shop brokers aren't REBNY members in which case there's no point listing with them ... if you're not in RLS you're basically listing FSBO with a middleman.

As for the UES, so glad to hear perceptions have changed so much in 10 years. I doubt many people will agree these days that the UES is the "best" neighborhood .. pffff!