Co-op, at ask, >1,100 a foot... discuss

Or see 17G, same layout but with a terrace:

03/07/2005 Previous Sale recorded for $820,000.
04/25/2006 Listed in StreetEasy, already in contract, by Corcoran at $999,000.
07/10/2006 Sale recorded for $1,250,000.

Doesn't seem too ridiculous to me. If the view and light are anything like description, it looks to be in good shape and the layout is sensible. That location is some people's idea of ideal and its also convenient to the A,C,E,L,1,2,3 trains (versus farther west). Probably should have been $50-100K cheaper but I've seen more ludicrous sales even in this market.

Probably worth $800K which is not that different from 2005 price level. People do overpay for real estate just like most of us have overpaid for stocks at some point of time

You're probably not going to get that location and those views anywhere else in the sub-$1 million range. Could be it's just what these particular buyers were looking for. Floorplan looks nice to me. Plenty of room for a dining table, a home office area, and potentially even a nursery (if necessary), as well as lots of closet space.

Saw the apartment - the view was spectacular and it was in good shape. The price was right.

"People do overpay for real estate just like most of us have overpaid for stocks at some point of time"

Amen to that. Real estate is much easier to value than equities.

"Doesn't seem too ridiculous to me.... Probably should have been $50-100K cheaper but I've seen more ludicrous sales even in this market"

Oh, probably should have just been 6-12% less than what they paid for it... half your equity if you're putting 20% down... no big deal. There's an awful lot of room between $725K and $825K.

FWIW, I didn't post this to say they overpaid... posted bc I think it's a bullish datapoint that we're in an environment where there are co-ops transacting over $1,100 a foot and at ask.