UES 2br fair value

I predict it will sell for $999K. I'm curious to hear what others think, too.

I would guess $1.2

Interesting that they RAISED the price from $1.2M recently... it's hard to see it going for more than that.

A one BR sold for $810K 10/09 - (based on that sale $999K seems to low, IMHO). Seller must feel that the market has strengthened.

Just looked at the pictures- will probably need some renovation - I'll bring my guess down to $1.1.
But then again, it IS Park Avenue, so, who knows.

Will the 50% down requirement hurt them as compared to a condo that could attract more buyers with less stringent down payment requirements?

i smell a board turndown on price

Thanks for the input.

The apartment is not that great, but it was very crowded on the first day open. It was clearly priced well at 1.25m as they (supposedly) had 9 qualified bidders, including mine, by the second day on the market. It's an interesting strategy after a turn-down to list 20% higher.

Board turndown is not a bad call.

Is this a typical layout for a 2 bedroom, 2 bath coop on Park Avenue in this price range? Do they ever have a powder room as well in this type of apartment? What is a St. Charles kitchen? Where would the washer/dryer go?

Lobster - it's not that it's a "typical" layout for a Park Avenue coop in this range, but that it is more typical of a POSTWAR layout. Though, that being said, this one at least has a nice foyer area, better arrangement of the dining area in relation to the kitchen (IMHO), and very good closets. St. Charles refers to a manufacturer of high end cabinets. Usually, if you can add a W/D it would back up to an existing bathroom.

Dwayne - the 50% down is on the high side, but if you've seen discussions on SE re: Sutton Place/Fifth AVenue coops, it's not unheard of, though definitely higher than the more usual 20-25% down. It will certainly make the prospective buyer pool smaller, but it also ensures financial stabiity for the coop.

And remember, one of the manin differences between the coop and condo is the fact the most condos simpoly have the "right of first refusal" re: a purchaser, vs the coop's ability to simply refuse to allow the prospective buyer to purchase. so the 50% down would be just one of the things deterring a prospective condo purchaser here.

This will go for close to ask - great building, great neighborhood.

Looks like someone lived there for 50 years given fussy busy stodgy furnishings. Always of concern when bath and kitchen not shown even if cabinets were once "expensive." For those who have seen it, how much work does place need to make is AAA? Ceiling height? Views face Park Ave? Layout is quite workable and nice for post-war. Better to have windowed dining area and windowed kitchen so that is a compromise here that dining area is kind of dark. But on its face this looks quite nice.

OTNYC - Great hood, yes. Great building, not so much. The initial price was bid so I certainly can see 1.4. I was very surprised at the very high demand for low priced 2-bedrooms in this area, although the layout was good not great.

Lobster - A powder room would have been nice and the lack of one made me discount the price.

Kylewest - Apartment certainly needs work as it is an estate sale. Views are of 70th street and if you peek to the right you can sort of maybe see Park Ave.

50% down is the norm in this area for co-ops.

I have been watching this area closely and have (unhappily) seen a big uptick since December for 1 and 2 bedrooms. Is this happening in other areas?

I think there just aren't that many available and demand is high so when one does become available it goes extremely quickly. Any good search/valuation/bidding advice for the next one that comes on the market?

This is a very good location.
Don't know the building or condition so this is really out of my hat...1.3MM
Good luck.
The low ball you see on this screen are wishful thinkers and Knownots.

Taipan - if you do not consider this a great building, we are definitely from different planets. I understand it is not a 720 Park or at the same caliber as some other Gold Coast properties, but most NY'ers would give a limb to be in a building like this. I have not been inside, but have walked past it often.

As for the comment on uptick in good nabes, it is real, and it continues to happen.

The bears are noticeably hushed.

The price was adjusted back down to $1.3MM today. The increase on Friday may have simply been a mistake.
http://www.sothebyshomes.com/nyc/sales/0135003

Great catch West!

OTNYC - I just meant not a great building compared to peers, which are slightly nicer inside.

I've been busy doing the Macarana.....

But I see you bullz pumping each other's penises...

Now where was I? yes... left arm.

almost forgot, the MARKET is SO SO FGKing STRONG ... i'm gonna drop the price!

i dont think its 1.3m...my broker sharing systems show 1.495m too. i think the webad needs to get updated.

Hmmmm... bullish for the market...bearish for me. Thanks.

LOL, W 67th. "Pumping each others penises" sounds like a Hugh G Rection comment (before he went "prematurely GRAY").

Help me understand the sequence here: It was listed at $1.2M, got an offer the board turned down, and relisted at $1.4M in error, corrected to $1.3M? I still think an increase in this market is interesting. Of course, when I say "this market", the fact is we don't know what kind of market we're in. Seems like we've bounced off the bottom, but is it a "dead cat bounce" to be followed by another leg down, or the start of a recovery?

Well according to urbandigs the 1.495m is the legit new offer after the board turn down. I am seeing definite 10% contract/sale increases vs. Q4 last year in the park/5th area for 1-2 bedrooms.

Personally I don't see another leg down and think we have bottomed. I don't see a huge pop in price, but they're certainly building a base around these levels with a slight uptick. The supply is low and prices are bid on listings with attractive asks.

I think that we are seeing a bounce in higher priced properties where people have a lot of cash to put down. Those bonuses made a certain highly-paid segment feel more comfortable. I'm also seeing relative strength in established condos without a ton of rentals.

Other than that, no trends. Actually, i take that back, the trend has just started to become fairly sharply down for the studios and one bedroom units.

I'm 90% sure the asking price is now $1.3MM. I would be 99.999% sure of that number if the higher figure were coming from anyone other than Noah. We'll know soon enough.

The price has been corrected on Streeteasy. It's $1.3MM.

and last update last night my systems got the internal change as well...from 1.495m to 1.3m

2010-03-08 ACTIVE 1300000.0 2217.93
2010-03-06 ACTIVE 1495000.0 2217.93
2010-03-04 ACTIVE 1495000.0 2217.93
2010-03-01 CONTRACT SIGNED 1250000.0 2217.93
2010-02-14 CONTRACT SIGNED 1250000.0 2217.93
2010-02-02 CONTRACT SIGNED 1250000.0 2217.93
2010-01-17 CONTRACT SIGNED 1250000.0 2217.93

might as well give you guys a glimpse into the foundation of my new analytics systems - the rebny brokers internal sharing status updates..so here you can see what it was for this listng:

I left out prior status updates that repeated the ACTIVE status:

2010-03-08 ACTIVE 1300000.0 2217.93
2010-03-06 ACTIVE 1495000.0 2217.93
2010-03-04 ACTIVE 1495000.0 2217.93
2010-03-01 CONTRACT SIGNED 1250000.0 2217.93
2010-02-14 CONTRACT SIGNED 1250000.0 2217.93
2010-02-02 CONTRACT SIGNED 1250000.0 2217.93
2010-01-17 CONTRACT SIGNED 1250000.0 2217.93
2010-01-03 CONTRACT SIGNED 1250000.0 2217.93
2009-12-20 CONTRACT SIGNED 1250000.0 2217.93
2009-12-19 CONTRACT SIGNED 1250000.0 2217.93
2009-12-18 CONTRACT SIGNED 1250000.0 2217.93
2009-12-14 CONTRACT OUT 1250000.0 2217.93
2009-12-09 ACTIVE 1250000.0 2217.93