bidding wars

Always a structurally limited supply in those areas. Regardless of point in the cycle.

I think some sellers recently have been pricing lower (correctly) in order to generate multiple bids. It seems especially Corcoran sales in the east village. Also in the "true" EV there is so little quality supply. Most is really cheap re-done (in 80's) tenements that are always trying to be sold as "pre-war".

What would you say is a fair price for a coop in the east village - per square foot?

do you mean fair price or do you mean market price?

glamma, if sur19 means market price, what adjustment would you make to bring it to fair price?

it depends a lot on maintenance and what kind of amenities you are looking for. If you are talking east village "pre war" with no doorman/etc with maintenance somewhere around say $500, i paid $775 psf at the beginning of last summer, i think that's a fair price. i would try to stay below $850. you may be able to get a lot less if you are not picky. according to SE the avg ppsf in the ev is $993. there has been talk that there is this phenomenon of sales volume increasing but with overall prices still trending downwards.

thanks - helps understand why an apt on 2nd street recently went to bidding wars.

places that are priced to move are moving. whether any of this is rational is another question entirely. i wouldn't buy without a minimum horizon of 5 years.

as in any neighborhood there is huge variation from block to block and building to building. you could try showing us a couple of listing examples that we could evaluate.

personally, i would tell you to be quite wary of the far east village--a neighborhood i really like, but that i consider quite overpriced right now. are you looking at apartments close to subway lines? grocery stores? these things matter.

sur, was it the 5th floor walk-up two bedroom on the bowery by any chance??

What we've seen in our search (large 1 bed in Chelsea) is that many listings are getting multiple offers, often after the first open house, but still below ask. We get the sense that there are one or two parties with similar search criteria who are submitting lowball bids on everything that comes on the market as soon as it hits the market, I guess to see if anything sticks. (Either that, or it's a consistent broker fairytale!)

We've gotten quite a few calls/e-mails asking us if we want to bid now or forever hold our peace on properties we've visited that have gone into offer or multiple offer situations. My guess is that the offers they're getting are generally still enough below ask that the owner or broker wants to shop around. It seems, though, that the offers are getting accepted because we've watched literally everything we've seen in the past six weeks go into contract, allowing for a two-week lag for the contract process.

What do you think of the asking of $799 on this? What will it go for?

http://realestate.nytimes.com/sales/detail/253-NS100110504/east-village-new-york-ny-usa/200040000098607627-2000400000986-200040-loc/700000-800000-price/44-1919763--56-1084840--253-NS100110504--44-1963266--44-1963734--36-V3115236S--246-759586--253-NS9110314--44-1961225--253-NS100208272-ls/19-t

glamma, I am thinking of 87 east 2nd street - close to the subway/ elevator and reasonable cc - 670$ or something like that. What would be a reasonable price for apts such as these? How do these comparewith others on Ave A/ 3rd street?

Sur19 - I saw 87 East 2nd. Not a bad space but 1st ave obviously very noisy. My guess would be that it will go for ~ $570k. If that happens that would be ~ $815 ppsf if the 700 sq ft is accurate. What other apts are you referring to on A & 3rd?