Georgetown Plaza

The latest sale prices in the building have been surprisingly strong similar to Zackendorf tower on Union Square. At least Georgetown plaza has 9 foor ceilings.

Case-Schiller has NYC Metro Area down 20% since the peak June 2006. But I don't think it includes coops. Others will know better than me but it seems the Village overall has held it's value even better (with exception of very far East Village) with mean price drops < 10%. To answer your question yes I think it will be worth $1MM some day. Not sure what day that will be. Or what the value of $1 will be on that day.

My sense is that if you focus on comps and not asking prices, the village has definitely faired better than many areas in the downturn. I don't think looking at asking prices versus closing prices helps much because it muddies the picture with crazy sellers/brokers and aspirational prcing that in any market was nuts. Pure comps is what matters. My building and many of those around me have held up with no more than 10% slippage--what I also see though is that many sellers are not able to recover reno costs right now. A couple of post-wars have been very sobered in asking prices though. 20 E 9th (Brevoort East) and 2 Fifth in particular. In both buildings jr-fours were asking $1.3 2 years ago. 2 Fifth actually sold one or two at close to that. Don't think we'll see that again for a while.

Example of how delusional people have really shot themselves in the foot even in the Village: take a look at Apt 11U at the Brevoort East. That jr-four was offered at $1,250,000 2 years ago in near-estate condition. Outstanding views and good generous layout, but a wreck. Owner was intransient on price. It would easily have sold then at $1,050,000 to $1,100,000. Lord knows what offers owner was rejecting in that hot market. Unit never sold and was recently relisted down $300,000 in asking price to $965,000.

I just came across this thread from 5 years ago and I find it fascinating to see that in 2009-10 people didn't believe the value will ever go up and "1 bedroom ever be worth over $1m in this building". Well, fast forward 5 years, I just put a large one bedroom in the building on the market for $1.6M and it sold for way over asking price in just matter of days with multiple offers. Similar and a little smaller one bedrooms are now in contract for $1.5 and $1.6M in the building. So dear @PriceCeiling. I hope you bought back in 2009 :)

NIce sale David. The bigger apartments are arguably even doing better than that, since the last one that came by my radar was never even formally listed I think -- I'm not sure why you'd want to speed past $2M in a building where you can't put in a W/D, but apparently plenty of people are willing to.
ali r.
downtown broker

dkramp, you think that PriceCeiling, who was already an owner in this building and hoping for price appreciation on his property, should have bought another apartment? Is that what your post is about? That 5 years later, PriceCeiling had nearly 100% price appreciation on the place he already owned, and you received half of half of a 6% commission on a place you helped some sell?