Paucity of OHs today on UWS

http://www.nytimes.com/2010/04/11/realestate/11cov.html

In a 2009 National Association of Realtors survey......only 12 percent reported buying a property as the result of one.

For buyers and sellers, the open house is an awkward first date that could bloom into a more lasting relationship......Yet by many accounts, the perusal often leads to little but grief for sellers, who may return to find scuff marks on the wall, muddy carpets or even missing tableware.

Basking in the terrace sunlight at a recent open house on West 90th Street, one woman said she had been to more than 100 open houses over several months, though she loved her downtown rental with a river view. “I feel like we’re part of this legion of people who wander,” she said. “We walk in, look around. I’ve learned a lot about interior decorating.”

Unless they are distressed in some way, why would anyone put their apartment for sale in this very poor market.

Fear

Because they've moved an don't care to throw several
thousand dollars a month down the drain?

Excellent point. Converting a primary residence with substantial equity into a rental property is not something most people want to do.

Yeah, if I had a property that I wasn't living in (even fully paid off), I can think of lots of better things to do with the money than a 2% inflation-indexed yield, and those things wouldn't involve work and hassle. Then again, I feel the same even for a place I'm living in, but that's related to not having a nagging nesting wife, but rather one that is logical and can add up the money herself.

Hey, nyc10023, for some strange reason I was under the impression that you had recently bought something. True or not?

Not recently, but yes, I own.

I see. You're looking to trade up, or just hitting OH's for fun? I'm trying to clear the dissonance in my head between you looking at places yet designing/renovating all at the same time. I am so confused, you are all these things ;).

Fun, mostly. Kinda, sorta. Current place underwent a gut renovation, but I didn't go the KW-think-of-everything-school-of-modelling. As a consequence, I don't love some paint choices, so I'm repainting some rooms myself. Pondering adding an island-kinda-thing to the kitchen. A couple of closet doors have yet to be put up, maybe adding some built-ins (didn't do any).

@NYC10023: are you suggesting I'm some kind of compulsive control freak? You don't know me!! (well, maybe you do...)

"Unless they are distressed in some way, why would anyone put their apartment for sale in this very poor market."

If you were looking to upgrade to a bigger/better more expensive apartment, now may be a good time to sell and buy. With the discounts in this market, you may get less than you want on your sale but you could save considerably more on your purchase. Losing 20% on a $800,000 apartment and gaining that 20% discount on a $1.2 million apartment would be a big plus and maybe your only opportunity to upgrade.

You're a real glutton for punishment, nyc10023. I'm of the "let someone else do the renovations, rent it for a few years, and then move once I get bored of it" school of thought.

kw, ocd can be a beautiful thing if properly focused.

nada, i'm of the does everything fit and can i get to decent restaurants and can i leave with little to no effort school of thought. similar.