What Price Will This Apartment Sell For?

.....subtract $100,000 from the asking price....

The seller's don't care. If they did, it would be sold. The broker doesn't care or this floor plan and the photos would have been changed long long ago. It will become the Apt3M of 11 Fifth Avenue which didn't sell for years because of unrealistic pricing and a broker who didn't mind working for nothing for years. See you in the fall on this thread happyrenter.

We have a July special - a 2% price chop!

08/10/2010: Listed by Corcoran at $539,000.
11/19/2010: Price decreased by 3% to $525,000.
04/14/2011: Price decreased by 2% to $515,000.
05/12/2011: Price decreased by 3% to $499,000.
07/12/2011: Price decreased by 2% to $490,000.

Bookyasha better buy this one too and quickly. It's $100k cap gain in 2yrs guaranteed! Someone fking buy this bf it gets cheaper by another 2%!!!!!!!! Hurry hurry hurrry. The prices are insane!!!!!

Has anyone actually seen this place? What is the condition of the kitchen? Bathroom? Floors? Is there a mummified old lady in a rocking chair? What gives?

w67th, if you break character for a second - what's your call on what this should go for? At $500 psf, we're talking $250k.

-turn off w67-

$350k. Iike flies to shit, lemmings can't help themselves when they see 2003 prices! Prices are insane!!!

-back on-

Flmaozzzzz. Flmaozzzzz Flmaozzzzz.

w67thstreet owns a yacht and was a TA at Columbia Business School. He learned the value of heard work by working at his mother's side making beaded jewelry.

349 days and counting. History:
08/10/2010 Listed by Corcoran at $539,000.
11/19/2010 Price decreased by 3% to $525,000.
04/14/2011 Price decreased by 2% to $515,000.
05/12/2011 Price decreased by 3% to $499,000.
07/12/2011 Price decreased by 2% to $490,000.

So a year has gone by with seller dicking around and broker willing to enable the insantiy. The watch goes on...

Amazing. I mean, at this point, is this even a serious seller? I have to think he/she's received several lowball-ish offers but obviously hasn't taken them.

w67th, thanks. So if I understand correctly, you think it's worth $250k but will sell for $350k? I mean, the only thing this has going for it is location, no?

Like I said 3 months ago ... $255K.

I would buy that apartment in a minute for $401k..great location, terrific bldg., monthly maintenance is fairly low..

One-room living is fine for college students.

But for grown-ups? *shudder*

hey....$400k should buy me a one bedroom but it is what it is so don't "shudder"

bjw: it may not be for you, but the plusses are substantial: AAA location, pre-war, outstanding building with reasonable maintenance, decent light regardless of floor and decent views from many upper units. Many people would opt for this over a one-bedroom on the upper east side. Not everyone, but many people. But even premium properties have limits to their value, as this one demonstrates.

Tick...tock...tick...tock...

Bump. Just checking in on this one.

Price reduced $9,000 about 3 months ago
433 days on market in StreetEasy

StreetEasy History
08/10/2010 Listed by Corcoran at $539,000.
11/19/2010 Price decreased by 3% to $525,000.
04/14/2011 Price decreased by 2% to $515,000.
05/12/2011 Price decreased by 3% to $499,000.
07/12/2011 Price decreased by 2% to $490,000.

Can't be that serious of a seller. kyle, agreed on the location and building. I would be one of those opting for this over a 1BR on the UES. Or most of midtown, frankly.

bjw: agree 100%. I'd take s studio in this location/building in a heartbeat over an apartment with more space uptown. If the seller would price it more appealingly, I'm sure many buyers would agree. The strategy so far is nothing more than a waste of time for all involved. To a person all posters here agreed well over a year ago that it could not sell at this price and we were all right. Given that we aren't geniuses, you wonder why that wasn't apparent to the seller and broker. The chipping-away-a-nibble-at-a-time pricing reduction strategy is not one that really ever works. This is perfect example. We'll continue to watch...

I think you have a combination of the broker and seller are friends and the seller wants to sell but doesnt need to sell.

Just an educated guess given the data, no turnover in agents this long on the market and the bashful adjustment to market conditions.

clearly the seller doesn't need to sell. but isn't just pricing. the photographs are horrible. for months the floor plan was inaccurate. now the market for small apartments seems to have weakened significantly. not to mention the 60% down requirement. this is not good.

happy: absolutely. Agent is probably doing a favor for a friend or something of the kind and the friend isn't really motivated to get this sold. But while the pricing doesn't reflect necessarily on the broker alone, the photos and care taken in the posts do. And these photos are dark, the interior is awfully cluttered and busy, and the decoration is taste (if you can call it that) specific. As you point out, they couldn't even bother to post an accurate floor plan that had an entrance into the living area for months--the originally posted plan had no doorway. Just sad attention to detail. So regardless of whether the seller is indifferent, the broker does herself and agency no favors by having so carelessly crafted the listing.

>And these photos are dark, the interior is awfully cluttered and busy, and the decoration is taste (if you can call it that) specific

Where did you get that dress?, it's awful, and those shoes, and that coat, Jeez
http://www.youtube.com/watch?v=em9PtzQzWOg

Interesting to look back! 3M in 20 east 9th st finally sold, for 850k. A fair price at the low end of the estimate, but also a perfect example of how not to sell an apartment. The seller probably lost 200k by overpricing at the outset, and 50k by not lowering the listing price back in January.

I looked at 3M at the Brevoort when apartment shopping in 2008. We were serious buyers and immersed in the market (we ultimately purchased in July 2008). Our reaction to the apartment was it was horribly decorated in the style of a hopelessly unhip, fussy old bachelor. The wall paper needed to be stripped from the entire apartment, the stupid archway between living and bedroom needed correction, the kitchen was poorly installed, and frankly, while nice enough the bathroom was oversized with disproportionate amount of square footage in relation to overall dimensions of the unit. And the apt was about 10 feet above and overlooked the entrance to a very busy garage. It was a decent one bedroom, with serious compromised. Meanwhile, the agent said the seller felt it was wonderfully and brilliantly renovated and his changes were worthy of a PREMIUM! But in truth, none of the compromised aspects of the listing were not taken into account by the seller in setting the price. And the seller was unmovable. We told the broker, given the need for renovation and other compromises, the unit was overpriced by at least $200K. She dismissed us. Out of curiosity and a misguided idea that we might look again at the unit about 4 months longer into our search, we again contacted the agent and asked if the seller were willing to consider more realistic pricing. She said he might take $25K-$50K less but that was the absolute bottom line. We moved on permanently. Had this guy given any indication he'd consider $900K-ish, we'd have been tempted to talk (so glad we didn't--was just sick of the search). Well, look what happened. The seller sat with an apt he wanted to sell for another 3 years(!) and ultimately took $250,000 less than the asking price when we looked. Maly, you are 100% correct: this is precisely how to NOT sell an apartment...or live your life.

>Maly, you are 100% correct: this is precisely how to NOT sell an apartment...or live your life.

Now you aren't just an apartment critic, you are judging this guy's life. By what standard? You have stated personal problems just crossing 14th street because there's too much traffic for your liking.

I might have to apologize to midtownereast soon.

I'm confused on 3M: ACRIS shows it selling for $1M, right?

right, inonada. SE shows the closing at $999, which is just under the final ask.

StreetEasy History

08/10/2010 Listed by Corcoran at $539,000.
11/19/2010 Price decreased by 3% to $525,000.
04/14/2011 Price decreased by 2% to $515,000.
05/12/2011 Price decreased by 3% to $499,000.
07/12/2011 Price decreased by 2% to $490,000.
11/17/2011 Listing is no longer available.

It's been 464 days without a sale, and the stale listing has been officially pulled. Is the seller switching agents? Temporarily pulling the listing until the spring?

I saw the apartment and it's a beautiful bldg, small but nice apartment except they won't budge much on the price.

In reference to 3M @ the Brevoort, kylewest said:
> the agent said the seller felt it was wonderfully and brilliantly renovated and his changes were worthy of a PREMIUM

As an active buyer, I've seen this quite often--typically with sellers that appear to be older. They don't seem to undestand that their wallpapers, wall-to-wall carpetting and cheap country kitchens don't appeal to most Manhattan buyers!

On occasion, I've justified my offers by noting these points, and, of course, the sellers would come back firm with their pricing, saying that their renos are top-notch and tasteful... Oy.

@ huntersbergy: you said, I said I have personal problems just crossing 14th street because there's too much traffic. For all I know, I may have said that since I say lots of things, but it isn't really how I feel and was wondering if you could show me where I said that. There are definitely limits to the alacrity with which I will trek uptown, but 14 St. is kinda low. Now, maybe 86 Street... Anyhow, I didn't recall ever saying that--or ever complaining about traffic in terms of crossing the street. The only traffic discussion I recall was with 30Yrs when discussing the Wash. Sq. area. Particularly University Place which he said is a traffic nightmare despite the fact that his opinion was based on days before it was a one way street and essentially empty of cars 24 hours a day. I digress...

Kyle, why can you tell others to search old threads, but you don't?
A Google search for "kylewest" "union square" will bring up a discussion of Zeckendorf Towers, where you talk about your nerves being shattered.

Well, while we wait to see if the unit being discussed here gets relisted....
@huntersb: I looked at the thread you mentioned: http://streeteasy.com/nyc/talk/discussion/28291-west-14th-street-bet-7th-8th
And while I read quickly, I don't think I said anywhere in it that I'm afraid of crossing 14 St because of traffic. I said the Union Sq and 14th Street intersections are lousy places to live relative to others that were being discussed. It is a very traffic-choked stretch most hours of day and night. Crossing 14 to shop Flatiron or walk into Chelsea etc isn't an issue. The issue is LIVING on 14th St. Yuck.

I wholeheartedly agree, Kylewest. 14th street is gross.

And while we are waiting, let's discuss another studio in 20 East 9th which has been mentioned in this thread. #21A (link below) is a converted alcove studio asking $749k, down from $799k.

Pros: amazing north/western views, generous layout for a studio, great location, reasonable monthlies, large, fairly respectable post-war building (A bit tired, perhaps, but perfectly livable).

Cons: 40% down payment, #23A (2nd link) sold for $550k in 12/09 - it likely needed a renovation, but I'm not sure #21A's "renovation" merits a $200k premium (especially if that is wall-to-wall carpeting I see in the main room). However, the buyer of #21A paid $710k in 8/06 and is likely averse to taking a loss.

Given all of the factors in play, it will be interesting to see the final price if it closes.

http://streeteasy.com/nyc/sale/634354-coop-20-east-9th-street-greenwich-village-new-york

http://streeteasy.com/nyc/closing/946526

http://streeteasy.com/nyc/talk/discussion/13113-advice-zeckendorf-towers-at-1-irving-place

kylewest: "Union Square south is one of the most congested, chaotic areas south of 34th Street. For hours a day you can hardly move on the sidewalk due to a combination of subways, Whole Foods, the park, the convergence of Broadway/Park Ave/14th St, etc. If you do not have an inner center of calm, traversing the area will positively shatter your nerves."

What the heck. Bump. 1 year 8 months. Gave up. Will we ever know what the market says its worth?

kyle, calm down, have a tea.

hunter: calm down? seriously? my life has been on hold for 18 months while i tracked this apartment. and still no news. this is completely unacceptable. if it continues i may just do myself in by crossing 14th st.

kyle: lol.

I hear you Kyle...I couldn't sleep last night!
WHAT WILL THIS SELL FOR???

I think the answer is that this will sell for less than the seller is willing to tolerate. So it won't sell.

It's ba-aaaack..... http://streeteasy.com/nyc/sale/744524-coop-26-east-10th-street-greenwich-village-new-york?email=true

You were turning blue

since studios in the bldg rent for around 2K/month, is it a better buy or rent?

Great location; creepy elevator man.

omg.

Well, time to check in. 2.5 years have gone by since the original listing. Now relisted for 94 days at $9K more than it didn't sell for at last offering. What happens if the market speaks but no one is listening? Someone has at least done some staging for the photos and brightened the place up a bit. I still think it would make a wonderful studio in a AAA location in a classy building, but at this price the "right buyers" are obviously not showing up (I just love that phrase "right buyers" that the "Selling New York" cast use all the time).

Kyle, the apartment is not THAT overpriced considering the size (for a studio) and especially, location. Say it should be $50 or ideally $100K less. But there is another issue. It always makes major bells go off for me when listing photographs don't include the kitchen or bathroom and when there are more exterior shots of the building than interior of the apartment. In other words, the $500K studio probably comes with $60-100k in immediate need renovations. Now that gets to the realm of the ridiculous even for someone willing to pay a premium for a Central Village "A" location.

Besides the PAT buyer and perhaps the neighbor for a combination, to whom would this studio apartment in this "AAA" location appeal?

Native: you say the place isn't "that" overpriced and then go on to explain that it is. Why you take the time to take a contrarian view and then agree seems odd. The bottom line is that apartment is overpriced--the market has said so for 2.5 years. The original pix showed a stuffy place that had likely been inhabited for decades and it was lost on no one here that it would require renovations. Were it a freshly and pristinely renovated up to date modern turnkey space, then yes it may have already sold with some minor price reduction. But the owner seems intractably wed to an idea of what s/he can get which is clearly not reality based. And so it sits. And sits.
Greensdale: yes, a PAT. Or if permitted, a purchase by folks for a grad student to be followed by PAT use. Whatever it is, this price point ain't finding buyers. Would love to know the owner's back story and thinking.

Do we know who the owner is and anything about her or him?

What is the likelihood that there have been offers submitted but upon preview with the board they were told not to bother applying because perhaps the coop has no real interest in a new PAT buyer and may rather (realistic or unrealistic) see the building transition away from having small apartments and PATs?

oh goody, the best listing of all times is back!

Apparently the dining area has been converted into a home office work station: pro or con? I'd say it's a con.

It's nice that they finally built a door into the apartment. That should help improve traffic during showings...

Price increased $100,000 1 day ago

Good Lord...

http://streeteasy.com/nyc/sale/744524-coop-26-east-10th-street-greenwich-village-new-york

The math on this apartment makes no sense. Yes it is prime real estate, but even if they sold you the apartment for $550k (which doesn't seem likely with the pricing trend of this apt) you would have to put down $330k (60% downpayment). If you rented for $2K/mth and took a relatively conservative mortgage you would net only $275/mth or a 1% yield annually. You are better off putting your money in the market right now and not gambling with what the appreciation rate would be for this property even if you chose to live here. The 60% down is a game changer for this apartment - most people don't have that money to put down. The comparables originally sold at those prices because of the market at that time and because those people were already owners in the coop making the process a lot easier I bet.

Way overpriced. Yes, it has a windowed kit and bath, which is a nice feature in a studio, but it is also on a low floor facing east, meaning very little natural light after noon. Street noise will be a factor, even with double-paned windows. I'd say they will be lucky to get $380K for it. More likely it will wind up trading in the $370 range.

Well, since University became one way, it is actually a very quiet street so I don't think traffic will be the issue. But this one is gonna just keep sitting, obviously, with a sales strategy that defies any logic. The photos are pretty bad still, too. What on earth are those two huge chairs doing at the foot of the bed? What are you supposed to do when sitting in one of them? Stare? Weird staging.

On the plus side, this chestnut of a thread is back. Love it.

$335,000

Well, apparently the problem with getting this alcove studio sold is that it was listed at TOO LOW an asking price since it went on the market almost 3 years ago. The lastest listing ups the ask about $100K to $600,000. Seriously! I appreciate the tactic, though, because it'll keep this thread chugging along well into the future. In an overheated Greenwich Village market, it is kind of tough to make an apartment unsellable. This owner and broker seem to have found a way, though. Love it.

http://streeteasy.com/nyc/sale/744524-coop-26-east-10th-street-greenwich-village-new-york

kyle:
"Ain't no big thing
to wait for the bell to ring,
ain't no big thing:
the sound of the bell..." ("Love is the drug", Brian Ferry/Roxy Music.)

This listing makes me so happy!!! I'm particularly fascinated by the broker. This apartment has had the same representation for its entire 5 year saga. Let's give her the benefit of the doubt and assume that the...errrr...unique pricing strategy comes from the seller. But what sort of person would stay involved with this deal for five years? At most she can make 10-20k from a sale.

This listing is the gift that keeps on giving.

Oddly, this building is home to another head-scratcher:

http://streeteasy.com/nyc/sale/824263-coop-25-east-9th-street-greenwich-village-new-york

In this market how is it possible to botch the sale of a reasonably nice 4 bedroom in a top building in the prime village?

Possibly because the price is ridiculous.

thought it was time for an update on the pricing strategy for 4D.

04/04/2013
Price increased by 20% to $599,000.
06/13/2013
Price decreased by 4% to $575,000.
08/21/2013
Price decreased by 4% to $550,000.

Can I please hire Meredith Hatfield to market my apartment.

Geez, I forgot about this thread. And the beat goes on. After all this, when it comes to crazy pricing and all the other drama, I place my bet on the seller who may be the issue. As stated above, they have certainly made this unsellable in a hot market compared to a couple of years ago. I wonder if back when it was 499K if there were any offers and if so were they turned down? It could be the case of the seller who needs to sell and just can't bring themself to do it. IMHO and just sayin'.

Lest we forget... http://streeteasy.com/nyc/sale/744524-coop-26-east-10th-street-greenwich-village-new-york
Still there after all these years...Guess that raising the price 20% didn't really work to get it sold, so now its ticking back down toward former non-selling offer price. Would just love to hear what the brokers who have handled this unit have to say about their strategies, the seller, and why they took the listing if it had to be offered at such silly price points.

kyle, are you the neighbor trying to combine with your unit?

There's another apartment in this building that's been on the market for a while. The duplex on 7 and 8 just had a big price chop to under $4 million after 207 days on the market. Does anybody have a sense of why this is not being picked up? There is so little inventory and the building is in a great location.

Another twist...

http://streeteasy.com/nyc/sale/1046505-condo-299-west-12th-street-west-village-new-york

This is a very similar pre-war studio that is a condo vs. a co-op with 60% down requirement. Granted it's on a higher floor in the West Village, but still... When all is said and done, do we think this will sell for over $1M? I say $900k.

As an update, the 299 West 12th studio sold for $999k - unbelievable.

Another interesting twist - a different studio in the Beauclaire just closed for $525k ($25k above ask), but it was to neighbors who likely plan to annex it: http://streeteasy.com/nyc/closing/10157692