Premium for views

bramstar: On RSD, the view premium can easily run 50-75%. See recent sales/listings at 50, 90 110-118 and 180 RSD. Obviously, there's a continuum. Are you comparing to a dark, rear-facing low-floor apartment, or to an apartment in the same line that just barely fails to clear the trees?

With regard to ceiling height, again, it's a matter of degree. Eight feet versus twelve is huge. Ten feet versus eleven might not matter much. Eleven is obviously better - especially if you're considering changes to lighting or climate control that would involve dropping some ceilings.

Views can get pricey. But if the 20th floor has essentially the same view as the 25th floor, the premium for the higher floor diminishes greatly.

are there any other high floor unobstructed views in the bldg that traded recently? Why dont you see what others paid for similar views in same bldg, preferably same line or at least same type of unit with similar types of views? Thats your best bet. Every bldg is different as every footprint, exposure, views, nat sunlight is different.

Look at this recent RSD example in the same line, with comparable original condition. The only differences: 11F has Hudson river and open view. 4F has a garden and no view and was reconfigured as a junior one bedroom. Price premium for the higher floor unit: $5k. So is this the sign of an experienced broker outperforming a rookie?

http://streeteasy.com/nyc/building/222-riverside-drive-new_york

Manhattan is all about the views. Expect to pay.

PMG- it looks like 11F got a better deal. There's also slight premium that the higher floor has to pay in monthly maintenance and taxes.

So 4F enters contract in early NOV, 11F enters contract in July...

4F - 36 days on market or so
11F - 102 days on market or so

Hmm, so what happened to DEMAND when 11F went to contract versus when 4F went to contract??? I can say the trend of pace of deals being signed was slowing big time from May to June and to July while the pace of deals being signed rose from sept into oct and into nov...I wonder if this had anything to do with it?

Don't forget mother nature.

Trees GROW. Apartments that are just over tree top now will lose their views in 5-10 years. And those a floor lower lost them 10 years ago.

I have seen this happen in my personal experience. I grew up with a magnificent view. That apartment is on the 7th floor of the building and still has it. Neighbors on the 4th floor had the view but have since lost it to the trees.

Go high enough and that change may never happen or only happen decades from now.

Yes, Noah, deals for small units slowed immediately after the expiration of the tax credit, but that's not the whole story. A rookie broker working
underneath an experienced broker that likely never stepped foot in the building sold 11F. The rookie held two or three open houses immediately then booked an open house over six weeks ahead. Guess he had better summer plans then getting his client a good price. 4F was personally handled by an experienced broker who sold many large and small units in the building. Despite having a less special unit to sell he held open houses every weekend until contract signing. I'd say the first team undersold. Saying a booker did a lackluster job might be an unpopular message on a blog frequented by brokers, but there you have it.

PMG/newaccount: While I agree that #11F looks like a better deal, let's not go overboard on the view from #11F. That line faces northeast, not west. The view toward the bridge is very nice, but it's partial.

And how would each apartment have shown up in search? 1 bed under $500k (lower-end of the range) v. studio at $550k (higher-end of the range). Since 4F went for over ask, I wonder if there were multiple bids. Seems to me like the owners of 4F made a smart conversion and then priced smartly.

W81 I dare you to find a better view condo in a good building for a comparably sized unit on the UWS. Heck, don't even limit yourself to what's on the market but to the entire small unit UWS housing stock. Since you generally explore larger sized units, including coops, that get prime locations in buildings, i'm not surprised you've seen much better views. Just remember, those generally aren't available to small unit buyers.

PMG: That's true - my big-unit (and pre-war) bias is showing there. If you widen the scope to coops, there are some small apartments at 310 RSD that might beat the views at 222.

I think bramstar was mostly asking about larger units, but your point is well-taken.

The architect firm Studio G&A has offered to help us with potential buyers by meeting us at the space and showing the client the potential of the property. Does anyone have any experience with this or this firm.

Thanks for weighing in. As someone in the market for a river-view apartment (UWS/Morningside Heights) I've been interested in comparing units like the A line at 300 RSD with other comparable footprints in non-view apartments. 355 10wn (glorious river views, high ceilings) sold for $2.6 and change and 194 RSD (another stunner view-wise) traded above ask at $3.2. Clearly the views were a major part of the appeal of these two apartments.

^^That's 355 RSD 10wn^^

PMG, without trying to hard to jump into a Corcoran vs. Elliman discussion (because I really don't have a dog in that fight) I'd add that if you look at the photos, the apartment that sold quickly was stripped down, with the bed behind French doors, and the apartment that sold slowly was much more fully -- and fussily -- decorated, with the bed more obviously on view.

So I'd say this is also an object lesson in "neat and clean and uncluttered."

ali r.
DG Neary Realty

Ali, I agree that "neat and clean" should sell faster, but I wouldn't say 4F vs. 11F is a good example of this.

The design aesthetic of 11F might leave something to be desired, but it's quite neat and simple in layout, I think it's less cluttered and more soothing than 4F which has a mess of exposed wires and tacky shutters interrupting sight lines. Then again, maybe it's 11F's tranquil views of the blue river and skyline that I find so soothing...

How about this unit on RSD? The views are north and east with some river view...

http://streeteasy.com/nyc/sale/541901-coop-37-riverside-drive-upper-west-side-new-york