OH Traffic 1/16

Unless everyone there was just like you....

Perhaps pricing on the UWS has gotten more realistic. Downtown, not so much -- still well over $1200 psf (at least in the segment I follow). Just came back from three OHs and all were sparsely attended.

"...the pick of the lot, a great-looking C6, had 17 visitors."

Considering that classic sixes are bread-and-butter UWS product, it tells you something about inventory that "great-looking C6" pretty much narrows it down to 145 West 86th #14A. Otherwise, there are a few nice serial relistings - one that went from Corcoran to BHS then back to Corcoran, and one that started out FSBO, then went to Bellmarc, then Elliman and now Warburg.

W81, I hate talking about specific apartments on a very public board, but I did gmail you.

ali

Got it; thanks.

Hey, did we just see Rex Ryan outcoach Bill Belichick? I guess selling season will have to wait another week (or three).

One Hanson OH - about 20 people/couples in today's sign in book near the end of the day....

Wow! Two borkers talking up nyc re!!!!!!! Who'd a thunk it? So so so genius. Man, on the sneaky front you guys got me beat hands down. Fk hands and paws down

Shoe sales man 1
Wow, did you see the new prada shoe !!!!????

Shoe sales man 2
Oh my god, if I could afford it, I'd buy it!!!!!

Saleman 1
Ten, count them, 10fking People asked to try them on!!!!!!!

Salesman 2
Omfg!!!!! We r gonna be filthy rich!

Do u guys want a used car salesman versiOn?

W67: It turns out Ali and I were thinking of different apartments.

I do like 145 West 86th, though not at the current price. To win your approval, is it necessary to hate everything?

145 w 86 is at least 500 k more than it should be?

What percentage of this so called traffic are actually buyers and not just curious real estate nerds who don't want to watch football?

Columbiacounty: I wouldn't go that far, looking at the two recent sales in the "B" line. (B basically mirrors A.) #10B, which sold for $1.5MM, was a total wreck. #14B was much better, but not as nice as #14A, and it sold just $200K below #14A's ask. For #14A to be overpriced by $500K, that means the bottom has dropped out of the market since April, when #14B went to contract.

Make that: "For #14A to be overpriced by $500K, the bottom would have to have dropped out of the market since April, when #14B went to contract."

But didn't 11a sell for 1,660,000?

Columbiacounty: Yes, #11A sold for $390K less than #14A is asking. I didn't see #11A, so I'm not sure about condition. Maybe somebody who saw it first-hand can comment. The floorplan suggests that the owners had converted #11A into a big Edwardian Five by opening the second bedroom to the living room. Even if condition was comparable to #14A - which seems unlikely - it's still a leap from $390K to "at least 500 k".

I haven't seen either one.

At what point do you think that people will say enough?

West 86th is not cpw, riverside or west end ave.

Isn't $1.5 million more than reasonable for this place?

Would you pay more for it? Would you advise a close friend or family member to do so?

I wouldn't.

Interesting to hear the latest traffic. Possibly increasing soon when the weather isn't so bitterly cold?

Columbiacounty: There are several buildings on 86th that hold their own with the middle tier of CPW/WEA/RSD. Granted, I wouldn't put 145 in that category; 151/161 next door qualifies. 86th is also home to one of the neighborhood's premier rentals, the Belnord.

Anyway, I understand your point, and on some level I share your visceral reaction: "$2MM for THAT?". As for when people will say "enough", that's a tough one. There's still a lot of money chasing a small number of nice apartments in this neighborhood.

"Would you pay more for it? Would you advise a close friend or family member to do so?"

Funny you should ask, because I had that opportunity. My advice was to wait.

this is one of the many parts of the market that make no sense to me. there are clearly spaces similar to this available for considerably less. 3D at 800 WEA probably has considerably less light but not $600 k less light.

and, I still think that 86th between amsterdam and columbus is a particularly irritating and charmless location. try loading or unloading your car there except in the dead of night.

I get your POV, cc. To a large extent, whether you like a particular block/s on the UWS depends on where you have lived. I don't love 86th. Windswept and charmless in the winter, not much foot traffic, no retail. I like a couple of the bldgs but the location is B- for me. Others dislike RSD and WEA and would prefer to be further east, sans views. My favorite blocks are 70s, by Columbus. I wouldn't really want to be on Cpw unless (dreamworld) could be in San remo. The market disagrees with me.

so 800 WEA 3D has languished on the market for almost 6 months and is down to $1,395,000. If, for the sake of argument, the final price is around $1,250,000, how much more do you think 145 w 86 is worth? $100K?

Unfortunately, the re market is not perfectly rational. There are ppl who prefer 86th and Amsterdam to that stretch of WEA. My personal view is no more than 1m for a b location c6 and 1.5 for a c7, 700/sqft for a vacant TH s of 86th. Gut job only.

Columbiacounty: At 800WEA, location and light will be issues for some people, but the overriding problem is condition. The apartment is a wreck, and the renovation won't be simple. The person who buys 145W86 isn't looking for that kind of project. The buyer pools for those two listings overlap so little that the comparison might be apples and oranges.

touche.

i got suckered by the full screen photos. take a look if you haven't already. i realize that there are no shots of baths and kitchen but the rooms shown don't look like wrecks. i should know better. i don't understand the point of this kind of misrepresentation.

columbiacounty: Your point about 145W86th is still well-taken. Here's a more suitable comp: again, lower floor and less light than 145, but much better condition than 800WEA and - by most measures - the best location of the three. http://streeteasy.com/nyc/sale/554869-coop-164-west-79th-street-upper-west-side-new-york