Big Chop at 49 West 72nd Street

Wow I wonder how much of the $100k drop is related to the jumbo limits reset?

No way nyc re is NOT affected by financing. Fk we got $1mm studios!

Freebird, This will go quick. Yikes, since they listed in January it had a price drop of 305K? The maint is high and there are issues, but at this price they aren't fooling around. Someone will be glad to get it.

now that's a great price dropper --

my bet is that it will still take some time to sell... that elevaor looks awefuly close

many pricechoppers on SE discussion have been without a washer/dryer in the apt.
Personally, I think it's a great price, but I would never buy this price with its CC and absence of WD

I stand corrected. Free falling...

Took a quick look at listings and sales history. Seems a good example of over-improvement to yield an apartment too expensive for the building, a possibly quirky weird renovation floorplan, and some very taste specific decoration choices that owner now wants to recoup the cost of (really, does anyone want a glass bowl sink anymore?). Owner appears to have done a lot of what we are always telling people to avoid and is now stuck with a white elephant.

The renovation is a lot less hideous than the maintenance which is a result of combing a studio and a small 1-bedroom. The result is an awkward 2-bedroom with a small living room and hefty maintenance.

buster, so true. So few combinations of smaller units ever work. Resulting maintenance is usually out of whack for what you get. And most resulting layouts are much less than ideal. I've known people to do it because they thought it was easier than moving when the next baby came, but what resulted was an apartment they wound up unable to sell at a price they could recapture their investment. Sometimes (most often), the sum of the parts is NOT greater than the parts themselves.

Boy when I get it wrong, it's sad. I won't mention falling to 799K since I don't want to be wrong twice on one thread.

I know it seems counterintuitive, but I almost feel they would be better served by turning the immediate entryway into a gracious foyer, turning the living room into a large dining area adjacent to the kitchen, turning the guest bedroom area into a proper seperate living room, and considering the second bath a large powder room. I think for $800,000, it works MUCH better as a gracious one bedroom than a cramped and poorly laid out two bedroom....

Kylewest, agreed. To be fair, it appears it was already combined when the owner bought it from the sponsor. It looks like it was bought for a song and dance (although I can't read the ACRIS doc), so seller will hopefully come out way ahead of the game if and when it sells.

http://streeteasy.com/nyc/closing/732526

matsonjones; That was my take when I just looked at the floorplan again. Since the bowl sink was pointed out, I can't get by that. This would work for a single person looking for a 1BR once the price goes down further. Then again, even for 750K someone could do better elsewhere.

This is a steal. Only thing offensive is over 2K for maintenance for a PART time doorman and 1000 sq ft. 2K maintenance for full time doorman is otherwise fine especially for larger space.

There are no dimensions, so it's hard to tell how big each room is. But the layout of the common areas is not that different from what I see in many new buildings - no dining space, minimal foyer space, etc. I think the weird renovations are more of the issue.

If this were my place, I think I'd use the living room as the dining room, the 2nd bedroom as the living room, and build a nice-size office alcove in place of what is (1) weird closets in the first floor plan (on SE) and (2) an odd dining foyer in the second floor plan (on Halstead).

When we were renovating and expanding our current place, we tried eight million permutations to get a legal second bedroom and then ultimately realized that whatever value we could get from that second bedroom would be destroyed by the damage we'd do to the rest of the apartment. The same space as a one bedroom + den / occasional guest room yielded a much better floorplan.

Saw this back when it was 1.2mm.

It pretty much needs a gut reno. The renovations (which I recall being told were done personally by the owner, I believe they said he felt himself handy) were unsalvagably tasteless and of fairly shaky quality.

The problem (beyond the insane pricing) was that it wasn't clear how to go about that reno. The kitchen was strangely sized (can only accommodate a mini-fridge, a touch bigger than a college beer fridge). The kitchen/dining area is dark - it has no street windows and backs into an airshaft. We debated a lot of different ways to fix it and came up with nothing.

When we saw it, it also included a raw unfinished space (plywood subfloor and bare walls) that could be made, apparently, into a WIC. The apartment was terribly staged with lots of tools and construction stuff floating around.

This does feel like it would sell better as a 1BR, but the problem with that is the $100K you're going to have to spend to reno the kitchen and fold the guest bed back into the living room. And even then it's still going to be dark.

STREETEASY HISTORY
01/28/2011
Listed by Halstead Property at $1,200,000.
05/18/2011
Price decreased by 13% to $1,050,000.
06/14/2011
Price decreased by 5% to $999,000.
06/17/2011
Price decreased by 5% to $950,000.
08/04/2011
Listing is no longer available.
08/31/2011
Re-listed by Halstead Property.
09/20/2011
Price decreased by 6% to $895,000.
11/03/2011
Price decreased by 8% to $825,000.
12/30/2011
Price decreased by 3% to $799,999.
02/03/2012
Listing entered contract.
03/07/2012
Listing sold.
04/26/2012
Sale recorded for $770,000.

it's just a fair,reasonable, and realistic price adjustment, not a big chop at all

so far there's very few such realistic case in nyc, that's a bad sign for RE market