upper west side at 2004'

Brooks2
about 9 hours ago
ignore this person
report abuse 164 west 79th street--

bot in 8/17/2004 @ 1.6mm
FINALLY SOLD AT 2004 PRICE!!
8/17/2004
Previous Sale recorded for $(insiders only)
10/02/2008
Previously Listed by Prudential Elliman at $2,050,000.
12/01/2008
Off market temporarily. Last priced at $1,895,000.
11/05/2010
Listed by Prudential Elliman at $1,795,000.
11/25/2010
Price decreased by 3% to $1,739,000.
03/30/2011
Price decreased by 5% to $1,649,000.
07/01/2011
Listing sold.
09/14/2011
Sale recorded for $(insiders only)

http://streeteasy.com/nyc/sale/566560-coop-164-west-79th-street-upper-west-side-new-york

one deal means the entire uws is at 2004 pricing? wouldn't it be more accurate to say "hey, this listing sold at 2004 pricing"

i was just on the uws today (new exclusive building i have on a park block, 80's. love it, thinking of moving.

no, it would not be more accurate to say that. Sellers, as well as buyers, should be aware that RE prices in Manhattan are deflating(going down). If a seller really wants to sell their apartment they should price it at the market or risk selling even lower in 6 months. They should not buy the BS most RE brokers are selling.

I am not the only one that believes this. I read this earlier today,"By saying what I truly believe, I am trying to add credibility, honesty, and ethics to a job whose industry is scarred with a horrible reputation. I'll tell you this, my last seller used a highly public broker at elliman with an established group. He hated his aggressiveness to give him the listing, and when he did, he said he never showed the apt; maybe 5 times in 4 months. I got the listing, showed it 30 times in first 2 months, got a great bid, and did the deal. I work harder servicing the listing and negotiating for my sellers, then I do on selling the prospective seller with sales tactics to dupe them into working with me."

Broker as described above are a waste of time

oh- he said this too...

"I hate those lies and the brokers that lie to sellers just to get a signed listing agreement. I don't do this. I wont take the listing. But I will work my a$$ off and service the listing and deal with the seller/co-brokers honestly, ethically and deliver weekly reports so that strategy with pricing or marketing is ahead of the curve, not behind it!"

sounds strange to you right?

I tend to agree with 2004 with this caveat, volume is down, and anyone selling into a market with no depth is going to get hurt on the way out. Once normal housing formation comes back (and it will) prices will snap back some. I don't buy that rising stock prices have much effect on real estate, but in periods of global melt-down buyers tend to stay on the side lines and wait for clarity.

As a crude generalization, UWS apartments with significant warts do seem to be around 2004-2005 levels. In the case of the "D" line at 164 W79th, the main issues are a tiny master bath and an awkward kitchen wing. Properties with fewer glaring flaws are probably closer to 2005-2006 levels, and the occasional listing hits a market sweet spot and captures a 2007 price.

It's a fragmented market, even within product classes in the same neighborhood.

Brooks: I'm no bull, but agree with W81st on the extremely fragmented market. On 79th street, the FT doorman buildings seem to be doing better in the same size category (118, Clifton).