How long will this be on the market?

thats pretty tough. you could rent a modern comp for around 4k right ?

Will be in contract by Friday after an intense bidding war ups the price to over 1.5 million.

I don't get it--must be missing something. I see 15E just sold a few months ago for asking of $899K. Presumably then closing was around $870K let's say. It is two bedroom, two bath with maintenance of $1600 on 15th floor. This is a 3rd floor unit (that's pretty low) with $2000 maintenance and essentially also a two bed, two-bath with more closet space. Why is ask $250K more than 15E? Even with slightly more space in the 3rd fl unit (I think) the higher floor for 15E should balance out difference in value. Was 15E an estate sale or something? Wreck? 3 is mint? Gotta run.

15e was not an estate sale.

I don't think the price is too crazy. If anything it might drop to $1.1M, but the unit itself is pretty big and it's in a desirable area.

will sell in no time for at least 1.3 million

yuan?

hmm this might be a good coop for that dude to live in with his mother.

Desirable area? Not for me, not for most.

Its pretty crazy when other 2bds/2baths in the building have been selling for less than $899k.. let me guess. nycmodern you are a broker?

I think it is pretty clear that this unit is larger than 15E (my guess is 20% larger). Yes they are both 2/2's but this one is clearly larger with more closet space, a much more livable 2nd bedroom, and as best as I can tell from some photos in better condition than 15E. 3rd Flor vs 15 is of course undesirable. I live a bit further south and west than this, but 4K would get you a Junior 4 in my area, not a large 2/2 that has been nicely renovated, I think that would run 6K.

Here are some rental comps...like I said I live a bit further south and west.

http://streeteasy.com/nyc/rental/775417-rental-177-east-75th-st-upper-east-side-new-york

http://streeteasy.com/nyc/rental/801565-rental-177-east-75th-st-upper-east-side-new-york

3k can get you a junior 4.

http://streeteasy.com/nyc/rental/824479-condop-211-east-53rd-street-midtown-new-york

i pull a Mitt and bet you 10k that there will be a price drop on this apartment or it will not sell

We can use rental comps all we want, but that's comparing apples to oranges. No one will pay this price. Get a clue the sales market is different than a rental market

Wow I thought my comp was a bit of a stretch, but yours made mine look really accurate.

? thats a jr4 you can get for under 3400? how is 4K more accurate? But it doesn't matter! Look at SALE COMPS IN BUILDING!!!!!

READ WHAT KYLE SAID-- he/she makes sense!! not the rental market, it's a COOP!!!! for SALE!!!

I don't get it--must be missing something. I see 15E just sold a few months ago for asking of $899K. Presumably then closing was around $870K let's say. It is two bedroom, two bath with maintenance of $1600 on 15th floor. This is a 3rd floor unit (that's pretty low) with $2000 maintenance and essentially also a two bed, two-bath with more closet space. Why is ask $250K more than 15E? Even with slightly more space in the 3rd fl unit (I think) the higher floor for 15E should balance out difference in value.

Here is another Junior 4 you can get for less than 4K

http://streeteasy.com/nyc/rental/825288-multi-23-e-213-street-norwood-bronx

i don't get your point. are you a broker? maybe that's why.

Not a broker.

My point is that the 3rd floor apartment is much larger and more desirable than the 15th floor apt that closed for 860K. The most likely reason for the higher maintenance on the 3rd floor is the larger square footage. Usually buildings charge higher maintenance per foot on higher floors. The 3rd floor has 19% higher maintenance, so I would assume it is in reality at least 19% larger. I know there are other factors that can affect the maintenance charge on an apt like # of windows, etc. Larger apartments usually sell for more per square foot than smaller apartments. Granted it is on a much lower floor, and that is less desirable.

I wouldn't be surprised if it ultimately changes hands for less than asking price, but I wouldn't put this apt in the wildly overpriced category based on another 2/2 selling for less in the building.

Oh, and yes I do think that rental comps matter. I don't think I should have to explain why.

Brooks2: Your comp is $3,450 for a 1 bedroom/1 bath. You just disproved your point!

3KL is like a home with tons of closet space and room for a small office in one of those dressing areas.

Also the bedrooms are a good deal larger than the other 2 bedrooms in the building and the 2nd bath has a tub as opposed to just a shower.

Check out 8GH it sold at $1,140 in 2010.

Great space for a couple with a kid or two.

Would probably rent for 6K.

I bet it sells within $100k of the list, just depends how patient the owners are.

P.S. The maintenance seems reasonable for the sqft.

When you look at the floorplans, the third-floor unit (a combo) is a split-bedroom layout with a large luxurious master suite, which some people would consider more desirable than the more standard 15th-floor comp.

And yes, I am a broker, but no, I don't sell on the UES.

ali r.
DG Neary Realty

ok-- let's wait and see how long it will be on the market before a price drop. I am sure no one will take my bet

Brooks2: "ok-- let's wait and see how long it will be on the market before a price drop. I am sure no one will take my bet."

Big deal, very few apartments sell at the initial offering price in this market. It will sell for north of a million.

i doubt it.

This Broker thought the same thing. it was on the market for 369 days.. Good Luck RE ny!

http://streeteasy.com/nyc/sale/535110-coop-440-east-79th-street-upper-east-side-new-york

06/23/2010
Listed by Corcoran at $1,095,000.
10/07/2010
Price decreased by 9% to $995,000.
02/14/2011
Price decreased by 5% to $949,000.
04/01/2011
Price decreased by 5% to $899,000.

Big deal, very few apartments sell at the initial offering price in this market.

that' why brokers are a waste of time..

Frequently the owner sets the price hoping for lightning to strike. Eventually the price gets more realistic and the apartment sells. Also if the owner is testing the market, he/she may be in no rush to sell and gets the satisfaction of knowing they didn't give the apartment way for a low price, particularly if it sells in a short period of time.

"very few apartments sell at the initial offering price in this market"....just wondering, "in this market" at what percentage discount from the initial asking price does real estate, in the generic sense, sell for? Any thoughts?

Saveral months ago, for co-ops in Manhattan, the median was about 5% off last (not initial) asking. SE lets you dump the last 200, using whichever criteria, into a spreadsheet. Then add a column to calculate the range.

Or, "Find a Broker" lets you find the busiest by neighborhood and see their average discounts off initial and last ask. I.e., see how some price things better than others.

E.g., of the last 195 Manhattan co-op closings, 147 were matched to a listing by SE. (It can take a few days to manually match odd apartment numbers, so most of the other 48 will eventually match.)

Anyway, of those 147, the median listing discount was 4%.

The useless outliers ranged from a discount of 22.5% at http://streeteasy.com/nyc/sale/620741-coop-166-west-122nd-street-central-harlem-new-york to a premium of 42.2% at http://streeteasy.com/nyc/sale/538457-coop-152-east-118th-street-east-harlem-new-york

Yeah. That's the way I negotiate against myself. Most runners run marathons in 5hrs. If I beat it by a minute, I'm so awesome!

NWT.. who cares if it's not initial. that's not the point. The point is most come on the market way over priced and off market!!!

the median was about 5% off last (not initial) ...

so after it's on the market for over 360 days and 5 price drops of over 20% .. the apartment sells within 4% of price... great. that is useful.

Looking at Shop for a Broker for last year's co-op closings on the UWS and Lincoln Square, of the brokers with ten or more deals, Deanna Kory was the best pricer (or perhaps can be selective) with an average days-on-market of 55 and average discounts of 3% from initial ask and 1.7% from final ask. Jessica Cohen and Brian Lewis were next in line.

Why get so upset and indignant over people asking too much? Either ignore it and wait, or try a low-ball offer. It's no skin off anyone's back.

(Except the broker whose inadequate pricing or client-persuasion skills are on permanent record.)

>READ WHAT KYLE SAID-- he/she makes sense!!

Kyle, can you help clarify for Brooks?

Net. Thanks for pointing out keanna Cory are the biggest underpricers in the manhattan market.

Flmaozz. You think borkers set prices?, how about wages, bonuses and credit from banks and ppl's opinion of where re is headed post the greatest bubble in modern history.

Ok, a shrewd(I use that term very loosely) RE owner in NY(and probably a broker) says this is priced right. It has already been on the market 258 days. I bet there will be another price drop before it sells(or taken off the market).. What do you think??

http://streeteasy.com/nyc/sale/603124-coop-410-east-57th-street-sutton-place-new-york

04/20/2006
Previous Sale recorded for $(insiders only)
04/26/2011
Listed by Prudential Elliman at $1,625,

Brooks, why so angry and emotional about this sale? First, I wouldn't be dumping on the broker. At 260 days, the seller and broker have had many pricing conversations and were they not on the same page they would have parted ways. Here, regardless of whom is more greatly influencing the asking price (broker or seller), the market is rejecting it and obviously the seller is not entertaining offers more in line with the 15th floor comp or this place would have sold. So it will sit. And sit. And sit. That's just the way it is with some sellers. They don't care or are utterly unrealistic or have boxed themselves into a financial situation where they are stuck with a market that won't do what they "need" it to in terms of producing a buyer at the price they "must have." We have seen many examples of this on here and discussed them over time. Remember this one: http://streeteasy.com/nyc/talk/discussion/23148-what-price-will-this-apartment-sell-for
Or take the history of apartment 11U at the Brevoort East which was way over priced in 2008, sat around until the owner rented while waiting for the market "to improve", then relisted 2 years later; she ultimately accepted hundreds of thousands less than original ask; this seller could have had that money she ultimately got 2-3 years earlier but rejected offers that were a lot higher than the one she ultimately took. Her life went on hold, getting rid of the apartment became an endless chore and headache, and all she got in the end was what she could have had at the beginning. Good for her. http://streeteasy.com/nyc/sale/499259-coop-20-east-9th-street-greenwich-village-new-york

Point: there are stubborn, foolish people out there and some are fed by silly brokers. When looking for a place to buy, you have to just accept that if a place is priced incorrectly, there may simply be nothing you can do about it because you aren't dealing with a rational seller or a seller for whom it is even possible to negotiate because they are in a financial hole and this can be compounded by a less than stellar agent's advice. There is only one thing to do in these cases: move on. It's just business. Nothing personal.

Sorry Kyle-- RealestateNY told me that was the market.
"there are stubborn, foolish people out there and some are fed by silly brokers."

You said it. I did not.

Brooks2: What a sad character you are. You know nothing about the building, apartment, owner or broker regarding your example. You remind me of a guy who thought Apple stock was overpriced in 2009 at $85 and now that it's over $400 continues to watch it and hope it goes back down to $85 so he can get in. If you're happy with your situation why continue to talk about how overpriced a particular listing is. As Kyle said, "Move on" with life you missed your opportunity and no matter how much bashing you do; your little voice will not talk the real estate market down to the point you are looking for.

touche- and to quote KW, "stubborn foolish people.. by silly brokers" like you can't keep it up. get a clue.. lol, hahaaha

RENY you truly are a fool...

Brooks is that the best you can think of, keep spending your life on this board and letting your anger out, you know what they say:

"Better to remain silent and be thought a fool than to speak and remove all doubt"?

That quote was written for you! LOL!

good luck selling your overpriced apartment fool.. hahahaha

RealEstateNY- you lost all credibility on this board saying this is the market. Good thing for you this board is anonymous. LOL Hah...ahahhahahahahahhaha

http://streeteasy.com/nyc/sale/603124-coop-410-east-57th-street-sutton-place-new-york

04/20/2006
Previous Sale recorded for $(insiders only)
04/26/2011
Listed by Prudential Elliman at $1,625,

The market listing price on 410 E. 57th is $1.4 million if the sqft are correctly listed. Not hard to figure out!

Yes sounds pretty simple coming from a simpleton. How could I expect more.. (rhetorical)

Reny thinks re can only go up. Thank you. You have removed all doubt you are a financial fool. Next

http://streeteasy.com/nyc/sale/632291-coop-150-east-49th-street-turtle-bay-new-york

http://streeteasy.com/nyc/sale/617812-coop-150-east-49th-street-turtle-bay-new-york

$80k less

o'yea and a 690 psf offer

5c, sold for $755k in 08'. 4c and 2c sold for $614 and $660 last your so my guess is these apartments be on the market for a while

that's around $560 psf

I am surprised they are sticking to their guns and haven't dropped the price. I wonder how long that will last.

on the market for almost 2 years-- ~$660 PSF and still can't sell- How much longer?.

http://streeteasy.com/nyc/sale/620759-coop-320-east-57th-street-sutton-place-new-york

on the market 2 years ~$700psf

http://streeteasy.com/nyc/sale/653207-coop-205-east-77th-street-upper-east-side-new-york

brooksie, nice data-pummelling of RENY!!

and for the "if NY trades 500 psf, we'll be in a national depression" camp, brace yourself--2/2's in B buildings/hoods in manhattan are getting pretty close to a depression trigger, depending on which tail wags which dog

..