Sale at 125 East 4th Street #27

how much do you think this is worth if not 799?

Well, their next-door neighbor (#28), advertising what sounds like a very similar apartment (gut renoed 3br w/ nearly identical maint) sold in March of '07 for $580k after asking $599k. The neighbor's unit claimed 790 sf. It's a 6-floor walkup.

It seems like another case of sellers getting greedy and missing the peak. Either that, or they believed the broker who promised them an insane price to get the listing. They started by asking $925k 4 mos after that last $580k sale. What were they thinking?

Thanks tenemental. I think you're right, maybe 1 year ago, the seller could have got away with near 800K. I saw the previous sales (namely #28 with a slightly bigger floor plan), too, that were rather discrepant from the asking price of #27.
The renovations are very nice (although the bathroom sink is way small) but at the end of the day, it is a smallish apartment on the 6th floor of a walk up (which are very hard to re-sell). If laundry could be installed, it would be better, but it can't be done. Also, realistically, the master BR should be part of the living room.
There are 2 other listings (albeit smaller) available, one on the 2nd floor, which I think is way overpriced (679K), and another on the 6th floor with a similar floorplan that is closer to the mark price wise (579K).
I think #27 is worth somewhere between 600-650K, this is factoring in the high downpayment (25%), 6th floor walk up, and small bedrooms. But that is just my opinion...

khd, even a year ago I don't think they'd have had a chance to sell at $800k with #28 closing at $580k in March. Maybe if they caught the frenzied peak they'd have gotten something in the low $600s. The other listings in the building are very recent and seem to be chasing the pipe dreams of 27 instead of looking at comps.

Have you followed any of the other threads discussing the state of the market concerning luxury vs. average vs. marginal properties? Many agree that while prime properties are holding up and average properties are flat to soft, marginal properties are getting hit. I've definitely found that to be the case in the East Village, and a 6-floor walkup is about as marginal as it gets, regardless of renovation.

Thanks tenemental. Yes, you are right. Even a year a it would have been a stretch at 800K. I was not aware that there were differences between the property types, this is helpful. I'll look into those threads...thanks again!

Thanks tenemental. Yes, you are right. Even a year a it would have been a stretch at 800K. I was not aware that there were differences between the property types, this is helpful. I'll look into those threads...thanks again!

Tenemental, any bets on what this ended up going for? Do you think they actually got financing? I am surprised....

No idea. I mentioned on another thread the person that bought, at full asking, a property I would have purchased had I not discovered StreetEasy and the comps. I walked away, and the buyer paid 20% over a solid comp that appeared a few months later. Knowing some people close to the deal, I found out the "buyer" was a student with a wealthy parent who was putting down over 50%. I like to think that sites like StreetEasy (and even Curbed) help to educate people and keep the sucker count down, but lord knows they're still out there. UrbanDigs has talked about appraisals being more tethered to reality in the current environment, so if they didn't negotiate a big discount, it would be interesting to see what happened there. If it was purchased anywhere near asking by someone who wasn't well informed, he or she's going to be mighty bitter to find out the next door neighbor got a much better deal one short, flat (at best) year ago.

Thanks for the comment tenemental. I also heard that Cuomo was going to clamp down on the over-appraisals, but I guess they can't really monitor them. This co-op requires 25% down so maybe the banks weren't as watchful.

I didn't discover streeteasy (or curbed) for a longggg time (I've been looking a year and only just 2-3 months ago started using it). Fortunately, it is my friends and family that have been telling me when I'm crazy for liking something. I can imagine there are alot who make a big mistake!

Thanks, will be interesting to see what it went for!