Sale at 490 West End Avenue 2F

The price might be a little high for 2nd floor, but note the low maintenance which may justify the price. I've seen the apartment (actually live in the building) and they replaced floors and did other work.

I think #2F is severely overpriced, and won't sell at all until the owners are ready/able to incur a substantial loss. The problem here isn't just that the overall market is down. The problem is a fundamental change in psychology. Four years ago, an apartment like #2F could be marketed as a stepping stone toward owning something better. In 2012, with buyers contemplating longer hold periods, a dark living room that faces an alley is a much bigger deterrent.

Also, for all of its old-world charm, 490 WEA is a building where you could buy a front-facing classic seven (albeit a smallish one) for $1.5MM in 2009. There are WEA coops where an apartment like #2F can command close to $1.4MM, but I don't think 490 is among them.

Thanks! Always insightful... there seem to be a lot of 2/2s coming on the market right now in the west end/riverside corridor, though most in the 1.2-1.3 price range higher up in the 90s.

I too note the flood of 2/2. Won't b long bf the fraternicide leads to the floor dropping out for the 3/2....

When 3/2 trade for $1.2mm. $900k 2/2 will be the norm. And then wait till mortgages go to 6%..... $1mm 3/2 and $600k 2/2. Solid 2001 pricing.

-shrug- wtf do I know?

owners already taking loss if you factor in broker comm. Interesting comp in 514 WEA on 4th floor.