Open House Report: 490 West End Avenue #12C
Started by West81st
almost 14 years ago
Posts: 5564
Member since: Jan 2008
Discussion about 490 West End Avenue #12C
490 West End Avenue #12C Coop, six rooms, 2BR 2BA + Maid's room Asks $2,100,000; Maint. $2352 490 WEA makes a great first impression. The distinctive iron and glass canopy and elegant marble lobby give this 1912 Neville & Bagge coop a level of curb appeal that few peers can match. Upstairs, 490 is more ordinary, with rather drab common spaces and pedestrian pre-WWI floor plans. True to its... [more]
490 West End Avenue #12C Coop, six rooms, 2BR 2BA + Maid's room Asks $2,100,000; Maint. $2352 490 WEA makes a great first impression. The distinctive iron and glass canopy and elegant marble lobby give this 1912 Neville & Bagge coop a level of curb appeal that few peers can match. Upstairs, 490 is more ordinary, with rather drab common spaces and pedestrian pre-WWI floor plans. True to its period, the building offers charming details and high ceilings, at the expense of floor space, storage and bathrooms. The "C" line is an average-sized classic six whose LR and MBR face east. Like many rear-facing apartments on West End, the "C" line feels very different on high floors than lower down. Sitting well above the neighboring buildings to the east and northeast - which are quite low - #12C enjoys an open view across Broadway to the Bromley. It's not the most scenic outlook, but there's plenty of light. Even the north-facing windows that are blocked by 498 WEA see the sky and, at an angle, the Alameda on 84th St. #12C is offered as a three-bedroom. The third BR is really the maid's room; it's big enough to house a child or guest comfortably. The public spaces are less than grand, but they are comfortable and well-finished. The dining room is especially nice, with recessed lighting and dentil moldings above the painted paneling. The living room is more spare, with a bright, white-palette paint job that offsets the room's narrow dimensions; a decorative fireplace add visual interest. Parquet floors in the public spaces are in good condition, with attractive border inlay. The bedroom floors are carpeted, and could use freshening. Although the kitchen and baths are modern and functional, most of the fixtures look rather dated to my eye. The Viking range, on the other hand, appears virtually unused. The line's most obvious shortcoming is having only one bathroom in the family wing. In #12C, this flaw has been addressed cleverly, by expanding the maid's bath and opening it to the adjacent second bedroom. This Jack-and-Jill arrangement allows the main hall bathroom to effectively serve as a master bath. The other problem with this line, a lack of storage space, remains a serious issue in #12C. The two main bedrooms, and the generous maid's room, each have only one small closet, with armoires filling the breach. Although additional closets in the foyer help a bit, #12C will not suit buyers for whom storage is a priority. #12C hits a lot of crucial check-boxes. Prime location? Check. Three bedrooms? Check. Two bathrooms? Check. Minimal work needed? Check. Nice building? Check. Good light? Check. Washer-dryer? Check. It remains to be seen whether that's enough to lift an apartment that sold for $1.875MM in a 2005 bidding war above the $2MM mark in 2012. I don't think the current owners have done much work on #12C, so a sale near ask would be significant for this sector. [less]
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w81. I have never understood why so many apts keep decorative fireplaces. I can understand if the decor is period or more on the formal side and the fireplace plays an integral part in the design. Or even in a more modern decor, if the furniture is arranged around the fireplace as a visual focal point. But in a small apartment where space is of the essence - particularly in a small living room like this one -- why not ditch the fireplace and use the wall space for a piece of furniture with storage space.
You are correct about closet space in this apt. The bedrooms are so small it would be difficult to build more closets into the rooms.
I love reading these reports and only wish you would visit more open houses every Sunday....... you slacker.
apt23: I grew up with a decorative fireplace. As pointless ornaments go, I think it's an OK use of a few feet of wall space. But you're right about #12C: the living room is narrow already, and the DFP doesn't help.
Update: #12C was just reduced $105K, to $1.995MM.
The first of most likely a few price reductions
IF a sale/closing above "$2MM" would be a "significant" telltale of a re-bubbling.... and ASK of below $2MM would mean _____________ (please fill in the blank).
Double dip baby... bring it.
(please fill in the blank).
Sprint
Update: #12C closed on 7/26 for $1,905,000.
Now the sellers have lots more room. In May, they bought this house for $3,900,000: http://streeteasy.com/nyc/sale/588888-townhouse-157-west-87th-street-upper-west-side-new-york
great trade up
In this corner, w81 and nwt! $3.9mm th bought in may of 2012.
In this corner, w67. $3.9mm in sprint bought in may 2012 for $2.4/share.
Current tally, w67 up $3.2mm with twenty dollars in transaction fees. TH down $230k!!!! Probably more if they tried to sell it 'quickly'.
So w67 has 100% chance he will double his money again to $14.2mm in 2 yrs. TH, w67 is thinking $2mm in a few years.
Chance of w67 doubling it again to $24.2mm in 5 yrs?, 50/50. TH.... Sell for $24.2mm in 5 yrs? What ya smoking?, and may I have some.
Interesting to see how things tally up after a nominal 7 years of typical, "responsible", "long-term" ownership.
Gain on sale +$30K. Transaction costs -$170K. Maintenance -$168K (let's call it $2K a month after-tax). Upkeep & repairs, let's call it $0. Cost of capital @ 5% after-tax -$650K (30-yr jumbo fixed ran at 6.5% back then, 1-year ARM at 5.5%, 4% compoinding return from stocks ala SPY, 9% from bonds ala TLT).
So total cost $958K for 7 years, $11.4K a month.
Pretty crappy price to have paid for a ~1400 sq ft home.
But the $958k 7 yr loss had an imbedded $500k tax free gain option!!!!!!!!! And no value can be placed on painting your walls unicorns!
And yes. $11.4k/month. Thatz one terrible rental negotiation by that dork.