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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]
Response by apt23
almost 14 years ago
Posts: 2041
Member since: Jul 2009

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.

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Response by West81st
almost 14 years ago
Posts: 5564
Member since: Jan 2008

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.

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Response by West81st
almost 14 years ago
Posts: 5564
Member since: Jan 2008

Update: #12C was just reduced $105K, to $1.995MM.

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Response by Brooks2
almost 14 years ago
Posts: 2970
Member since: Aug 2011

The first of most likely a few price reductions

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Response by w67thstreet
almost 14 years ago
Posts: 9003
Member since: Dec 2008

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.

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Response by Truth
almost 14 years ago
Posts: 5641
Member since: Dec 2009

(please fill in the blank).
Sprint

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Response by West81st
over 13 years ago
Posts: 5564
Member since: Jan 2008

Update: #12C closed on 7/26 for $1,905,000.

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Response by NWT
over 13 years ago
Posts: 6643
Member since: Sep 2008

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

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Response by falcogold1
over 13 years ago
Posts: 4159
Member since: Sep 2008

great trade up

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Response by w67thstreet
over 13 years ago
Posts: 9003
Member since: Dec 2008

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.

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Response by inonada
over 13 years ago
Posts: 7952
Member since: Oct 2008

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.

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Response by w67thstreet
over 13 years ago
Posts: 9003
Member since: Dec 2008

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.

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