3/7 open house report

Sorry, I meant 3/9 open house report!

I didn't go to any but noticed a reasonable amount of traffic in to the sales office in my building.

Saw a few 2BRs as well in a different price range (1.2MM+) and one OH was packed in Murray Hill. In all cases, some people seemed to look casually (just based on conversations about 'not knowing what I want yet') so it's difficult to say if people are sitting on lots of cash to pounce at the right time/apartment or if this has become a new pasttime. My favorite was a combination unit, fairly well done. I heard someone say that it's a rare combination for that building (D/E) because of the corner decorative fireplace.

Where are these other 2BRs since they seem to be priced surprisingly low...? Is it because they're in non-doorman or elevator only buildings?

prospbuy08: yes, they were walk ups, no doormen. The second "BRs" were not really BR's (and even the primary BR were tiny). Even at these prices they were overpriced. 2 were in 125 E. 4th street. The other was 149 Sullivan (possibly one of the worst apts I've looked at over the last year); its only redeeming quality (other than the great location) is that it had a washer/dryer in the apartment but the building was very poorly maintained and the unit looked like something out of a Depression era film. If you are in the 1M+ league, these are probably not what you have in mind!
I don't know if you just started looking but it is my experience that there are a lot of lookie-loos in addition to a lot of people who are genuinely interested in buying. I definitely sense that unless the apartment is really special and well priced, most props are taking longer to get offers. Good luck!

Saw 2 today in Chelsea, as well as the low floor unit at 125 E. 4th that khd is talking about.

340 West 19th Street, #21 had very little traffic; only 5 on the sheet near the end of the open house. The square footage isn't listed, but it feels like less than 600 (yes, for a 2br), making it over $1k/sf for a 4 floor walkup that feels steep, with no views and a need for a new kitchen and bath. They're going to have to come down quite a ways, I'd say. I will say that West 19th btw 8th and 9th is a beautiful block, with townhouses lining the north side of the street.

125 E. 4th #4 also had no views (airshaft/small utility courtyard). The kitchen was ok, maybe just needs some work on the cabinetry, but the bath needs a reno. It also may be in more dire need of staging than any apartment I've ever seen. It looks like it's shared by a couple of sorority sisters. I didn't bother w/ the 6th floor unit, but I don't see it getting anywhere near the $649k asking when a larger, gut renoed unit sold for $580k (under asking) a year ago.

The interesting one was 309 W 20th St Apt 4R. It's in the rear, behind another building through a courtyard. You have to pass through a very narrow walkway to get past the front building. This could be pretty creepy for a woman coming home late at night, or feel Parisian on a nice spring day. The courtyard’s in pretty bad shape, but has potential and looks like it's getting worked on. The building definitely falls somewhere on the funky/charming scale. The 3rd floor walkup goes quickly, but the halls are so narrow you have to turn sideways and press against the wall to let another person pass. There's no laundry in the building. Here's the thing, the apartment is gorgeous. The ceilings slope from around 8.5' to 11.5' w/ three skylights. The kitchen is very nice, but small with only a half-fridge. There's a large walk-in closet off the br that was previously a home office. The interior has charm for days. It is small, and I don’t know how the funky building will play with most people, but I can see this one pushing someone's "gotta have it" button. Possibly the most interesting thing is that this place is a quick flip. It closed in August of 07 for $470k (below a $499k asking) and is now listed at $585k. Judging by the current condition and the lack of kitchen and bath pictures in the old listing, I'd guess the new owner just put in the kitchen, bath and ceiling beams. It claims 575sf, but it seems smaller. I somehow missed “no dogs” in the listing so no real interest from me (I think I was blinded by the words “carriage house”).

I had an ambitious day of looking at 1 bedrooms that ranged from $830K-$1.5MM in GV and Chelsea. Saw 9 open houses. All were relatively busy and ranged from properties on the market from 1-42 weeks. Clear trends remain elusive. I did note that there were more minor price reductions than last time I looked 2 weeks ago. The hesitancy of buyers seems to be strengthening and I heard several tell brokers that the offering prices equalled top dollar sq/ft in the respective buildings and that in "this market" they didn't think that was realistic.

Has anyone looked at 231 W 16 St--a triplex of bamboo and glass? Curious to hear others thoughts on that one. It's the most unusual place I've seen--which is not to say I'll be living there anytime soon.

Tenemental: I looked at 309 W 20th before it was fixed up and it was a dump, so they obviously have done a seriously nice job for the flip based on your description. There were no skylights, it was dark and the floors were wonky. The kitchen and bath both needed gut reno. I don't remember the beams apparent in the pictures either (I wonder if they were added or if a drop ceiling had been removed?). I recall the stairwell being very narrow and claustrophobia-inducing. The location was definitely nice but I wasn't convinced the building was "stable" (just a feeling) or at least well maintained. I also looked at an even smaller unit in that complex that day (can you imagine how small that must have been?), which I think sold quicly. I don't recall a "no dogs" stipulation (I also would not have looked had I known).
$585K seems like a big ask considering what it sold for, but it sounds like someone will push the buy button!
Just to let you know: the 6th floor apt in 125 e. 4th was cute, but not as nice as #27 (which you know is grossly overpriced). The ceilings on the top floor definitely seemed higher and the unit was much brighter, well maintained (unlike the grotty #4).The bathroom was small, I don't think an average man could stand in front of the sink without hitting the tub with his calves.
kylewest: I too have noticed more price reductions (incl 125 E. 4th #4--which needs to come down even more). I am clearly not in your league of apartment hunting, so I haven't seen 231 W. 16th.

Hey, khd: the photos of that apt. were so intriguing we went to see it even though there wasn't a chance we could afford it or would necessarily want to. Knowing what is just below and above your price range I find is very informative. Not that I learned much from 231 W 16 since it was so odd. Good luck to anyone seeking a comparable to that apartment.

Thanks for the tip kylewest. I have indeed looked at props just above and below our "target" but anything over 800K is more than "just above" for me! :(
I agree that the photos are quite intriguing...I sent the listing to a friend who is looking for something more in that price range. So was it unusual good or unusual bad?

Regarding 231 W. 16th, my husband went to see it and he said you can get very hurt if you come home drunk and miss a step as you are trying to walk up the stairs. lol. weird layout.

It was designed within an inch of its life with nice finishes but tastes differ. Glass tile bathrooms aren't for everyone--especially red 1" tiles from floor to ceiling. The kitchen has no real cooktop to speak of--just 2 of those black smooth glass units with 2 "burners" each that are separated by 5 feet. No counterspace. It isn't a real kitchen--it just approximates one. Bamboo walls, doors, ceilings in some areas. I can't describe the rest--you just have to see it. I can't imagine who will see this and have to have it--but s/he's out there somewhere I guess...with $1.2M to burn on a 5th floor walk up.

Went to one newish listing just for fun that looked interesting (on paper, at least). 378 Bleecker, a stand alone townhouse, three stories, with a shop on the first floor, and a dollhouse-sized one bedroom upstairs (you can see images and floorplans on streeteasy, so I won't bother with descriptive play-by-play). At first, it appeared very cute, and extremely well appointed - but pictures can be misleading. The cabinets are rather cheap when you get up close, the kitchen appliances (Miele) were well below grade, and the bathroom was not as elegant or well thought out as it should have been. Plus the fireplaces have been closed off! In addition, it's a weird situation because it's a condo, but the only other unit owner in the building is the person who owns the ground floor commercial space, so the comedic board of director's meetings can only be imagined, particularly if the building systems failed, or the facade required attending, etc. In addition, the price is just way to much. But I was curious just because it looked rather charming. Astonishingly, they had about a dozen parties come through to kick the tires.

Just one midtown building for me today - The Link at 310 West 52nd, just off of Eighth Avenue.

All the finishes are the same since it's a new building - green glass tile, concrete counter tops, pale, wide board floors - all nice on their own; somehow kind of busy all together in the relatively small spaces.

10th floor 1/2 plus den for 1.4 million. Living/dining 14x12 - a bit tight. Den 7' 3" wide - needs another nine inches (no sniggering) in order to be called a bedroom, according to the agent. We learn something new every day.

11th floor 1/1.5 for 1.055 million. 17x12 living, but walled off from the kitchen. Also for rent $3,900 as the owners are moving west. I expect many condo owners who need to move and can't sell will be offering their condos for rent.

4th floor 2/2 for 1.385 17x12 living also a bit tight. Agent said he was an owner in the building and that the nice apartments start above the tenth floor and above 2 million.

Agents were huddled in the lobby. Only one of three elevators on line and that was manned by an operator who needed to be summoned by cell phone. One other looker came to the 11th floor apartment with us and she was enthusiastic about style, view and layout.

Sizes and prices here make it easy to follow the prevailing advice from Streeteasy posters: keep on renting.

Briefly visited five properties today on the Upper West Side:

50 West 96th Street Apt.16A, $2.725MM. See Streeteasy listing 148459. Really nice top-floor 3BR with an excellent kitchen and a maid's room/office that would function reasonably well as a fourth BR. Easy access to pretty roof deck. Open house had very light traffic. Broker was on cell phone talking about how tough the market is and blaming "the buyers from Hell" for a previous deal falling through. Price was cut $125K two weeks ago, and I think it will come down again soon. Sellers are already in contract on a new apartment, so motivation could be strong.

252 West 85th Street Apt.6B, $1.725MM. See NY Times listing NS8030610. Really cute 2BR+maid's with well-designed family room and flexible layout. Would be great for a family with one pampered daughter, since it comes complete with a fairy mural in the second BR. Light turnout at open house. The broker/seller - who was very nice - seemed a bit dejected.

20 West 90th Street Apt.D, $2.795MM. See See Streeteasy listing 167733. Duplex occupies the top two floors of a brownstone. Can't judge traffic because I was there early. The apartment is loaded with every toy from the last 36 issues of Metropolitan Home, Architectural Digest and Bon Appetit. Great outdoor space, very elegant feel. My take: no matter how many expensive embellishments you pack into a fourth-floor brownstone walkup, it's still a fourth-floor brownstone walkup. I told the agent I thought the current market - especially the creidt environment - would be very tough on a "unique" property like this one, where so much of the value is in the renovations. She looked at me like I was from Mars. I explained that good comps would be hard to find, and that lenders would probably haircut aged comps pretty severely. "We HAVE comps," she huffed. Serves me right for questioning the pricing wisdom of the great Corcoran empire. After I shrugged and said, "We'll see", she conceded that "Well, of course there aren't as MANY comps for a place like this, but they're good ones. The appraisal will come through. Why don't you make an offer and find out?"

46 West 83rd Street Apt.2BF, $1.85MM. See See Streeteasy listing 190687. Advertised as a seven-into-six, but that may be misleading. Rather than a classic seven with two rooms merged, it's two apartments rather awkwardly combined. As a result, about 300 square feet are wasted in a long entry hallway and a huge center gallery, which adjoins the redone open kitchen. Sound funky? It is. This open house had easily the best turnout I saw all day; for a supposed seven-into six on that block at that price, with some nice original detail, it's no wonder people showed up to look. But I think the layout and the scaffolding right outside the windows turned most prospects off. (On the other hand, if I were a burglar, I would have been thrilled, and I would certainly have planned a return visit in the near future.)

215 West 90th Street Apt.2C, $1.775MM. See Streeteasy listing 191642. 1622 sq.ft. classic six converted to a 3BR. Sleekly decorated apartment with VERY high ceilings. Relatively low CC and taxes, so the TCO is right for somebody who doesn't mind the low floor, the lack of views or the limited entertaining space. There's another unit in the same line for sale, so the price competition will be interesting to watch. CBHK had three staff working the open house, and they didn't have much to do.

In summary, the open house scene was pretty quiet for a sunny Sunday at the height of bonus season, in a prime Manhattan neighborhood. And the one apartment that drew a crowd didn't seem to inspire much enthusiasm.

West81st, great post. I appreciate the detail.