It's Friday, let's have a little fun...buyers throw in your 2 cents
Started by east_cider
about 18 years ago
Posts: 200
Member since: Feb 2008
Discussion about
I've been tracking the voluminous and long-winded debates between buyers and sellers on this site and others. Fun to read, but not exactly high on useful content. So I thought it might be fun to start a buyers' thread in which you list an apartment you like, the current asking price and the price you would be willing to pay. Since I know that many sellers read Streeteasy, this might be a good way... [more]
I've been tracking the voluminous and long-winded debates between buyers and sellers on this site and others. Fun to read, but not exactly high on useful content. So I thought it might be fun to start a buyers' thread in which you list an apartment you like, the current asking price and the price you would be willing to pay. Since I know that many sellers read Streeteasy, this might be a good way to bring some transparancy to how much of a disconnect there is between buyer willingness and seller expectations. Who knows...it might even help break up the current stalemate that is driving up inventory.
To protect everyone's interests, you don't have to list the actual property, but instead maybe just the type, size, neighborhood, carrying costs, current asking price and the price at which you would be willing to buy. Obviously, reasonable bids are more helpful to the discussion.
I'll go first.
2 bdrm/2.5 bth condo (not new construction), 1200 sq ft, Upper East Side, $2600 maint + taxes, asking $1.4MM, I'm willing to pay $1.225MM.
Who's next?
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Response by bjw2103
about 18 years ago
Posts: 6236
Member since: Jul 2007
2br/1ba elevator/doorman co-op, prime UWS, ~950 sqft (not listed, my estimate), $1300 maint, asking $1.095M. I'd pay $950k. Layout, size, location are all great, maintenance about right (though a bit high for my taste), having only one bath and not a great amount of storage hurts the value. Quite nice though.
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Response by east_cider
about 18 years ago
Posts: 200
Member since: Feb 2008
Okay, only two data points so far with an average spread of 12.9% between buyer willingness and seller expecations (aspirations?). Don't be shy...share your situation so we can get a bigger sample size.
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Response by cliff702
about 18 years ago
Posts: 182
Member since: Apr 2007
Another apartment where the original asking price seems ambitious, to say the least. Any opinions about the new, improved, reduced price? Any comments about the renovations? I lived a rented apartment in this building, but can we hear from others first?
bjw2103: Stick to your guns. It looks like they're pricing 6B off the sale of 2B last May, and conveniently ignoring the price of 4B two months earlier.
Have you considered making similar offers for 3B and 6B, and letting both agents know that whoever says "yes" first makes the sale? Or is the higher floor critical for you? Anyway, good luck.
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Response by ITM
about 18 years ago
Posts: 44
Member since: Jan 2008
201 East 17th St, Apt 18F. 650 sq ft 1 bedroom, coop, ~$800 monthlies. Ask was $695k, I bid $650k. There were 3-4 bidders above me. A week later, broker came back and said for various reasons, the other 3-4 bidders had to pass. I stuck to $650k. Think it was eventually sold for $660k.
235 East 22nd St, Apt 6F. 950 sq ft 1 bedroom, coop, $1,300 monthlies. Ask is currently $849k. I would bid below $800k even though it's in move in condition.
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Response by ITM
about 18 years ago
Posts: 44
Member since: Jan 2008
280 Park Ave South, Apt 16M. 810 sq ft 1 bedroom, condo, ~$1,400 maint and taxes. Ask is $1,195k. Would consider at sub $1 million.
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Response by Margategirl
about 18 years ago
Posts: 25
Member since: May 2006
bjw2103 - We looked at 2b & 4B last year, and any work that had been done was couldn't compare to the 2 on the market now. I think at $995,000 it's a good deal, great location and higher end remodelling w/o going through the hassle. The drawback is the 1 bath, and no washer/dryer. Good luck!
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Response by october
about 18 years ago
Posts: 145
Member since: Mar 2008
2 br /2 bath 11th floor condo on UWS (mid 90s and Broadway) in post war doorman building with a gym - $1.195, with $870 cc and $741 taxes. I’d pay $1.1
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Response by wyndcliff
about 18 years ago
Posts: 60
Member since: Sep 2007
cliff702 - It looks like they're still looking for over $1000 ppsf. Recent comps in the bldg are around $750. The apartment is hideous, the finishes clash, just awful in in my opinion.
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Response by West81st
about 18 years ago
Posts: 5564
Member since: Jan 2008
Wyndcliff / cliff702: I think you're on the wrong thread, but thanks for sharing that a very, er, ambitious listing in Lincoln Square.
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Response by east_cider
about 18 years ago
Posts: 200
Member since: Feb 2008
Thanks for the postings. I'm keeping track in a spreadsheet; the average spread between bid and asked is 11.3% thus far. I guess that's about what I expected. Keep 'em coming.
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Response by West81st
about 18 years ago
Posts: 5564
Member since: Jan 2008
east_cider: There might be an 11% spread, but it looks like the buyers are pretty reasonable - right at 2007 comps. It's the sellers who seem to think the market has moved their way in the past year.
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Response by east_cider
about 18 years ago
Posts: 200
Member since: Feb 2008
I agree that the buyers seem to be putting forth "good faith" bids that are consistent with comps (I know I am, at least). But I think the spread ultimately is going to reflect the relative eagerness of the buyers...last year it was probably quite high. Now...not so much.
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Response by West81st
about 18 years ago
Posts: 5564
Member since: Jan 2008
By the way, I have to disqualify myself from playing, because the apartment we want to buy is the one we currently occupy, as regulated tenants. The unique economics of our situation would distort your averages.
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Response by wyndcliff
about 18 years ago
Posts: 60
Member since: Sep 2007
oops. my bad.
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Response by dco
about 18 years ago
Posts: 1319
Member since: Mar 2008
Looking LIC- New Rockrose buildging 2 Bed/ 2 bath 1100-1200 square feet 1.2M starting. I'm willing to to $950,000 for this ne development and $100,000 less for less desirable building in the area.
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Response by lupus1
about 18 years ago
Posts: 139
Member since: Sep 2007
looing in chelsea 22nd street/6th, 2 bed 2 bad 1300 square foot. listed 1.6, offer 1.3
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Response by JohnDoe
about 18 years ago
Posts: 449
Member since: Apr 2007
Cliff, the apartment still looks about $200K overpriced. It's as if the seller or broker is looking at sales in preward buildings in more prime areas to decide on a price.
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Response by east_cider
about 18 years ago
Posts: 200
Member since: Feb 2008
Average bid/ask spread so far: 13.7%. Keep posting your data.
Also, there's an interesting article on Bloomberg today regarding the perilous state of the NYC real estate market, including some choice quotes from brokers who are finding themselves in the position of coaxing their sellers toward reality. Perhaps more interesting is the fact that this news story has the #3 position on the "top read" list this morning. Hmm...think it's an issue on peoples' minds?
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Response by gamja78
about 18 years ago
Posts: 5
Member since: Mar 2008
alcove studio on 110th & lex. 540 sq ft, new dev, 20 ft from the subway, and asking $400K. 24hr doorman, gym, 70 units. it's still considered a sketchy neighborhood but hopefully in 5 yrs things will change. I'd be willing to pay $350K. I would love to know what other ppl think.
2br/1ba elevator/doorman co-op, prime UWS, ~950 sqft (not listed, my estimate), $1300 maint, asking $1.095M. I'd pay $950k. Layout, size, location are all great, maintenance about right (though a bit high for my taste), having only one bath and not a great amount of storage hurts the value. Quite nice though.
Okay, only two data points so far with an average spread of 12.9% between buyer willingness and seller expecations (aspirations?). Don't be shy...share your situation so we can get a bigger sample size.
Another apartment where the original asking price seems ambitious, to say the least. Any opinions about the new, improved, reduced price? Any comments about the renovations? I lived a rented apartment in this building, but can we hear from others first?
http://www.streeteasy.com/nyc/sale/164109-coop-140-west-end-avenue-lincoln-square-manhattan
bjw2103: Stick to your guns. It looks like they're pricing 6B off the sale of 2B last May, and conveniently ignoring the price of 4B two months earlier.
Have you considered making similar offers for 3B and 6B, and letting both agents know that whoever says "yes" first makes the sale? Or is the higher floor critical for you? Anyway, good luck.
201 East 17th St, Apt 18F. 650 sq ft 1 bedroom, coop, ~$800 monthlies. Ask was $695k, I bid $650k. There were 3-4 bidders above me. A week later, broker came back and said for various reasons, the other 3-4 bidders had to pass. I stuck to $650k. Think it was eventually sold for $660k.
235 East 22nd St, Apt 6F. 950 sq ft 1 bedroom, coop, $1,300 monthlies. Ask is currently $849k. I would bid below $800k even though it's in move in condition.
280 Park Ave South, Apt 16M. 810 sq ft 1 bedroom, condo, ~$1,400 maint and taxes. Ask is $1,195k. Would consider at sub $1 million.
bjw2103 - We looked at 2b & 4B last year, and any work that had been done was couldn't compare to the 2 on the market now. I think at $995,000 it's a good deal, great location and higher end remodelling w/o going through the hassle. The drawback is the 1 bath, and no washer/dryer. Good luck!
2 br /2 bath 11th floor condo on UWS (mid 90s and Broadway) in post war doorman building with a gym - $1.195, with $870 cc and $741 taxes. I’d pay $1.1
cliff702 - It looks like they're still looking for over $1000 ppsf. Recent comps in the bldg are around $750. The apartment is hideous, the finishes clash, just awful in in my opinion.
Wyndcliff / cliff702: I think you're on the wrong thread, but thanks for sharing that a very, er, ambitious listing in Lincoln Square.
Thanks for the postings. I'm keeping track in a spreadsheet; the average spread between bid and asked is 11.3% thus far. I guess that's about what I expected. Keep 'em coming.
east_cider: There might be an 11% spread, but it looks like the buyers are pretty reasonable - right at 2007 comps. It's the sellers who seem to think the market has moved their way in the past year.
I agree that the buyers seem to be putting forth "good faith" bids that are consistent with comps (I know I am, at least). But I think the spread ultimately is going to reflect the relative eagerness of the buyers...last year it was probably quite high. Now...not so much.
By the way, I have to disqualify myself from playing, because the apartment we want to buy is the one we currently occupy, as regulated tenants. The unique economics of our situation would distort your averages.
oops. my bad.
Looking LIC- New Rockrose buildging 2 Bed/ 2 bath 1100-1200 square feet 1.2M starting. I'm willing to to $950,000 for this ne development and $100,000 less for less desirable building in the area.
looing in chelsea 22nd street/6th, 2 bed 2 bad 1300 square foot. listed 1.6, offer 1.3
Cliff, the apartment still looks about $200K overpriced. It's as if the seller or broker is looking at sales in preward buildings in more prime areas to decide on a price.
Average bid/ask spread so far: 13.7%. Keep posting your data.
Also, there's an interesting article on Bloomberg today regarding the perilous state of the NYC real estate market, including some choice quotes from brokers who are finding themselves in the position of coaxing their sellers toward reality. Perhaps more interesting is the fact that this news story has the #3 position on the "top read" list this morning. Hmm...think it's an issue on peoples' minds?
alcove studio on 110th & lex. 540 sq ft, new dev, 20 ft from the subway, and asking $400K. 24hr doorman, gym, 70 units. it's still considered a sketchy neighborhood but hopefully in 5 yrs things will change. I'd be willing to pay $350K. I would love to know what other ppl think.