9 Barrow Street #PH8CD - hot market!

I mentioned this listing in another thread. A friend of mine in the building tried to get it before it was listed, no dice. He heard it went into contract over ask with an all cash offer. We'll see.

Having previously been in the downtown terrace market, this is just another example of anything even remotely reasonably priced not lasting long, although this certainly pushes the boundaries of reasonableness. I wouldn't have been a fan of the relatively narrow terrace.

Sorry, the sq footage is closer to 1800 plus terrace. Still puts it close to $2000 per sq ft including terrace given flarf's comment.

300mercer:

That sale and its speed seems to confirm the prime point of my NYC sale market
point of inflection posting, which is that prices are spiking by well over 10$
above recent comps and foreshadowing massive & increases in desirable NYC
apartments this year.

Ut would be helpful if you posted that 9 Barrow information in my thread, so
other SEs can comment upon it there.

The seller is supposedly Stifler from American Pie. It's not really my look, but it's fairly tasteful and has a pretty efficient and flexible layout.

Sorry rb, The other thread has gone a little crazy. Also, wanted to link the comment to the actual sale.

>Sorry rb, The other thread has gone a little crazy.

No thanks to your policy of appeasement.

300mercer:

I cited your information in my most recent post in my point of inflection
thread. I would be happy if you weighed in with your data.

Did you use big words out of context?

Very specific penthouse with outdoor in the village. Very rare and realized price can be out of whack.

Look at this penthouse a few blocks away sold for all cash for asked at about the worst time for NYC RE. Sold 2 yrs earlier for $2.9mm.

http://streeteasy.com/nyc/sale/406461-condo-88-washington-place-greenwich-village-new-york

Indicative of the then market in NYC?

Jbutton, Is this a bullish comments. I have posted several other properties in the village. Do not think they are all unique. It is just that market is hotter than any one thinks and it will start to show up in the numbers soon despite streeteasy condo index throwing out the outliers which are mostly on the upside in a rising market.

300_mercer, not sure why you still think the SE index is under-representing increases. They said they only throw out 3-sigma outliers, which is only about 15 of 5000 annual sales. Even if all 15 were sold at 2x, this would only move the index by 0.3%. On the other hand, it likely includes countless moderate-scale renovations, which would over-represent increases unless you take the index to mean "renovated on average to keep constant quality".

Do you have any quantitative reasoning backing up your claim? How many outliers do you think are being excluded, what is the average "overage" on them, and what effect would that have on the index? What about renovations?

I just ran into a broker from Spring Lake New Jersey who told me that prices
there are up 30% from 2012.

It seems that with the officially called bottom of the national real estate
market that demand is now beginning to become crazy as fence-sitters become
if-onlyers and desperate to get to the station before the train leaves.

I ran into several at an open house I held last week for a condo I own. Looking
12-18 months for the right property, and unable to see the writing on the wall
that, as the bears here used to chortle, they need to:

BUY NOW OR BE PRICED OUT FOREVER

RB, sounds like you made up both anecdotes. you think market is going through the roof and you are selling? I suggest you reread your posts before you hit reply.

LOL, JButton.

Rb345 ain't the brightest bulb or the sharpest tool.
I guess now with even more evidence, inoitall has changed his outlook on the guy, which means it is safe for c0lumbiac0unty to do so as well.

I have not changed my outlook on RB, he just got called out nicely. I know you like to hold grudges forever, but those of us with big-boy pants can disagree / argue / call each other out without being overtaken by an all-consuming antipathy.

Apparently.

Seller has great taste in art: I have some of Rodrigue's Blue Dogs as well.

JB:

1. read my response to that issue on my point of inflection thread
2. I am hedging
3. I own a number of NYC apts which have large amounts of equity and good cash flows
4. but another 9/11 event could destroy all that
5. there are very few or no "safe harbor" investments left in the US
6. investments which you can put your money in and not look back for years without worry
7. ideally, we should have 4-5 independent income streams each of which can provide for all our needs
8. that is one of the reasons I am selling: to diversity income streams and thus risk
9. also, I own other NYC real estate which will appreciate with the market if it soars

NadA, I hope you are not using normal distribution for your outlier comment. What would be the outlier count if you used one sided fat tailed distribution?

Mercer, nice attempt at deflection. No shit there can be non-normal distributions. That's why I asked "How many outliers do you think are being excluded, what is the average overage on them, and what effect would that have on the index?" I cannot see it adding up to anything of consequence. Can you?

Even if they are excluding a full 5% (which I doubt) and these are sold at 25% above-average (which is about as much as you've found), it only amounts to a 1.25% difference in price.

Right? And they pick up all moderate renovations.

JB:
Let me paraphrase

1. Help me out
b. I am under water
III. I own a number of apartments that are now cash flow negative
d. I have to sell
5. I need to pay off my debts.
f. I am trying to diversify into other assets if I can get out by talking my position
G. I have no income
8. help
9. I am talking my position because my life depends on it.
Finally or 10, k. I am very transparent. I really need out. Can't you tell....

4.2mm closed.