Sale at 15 West 11th Street #5B

Location not withstanding its a 2/1 and the master isn't that large. For $2MM+ I'd want an en suite master bath with at least a powder room if I was going to use the second bedroom as an office or a second full bath if its a bedroom. I'll go with whatever Kylewest says since he "owns" that market but I would guess $1.5-1.8MM.

I agree, I cant see that selling north of 1.8m but in that market with a good old "best and final" I guess everything is possible

Looking at the original layout, this new version is strange and not very gracious. The new kitchen is in a strange place, and makes for what will have to be a difficult furniture placement. The renovation seems to be well done, but this is not a comfortable 2 bedroom apartment. I think the price is a tad high...but since the inventory in GV Lower Fifth is low...it might go near ask.

The living / dining room is a very awkward layout, and the dark kitchen cabinetry was a mistake, imo. I would have chosen all white to make the kitchen go to sleep. Actually, I never would have moved the kitchen from its original location.

I'm not sure I understand the point of the tiny second bedroom. It's a waste of space as a guest room or office. And people aren't going to spend $2M to share a bathroom with their child. And if the bedroom is indeed meant for a young child, why on earth did the seller rip out the bathtub in the only bathroom?

This could have been a very gracious 1-bedroom apartment. $1.5M seems right, as it will take about $150-200K to correct those mistakes.

I've seen this apartment and it is indeed overpriced. broadbent had it right by saying that the new kitchen is strange ---- it begs for an island or a peninsula, or something to define it against the big room. I understand they're going for the "open concept", but in reality, they've got "no kitchen".

buster is correct about the tiny second bedroom. It is indeed tiny, with no view whatsoever; it's a slightly large coffin.

No en suite master bath. Sure, it's gold coast, and yes, the building is impeccable, and on a lovely street. But it I believe it needs to come south of $2M. At $1.5M it would likely go fast.

Didn't it sell for half the price in 2012?

Seller seems to be grossly over estimating the value of her renovation. Some things were well done--for example, the bathroom looks nice and the quality of work throughout looks good and not too taste specified. But as others point out, many layout choices are very taste specific and not likely to be valued by a lot of buyers. In fact, many prospective buyers may feel the seller's choices will have to be changed.

If the same layout apartment sold a year ago for around $1.1MM, maybe you could argue the market value of this apartment is about $1.25 today and with the reno maybe it is arguably $1.4 (I'm being generous given that few buyers will share the seller's enthusiasm for some of the awkward design choices and no bath). Even if you convince me I underestimate value of the reno, it still ain't anywhere near worth over $1MM. That's just crazy talk!!!

We'll see, but I don't even see bids coming in. Who really wants to waste their time making an offer that is 60% of the asking price? It is generally a non-starter with a seller so why bother.

To clarify: I meant to say there is no way the reno itself added $1MM in value.

Some very quick comps for two bedrooms in the area: and note--they are not selling at the list price so the true "value" is obviously less than the ask prices. Plus, two of these have an additional 1/2 or full bath.

$1.85MM http://streeteasy.com/nyc/sale/895257-coop-41-fifth-avenue-greenwich-village-new-york
$1.79MM http://streeteasy.com/nyc/sale/809977-coop-45-fifth-avenue-greenwich-village-new-york
$1.64MM http://streeteasy.com/nyc/sale/895189-coop-51-fifth-avenue-greenwich-village-new-york

What about this apartment? Seems like this would be a pretty good comp since it just closed.

http://streeteasy.com/nyc/sale/875429-coop-21-east-10th-street-greenwich-village-new-york

Kyle, How do you compare this listing with 6cd sale at 3.8mm. That apt is 1800 sq ft vs 1000+ ish for this apartment.

First, 3b with he same floor plan as 5b lwas listed as having only 900 sq ft. If accurate, that makes this 5b unit asking price $2450 per sq ft. That's a lot for a compromised layout and a one bathroom apt. 6CD , if 1800 sq ft, is only $2100 per sq foot. How on earth is a worse apartment with more taste specific decor and choices going to get a 20% premium over the 6CD unti? And this discounts any views that are better from the sixth floor that added to 6cd's value (I haven't seen the units.). Ripping out you kitchen, sticking it in you dining room and putting a bedroom where he stove used to be is not magically creating an extra bedroom at no cost. It compromised the rest of the place and still leaves it with just one bathroom. The 5b asking price is beyond aspirational imo. The market will tell us if I am right. I would have listed 5b at $1.45 and seen what happened. Maybe $1.55 if I really wanted to test this overheated market.

That was exactly where I was trying to go when I first asked. Because I can sense it but cannot rationalize it.

What makes an apartment's price qualify for the real "luxury market" and go for crazy prices ?

Why is 15w11 6cd sells for 3.8mm (as 300_mercer noted), but 41 5th ave. 16e is still offered at 1.85m for example ? And why do I sense that 15w11 5b might after all sell for 2mm ?

I cannot answer that question. The GV real estate market is hot hot hot again. Look at the prices at the Brevoort East too. Post war units asking over $1.5 for one bedrooms. Makes me very happy in terms of what this means for my own RE value, but .... Wow. The desire to own in what is perceived as a AAA area is strong enough among so many people that the market is clearly saying premium pricing is warranted. The market is saying that if you don't want to pay this premium for ownership, then don't. Someone else w

Thanks Kyle for detailed rationale. Not that I am in the market, but I do like the more contemporary layout with a little room for guest/ office. Not a fan a really ark wood in kitchen though. I would not be surprised if they get 1.8mm using 900 sq ft which in new condo measurement terms will be 1050 sq ft or more.

I just looked at the earlier listing layouts, http://img.streeteasy.com/nyc/attachment/show/590751-15-west-11-street-new_york.jpg and I'd have to say I'm partial to the original original.

In contract... Time will tell... I say $1.75M

I say 1.77

That's so Price is Right of you. I say 1.771.

:)

$2,075,000 !! bravo

Wow, but I guess not entirely surprising. I guess when you have 800 sf 1-bedrooms asking $2.1M, a junior 2-bedroom with them same price seems reasonable.

http://streeteasy.com/nyc/sale/1011767-condo-28-east-10th-street-greenwich-village-new-york

I know I'm just a San Francisco moron, but I LOVE 3B. 5B indeed a strange layout with a truly ugly (non) kitchen. Since neither has what I would call a view, how can one justify a 1M difference in price. Looks like a wonderful building.

Riccardo, I agree - 3B is indeed an excellent 1-bedroom - truly generous proportions. The $1M price difference vs 5B has a lot more to do with market conditions than the difference in layout. 3B closed in September 2012, and so the contract was probably signed towards the end of the summer of 2012. The downtown market really started to heat up in 2013 as sideline buyers re-entered the market and had to compete for very limited inventory. So the buyer of 3B really lucked out on timing.