where is my 3br/2ba for $1 to 1.249 million on the UWS

JM, which point?

80's - doido nao sou. Mas se vc diz que gosta muito o bairro de Columbia, por que no devo dizer que e a minha facultade e que tambem e agradavel passar o tempo la?

Grunty-Didn't mean to bash anyone's neighborhood. I agree it's nice in your hood. In between it is less inspiring.

64 povos em uma semana para ver um apartamento com as 10 ofertas (provavelmente) pedem acima.

Em 'alturas de Morningside.'

pobre malraux, utilizando software pra intentar escriver portugues! Vc q fala tam bem o portugues tem por tanto que saber que "povo" o que quer dizer e "people" no sentido de toda a gente. Exemplo: "O povo passam fome" quer dizer "the people are hungry." "64 people" em portugues e "64 pessoas"; "64 povos" quer dizer "64 nacoes."

Outra vez com aquelo de "provavelmente" - o que e sem provar como tudo que diz.

"Pedem acima" do que? Quem pede, e que e o que pede(m)? Vc quer dizer que fizeram oferta?

malraux, voce nao sabe nada. Fica quieto. Seja melhor. Ninguem merece. Fala serio moleque.

steve, eu tambem forlumlau naquela faculadade. Mais pra frente leao!

Another step closer to the desired price point. Not quite $1.25MM, but getting there:

http://www.streeteasy.com/nyc/sale/211282-coop-201-west-89th-street-upper-west-side-manhattan

Listed at $1.575MM; sold for $1.4MM. $1K/sq.ft. Nice building, high floor, renovated, low maintenance. Currently 3BR/2BA with a small dining foyer. The corner bedroom could actually be split into two small rooms for kids if you wanted to give them privacy.

Meanwhile, that 3BR/2BA on the 11th floor of the DeSoto has dropped to $1.589MM.
http://www.prudentialelliman.com/915514
Oddball layout or no, that's quite a drop for a nice apartment.

Give it time, W81. Prices will be down 50% from peak.

Checked the NYTimes RE section sample closings this week. All under $1k a square foot. WELL under $1k a square foot....

http://www.streeteasy.com/nyc/sale/319345-coop-2025-broadway-lincoln-square-manhattan

1.299mm

West81: Is the Desoto a well run building?

I saw the listing at DeSoto as well. Considering seeing it. Down to $1.589K.
http://www.streeteasy.com/nyc/sale/112058-coop-215-west-91st-street-upper-west-side-new-york.

What about all the apartments in 140, 160, 180 WEA?
Seem like pretty legit 3-bedrooms on UWS for well under $2MM.
http://www.streeteasy.com/nyc/sale/228315-coop-160-west-end-avenue-lincoln-square-manhattan
http://www.streeteasy.com/nyc/sale/212018-coop-180-west-end-avenue-lincoln-square-manhattan

We saw one of them a few weeks ago. Maintenance is slightly on the high side, but not terrible. And the balcony is pretty nice, and decent size.

What am I missing? Is there something bad about this complex that I don't know about?

http://www.streeteasy.com/nyc/sale/315638-coop-140-west-end-avenue-lincoln-square-manhattan
http://www.streeteasy.com/nyc/sale/315643-coop-140-west-end-avenue-lincoln-square-manhattan

The other two links - streeteasy wouldn't let me put all of them in one post.

dmf13: As far as I know, it's fine. I don't recall any significant knocks on the building, the Board or the staff. Until recently, at least, utilities were included in the maintenance. Not sure if that's the case any more. FWIW, I've always liked the lobby.

As noted in another thread, 755 WEA #5C is nearly there:
http://www.streeteasy.com/nyc/sale/193165-coop-755-west-end-avenue-upper-west-side-manhattan

Not the cheeriest unit in the world, but it's a lot of apartment for the money, and I think we'll see some other listings in the West 90s follow suit with price cuts.

Here's another possibility, asking $1.35MM. Low floor, no doorman, but a great location and the low maintenance reflects the minuses.
http://www.streeteasy.com/nyc/sale/345012-coop-310-w-85th-street-upper-west-side-manhattan

interesting
will try to check it out

http://www.streeteasy.com/nyc/sale/211135-condo-275-west-96th-street-upper-west-side-manhattan

Here's another for $1.35MM. Not huge, but decent layout, balcony, doorman. Area is not fantastic, but ok, and right by the express subway stop.

I appreciate the periodic revival of this thread West81st. It's what I'm looking for as well. However, it's hard not to think that 275 West 96th is exactly the type of apt that will be 995k in 10 months.
Which, let's be realistic, is still a lot of dough.

yes 275 w 96th
havent seen this incarnation, but others that are similar in the same building sold anywhere from 1.2 to 1.6 in the last several months. This one came on the market at 1.25 or 1.29 i think. They did some superficial remodeling (appliances and such) and jacked the price to 1.4. Now they are on the down trajectory.
995k would not be a bad price for this cookie cutter feel apt, but of course that depends on the overall market. If we see the 20-25% drop then the 995k would be consistent with that
The location is pretty noisy -- Broadway and 96th.

kgg and joedavis: I haven't seen this apartment, just looked at the listing. What in your minds is so wrong with it that you think it warrants a 50% discount to all the similar $2MM apartments on the UWS? Yes, a bit smaller, yes cookie-cutter, yes a bit of a noisy area, but 50%?

More broadly, joedavis, you started this thread by saying there are no apartments in your price range on the UWS. Do you still feel that's the case?

First of all, there are no true 3 bedrooms for $1 to 1.249 million on the UWS.
Perhaps something converted or three tiny box bedrooms without a real master.

As for 275 West 96th, I thought it was listed at 1.35 not 2 million, and I don't mean
to pick on just this apartment, I think they are all coming down, and yes probably a
little quicker at 96th versus 72nd. Or N. Moore or Charles.

That's exactly my point - it's listed at $1.35MM, whereas apartments that look fairly similar (yes, better as I said above) are around $2MM. Yet you and joedavis don't think that it's a decent deal at $1.35, and think it's really worth no more than $1.0MM. My questions is - what's so wrong with this apartment in your opinion?

first in response to newbuyer
no I am still seeing NO viable apartments in my price range -- anything that generally shows up in that range is usually snapped up even if it needs a lot of work -- a few exceptions

next, this specific apt -- it is interesting
The building looks reasonable from the outside. The apt is generic but redone (generic). It is 1315 sq ft and priced only a little bit higher than Harlem apts of similar size and well below the 2 million genre, but is not inconsistent with the prices in the building

And why is it so far below the 2 million apts? Good question -- many of those are singularly unattractive also, but sometimes have more sq ft.
They are shooting for $1k/sq ft here and as the market recedes they will go lower. Currently it could sell for 1.2 to 1.3. Down the road as the market corrects 20-30% as per the forecasts on this board it will be below $1m and the $2m guys will be down to 1.3 -- so I understand, but do not yet see or believe

joedavis - I agree with all of your analysis. I don't think this apartment is priced too low as much as a lot of the $2MM ones are priced too high.

The only other point on square footage. I think this one is a legitimate 1315SF, whereas most other listings we see (for anything, anywhere) are inflated anywhere from 10-30% (there's been a couple threads on this). That makes psf comparisons tougher.

sometimes its funny to look at what was written just a few months ago...

JuiceMan
about 3 months ago
"You may be just joking around joedavis but if not, I think your expectations are completely unrealistic. Decent UWS 3/2's are in the $2.5 - $3M range right now, and prices are going up, not down. Over the next year, you will be have to get eally lucky to get a decent 2/2 in that price range. "

The market continues to edge closer to joedavis's range, bit by bit:

http://www.streeteasy.com/nyc/sale/316194-coop-370-riverside-drive-12-c-manhattan-valley-new-york
http://www.wohlfarth.com/listing.asp?listing_id=3980#

It's a very borderline 3BR, and the location is at the extreme northern edge of UWS; but the combination of high floor, low maintenance and novel renovation might make it worth a look.

The Bassett listing at 310 West 85th was just reduced to the magic number of $1.25MM.

http://www.streeteasy.com/nyc/sale/345012-coop-310-w-85th-street-upper-west-side-manhattan

Unfortunately, now that the floorplan is available, it's pretty clear that the third bedroom is a joke, and the square footage isn't much over 1,000.

Seems like we're going to see a whole lot of that magic number now...

That magic number will be $995K in no time.

Yep, things are going to start moving fast, now.

Shares of New York marked down their entire inventory this afternoon. No bargains there, but it's likely part of a market-wide process of resetting price points.

The apartment joedavis really seems to want is still closer to $1.75MM than $1.25MM. Will it reach his number? No idea.

yes you are right as always West81st. The apartment I want is indeed sitting in the 1.75 to 2.0 neighborhood, and at 1.5 in Harlem
At the same time these numbers need to be redefined since the interest rates on the jumbo thing are now 7.5 and higher even with >20% down
So, my target shifts lower and the prices creep lower.
Of course I could magically inherit Lehman brothers and change my target .............

West81st, I love your stuff but pawning a 1000 sqft 3/2 as a "deal" is stretching it don't you think? This thread is silly.

Juiceman: I agree about the Bassett listing.

Actually, I also agree that the thread is silly... for now. But it's considerably less silly than when joedavis started it. At some point, it might not look silly at all.

one of the perennial doomsayers on this board made a statement that led me to put up the price point that defines this thread.
Would like to say it was stevehjx but am not sure.
frankly, there were a dozen or more apartments at this price point in the UWS when I started looking in summer 2007. Most were not exciting, but they existed. Since Jan 2008 there has been nothing comparable below 1.4 or 1.6 that could even be considered and yet if all you did was read this board you would be convinced that the prices in Manhattan are plunging deeper than a diva's neckline on a Rio boardwalk.

SInce I only monitor a very limited segment of the market, it is possible that the declines are there and eventually this thread will look silly only because 1.25 million is a ridiculously high price for a 3br/2ba
yes, I know ....not going to happen

joedavis: For what it's worth, I understood your rhetorical point. I took up the challenge for fun. Also, since $1.25MM is a lot of money in the real world, it's interesting to see how little that budget buys here. I think $1.25MM buys more than it did six months ago, but in these parts it's still a budget for two bedrooms, not three.

Here are a few examples of the Shares of New York repricing. Looks like a pretty dramatic change of strategy. The old prices, while high, were not egregious. With these reductions, SoNY may actually be ahead of the market. Maintenance is higher than average on a psf basis, so the financial condition of these conversions might be a concern.

http://www.streeteasy.com/nyc/sale/182170-coop-150-west-87th-st-upper-west-side-new-york
http://www.streeteasy.com/nyc/sale/211330-coop-55-west-95th-st-upper-west-side-new-york
http://www.streeteasy.com/nyc/sale/182169-coop-150-west-87th-st-upper-west-side-new-york

"I think $1.25MM buys more than it did six months ago, but in these parts it's still a budget for two bedrooms, not three." I guess it depends on the definition. Of the three links you posted, in my world the last one counts as a 3-bedroom, although obviously a pretty small one. I don't know what the hell to call the first one, since the 3rd bedroom is ridiculously tiny, but there is a large (convertible?) dining room.

So I would say that $1.25MM may buy some 3-bedrooms, but it doesn't buy the ones joedavis wants.

newbuyer99: You can call the first one a classic six, in poor estate condition with rather high maintenance per square foor. The so-called third bedroom is really the maid's room, and you are exactly right that the way to create a real third BR is by converting the dining room. If that's the plan, I do see a problem in the load-bearing column that sits in what could otherwise be a decent dining foyer. In any case, by the time the renovation is done, you will have put at least $1.5MM into the place (it could easily be $1.7MM), unless there's more room for negotiation on price.

I think we have a winner:
http://www.streeteasy.com/nyc/sale/228712-coop-444-central-park-west-manhattan-valley-new-york

Granted, the third "chamber" is tiny and closetless. I can see at least four ways to solve that problem. The apartment is already beautifully renovated and it even has side park views. It sold for $1.565MM last summer. Although 104th and CPW isn't quite prime UWS, it's pretty close. Reasonable maintenance. Full time doorman. Of course, joedavis will hate it; joedavis hates everything under $2MM. ;o)

Let us look at JuiceMan's post:

JuiceMan: "You may be just joking around joedavis but if not, I think your expectations are completely unrealistic. Decent UWS 3/2's are in the $2.5 - $3M range right now, and prices are going up, not down. Over the next year, you will be have to get eally lucky to get a decent 2/2 in that price range.
I looked at a 3/2 yesterday that hasn't hit the market yet and it already has an offer above asking."

Though he denies ever predicting that prices would be going up this year, he clearly stated such 4 months ago.

JuiceMan - do you want to retract now?

In a couple months, this thread is going to look like the title means... "remember when you could get over $1mil for those apartments"

"Though he denies ever predicting that prices would be going up this year, he clearly stated such 4 months ago."

You are distorting my statement here steve. I was reacting to a market that I am very familiar with and the direction prices were going at the time. Good 3/2's in the UWS were off the charts this year and increasing in price all during a time YOU said the market would crash (remember steve, Jan 2008 was the end of the world?). I was 100% correct in what I said. That said, we may be getting closer but I'm not ready to accept a 2 bed+ at 104th and CPW as victory. I will be happy to admit (and possibly buy another apartment) when/if it happens.

So no, I do not retract because that statement was made during a completely different market environment. I, like many others (including yourself), did not anticipate the enormity of the wall st. melt down. I don't yet have an opinion on the impact the past two weeks will have on Manhattan real estate and would rather wait to see how all of this shakes out before getting in a tizzy.

> So no, I do not retract because that statement was made during a completely different market
> environment

I thought that was the point... Steve called a change in the market environment, and you disagreed and assumed it would be the same "Over the next year".

And then it wasn't.

Clearly the change is in. We haven't figured out final magnitude yet, but assuming that prices would hold seems to be a clear mistake at this point.

"I, like many others (including yourself), did not anticipate the enormity of the wall st. melt down."

I did anticipate the enormity of the real-estate downturn in January 2008 when I started to post, but I didn't anticipate the enormity of the stock-market downturn. It wasn't the downturn that caused me losses - it was the extreme volatility after the idiotic move to let Lehman go bankrupt. I was break-even at that point, but when there is a 40% price fluctuation in one day, it was beyond my ability to control.

But because of it I'm glad I rent - because anytime I want, I can move, and I do want to reduce my expenses because, being self-employed, I have no idea what will come next.

"I thought that was the point... Steve called a change in the market environment, and you disagreed and assumed it would be the same "Over the next year".

Eddie_Wilson, change in market environment? Yes, I was incorrect that the market would be the same this year and did not anticipate the enormity of the Wall St. melt down. However, I find it odd that steve is saying that he was correct about the RE downturn but "didn't anticipate the enormity of the stock-market downturn". First, we have no idea what the "RE downturn" means. Second, don't you think calling a RE downturn would include being correct about the reasons for it?

nyc10022, just go back to your old handle (EW). It is ok, we are all streeteasy addicts, no need to hide it.

"Granted, the third "chamber" is tiny and closetless. I can see at least four ways to solve that problem. The apartment is already beautifully renovated and it even has side park views. It sold for $1.565MM last summer. Although 104th and CPW isn't quite prime UWS, it's pretty close. Reasonable maintenance. Full time doorman. Of course, joedavis will hate it; joedavis hates everything under $2MM. ;o)"

This isn't a bad apartment - I just don't think it really fits the description here. It's been reconfigured as a 2/2, and while I do find that section of CPW charming, it's pretty far from many of the amenities the UWS is known for. Like JuiceMan, I think it's a little too soon to be getting into a tizzy about all this. A quality 3/2 is still a tough find, so I expect that segment of the market to be affected less/later anyway. As an aside, stevejhx, do you really get your kicks digging out 4-month old posts and trying to call people out on them? I love the banter, but getting a bit silly, no?

bjw2103: When we started this discussion four months ago, joedavis said a convertible classic six would qualify. So a 1400 sq.ft. apartment with three exposures and a flexible floorplan seems to merit consideration, especially since it's in a good building and nicely redone, with reasonable monthlies. Not a perfect fit, certainly, and there are issues with the third bedroom and bathroom access; but it's head and shoulders above some of the ludicrous listings that comprised the $1.25MM price bracket back in May, when this apartment was at $1.625MM. As for location, you could do a lot worse: Central Park at your doorstep, a fifteen-minute commute to midtown via the B/C trains, and lots of rich neighbors at 455 CPW.

Exciting! Exciting!
Finally an apt comparable to some I saw when I first started looking a year ago, that is about what they were asking then. Thx West 81 for the find.
Will absolutely check it out and report
Still -- looked at some dogs (no insult intended to that fine species by this figure of speech)in Harlem last weekend and the owners/developers inclination to read streeteasy and figure out that the world has fallen apart does not seem to be there.

West81st, fair enough, though I have been following the thread from the outset. I'll definitely say we're that much closer to what the goal was. 1400 sqft is a decently sized 3/2, though that's ~$900/sqft, which is about what I'd expect from the West 100s, even before a downturn. I do think maintenance is pretty reasonable compared to some properties out there.

Quick question to anyone who's seen the place: can't be sure from the floorplan, but looks like you can only access the bathrooms from the bedrooms (that is, they're en-suite), which isn't a dealbreaker, but obviously a bit problematic, especially with 3 BRs. Is this true?

bjw: Agreed. I haven't seen the apartment either, but that's what I meant by "issues with the third bedroom and bathroom access". It looks as though you could add a door to one bathroom from the dining area. Hard to tell, since it's not clear where the sink is.

As for whether the current $900/sq.ft price tag represents a real decline, I think the history speaks for itself: the current owners paid over $1100. Was the whole market segment at that level? Maybe not, but this apartment was.

I would disagree with 900psf for CPW in the 100s before the downturn. That was within the areas we looked at, and I think most of the "family" apartment listings we saw there were more that 1000psf, some much more.

West 100s further from the park, absolutely, but that's a different area.

By the way, if the the third "chamber" isn't going to be used regularly as a bedroom, I think a better solution to the bathroom issue is to convert the pantry and part of the foyer to a powder room.

West81st, sorry I missed your original point about the bathroom access! I get a bit lazy reading these threads sometime. I like your idea about turning part of the foyer to a powder room.

About the ppsf, it's pretty clear these sellers were looking to flip or something necessitated a sudden move. I think they overpaid by quite a bit (hence the $1100/sqft - yikes!), which is more and more evident as you look at other closings in the building. Several other sales were in the $900 range. I actually looked at a handful of places (2BRs and 1BRs only though, so a different segment, admittedly) in that area (on CPW in the low 100s, or just off it) in early 2007 and was seeing ~$900-950. newbuyer99, not saying there weren't properties over $1k per, but, depending on when you were looking, you may have stumbled on some very optimistic sellers (though certainly possible I found the more "realistic" ones, I'll admit).

Well, it's just one apartment, so the price now (and the price it sold for last year) may both be aberrations. Let's see what on-market comps do over the next few weeks.

have made contact with the realtor to see this apt, but 372 and 392 CPW had at least 2 to 3 comparable apartments with views and balcony for $1.2-1.3 million in the summer of 2007, when I first started looking. They were nicely redone and were ~1300-1350 sqft in side + balcony. I understand that those are a very different building type and dont remember the maintenance now, but believe it was in a similar range.

so, yes this particular unit did sell for more, and was slipped twice it seems.
and it is unusual to find this pricing in that section recently

however here are some recent ones in the same general range --
http://www.streeteasy.com/nyc/sale/232098-coop-5-west-107th-street-manhattan-valley-new-york
saw this and the challenge is the kitchen
it is probably 5x5 ft
One could actually improve this apt tremendously by
1) giving up on the bedroom next to the lR/DR kitchen and putting in a real kitchen
2) Getting all the security bars off the windows so you don't feel like you are in a jail
and
3) using the downstairs as a master suite

When I saw it the price was $1.295 and given that the building (though on the corner of CPW) did not look that nice -- no doorman, mixed renovations etc, and the apt is ground level with windows in the back (a little claustrophobic) staring into other apartments, desisted the temptation to make a low offer
The positives are an outside sitting area accessible from the basement level

At $800k, this apartment would be very attractive, assuming about $200k in renovations (at least)

Here is another one
http://www.streeteasy.com/nyc/sale/226928-condo-7-west-104th-street-manhattan-valley-new-york
the third bedroom is definitely as fake as the 444 cpw is likely to be
this is a 4th floor walk up in a city rebuilt building.
not too attractive building or apt
Again the price is down 200k from when I saw it

Essentially, as I have said in the past, very few 3br/2ba in this price range in this area in the last 6-9 months, and the ones that show up are poor enough that they sit and decline even in the upward market. Of course the ones that were vaguely nice (after reducing price into this range) either saw bidding wars, or were sold in a blink.

bjw2103 - I've always seen a premium in psf terms for 3-bedrooms and above (and even large 2-bedrooms). I think that's the disconnect.

joedavis - I don't disagree with your observations on the nice ones. It's usually the marginal properties that slip first in a decline. So we'll see what happens with time...

newbuyer99, I figured as much (this is pretty much what I meant when I said I expect the 3/2 segment to be affected less/later), just have no solid experience with 3BRs (yet!).

In considering "true" prewar 3BRs, do you consider the maid's room in a Classic Six always/sometimes/never a "real" third BR?

Because that's what a Classic Six is: LR, FDR, EiK, MBR, BR, Maid, plus various spaces that aren't counted (entrance gallery, pantry, galley, 2 real baths and a maid's bath).

Joedavis: How about renting this one for $5500 (maybe less, considering how rapidly they're cutting it) until the shakeout shakes out?
http://www.streeteasy.com/nyc/rental/377863-condo-110-west-86th-street-upper-west-side-new-york
or http://www.bhsusa.com/detail.aspx?id=915413

That is a terrific deal. If they are willing to rent at $5500, what do you think they would sell for?

JuiceMan: If they wanted to sell, I think the owners would have listed it that way. Clayman handles lots of sales, and of course she'd rather sell it than try to find a $5500-a-month tenant.

Looks like they just want to park it as a rental for a while, and they're willing to settle for below-market rent because their costs are low.

JuiceMan: If they wanted to sell, I think the owners would have listed it that way. Clayman handles lots of sales, and of course she'd rather sell it than try to find a $5500-a-month tenant.

Looks like they just want to park it as a rental for a while, and they're willing to settle for below-market rent because their costs are low.

Sorry about the double post. A bit of additional color on #4A: the current owner bought in 1991, and is carrying very little debt. Even at $5500, she'll have nice positive cash flow. That doesn't mean she won't sell - especially if the apartment is losing value - just that she doesn't need to.

Joedavis: Now that the Elliman exclusive has expired, maybe you should approach the owners at 755 WEA #5C directly. The 6% they no longer have to pay the brokers would bring the price down to your target level.

http://www.streeteasy.com/nyc/sale/193165-coop-755-west-end-avenue-upper-west-side-manhattan

The apartment works fairly well as a 3BR, because the maid's room is pretty big.

west81st Noticed your advice for Joedavis, and have a question. Do you have to wait a certain period of time before approaching an owner directly in this situation, i.e. to make sure no commission will be due the seller?
Thanks again for all your insight on apts. on the UWS where we are looking to find an apt. also.

Can someone provide their thoughts on this apt? New to NYC RE, this area, etc. What's reasonable??

http://www.streeteasy.com/nyc/sale/320373-coop-609-west-114th-street-morningside-heights-new-york

Margategirl: It depends on the terms of the listing agreement. The broker is likely protected for a specified period after expiration IF he can demonstrate that he played a role in bringing the buyer to the table (another good reason for never signing in with your real name at an open house).

eobrien: That's a little out of my area. Probably north of $750K, south of $900K.

eobrien: After a closer look, I think the square footage is egregiously overstated. Forget $900K.

thx west81 will consider it
609 w 114 pretty close to Columbia and a nice area -- crazy that they are raising prices. i would offer 750k and see what they do -- the apts in this neighborhood vanish rather quickly -- if it is really 1200 sq ft 900k will be fair

"I think the square footage is egregiously overstated"

I HATE this about NY real estate. It's the only place i've lived where this is common. Why doesn't the listing agent lose his/her license for stuff like this?

I actually don't think the SF is overstated any more than "normal". And I agree with joedavis about the area. But I think the thing that kills it is only having 1 bathroom.

Here you go, joedavis: a high-floor junior 3BR on 90th and Broadway for $129,500. Probably a typo, but it wouldn't hurt to ask.
http://www.streeteasy.com/nyc/sale/356931-250-west-90th-street-upper-west-side-new-york

newbuyer99: You're right about the square footage on that other unit. It's only off by about 10%

I think they meant 1.29 million.

Here's a gut job on the East side
http://www.streeteasy.com/nyc/sale/231582-coop-333-east-79th-street-yorkville-new-york

thx west81 -- i have made an all cash offer on the 90th and broadway property -- will see how they respond. Incidentally, I am considering revising this thread (repricing it ) to say $995k instead of $1.249 million to reflect the new affordability level, corresponding to the mortgage market.

Also for all interested, here is a truly outstanding buy, but I cant seem to get the broker to respond

http://private.cityrealty.com/details.php?listing=6887
The Brookford
315 Central Park West, Apt. 15K
3 Bedrooms, 3 1/2 Baths - 2526 Sq. Ft. - $875,000
Beautifully appointed and spacious 3-bedroom, 3.5-bathroom residence in elegant 15 Central Park West. A gracious entry foyer and gallery lead to the sprawling open North & West-facing living room and formal dining room. The apartment features 10-foot ceilings , oversized windows offering a soaring sense of space and light with glimpses of Central Park from all rooms, central air conditioning, Herringbone Oak floors, solid wood doors and beautiful moldings throughout. Luxurious features include an expansive state-of-the-art windowed eat-in kitchen with all modern services, top-of-the-line Sub-Zero, KitchenAid and Wolfe appliances, finely crafted wood cabinets, and stone countertops. 15 CPW, made of the finest Indiana Limestone, is one of the few all-limestone buildings to join the city skyline in a hundred years. Designed by architect and historian Robert A.M. Stern, it offers the highest standards in service and amenities, including private dining service with an in-house chef, 14,000 Apartment Features: East exposure, North exposure, West exposure, Full city view, Partial park view, Floors - hardwood, Light - excellent, Windows - oversized Building Features: Courtyard, Roof deck, Pool

Financial Information:
Asking Price:
Minimum Down Payment Required:
Monthly Common Charges:
Est. Monthly Mortgage (30 yr. @ 6.5%):
(Change Mortgage Assumptions) $875,000
$175,000
$2,292
$4,424
Total Estimated Monthly Cost: $6,716

Location:
Between West 91st St. & West 92nd St.

Hey guys, how much would you estimate the gut reno for 333 East 79th would cost, assuming very modest but practical finishes, something consistent with, let's say, IKEA furniture? I guess in a couple years such an apt. would go for 600K of 550K and assuming 60-80K in renovations, it would still be affordable for a family who earns around 160K and has 130 for a down payment.

Trom -it's a big space that's why I posted it. Pretty high maintenance though. Wondering what they will take - it's empty and I assume a wreck since there are no internal pictures. I would also like to know how much for a low level reno

After more than a year on the market, these folks suddenly seem serious about selling:
http://www.streeteasy.com/nyc/sale/109926-coop-310-west-99th-street-upper-west-side-new-york
The price dropped below $1MM today:
http://www.streeteasy.com/nyc/sale/109926-coop-310-west-99th-street-upper-west-side-new-york
Cute little 3BR/2BA duplex. Pretty area. Might appeal to the sort of buyer that likes Pomander Walk.

Oops - second link was supposed to be to BHS, for the new price:
http://www.bhsusa.com/detail.aspx?id=749660

Hmmm.. Here's a good one that matches some of the criteria mentioned earlier:

http://www.halstead.com/detail.aspx?id=1631074

Why do I have this funny feeling that this thread is going to look a lot like that "hey, can you believe someone actually thinks dow will go below 11k" thread....

Yeah. We're on the verge of re-naming it "where's my 3br/2bt in the UWS for 800K to 1 Million". I mean, the one posted by West81st (for Mayor!) was below the mark and it was a more than bona fide 3/2.

Trompiloco: I think it will go even lower. The lack of closets will be a dealbreaker for most families. And even without any floorspace allocated to closets, the rooms are quite small. Cute as a button; just impractical.

Can people stop talking about Steve's stock portfolio. It's really retarded. When do people think the year on year comps will turn negative and finally shut the bulls up for the next 2 years min? Q3 or Q4? I think we might have to wait till Q4 data released in Q1, just in time for my whole industry to get zeroed on bonus. Not only is investment banking a memory, but the average hedge fund is down over 10%. That's zero bonus, and starting 10% in the hole in 2009 (at best). Although just to further convolute this post, I think we're setting up for a decent rally whether we have see the true bottom or not.

310 w 99th -- shows that it is still at 1.195 million.
I did see this a while back, and would rate it unacceptable in multiple ways. Surprised by West 81 calling it cute, but perhaps that is why she thinks my expectation for a 3br2ba at 1.25 or under is unrealistic

just ran the search again for UWS + morningside + manhattan valley 3br 2ba limit 1.25

http://www.streeteasy.com/nyc/sales/nyc/status%3Aopen%7Cprice%3A-1250000%7Carea%3A161%2C147%2C135%7Cbeds%3E%3D3%7Cbaths%3E%3D2

Get just 9 properties. Have seen them all, and frankly my dear, they don't even get me to the point of saying damn!

Still waiting -- it seems that the bottom of the trough is declining as well as the cream on the top, while molasses grip the range I am looking at
50 Morningside av a 1300 sq ft 3br 1ba showed up at 995k and was gone in a week....telling... in today's financial climate

still have nothing to really buy that is attractive, so perhaps it is premature to rename this thread.
several marginal properties have shown up around 1.5 million now, and this is about what we saw in summer 2007 in the morningside heights area and above 96th. So, perhaps we are back to Q3 2007, except the interest rates and financing were substantially more attractive then. So, at least in this category still quite overpriced

oh i see west81st wanted me to go to the bhs link since streeteasy is not there yet.
995k is indeed a lot better, but these folks have been on the market since summer 2007 and were not competitive. They moved so this is an opportunity for someone who can tolerate a chopped up apt with a tiny kitchen and walls a few feet from the windows -- if it were West Side Story...then a few songs would surely float across and may be a knife or two could be shared.

It may sell at this price, but given the change in the financial climate it may be headed quite a bit lower
The other Halstead listing is really a 2br with little prospect of making a decent 3rd and retaining a living room

275 W96th #7E 3bdrm 3bath now 1.15M.

http://www.streeteasy.com/nyc/sale/211135-condo-275-west-96th-street-upper-west-side-new-york?email=true

hsw9001 - see the discussion a few weeks ago in this very thread on 275W96th. For some reason I still don't understand, joedavis doesn't think this apartment is acceptable. It seems like a great deal to me, even in this market, especially when you consider that the SF looks real and not 20% overstated like most listings.

A few weeks ago, this was 1.35M. Now it is 200k cheaper and falls squarely upon require criteria. It is not the best area but there may be more OTW.

This might be a slight stretch for your price range, but it looks like a great apartment and it's in a great area.

http://www.streeteasy.com/nyc/sale/211829-coop-5-riverside-drive-upper-west-side-new-york

the 275w 96th apt meets the criteria -- at 1.35 it did not
i'll look into it -- earlier it was not remodeled and they added new appliances and started marketing it as remodeled

275w 96th: As I said weeks ago 995K.

Building has lots of great amenities (pool, party space, roof deck, community garden) if you don't mind the ugly exterior, the rental-feel hallways and the low ceilings. Good space for the money, and the location is great (and getting better). Whole Foods opening a couple blocks away. $200,000 price cut after 220 days on the market - bizarre.

5 Riverside needs lots of work.

joedavis, if you see 275 W. 96th, post what you think. We are considering seeing it also, but more out of curiosity than anything - we are 99% certain sideliners.

Happyrenter: Aside from being a mess, 5 Riverside is a two-bedroom apartment, with zero potential for a third BR (no maid's room, no full DR).

5 Riverside is all mirrored walls clamshell toilets and wall-to-wall carpet.
Small bathrooms and kitchen with nowhere to expand. There are certainly positives as well,
but the asking price still doesn't take into account the couple hundred thousand to fully renovate and update. These folks are clearly clueless considering there opening ask.

Okay, it's 2br/3ba, but what do you think of 50 Riverside?
http://www.streeteasy.com/nyc/sale/351116-coop-50-riverside-drive-upper-west-side-new-york