Multiple Bids for Manhattan Co-ops??? Really???

I can confirm the apartments we have bid on in Manhattan had multiple offers and will certainly close above ask since they rejected our all cash offers at asking price.

That was the story with the last two sales in my co-op. One went to contract in 20 days at what everybody thought was an insane price, and closed at ask. The other went to contract in a month and closed at 8% above ask. Those were last winter/spring, though, so maybe things have calmed down.

You could stick to places you like but other people don't, i.e. that've been sitting for a while.

All cash and above ask. Where is all this money coming from? Are they typically business owners?

The median listing discount is now 0% for Manhattan co-ops. (The last 133 sales where SE has matched a closing to a listing.) When I checked a few months ago, it was maybe 2%, and a few years ago it was something like 5%.

RE MOM:

1. what neighborhoods were you bidding in
2. and on what size property

The thread just made me do some poking around with listings in my building and surrounding coops in GV from 5th Ave to Broadway. There is virtually no inventory. Of the last 5 listings in each building I looked at, the mean average time to go into contract was 39 days. The median average was under a month. In my own building, some apartments have sold above asking price this year. The market, at least in Greenwich Village is as hot as its ever been and prices have been steadily rising for 2-3 years now.

It has not slowed down....unfortunately.

Keith Burkhardt
TBG

kylewest:

It seems to me that prices have doubled in some parts of the Village within the last
18-30 months

Apartments in my building, some with a view of the proposed MTS on E 91st, are going for above asking price and are on the market for a short time.

E.g., this wreck that sold for 20% more than in 2005, with multiple bids, despite the MTS and a Sandy-flooded cellar: http://streeteasy.com/sale/1050833-coop-200-east-end-avenue-yorkville-new-york

But but but!…
"Manhattan Condo Prices Dip as Inventory Inches Up"

http://streeteasy.com/nyc/market/reports?utm_source=all_usersall_versions&utm_medium=email&utm_content=intro&utm_campaign=jun_2014_27_marketing_newsletter_v2

(Yes, I know, condominiums, but still, maybe an indicator…?)

Sonya:

Streeteasy's condo inde has a lot of methodological problems which make it unreliable
an an indicator or prognosticator of apartment prices

There is no "maybe" right now for real estate prices. There is no magic "indicator" that prices are dropping. They are going up. And they are going to continue until something concrete changes the market dynamic. Interest rates will have to jump, a recession, an act of God or war, inventory saturation, banking crisis I I, etc. Prices won't level and drop for no reason.

There is no "maybe" right now for real estate prices. There is no magic "indicator" that prices are dropping. They are going up. And they are going to continue until something concrete changes the market dynamic. Interest rates will have to jump, a recession, an act of God or war, inventory saturation, banking crisis I I, etc. Prices won't level and drop for no reason.

NWT: I saw that "wreck" you posted, 200 East End Ave, 7M. It was hardly a wreck. Both the kitchen and bathroom had been renovated, just not as luxuriously as some of the other apartments. It also faces E 89 St away from the MTS.
The building had an increase on their flood insurance policy after the storm that was subsequently reduced significantly due to the changes they made after the basement was flooded. An insurance company wouldn't do that if they felt this building was a high risk for another basement flood. I didn't buy the apartment because we decided we wanted something smaller.

Touched a nerve, eh? You're right, though, that "wreck" is a subjective word. Maybe the ready-to-chip laminate on that hardware-store vanity put me off. I agree that the MTS and Storm Zone 2 are nothing to worry about, but buyers tend to put too much stock on such things.

Can we get an update from inonada regarding Wayne, NJ inventory and prices? That's the leading indicator for Manhattan according to him, so it would be nice if he would return and clue us in.

Gothamsboro: Wayne NJ is sort of like Manhattan in 2009 inventory was high on residential and commercial now it is very tight. Since its a transportation hub area for people going to NYC (its only 20-25 minutes to Manhattan without traffic when jobs are good in the city so is Wayne Especially the Route 23 corridor area is really buzzing now.

Inonada has entered a monastery, just as Bill Clinton would have if Hillary
hadn't found out in time

NWT: No "nerves touched". Just correcting erroneous information, especially since I saw the place and it wasn't a wreck by anyone's standards. Nothing wrong with the sink since it was new. There was an apartment in that building that went for around 2.5 million with the top of the line renovations that were ripped out by the new owners.

I bought a true wreck because I didn't want to pay for someone else's renovations that were not my taste. Nothing had been done to the place since 1952 except putting press down tiles on the kitchen floor and replacing the stove and refrigerator in 1990.

what does MTS stand for?

http://streeteasy.com/sale/1050833-coop-200-east-end-avenue-yorkville-new-york
this looks pretty nice, what was the $/sqft?