Dropped by two today, to check the mood: 610 West End Avenue, #5C Co-op $3,395,000 Mt.$2,896 3 beds 2.5 baths http://www.streeteasy.com/nyc/sale/167494-coop-610-west-end-ave-upper-west-side-manhattan Traffic: light-moderate My daughter and I arrived just as this open house offially ended. The agents were packing up. About ten people had signed in over the course of an hour and a half, and morale... [more]
Dropped by two today, to check the mood:
610 West End Avenue, #5C Co-op
↓ $3,395,000 Mt.$2,896 3 beds 2.5 baths
http://www.streeteasy.com/nyc/sale/167494-coop-610-west-end-ave-upper-west-side-manhattan
Traffic: light-moderate
My daughter and I arrived just as this open house offially ended. The agents were packing up. About ten people had signed in over the course of an hour and a half, and morale on the Corcoran side appeared low.
The apartment is a gracious, rambling, L-shaped eight with a beautiful entertaining area that is divided into a large "music room" and a smaller living room. Photos of the owners with various luminaries, including Bill and Hillary Clinton, are on prominent display. The kitchen is excellent and the baths are in good shape. The carpeting in the bedrooms has to go; a dog appears to have had the run of the place, but there isn't much damage. The bedrooms are big. The bathrooms are not. The maid's room is a large space too; it's dated, but usable.
Light is probably not a strength here. Of the ten windows, eight face the entry courtyard of 610 WEA (the entrance is actually on 90th, not West End), and the other two look north over 90th. The dining room doesn't have any windows at all, since the large space has been divided to create a home office in the smaller portion, which has the window. In lieu of fenestration, the dining room has a pretty garden mural. Its a nice effect, but it's not exactly a view.
Overall, this appears to be an apartment that missed the market. A year ago, it might have fetched close to the original asking price of $3.995MM. Three reductions and $600K later, it seems to be chasing the market downhill. The biggest thing this listing has going for it, aside from a rather nice apartment, is tight supply. There aren't a lot of pre-war eights out there. But since the music room and living room are really one space, I think this listing may have to compete with the bigger viewless classic sevens, which means at least one more substantial price shop. One other note: families with small children or disabled members should be aware that the elevator in 610 WEA is a half-flight of steps above the lobby.
200 West 79th Street, #18E Co-op
↓ $1,699,000 Mt.$2,688 3 beds 2 baths
http://www.streeteasy.com/nyc/sale/191335-coop-200-west-79th-street-upper-west-side-manhattan
Traffic: light-moderate
We arrived near the end of this showing. It looked as though ten or telve people had signed in over the course of two hours.
Two good-sized, postwar one-bedroom apartments have been duplexed to create a cozy 3BR/2BA unit. The bedrooms are downstairs. There's one bathroom on each floor, and the one on the bedroom level is part of a master suite, so the kids may have to find their way upstairs if nature calls in the middle of the night. The bedrooms and living/dining room have open northern views. There are no windows in the bathrooms, kitchen or laundry/utility room. The kitchen is small, but nicely equipped. The utility room is the former kitchen of the downstairs unit, and retains its sink, cebinetry and counters.
Two major drawbacks here: High maintenance and a general lack of elbow room. I think the quoted square footage (1,780) is reasonably accurate. It just feels more like 1,600. There's no way around losing space when you break through a floor. The price started at $2.275MM, and three big price reductions may not be enough with that ugly maintenance number. Although 200 West 79th is attractive, it has relatively few family-sized apartments and even the deeply-reduced price would be - I think - a new high for the building. By the way, the seller is a broker; I'm not sure whether that means a buyer who comes unaccompanied by an agent might save a couple of points off the purchase price.
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I saw the three bedroom at 225 CPW at the open house the week before Memorial Day. It was packed and I am sure the one the agent had the following Tuesday was too (because of the price for a CPW three bedroom).
Here's the thing: this is a ground floor apartment with an exposure on the East and South. Lots of sun and the sidewalk actually drops off a bit on this corner of the building so you aren't right at eye level with passersby on CPW. But, you will always need to have the lower portion of the shades pulled up, and at night, really you will have to have them closed completely, which sort of negates the nice Central Park view, somewhat. When I commented to the agent that I don't know if I could get used to the apartment being so open to anyone walking by, he said you basically have the same issue if you have the ground floor apartment in a townhouse. But, I don't think that is a fair comparison. Most townhouses are set back 8-10 from the actual sidewalk and the parlor level is usually above eye level, so you at least have some privacy. Here, I feel there would be little privacy.
The actual apartment is nicely renovated, but the bedrooms are small and the apartment feels a bit smaller than it probably is (because the bedrooms are small, I guess). Also, there is a parking lot in the basement so there is no storage and I wasn't sure how cold that might make the floors in winter....
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Response by kgg
about 18 years ago
Posts: 404
Member since: Nov 2007
Thanks for the report drg. Listing caught my eye as well but didn't visit.
It's funny that the only open houses that are packed are the
"sounds too good to be true" variety and they are invariably just that.
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Response by kgg
about 18 years ago
Posts: 404
Member since: Nov 2007
Even as prices flatten and eventually come down a bit which I think is likely
it seems that a truly significant drop is unlikely because there are so many
people chomping at the bit waiting on the sidelines. And eventually, whether
prices really come down or not people become conditioned to equate certain prices
to a certain quality of apartment. So sooner or later what seemed like madness
2-3 years ago seems like a deal today and people on the sideline will jump in.
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Response by dco
about 18 years ago
Posts: 1319
Member since: Mar 2008
kgg- This market is going to start to hurt in the next several months. We all have seen the price reduction. Once potential sellers accept the market conditions the units will be offered from the start much lower then what is currently on the market. This will set off a chain of events. The current listings will have to decrease considerably to be competitive. This will even the playing ground for everyone. Then the units will complete with the flood of new development. They (new) have been artificially holding inventory numbers low for several years and getting away with it because of easy credit and buying frenzy. The new development are going to have an almost impossible time selling during pre-construction phases. The lack of qualified buyers is going to cause inventory to surge. It is starting to get ugly and it will get considerably worse by the end of the year and last all of 09'.
hmmm dco -- I wouldnt count on it
I have run into several brokers who deliberately price the listing at a small discount, and then declare bidding wars -- ask for best and final offers -- the final sale goes well above the ask
not sure that this is coming up for this one. We did go to it, and the ground level negates the CPW charm
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Response by Apt_Boy
about 18 years ago
Posts: 675
Member since: Apr 2008
Looks like 225 CPW last sold on 10/13/2006...anyone know the price?
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Response by West81st
about 18 years ago
Posts: 5564
Member since: Jan 2008
$960K. I'm guessing you knew that.
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Response by spunky
about 18 years ago
Posts: 1627
Member since: Jan 2007
dco shouldn't you be studying for your finals. Just because you got into Nassau Community College doesn't mean you can take it easy cut your classes and blog on these sites.
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Response by stevejhx
about 18 years ago
Posts: 12656
Member since: Feb 2008
Gee spunky, I have an MA from Columbia and a BA from George Washington, & I agree w/ dco.
Where's your GED from?
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Response by spunky
about 18 years ago
Posts: 1627
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that's not surprising although this is a bad analogy but it's like Ezra Klein agreeing with Gary the Retard from the Howard Stern show
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Response by VVerain
about 18 years ago
Posts: 172
Member since: May 2008
BA from George Washington is hardly something to brag about.
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Response by spunky
about 18 years ago
Posts: 1627
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you're right VVerain back when stevjhx went to GW they basically let anyone in who had enough money. Today
however GW is a lot more selective and a very good school. Not the same level as Georgetown but it's getting there.
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Response by VVerain
about 18 years ago
Posts: 172
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oh, so like NYU?
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Response by lupus1
about 18 years ago
Posts: 139
Member since: Sep 2007
back to those open house reports then.
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Response by kgg
about 18 years ago
Posts: 404
Member since: Nov 2007
Another thread degraded to puerile name calling and caddy remarks.
StreetEasy is becoming a haven for real-estate obsessed troglodytes.
did anyone see this 3bedroom at 225 CPW earlier in the week:
http://www.streeteasy.com/nyc/sale/234461-coop-225-central-park-west-upper-west-side-manhattan
I heard there's already an offer out.
I saw the three bedroom at 225 CPW at the open house the week before Memorial Day. It was packed and I am sure the one the agent had the following Tuesday was too (because of the price for a CPW three bedroom).
Here's the thing: this is a ground floor apartment with an exposure on the East and South. Lots of sun and the sidewalk actually drops off a bit on this corner of the building so you aren't right at eye level with passersby on CPW. But, you will always need to have the lower portion of the shades pulled up, and at night, really you will have to have them closed completely, which sort of negates the nice Central Park view, somewhat. When I commented to the agent that I don't know if I could get used to the apartment being so open to anyone walking by, he said you basically have the same issue if you have the ground floor apartment in a townhouse. But, I don't think that is a fair comparison. Most townhouses are set back 8-10 from the actual sidewalk and the parlor level is usually above eye level, so you at least have some privacy. Here, I feel there would be little privacy.
The actual apartment is nicely renovated, but the bedrooms are small and the apartment feels a bit smaller than it probably is (because the bedrooms are small, I guess). Also, there is a parking lot in the basement so there is no storage and I wasn't sure how cold that might make the floors in winter....
Thanks for the report drg. Listing caught my eye as well but didn't visit.
It's funny that the only open houses that are packed are the
"sounds too good to be true" variety and they are invariably just that.
Even as prices flatten and eventually come down a bit which I think is likely
it seems that a truly significant drop is unlikely because there are so many
people chomping at the bit waiting on the sidelines. And eventually, whether
prices really come down or not people become conditioned to equate certain prices
to a certain quality of apartment. So sooner or later what seemed like madness
2-3 years ago seems like a deal today and people on the sideline will jump in.
kgg- This market is going to start to hurt in the next several months. We all have seen the price reduction. Once potential sellers accept the market conditions the units will be offered from the start much lower then what is currently on the market. This will set off a chain of events. The current listings will have to decrease considerably to be competitive. This will even the playing ground for everyone. Then the units will complete with the flood of new development. They (new) have been artificially holding inventory numbers low for several years and getting away with it because of easy credit and buying frenzy. The new development are going to have an almost impossible time selling during pre-construction phases. The lack of qualified buyers is going to cause inventory to surge. It is starting to get ugly and it will get considerably worse by the end of the year and last all of 09'.
This listing that was listed above illustrates my point. CPW for less then $1000 sq ft. This the competition and probably still listed to high for the ground floor. I can see why this open house would be crowded. @ years this goes for 1.5M-1.7M
http://www.streeteasy.com/nyc/sale/234461-coop-225-central-park-west-upper-west-side-manhattan
hmmm dco -- I wouldnt count on it
I have run into several brokers who deliberately price the listing at a small discount, and then declare bidding wars -- ask for best and final offers -- the final sale goes well above the ask
not sure that this is coming up for this one. We did go to it, and the ground level negates the CPW charm
Looks like 225 CPW last sold on 10/13/2006...anyone know the price?
$960K. I'm guessing you knew that.
dco shouldn't you be studying for your finals. Just because you got into Nassau Community College doesn't mean you can take it easy cut your classes and blog on these sites.
Gee spunky, I have an MA from Columbia and a BA from George Washington, & I agree w/ dco.
Where's your GED from?
that's not surprising although this is a bad analogy but it's like Ezra Klein agreeing with Gary the Retard from the Howard Stern show
BA from George Washington is hardly something to brag about.
you're right VVerain back when stevjhx went to GW they basically let anyone in who had enough money. Today
however GW is a lot more selective and a very good school. Not the same level as Georgetown but it's getting there.
oh, so like NYU?
back to those open house reports then.
Another thread degraded to puerile name calling and caddy remarks.
StreetEasy is becoming a haven for real-estate obsessed troglodytes.
Now, back to those open house reports lupus1.