http://www.streeteasy.com/nyc/sale/300830-coop-174-west-76th-street-upper-west-side-manhattan Does anyone else think that this apartment is overpriced by about $1 million????? West81st, what's your take? This is a mediocre combo in a small co-op on a low floor with no views, small rooms, poor light and is located next to a funeral home. The two apartments that make up this 4BR would sell for a... [more]
http://www.streeteasy.com/nyc/sale/300830-coop-174-west-76th-street-upper-west-side-manhattan
Does anyone else think that this apartment is overpriced by about $1 million????? West81st, what's your take?
This is a mediocre combo in a small co-op on a low floor with no views, small rooms, poor light and is located next to a funeral home. The two apartments that make up this 4BR would sell for a combined price of about $2.3M, plus the cost of combining the units ($400K), would come to about $2.7 mil. I don't get it, I thought times were tough. How does one explain the million dollar premium? If this unit can fetch close to $4 mil, when bucolic castles in the suburbs (many waterfront properties, too) can now be had for under $3 mil, then, I say that despite all of the new construction, there's still a terrible shortage of 4BRs on the UWS, &/or everyone wants to raise kids in the city...still! If that's the case then it seems like wealth can absolutely be created by marketing your apartment along with your next-door neighbor. It's not that easy to make $1 million so fast these days, so it seems to me that everyone ought to be rushing to do this. Are they?? Or, will we be seeing this listing in November '08 at $2.95M?? I guess time will tell.
[less]
Response by EAO
about 18 years ago
Posts: 146
Member since: Aug 2007
People can ask for whatever they want, it doesn't mean they will get it. Typically, combined units do not sell as well as non-combined units. Also, the maintenance is usually very high in this units.
Ignored comment.
Unhide
Response by Stoyvel
about 18 years ago
Posts: 120
Member since: Feb 2007
mrsblogs, how do you know that the apartment has poor light? they actually were able to do a somewhat decent combination and it seems to me that you are looking to create a bad aura around the place so the owners will reduce, are you looking for a 4 bedroom on the UWS under 3 mill? sounds like it. btw, whats wrong with being next to a funeral home?
Ignored comment.
Unhide
Response by ccdevi
about 18 years ago
Posts: 861
Member since: Apr 2007
I agree with Stoyvel. Seems like a very nice apt to me. I don't know about the low floor, views or light but the rooms certainly aren't small for nyc. I'm not saying its worth what they're asking, I don't know, although nice 4 BRs are awfully expensive in this city, doesn't seem crazy to me at first glance. I'm not sure about mrsblogs stated 2.3 mil for the 2 apts separately but you don't just add the cost of combination, how about the hassle factor, and of course bigger spaces generally demand a higher ppsf thats well known.
All that said, its a seller's prerogative to ask whatever he or she wants, its up to buyer to decide whether they'll pay it.
Ignored comment.
Unhide
Response by stealth1
about 18 years ago
Posts: 271
Member since: Feb 2007
I think this apartment rocks! Great layout and I like the fact that a formal dining room has been omitted since nobody uses them anymore. Great family space and don't know how you can say it has little light. Maintenance is low for an apt. this size which might account for the slightly aggresssive pricing. My bet is that get their "ask" or very close to it. There is an extremely HIGH demand for 3 to 4 BR apts. in Manahttan - I have been in the market for over a year now for a 4 RR to accomodate my ever growing family. I would take a look at this one myself except the wife prefers UES.
Ignored comment.
Unhide
Response by starfish
about 18 years ago
Posts: 249
Member since: Jul 2007
I agree that it looks great and the poster seems to want to drum up bad press on what looks like a great 4+ BR apartment. The comparison to a suburban home is useless too. For the price of our 2BR low floor/low light apartment we could have bought a 3000 sq. ft. house in Westchester - but the house would always be in Westchester, not Manhattan.
Ignored comment.
Unhide
Response by wyndcliff
about 18 years ago
Posts: 60
Member since: Sep 2007
looks to be about 2200 sq ft. and average ppsf has been just over $1000, so 2.3 mil for the 2 separate units doesn't seem far off. BUT no way they combined for 400k... i'd guess at least twice that. then tack on a premium for larger apartments and you're not too far off from the ask. not a bad reno as far as combinations go... and there seems to good light from the pics.
Ignored comment.
Unhide
Response by West81st
about 18 years ago
Posts: 5564
Member since: Jan 2008
mrsblogs: Sorry I'm late to the game. It's hard to put a finger on this one, since combos don't generally have obvious comps and I haven't seen the apartment. I think you can get more for $3.75MM in the Fairway neighborhood. The competition in that range is led by Linden and Harrison; of course, not everyone wants new construction.
I can think of a few pre-war apartments currently asking $3.25-3.5MM that I might give a slight edge over this one. So the price does seem high, though not completely ridiculous as a opening number.
People can ask for whatever they want, it doesn't mean they will get it. Typically, combined units do not sell as well as non-combined units. Also, the maintenance is usually very high in this units.
mrsblogs, how do you know that the apartment has poor light? they actually were able to do a somewhat decent combination and it seems to me that you are looking to create a bad aura around the place so the owners will reduce, are you looking for a 4 bedroom on the UWS under 3 mill? sounds like it. btw, whats wrong with being next to a funeral home?
I agree with Stoyvel. Seems like a very nice apt to me. I don't know about the low floor, views or light but the rooms certainly aren't small for nyc. I'm not saying its worth what they're asking, I don't know, although nice 4 BRs are awfully expensive in this city, doesn't seem crazy to me at first glance. I'm not sure about mrsblogs stated 2.3 mil for the 2 apts separately but you don't just add the cost of combination, how about the hassle factor, and of course bigger spaces generally demand a higher ppsf thats well known.
All that said, its a seller's prerogative to ask whatever he or she wants, its up to buyer to decide whether they'll pay it.
I think this apartment rocks! Great layout and I like the fact that a formal dining room has been omitted since nobody uses them anymore. Great family space and don't know how you can say it has little light. Maintenance is low for an apt. this size which might account for the slightly aggresssive pricing. My bet is that get their "ask" or very close to it. There is an extremely HIGH demand for 3 to 4 BR apts. in Manahttan - I have been in the market for over a year now for a 4 RR to accomodate my ever growing family. I would take a look at this one myself except the wife prefers UES.
I agree that it looks great and the poster seems to want to drum up bad press on what looks like a great 4+ BR apartment. The comparison to a suburban home is useless too. For the price of our 2BR low floor/low light apartment we could have bought a 3000 sq. ft. house in Westchester - but the house would always be in Westchester, not Manhattan.
looks to be about 2200 sq ft. and average ppsf has been just over $1000, so 2.3 mil for the 2 separate units doesn't seem far off. BUT no way they combined for 400k... i'd guess at least twice that. then tack on a premium for larger apartments and you're not too far off from the ask. not a bad reno as far as combinations go... and there seems to good light from the pics.
mrsblogs: Sorry I'm late to the game. It's hard to put a finger on this one, since combos don't generally have obvious comps and I haven't seen the apartment. I think you can get more for $3.75MM in the Fairway neighborhood. The competition in that range is led by Linden and Harrison; of course, not everyone wants new construction.
I can think of a few pre-war apartments currently asking $3.25-3.5MM that I might give a slight edge over this one. So the price does seem high, though not completely ridiculous as a opening number.