UWS contracts signed--inventory is moving

curiously- That's great, crisis officially over.

we can all stop posting now

dco - I nominate you for comment of the day.

this, plus my broker saying the market is "hot".... its official.

No reason to read the blogs anymore.

Curiously: Are you sure about 239 CPW #4C? It looks like Elliman lost the listing after the six-month exclusive expired. Did the owners sell it themselves?

It will be interesting to see where 470 WEA #10B traded. It's a nice apartment, and the final asking price was already 10% below a solid 2006 comp on the 6th floor.

yes, I am sure it went to contract but not sure of they did it themselves. 470 WEA got at least asking price....activity on your previous open house reports is pretty active as well....

Thanks, curiously. I think there are buyers who will jump in at different discounts from the top. The people signing contracts now are probably satisfied with prices around the 2006 level. What remains to be seen is whether those sales establish support and draw more buyers in at that level. If not, it might take further discounts to make the next wave of sales, and another wave of discounts - perhaps to 2004 levels if credit doesn't loosen up - to make the next sales after that.

Every property and sales situation is unique, of course. But at the macro level for the UWS, that seems to be the basic question: slight retrenchment to a supportable level, or downward spiral with buyers cherry-picking deals they like along the way.

Here's a few others: 230 CPW, listed at 2.395 sold in less than one month. 211 CPW 1.995m redo also sold very quickly. 225 CPW sold after price fall from 2.4 to 1.850 after 6 months, so if prime location and priced well (or redueced substantially) sells.

Inventory isn't building any more. Summer doldrums. In general, apts aren't moving either.
And the few new listings are not discounted. Next quarter will be a good indicator.
I imagine sales will be way down and this time around median price will be down a bit too.

Curiously, If you search StreetEasy for recorded sales on UWS from 2.25 to 2.75 over the last 30 days there are 2 listings:

120 West 72nd Street #8B
Condo, Lincoln Square
$2,400,000
06/19/2008

215 West 98th Street #3D
Co-op, Upper West Side
$2,400,000
06/13/2008

And 215 West 98th was never even listed (at least on this site). Now granted, there might be some lag time for some listings to hit this search, put please, not exactly hotcakes. In fact, I would say that it represents the opposite of your thesis. Sales have completely dried up.

Let me rephrase--went to contract, not sold. I agree with West81--there are buyers if the price is right and the location is prime.

As an UWSider, Iwas hoping this thread would be more fertile, so I'm just bringing it back to the top of the list.

Agreed dmf13...contracts are getting signed....which is great. They are certainly not jumping, but signs of activity at this level is clearly there.