Nearly a Year on the Market and They Still Don't Get It!

I don't get this apartment. Why does anyone need a shower behind the kitchen or want a toilet opening into the kitchen. That's kind of gross. And upstairs, is that a doorway into the public hall next to the shower? A terrace is nice, but the rest of this place is very odd.

Here's something else they should reconsider: "THIS VERY SPECIAL HOME is for a VERY SPECIAL PERSON."

Blech.

I want to know what 3.5 rooms means. What is a half a room?

A closet.

steve they've reconsidered the price twice. maybe they don't particularly need to sell. maybe they need a particular amount of money. I very much enjoy how people on this board like to comment on various' sellers tactics not knowing one iota of what those sellers' goals/needs/motives are.

"maybe they need a particular amount of money."

You need to start watching HGTV. Houses aren't worth what people "need to get out of them." Houses are worth what the market will bear.

"not knowing one iota of what those sellers' goals/needs/motives are."

I assume since it's for sale that their goal is to sell it. Maybe I'm wrong, but that's my guess. Therefore, their need is to sell it. Maybe I'm wrong, but that's my guess. So their motive would be to get rid of it. Maybe I'm wrong, but that's my guess.

Therefore, if after a year and "reconsidered" prices still sans a sale, perhaps they need to do some more "reconsidering."

Check out this one:
http://www.streeteasy.com/nyc/sale/158975-coop-20-east-9th-street-greenwich-village-new-york
Fussy decor on low floor, this apartment just sits day after day...

http://www.streeteasy.com/nyc/sale/134264-coop-4-lexington-avenue-gramercy-park-new-york
This is craziest price history in Manhattan right now I think.

Kyle,

Don't forget this one:

http://www.streeteasy.com/nyc/sale/179439-condo-77-park-avenue-murray-hill-manhattan

I don't understand the hate for that penthouse at 329 West 89th. It's a quirky little apartment, and quirky apartments simetimes take a while to find a buyer. I agree with ccdevi that the sellers don't appear to be in a huge hurry to sell. Given the market conditions, they'll probably have to cut the price more deeply if they really want to get out; but the history doesn't make them look especially clueless.

The 300 block of 89th Street is very pretty, and a bit odd. With the Soldiers & Sailors Monument, 173 RSD and the Rice Mansion at one end, WEA at the other, and a nice mix of townhouses and coops in betweeen, it should be a superprime block. It has never quite made it, partly because of ongoing uncertainty about the mansion. Its landmmark status seems secure, but Yeshiva Ketana has barely been able to keep up with the maintenance. 329 us up the block a bit, but whatever park view it has is dependent on the future of that corner. 329 itself is relatively nondescript. It's one of four adjacent townhouses that blend into a single facade.

As for the bathroom behind the kitchen, I guess it's a matter of what you're used to. That's where the maid's bathroom usually goes in traditional prewar layouts, so it doesn't strike me as egregious. Not ideal, but not a big deal either.

My queston is why are people still buying in Manhattan. If prices are going to fall why are apartments still be sold at record prices.

I'm buying because I found a good deal on a wonderful apartment, I hate renting, and I have a 10+ year time horizon. I also got into the market 19 years ago and sold last year so all I'm doing is essentially using money I set aside for real estate a long time ago to stay in real estate (as a bonus I have a good deal left over from the purchase to put into other investments, too).

Surely, I can't be the only one in this position. Now, ask me why someone would buy into new condo construction today (no, not 15 CPW and its ilk), and I am baffled.

kylewest, sounds good. Especially if you have a 10+ year time horizon.

Personally, I'd wait a year (1 year in a 10+ year horizon is not that big a deal) since there is a high probability of chance that the same money will get you more apartment.

However, in your particular situation, those are valid reasons to purchase now, given that you also made a lot of money by buying 19 years ago and selling last year (good call!).

I bought because I found a terrific co-op in a great location as a pied-a-terre which I would like to use asap to take advantage of all of the wonderful cultural activities and delicious food in New York City. Remember, my friends, that the population is aging and not everyone who is looking at NY real estate is early in their careers or has a family of 3 school-aged kids, as most of the posters on this site seem to be. New York City will always atttract people in every demographic from all over the world. Especially now that gas prices are rising, city living appears to be more appealing than suburban life. I am not at all surprised that prices are not cascading downward and so many of you predict.

I put my place on the market "just for fun"..... What people here don't get is that a lot of people just throw it on the market "just to see"....

You have no idea if they NEED to sell or not. Some people have mulitple "homes" and might want to just test the market - YES, at a "high" price...

I assume since it's for sale that their goal is to sell it. Maybe I'm wrong, but that's my guess. Therefore, their need is to sell it. Maybe I'm wrong, but that's my guess. So their motive would be to get rid of it. Maybe I'm wrong, but that's my guess.

You need to change your assumptions IMO..... Lots of people just "test the market" at a high price...

That's what I did and it actually sold.... And honestly, I'm not sure how happy I am.. If I followed your beliefs I'd be doing cartwheels like I won lottery and survived the Titanic on the same day.

I still think in the long ruin the place is a great investment - I think the person buying it will be able to do well with it....

People don't have to sell but, figure, you know what, if I were to get X amount of dollars, I'd let it go.....

Your assumption that everyone selling NEEDS to sell and NEEDS to sell fast is a bit off.

Julia doesn't agree with me, judging from prior comments about Downtown Brooklyn, but I bought because I, like srb, think I found a terrific condo, The Toren, at a fair price in a potentially growth neighborhood that I feel is presently underpriced.

Also, like kylewest, I am older, 56 to be exact, and have been saving money by living in a rent stabilized for the last 27 years. Unlike kylewest I did find a new condo construction that I thought had near term and long term, despite dreadful economy, potential appreciation. In this market I would not be interested in a mature neighborhood where cost is at fair value. I wanted to purchase in a neighborhood that had growth potential due to underdevelopment and a pre-construction building that also offered certain discounts.

A risky venture, indeed, but I loved the building, the cost and had to go with my gut.

Junkman, congratulations on your purchase. They say the two most stressful decision a person has in their life are
1)buying a home
2)getting married.

On the flip side, I once saw a study saying that the keys to wealth in America are
1)owning your home
2)stable personal life
3)good health
4)steady employment. How much money you make is not so important as you're ability to remain continuously employed.

I hope your story is a happy one. I would caution you not to worry about your home's value for several years. Home price trends take years to materialize and there is significant volatility along the way. You've made a decision, stick with it, don't second guess yourself or you'll be playing into the broker's hands and end up with nothing. Just like someone who marries and divorces every 5 years and ends up broker (Jose Canseco) stick with your choice and your choice will stick with you.

"test the market" at a high price..."

Test the market for a year? That's an awful lot of testing, not to mention the inconvenience.

"Houses are worth what the market will bear."

Whoever said anything about "worth"? I commented on what the Seller's may "need." Now that need may be unrealistic today given the actual "worth" but so what, it is what it is. You want them to drop the price , presumably since they haven't its because it would be a price that they're not interested in selling at. Whats so hard to understand about that?

The rest of your post, well really all of it, is garbage. Goals, needs and motives may include a certain amount of dollars.

ccdevi, nobody ever sold anything for the price that they "need."

"Let's see - I have a used car. I want a new one. The Blue Book value of my old car is $10,000, but really, to be able to afford the car I want, I need $15,000. So I'll put it on the market for $15,000."

Sound ridiculous? Well it is for housing, too. My point is the psychology, people refusing to believe that things aren't worth what they used to be (and never really were). I go back to the place I sold in South Beach for $1 million 2.5 years ago. The one 2 floors above me is now for sale for $989k. The one directly above me is for sale for $697k. Why would someone think their apartment is worth $200k more than an identical apartment below it, which itself still sits unsold.

This is the psychology of a falling asset class when it is illiquid. If you believe that "Goals, needs and motives may include a certain amount of dollars," then you are deluding yourself just as those sellers are.

Want all you want - it's worth what it's worth.

Well said.

This is why markets first see a slowing in sales. NY Times RE section called it in "impasse" about 8 months ago, buyers and sellers not willing to move on their prices. Then, once you have the dramatically sales drops (like the 40% we're seeing in both Manhattan and Brooklyn), the folks who *need* to sell (instead of just wanting to sell, or folks who have some time to wait) start poking through and pulling the averages down. Once that hits the stats, the free fall usually begins.

Junkman...if you could respond, you're living in a rent stabilized apartment why not wait until prices drop...why buy now.. that's what I'm not understanding about the market..it's supposed to be falling but people, like yourself are still buying now.