Sale at 101 West 67th Street #50G

1 more thing. This studio sold for $1.85 million 1 year ago and now they want almost 50% more? Too funny.

It looks like a 2br/2ba to me.

Ethan, If the prices fall 20% from the current levels, would you still be complaining that everything should be 20% lower? This one is clearly a 2 bed room and 2 bath - but a small one.

Yeah, I'm not sure the renovation they did added $750k in value.

Interesting to watch this listing. Apparently still some aspirational pricing in this market. If the asking price slowly drops and days on market increases, people will read this as more evidence that the market is in trouble, even if it sells for more than previous price. This to me is the psychology of a downward spiral.

To the brokers who responded to my above note, an apartment that is approx 800 sq feet is most definitely not a real 2 BR apt. Using your logic, you could split up the 2 BR and make it a 4 BR apt. It's very clear from the renderings that this was originally a 1 BR but the sellers turned the DR into the 2nd BR. 800 sq ft.

'Bedroom' in NYC has a specific legal definition with several components (SE conveniently gives the info here: https://streeteasy.com/guides/renters-guide/what-is-a-legal-bedroom-in-nyc/). Whether it was carved out of a different space, or leaves weird traffic patterns, or poorly proportioned rooms is another problem, but if it's legal it's objectively 'real'.

It does not matter what it originally was (1 bed and 1.5bath). 2 baths are real. Bedrooms are real. Square footage appx 850 (I think new condo will say it is 1000 sq ft) is small for a 2 bed room 2 bath, which is much more of an issue that legality of this being 2 bed 2 bath. In any case, if there are no bids, the seller will cut their price or take is off the market.

And no one will ever pay $3,000 per sq ft for a glorified 800 sq ft 1 bedroom. This place will never sell for more than $1.8 million. This isn’t Hong Kong.

Not surprisingly, the price was finally reduced by $105,000 in June but much more (in the hundreds of thousands) is needed before this 800 sq ft 2 BR will sell.