What does anyone think of this listing? On the market for only 8 days but a "Final Open House" is scheduled for this Sunday. What does that mean exactly? Great location and in apparently decent-good condition but it sold for only $672,500 about 6.5 years ago and there does not appear to be any discernible upgrades since. Weird that the floor plan shows no room dimensions even though prior 2011... [more]
What does anyone think of this listing? On the market for only 8 days but a "Final Open House" is scheduled for this Sunday. What does that mean exactly?
Great location and in apparently decent-good condition but it sold for only $672,500 about 6.5 years ago and there does not appear to be any discernible upgrades since.
Weird that the floor plan shows no room dimensions even though prior 2011 listing has the measurements. My quick measurement estimates the size as no more than 500sf which calculates to an asking price of over $2,100 psf.
No mention of an elevator so is this 6-story building a walk-up? The unit looks like it's on a high floor.
Also, what does agent mean by calling it a condop?
Sure looks like agent is looking to attract as many people to this open house as possible but many will be disappointed I expect.
Still, I will keep my eye on this sale and this building.
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Response by ximon
almost 8 years ago
Posts: 1196
Member since: Aug 2012
....Great location in prime West Village, decent layout, nice views and good condition, at least from what I can see. But listing description leaves much to be desired IMO such as:
- is this 6-story building elevatored or a walk-up?
- what floor is this unit located on? Photos look like a high floor.
- what is sf? Room dimensions not noted.
- what is meant in this case by "condop"?
Room dimensions were noted in prior 2011 listing. Based on my very rough estimate, unit size is no more than 500sf which makes this listing over $2,100 psf. Prior sale in 2011 was for $672,500 and no apparent upgrades were made since.
It looks like broker wants to maximize open house attendance and then potential buyers can get the basic information not provided in listing. Is this cool?
In any case, I will keep my eye on this listing and other listings in this building if and when they appear.
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Response by 30yrs_RE_20_in_REO
almost 8 years ago
Posts: 9877
Member since: Mar 2009
I wonder which definition of "Cond-Op" the broker is boasting about?
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Response by 30yrs_RE_20_in_REO
almost 8 years ago
Posts: 9877
Member since: Mar 2009
BTW Prior sale of unit 17 describes it as "It is a fifth floor walk up making it easy to maintain ones fitness."
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Response by 300_mercer
almost 8 years ago
Posts: 10570
Member since: Feb 2007
Walkup coop at almost $2k per sq ft!!! Let us call it 600 sq ft in new condo style measurement to include exterior walls etc. Still $1700 per sq ft for a walk-up. I am curious where it will clear.
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Response by ximon
almost 8 years ago
Posts: 1196
Member since: Aug 2012
And 17 had a nursery so the owner was really in shape! It's a nice unit as well and sold for a price that seems to make some sense. And they confirmed its a coop. With commercial space on the ground floor, I am guessing it may be both a traditional condop and, based on the description of house rules, also a modern condop.
So a very pleasant albeit small junior 4 room walkup coop apt. on a high floor in an excellent West Village location with pretty low maintenance charges is offered for over $2,100 psf.
Is this the new normal?
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Response by Squid
almost 8 years ago
Posts: 1399
Member since: Sep 2008
>>BTW Prior sale of unit 17 describes it as "It is a fifth floor walk up making it easy to maintain ones fitness."<<
Hahahaha
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Response by Squid
almost 8 years ago
Posts: 1399
Member since: Sep 2008
By the way who's gonna want to schelp all the way from the bedrooms through the living space to that isolated entryway bathroom? That alone would be a deal-breaker for me...
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Response by ximon
almost 8 years ago
Posts: 1196
Member since: Aug 2012
True Squid, layout is not ideal but it is the Village after all and I think everyone there accepts some quirks. The more I look at this listing, the more I think it's not entirely a crazy ask. 17 sold for $875,000 in 2015 and other units were listed well over $900,000. Maybe 24 will trade in that range, guessing low to mid $900,000's.
But imagine how pissed someone will be on Sunday when they schlep downtown and discover they wasted their time? Only a certain buyer would really want this unit.
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Response by 300_mercer
almost 8 years ago
Posts: 10570
Member since: Feb 2007
I wish I could sell my much larger and nicer apartment in the village at $1800-1900 per sq ft.
I would think that something like this would trade at no more than $1200-1300 per sq ft - call it $700k but I think I am clearly wrong. It will trade much higher. This listing just shows that smaller apartments are at a huge premium as none have been built for a long time.
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Response by 300_mercer
almost 8 years ago
Posts: 10570
Member since: Feb 2007
Here is a condo sale at $1500 per sq ft in equally nice if not better area. The apartment needed a little bit of work (kitchen very nice but some may want to update the bathroom) but not much. No supply at the low $ price.
Yes, 300. Another thing about apartments like this is that they are not conducive to long-term tenancy so buying has the risk of being forced to sell at the wrong time. Having to walk up so many flights a few times a day can get annoying fast especially with a baby like #17. It would be different for an elevatored building or even walk-up on a lower floor.
Please let me know if your larger and nicer apartment in the Village ever hits the market!
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Response by ximon
almost 8 years ago
Posts: 1196
Member since: Aug 2012
300, isn't this condo offering a very different animal from 259 West 4th? Different price point, different size. It may be a better area to some, but to me West 4th is prime location.
But I will say that 259 West 4th St. offers some greatly appealing eye candy in spite of its obvious shortcomings. After a long Sunday looking at open houses in the West Village, one can get pretty discouraged about what they see.
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Response by 300_mercer
almost 8 years ago
Posts: 10570
Member since: Feb 2007
If you roll back 10 year, the same condo would have traded at higher price per sq ft compared to a walk-up. The point I am trying to make is supply at the low end just does not exist and people will pay stupid high price per sq ft.
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Response by ximon
almost 8 years ago
Posts: 1196
Member since: Aug 2012
Yes, it almost doesn't make sense anymore to look at prices on a per sf basis unless you are comparing like kind units. Still, $1,075,000 for a junior four in a walk-up seems just as crazy as $2,000 psf.
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Response by 300_mercer
almost 8 years ago
Posts: 10570
Member since: Feb 2007
It is as overpriced at ultra-luxury in my opinion and there are buyers are both.
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....Great location in prime West Village, decent layout, nice views and good condition, at least from what I can see. But listing description leaves much to be desired IMO such as:
- is this 6-story building elevatored or a walk-up?
- what floor is this unit located on? Photos look like a high floor.
- what is sf? Room dimensions not noted.
- what is meant in this case by "condop"?
Room dimensions were noted in prior 2011 listing. Based on my very rough estimate, unit size is no more than 500sf which makes this listing over $2,100 psf. Prior sale in 2011 was for $672,500 and no apparent upgrades were made since.
It looks like broker wants to maximize open house attendance and then potential buyers can get the basic information not provided in listing. Is this cool?
In any case, I will keep my eye on this listing and other listings in this building if and when they appear.
I wonder which definition of "Cond-Op" the broker is boasting about?
BTW Prior sale of unit 17 describes it as "It is a fifth floor walk up making it easy to maintain ones fitness."
Walkup coop at almost $2k per sq ft!!! Let us call it 600 sq ft in new condo style measurement to include exterior walls etc. Still $1700 per sq ft for a walk-up. I am curious where it will clear.
And 17 had a nursery so the owner was really in shape! It's a nice unit as well and sold for a price that seems to make some sense. And they confirmed its a coop. With commercial space on the ground floor, I am guessing it may be both a traditional condop and, based on the description of house rules, also a modern condop.
So a very pleasant albeit small junior 4 room walkup coop apt. on a high floor in an excellent West Village location with pretty low maintenance charges is offered for over $2,100 psf.
Is this the new normal?
>>BTW Prior sale of unit 17 describes it as "It is a fifth floor walk up making it easy to maintain ones fitness."<<
Hahahaha
By the way who's gonna want to schelp all the way from the bedrooms through the living space to that isolated entryway bathroom? That alone would be a deal-breaker for me...
True Squid, layout is not ideal but it is the Village after all and I think everyone there accepts some quirks. The more I look at this listing, the more I think it's not entirely a crazy ask. 17 sold for $875,000 in 2015 and other units were listed well over $900,000. Maybe 24 will trade in that range, guessing low to mid $900,000's.
But imagine how pissed someone will be on Sunday when they schlep downtown and discover they wasted their time? Only a certain buyer would really want this unit.
I wish I could sell my much larger and nicer apartment in the village at $1800-1900 per sq ft.
I would think that something like this would trade at no more than $1200-1300 per sq ft - call it $700k but I think I am clearly wrong. It will trade much higher. This listing just shows that smaller apartments are at a huge premium as none have been built for a long time.
Here is a condo sale at $1500 per sq ft in equally nice if not better area. The apartment needed a little bit of work (kitchen very nice but some may want to update the bathroom) but not much. No supply at the low $ price.
https://streeteasy.com/sale/1307306
Yes, 300. Another thing about apartments like this is that they are not conducive to long-term tenancy so buying has the risk of being forced to sell at the wrong time. Having to walk up so many flights a few times a day can get annoying fast especially with a baby like #17. It would be different for an elevatored building or even walk-up on a lower floor.
Please let me know if your larger and nicer apartment in the Village ever hits the market!
300, isn't this condo offering a very different animal from 259 West 4th? Different price point, different size. It may be a better area to some, but to me West 4th is prime location.
https://streeteasy.com/sale/1307306
But I will say that 259 West 4th St. offers some greatly appealing eye candy in spite of its obvious shortcomings. After a long Sunday looking at open houses in the West Village, one can get pretty discouraged about what they see.
If you roll back 10 year, the same condo would have traded at higher price per sq ft compared to a walk-up. The point I am trying to make is supply at the low end just does not exist and people will pay stupid high price per sq ft.
Yes, it almost doesn't make sense anymore to look at prices on a per sf basis unless you are comparing like kind units. Still, $1,075,000 for a junior four in a walk-up seems just as crazy as $2,000 psf.
It is as overpriced at ultra-luxury in my opinion and there are buyers are both.