buying classic 7 on west end or riverside drive bw70 -90 street

Based on a 15x rent to buy ratio, Case Shiller graphs, little black arrows, projected prices down 50% from the peak, and 40x/28%, our razor sharp no margin for error Fischer Price weasel shaped computer says you should pay no more than $59.95 per square foot, or $125,895. If you pay a penny more, you do so at your own peril, and would be much better off renting in perpetuity until you, your children, and your children's children die off.

Remember that number when you're looking on streeteasy.com. If that classic 7 on West End or Riverside drive between 70th - 90th Streets has an asking price of more than $59.95 per square foot, you and your family are f*cked in the sphincter.

malrauz, I don't understand the anger in your reply. If the strong opinions on this site don't appeal to you, ignore them. That's my strategy in large part.

Bela, figure $1100/1300 based on the building, location, floor, view, light, condition, board, maintenance, and mortgage mkt conditions. I believe that is close to reality today (7/23/2008). Things are getting softer though I have no clear idea how much softer. I'll leave that to the 'strong opinions' on the site. As always, your mileage may vary.

walterh7: I think you are right about the low end: $1100 or maybe even a bit lower for an estate listing in an OK building with nothing-special views. At the high end, I think it's still closer to $2K+ for a really special apartment with full river views in a top RSD building like 110/118 or 173/175.

Supply remains quite tight. Corcoran has a listing at 490 WEA that might be worth a look, though it's a bit undersized for a seven:
http://www.streeteasy.com/nyc/sale/283224-coop-490-west-end-avenue-upper-west-side-manhattan

As for the direction of the market, it's hard to say. We'll know more when ACRIS gets the selling prices for the two sevens at 473 WEA and the one at 180 RSD. If an oversized six qualifies as a comp, there is evidence of softness in the sale below:
http://www.streeteasy.com/nyc/sale/89401-coop-450-west-end-avenue-upper-west-side-manhattan
It was grossly overpriced at $3.2MM, but it's a bit surprising that it dropped by more than 25%. There may have been some renegotiation on that one after it went to contract, which would help explain the seven-month delay in closing and the further drop after the price was adjusted on contract signing. A financing snag, perhaps?

The key caveat here is that there's too little volume to justify any firm statements. If you find an apartment you love, Bela, you'll probably still have to pay up for it unless the sellers are motivated and you play a good game of poker.

thank you so much for info
when you say 1100/ft does it include walls? b/c the difference b/w what brokers write and what is actually there sometimes is 10%.

Yes, I based my figures on reported gross (i.e. broker-inflated) square footage, not net interior space.

hmm it would be nice to buy something for low 2m in the seventies. Do you think we will ever see that?

bela: If you're asking for opinions about the direction of the market, I have no idea. I think the apartment you want is around $2.5MM and up right now. Might it go to $2.1MM? Sure. Or, you might find something in estate condition for $2MM or so, but it will still cost close to $2.5MM before your're done.

west 81st thank you so much for input. i also loved your open house overview for 7/14. do you think 70's are more expensive than 80's?

Bela: Not in any consistent way. There are a few very pricey buildings in the 70s, like 300 WEA, and the Apthorp will be another. On the other hand, 535 WEA is wildly expensive too, and it's still a hole in the ground at 86th. On RSD, I think the 80s are more expensive overall than the 70s - a function of a few big, elegant buildings. In short, I think the 70s and 80s are really the same market. 79th is a big street, but it isn't much of a dividing line for anything.

72nd is another story, and the Trump stuff on RSB is a different world.