Owner relisting at a higher price than broker!!

I saw the apartment 2 brokers back and it is in the worst imaginable conditon.

I don't know if you could say worst condition imaginable. I had a foreclosure as 790 Riverside Dr where the owner took the kitchen with them. Not just the appliances, not just the cabinets too, but the floor and subfloor so you had to walk on the joists to avoid falling through.
We bought a unit at 611 West 111th St where the foreclosed owner was a defrocked priest that somehow we got an eviction order to get him out at Christmas but time (obviously we didn't execute the order and gave until the middle of January). But he was a hoarder so it looked like the Collyer brothers apartment.
Then there was unit at 250 West 89th St where the foreclosed owner waged a fairly successful campaign against Judge Diamond (aided by some fairly rich and famous guys who were bitter about her decisions in their divorces) and where the Coop wouldn't let us in to serve him, but threatened to revoke our proprietary lease because of the stench coming from the unit due to dog urine/feces. Even after we ripped the floor out we had to hire an environmental remediation specialist to treat the structural concrete subfloor.

It is certainly not that bad but at $1300 per sq ft ask, I would say pretty close.

One could technically live in this apartment - there are no hazardous conditions - but no one paying $1300 per square ft will without spending 300-350 per sq ft on Reno and another $150 per square ft for carry and trouble for 1 year Reno.

Sellers often overlook that once you have to rip something out it pretty much doesn't matter how good or bad condition it's in. If you have an original kitchen from 1925, one renovated in the 1940s, 1980's, or even a brand new one with ugly fuschia cabinets, if it has to be ripped out and a new one installed it's all the same (except in the case of the brand new one the buyer could potentially save a little bit of money not having to redo the plumbing back to the risers).

Agree. And gone are the days when buyer didn’t put much value on trouble to renovate as there was not much nicely renovated inventory. Market is flooded with new devlopments. You can buy Belnord with Robert AM Stern reno for low to mid $2k. Who in the right mind will pay more than 1000-1100 per sq ft for this?

Or may be the market is much better than this selective bull thinks.

@30 you should write a book.

The owner reached out to me earlier this week- stating that there would be a frenzy once the listing went live on Streeteasy and I should bring all buyers before that. I may actually have a client for this- but not at this price, and I suspect the owner wouldn't entertain offers that are far more realistic, especially with the upcoming special assessments.

What price do you put on it Uptownspecialist with owner paying for assessments?

It's like Noah's last podcast, there are sellers that don't need to sell and this could be an example.

I think the 1,700sf is attractive to most buyers but having to do a full gut reno isn't. 2B in 2017 sold for $1031/ft which also needed a full gut.

The Dhalia just launched on 95th, haven't checked it out yet but you can buy a 3/3 for $2.9 (asking price) brand new and has views!!

I think they may get $1.8mm Max if they pay the assessment.

I could see this selling in the $1.75 to $1.85 neighborhood if the owner pays for the assessments, though I am inclined to think more toward the lower end of that range. I

I agree. At 1.7mm it is a very good price with room for buyer to be compensated for Reno, associated carry and severe brain damage. So will probably trade $1.75mm but it may take years for the owner to come to terms with it.

300,
So you think it will be worth North of $2,550,000 after Reno?

I think so with appropriate reconfiguration. I do not see any trades for nicely finished prewar condo for less than $1500 per sq ft in decent UWS location. Also the square footage here is not inflated like the new developments or conversion.

Look at this one. Another crazy ask with broker buying the listing.
https://streeteasy.com/building/the-admaston/4f?context%5Bcontroller%5D=%23%3CBuildingController%3A0x00005566d879d418%3E&context%5Bcurrent_user%5D=1004028&hide_if_empty=true&section=sales

30, Curious what you think is nicely, but not over the top, renovated and reconfigured value for 4A?

The problem is that I don't think "nicely reconfigured" exists. It always been the problem in this building. And that's why I don't think you can compare the value per square ft in this building to that in other buildings which have much better layouts.

Thanks. What do you think 4F will sell for, which needs full reno?

It won't sell.

I agree. Not at the current price.