Panic selling? Price dropped

Good price, good location. I have several friends who live in the building. Well maintained full service building, though maintenance has been steadily increasing (as a result of increased taxes rather than services).

the maintenance is not too bad considering the size of the apt and the building. The only drawbacks I can think of are the low floor and the distance to the subway.
But the price is much lower than similar units in the same building. I wonder whether the board will reject the sale.

Feels like chasing the market down more than panic selling.

Somehow to me people who owns a coop doesn't feel like people who'll chase the market down.

We did a deal in this building where the foreclosed owner sued to have the sale overturned and the case is still being cited regarding service by Certified Mail where the recipient never signs the Return Receipt and claims they didn't receive notice.

I'd hate to be the broker on 1FC right now.

30 do you happen to know if the doorman signed for the Certified letter?

The mailbox wasn't in this building.

In contract now. wonder how much is the selling price whether the deal will be approved.

Holy.... sold at 435,000..
The seller must be really eager to sell. Certainly wish I'm the buyer Lol.
This is the only real deal (for 1-bed coop) I've seen so far since all the real estate going down talk.

What do you think is a comparable past sale on this one?

435k seems a bargain, even after you add on 100k for a 'touch-up' renovation - new kitchen, etc. Congratulations to the buyer.

Panic sale, anyone? https://streeteasy.com/building/w-downtown-hotel-residences/51d

09/08/2015 Previously Listed by Avenue NYC Realty, Inc $3,050,000

Just dropped to $995,000

A bargain for sure. On the lower end of the market, big discount is not seen as often as in the mid-high end market. Sometimes the board will turn down the deal if the price is too low. Not the case here.

Oh dear, are we already there so soon?

“ FINAL SALE, INCREDIBLE DEAL! BRING YOUR BEST OFFER TO OWN THIS 2 BEDROOM/2 BATHROOM. Best Price will get this beautiful 2 bedroom! Final decision will be made no later than September 14th.”

Bought in 2014 for $2.25M. Random lender gave 5/1 ARM for $1.2M in 2016 at usury rate of 5.75%. Such a clever lender! Oh, wait... This is what capitulation smells like.

$2800 monthlies, perhaps rented for $5-$6K in better times? If this is your market, might be worth throwing a bid and seeing if it sticks. Mildly interesting yield at $1M, but could be quite compelling at a low bid.

Tax abatement ends in 2021 - Has anyone done the math on what that looks like?

I think it’s the standard 10-year abatement of its era, so 20% every 2 years. A quick glance of property tax records seems to confirm that, so I think a $220 increment on the monthlies has there been no more abatements.

Do you think if someone offers "only" full asking price will they take it?

@30yrs - Bidding war strategy? Does the listing have the proper disclaimer or does it not even matter in NY? I think it would be painful to have the store of knowledge you do and watch the market.

While everyone likes to think the market is efficient, that assumes so much (assumes market participants have both the time and skill set to properly inform themselves AND assumes no fraud or corruption or any the softer forms of either from those providing the material information.

In any event, it does look like there are deals to be had. The building that houses the apartment that is the subject of this thread has a good reputation in the neighborhood and has held up well in terms of resales. It looks like someone likely got a nice deal on the subject apartment. Are we at the point where you, yourself are ready to buy again? Will you let us know when we are?

It's certainly a good deal, but I don't think an insanely good deal considering 1EB sold for $550k a year ago pre-COVID.
https://streeteasy.com/sale/1366703
I think it's more an indicator of what's going to happen as less than stellar units feel pressure to sell as supply continues to outpace demand and sellers are forced to meet the market.

MCR,
Re: properly informed - I was looking at 50-54 East 8th St this week and was surprised to see so many listings in contract/the prices given the history of the building, and I immediately wondered if people knew what they were getting themselves into (unless something has changed that I'm not aware of). I can understand at 100 West 57th St people are rolling the dice with very steeply discounted prices.

Now that's a panic sale https://streeteasy.com/building/3-hanover-square-new_york/8a

Good catch. 1EB is a 2 bed, with windowed kitchen and bathroom. $550k in the mid of 2019? Super great deal. Then some other units in this building got sold at normal price. Maybe it comes down to the seller's situation.

How do you find deals like these? What tools do you use to find properties that have dropped a significant percentage from their original listing price? I know that StreetEasy has no way of tracking this, but I have to think that brokers may have tools that log the price of properties each time they change. I have searches in place and I look at my searches on a regular basis but often times I rely on my memory to track that a particular property has come down. But I'm wondering if these's something more comprehensive, more direct.

@Obruni I peeked into 8A while looking at other units. Can't be more than 450sqft, probably less. Call it ~$1000/ft, which is actually on the high end for nearby co-ops.

And while $933 maintenance isn't bad on a nominal basis, when you compare it against upstairs neighbors with terraces & views (who would normally be allocated more shares per sqft), it's not the fairest structure. See e.g. https://streeteasy.com/building/3-hanover-square-new_york/18hj

About 20 years ago at 3 Hanover SQ we got ourselves Board Rejected on purpose on this unit (or one incredibly similar) https://streeteasy.com/sale/1409647
at a strike price of $125,000 because with the high mtc (and at that time it was relatively higher in relationship to the market) we thought it might be unsellable at any price.

With 24 hours to go, the "Final decision will be made no later than September 14th" text has disappeared from W Hotel #51D. Womp womp.