Post-Covid Listing - Back to 2008 Prices?

Cmon Streeteasy!!

See if this is more readable...

9C just listed at $1.495M

Previous C line sales:
12/2019 - 2C - $1.575M
8/2018 - 5C - $1.655M
8/2017 - 11C - $1.8M
5/2017 - 4C - $1.7M
9/2016 - 12C - $2M
6/2013 - 2C - $1.85M
12/2012 - 10C - $1.6M
10/2012 - 16C - $1.56M
3/2012 - 1C - $1.2M
8/2010 - 4C - $1.25M
5/2010 - 15C - $1.575M
8/2008 - 2C - $1.5M

maintenance $3343 for 9C in 2020 vs. $1494 for 2C in 2008. That means ...mmm, let me grab the back of an envelope... hikes of around 7% each year.

Yep

15C was $2217 in 2010, so 9C was probably around $2000.

~5% annual increase, but your point still stands

It also needs a full reno (don't let the staging fool you). And let's not forget it is on the 'wrong' side of the building--no river views. River view units are more likely to retain value than back-facing units on RSD.

Pretty normal, right? Used to be that charges above $1/foot were rare, maybe 15-20 years ago. Union contracts, electricity, water, taxes, and other services are all going up without any real limits. Only way to stop it is to vote with feet.

True Bramstar. But all the comps listed are in the C line, so same views

Yes but the point I am making is the non-view units will have the greater value drop compared to view units, as your example shows.

To some extent won't that be dependent on original share allocations on a building by building basis?

Bramstar, okay. So you’re saying an apartment with a view is less susceptible to downward pricing pressure. Pick your feature - you can apply that logic to any apartment “with top of line appliances”, “in a top neighborhood”, “with lux amenities”, “with low maintenance “, “close to transport”, etc. etc. The list goes on. Soon, any apartment is less susceptible to downward pricing pressure.

This is a family apartment in a prime neighborhood that has historically been very low beta. The price listed goes back at least a decade. Based on an apples-to-apples analysis. You can rationalize this away with “view”, “maintenance “, “appliances”, but the trend vs ALL previous C line transactions (and there are many) is clear.