http://www.streeteasy.com/nyc/sale/234504-coop-530-east-72nd-street-lenox-hill-manhattan?email=true
Listed at $2.65MM in May, dropped to $2.195MM in June, then to $19.5MM yesterday. That's 26% off original asking price.
My initial reaction is that the original asking price was unrealistic, especially given the 35% down and the way, way east location.
Curious to hear other people's thoughts on the apartment, the price drop, and whether it's now priced right. This is somewhat representative of the kind of apartment we'd want, so it hits a little closer to home than the other thread.
On a related note, I am coming up with about 1450SF for it, but I think others on these discussions are better at estimating SF off a floorplan than I am.
At 1450SF, the deal doesn't seem so great on a psf basis, but then again, it's hard to compare since so many of the psf numbers we hear are based on inflated square footages.
Thanks.
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Response by joepa
over 17 years ago
Posts: 278
Member since: Mar 2008
I think the square footage is actually greater than 1450. I'd put it a hair under 16, but then again - I'm not an expert either. Even at 1600, you're looking at over $1200/ft. While I don't think that is outrageous for a 3 bed/3 bath with those type of views - when you add in the location/trek east, the 35% down, the $3000 maintenance, and the work needed (not tons but the kitchen looks 70'sish and the carpeting has got to go - who knows what lurks beneath), I think it's still a bit overpriced at $1.95.
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Response by csn
over 17 years ago
Posts: 450
Member since: Dec 2007
Nice looking apartment but it is overpriced. Your sf figure of 1450 seem to be about right. There is a unit on the 20th floor which supposedly has more square footage that sold for under $800 sf.
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Response by newbuyer99
over 17 years ago
Posts: 1231
Member since: Jul 2008
I guess I am a bit surprised that you guys think it's still overpriced at $1.95MM. I haven't seen a lot of comps for less than that with outdoor space. Hope you're right, though - if I can get something like this for less in the not-too-distant future, would be great. Thanks for comments.
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Response by drdrd
over 17 years ago
Posts: 1905
Member since: Apr 2007
I haven't done the comps but my first reaction is that the price seems okay. I love the river views & I'm not a fan of some of these super new kitchens; I think it's fine. If I were seriously in the market right now, though ....... I keep wondering if the prices are gonna give - & how much. I guess my gut feels like they've got more room to fall. We'll see.
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Response by Amity95
over 17 years ago
Posts: 145
Member since: Dec 2007
newbuyer99, if this is representative of the kind of apartment you want, then why don't you run the comps and make an offer? I.e., if the comps come in at $800/sf and you think it's 1450 sq ft, then that would make it $1,160,000. If you think you would want to live there, why don't you make an offer with a letter explaining how you got to that number (i.e., $1,160,000)? The worst that can happen is that the seller can say no or ignore you, but if they are serious about selling it may help them realize what their apartment is really worth in the current marketplace.
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Response by newbuyer99
over 17 years ago
Posts: 1231
Member since: Jul 2008
I am not making an offer because (1) I am with drdrd that I think prices are likelier to come down that up, and I can afford to be patient and (2) running comps on this kind of place is pretty tough, because there aren't very many family-size places with outdoor space, each of them is fairly unique, and prices vary pretty widely.
Based on apartments we've seen, this seemed like a decent price, which is why I was surprised others thought it was still too high. Regardless, it's more than we're willing/able to pay given the 35% downpayment and (1) above. Thanks again.
I think the square footage is actually greater than 1450. I'd put it a hair under 16, but then again - I'm not an expert either. Even at 1600, you're looking at over $1200/ft. While I don't think that is outrageous for a 3 bed/3 bath with those type of views - when you add in the location/trek east, the 35% down, the $3000 maintenance, and the work needed (not tons but the kitchen looks 70'sish and the carpeting has got to go - who knows what lurks beneath), I think it's still a bit overpriced at $1.95.
Nice looking apartment but it is overpriced. Your sf figure of 1450 seem to be about right. There is a unit on the 20th floor which supposedly has more square footage that sold for under $800 sf.
I guess I am a bit surprised that you guys think it's still overpriced at $1.95MM. I haven't seen a lot of comps for less than that with outdoor space. Hope you're right, though - if I can get something like this for less in the not-too-distant future, would be great. Thanks for comments.
I haven't done the comps but my first reaction is that the price seems okay. I love the river views & I'm not a fan of some of these super new kitchens; I think it's fine. If I were seriously in the market right now, though ....... I keep wondering if the prices are gonna give - & how much. I guess my gut feels like they've got more room to fall. We'll see.
newbuyer99, if this is representative of the kind of apartment you want, then why don't you run the comps and make an offer? I.e., if the comps come in at $800/sf and you think it's 1450 sq ft, then that would make it $1,160,000. If you think you would want to live there, why don't you make an offer with a letter explaining how you got to that number (i.e., $1,160,000)? The worst that can happen is that the seller can say no or ignore you, but if they are serious about selling it may help them realize what their apartment is really worth in the current marketplace.
I am not making an offer because (1) I am with drdrd that I think prices are likelier to come down that up, and I can afford to be patient and (2) running comps on this kind of place is pretty tough, because there aren't very many family-size places with outdoor space, each of them is fairly unique, and prices vary pretty widely.
Based on apartments we've seen, this seemed like a decent price, which is why I was surprised others thought it was still too high. Regardless, it's more than we're willing/able to pay given the 35% downpayment and (1) above. Thanks again.