Usually follow sales but this rental listing caught my eye. It seems to sum up the sky's the limit, complete detachment from reality mentality that infected NYCs re market the past few years. http://www.streeteasy.com/nyc/rental/6883-rental-101-west-end-avenue-lincoln-square-new-york Listing History 04/02/2006 Listed in StreetEasy with Elliman at $12,500 05/06/2006 Price decreased to $11,500... [more]
Usually follow sales but this rental listing caught my eye.
It seems to sum up the sky's the limit, complete detachment from reality mentality that infected NYCs re market the past few years.
http://www.streeteasy.com/nyc/rental/6883-rental-101-west-end-avenue-lincoln-square-new-york
Listing History
04/02/2006 Listed in StreetEasy with Elliman at $12,500
05/06/2006 Price decreased to $11,500
05/14/2006 Price decreased to $10,500
06/08/2006 Price decreased to $10,000
08/30/2006 Price decreased to $9,500
09/20/2006 Price increased to $12,500
09/29/2006 Price increased to $15,000
01/03/2007 Price decreased to $9,500
03/12/2007 Price increased to $10,000
04/28/2007 Price decreased to $9,500
05/30/2007 Price decreased to $8,500
07/14/2007 Price increased to $10,000
09/21/2007 Price increased to $12,000
01/09/2008 Price decreased to $11,500
02/27/2008 Price decreased to $10,000
04/02/2008 Price decreased to $9,500
04/22/2008 Price decreased to $9,000
05/08/2008 Price increased to $12,000
05/21/2008 Price decreased to $9,995
06/03/2008 Price decreased to $9,500
06/16/2008 Price increased to $9,995
06/23/2008 Price decreased to $8,995
06/26/2008 Price decreased to $8,500
07/15/2008 Price increased to $9,000
07/28/2008 Price decreased to $8,000
07/29/2008 Price increased to $9,000
08/12/2008 Price decreased to $8,500
08/17/2008 Price decreased to $7,995
08/22/2008 Price decreased to $7,500
Anyone hoping for a major price drop happening swiftly, this rental sums up just how out of touch brokers etc can be and how slow they are to adjust expectations. $200,000 of lost rent while they nibble away at the price. What clowns. Can't wait until the sales listings have similar price drops. I imagine that if you add a couple zeroes to these rents you might have an idea of what sales will look like over the next couple years. Let the good times roll.
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Response by malraux
almost 18 years ago
Posts: 809
Member since: Dec 2007
Absolutely insane.
On a side note, I absolutely HATE the flooring in this unit - it thoroughly and completely cheapens all the other finishes (such as they are).
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Response by kgg
almost 18 years ago
Posts: 404
Member since: Nov 2007
West End does love its PARQUET!
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Response by NYC10013
almost 18 years ago
Posts: 464
Member since: Jan 2007
I love the broker's bio:
Avi Malol exemplifies the energy and excitement that New York City is all about. His passion for Real Estate and dedication to serving his clients results from the fact that Avi LOVES being a Real Estate broker and helping people.
His extensive knowledge of NYC buildings, and close attention to market conditions make him a strong tool with which buyers, sellers, renters and investors can be successful in meeting their Real Estate goals. Avi provides personal attention by listening to his client's needs, giving them sound advice and offering them the best of his referral network. From mortgage representatives, to attorneys, to designers, to contractors, Avi guides his clients from first contact to closing.
At his former company, he received several platinum awards as a top producer and tough negotiator. His experience at getting a deal done makes him a reliable negotiator on behalf of his clients.
Avi's love affair with New York City began 9 years ago when he arrived here from Israel. He served in the IDF, and played professional soccer for many years.
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Response by 585uws
almost 18 years ago
Posts: 12
Member since: Sep 2008
FWIW, we looked at another Archstone building a month ago and I asked the on-site agent why their prices change so frequently (I had been looking daily on their website for a partucular unit and the price changed all the time for that specific apt. number). She said they have a program that updates prices on a daily basis according to inventory and rental prices in all their buildings in NY (and claimed they monitored other buildings too). So, I don't think the pricing history is this guy's fault, as he has no choice but to put what Archstone lists it for to match their website. He bio is hilarious though for sure.
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Response by kgg
almost 18 years ago
Posts: 404
Member since: Nov 2007
If those asking prices are the result of plugging numbers into some equation than what does that say about the market? Can't be that simple.
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Response by 585uws
almost 18 years ago
Posts: 12
Member since: Sep 2008
I agree the spread on those is pretty crazy, but Elliman listed the apt we were looking at and had the same long string of prices. Although the price swing were usially no more than $800. I guess my point is that poor Avi is not to blame for the madness, it's Archstone's work.
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Response by kgg
almost 18 years ago
Posts: 404
Member since: Nov 2007
I didn't mean to just blame poor Avi. Hope he didn't spend that commission in 2006. When I wrote "broker etc" I meant to imply broker, seller, management company, whomever. People get greedy but more importantly people over time internalize and normalize prices that are anything but reasonable or sustainable. Which is pretty clearly
illustrated with this example.
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Response by joepa
almost 18 years ago
Posts: 278
Member since: Mar 2008
Anyone else think that 1400 sq. foot estimate is a bit off?
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Response by newbuyer99
almost 18 years ago
Posts: 1231
Member since: Jul 2008
Yes, not a chance that apartment is anywhere near 1400SF. I would guess more like 1100SF.
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Response by AvUWS
almost 18 years ago
Posts: 839
Member since: Mar 2008
Penthouse apartment with only a 6' x 6' terrace? At best you can describe that as a "top floor" apartment.
Absolutely insane.
On a side note, I absolutely HATE the flooring in this unit - it thoroughly and completely cheapens all the other finishes (such as they are).
West End does love its PARQUET!
I love the broker's bio:
Avi Malol exemplifies the energy and excitement that New York City is all about. His passion for Real Estate and dedication to serving his clients results from the fact that Avi LOVES being a Real Estate broker and helping people.
His extensive knowledge of NYC buildings, and close attention to market conditions make him a strong tool with which buyers, sellers, renters and investors can be successful in meeting their Real Estate goals. Avi provides personal attention by listening to his client's needs, giving them sound advice and offering them the best of his referral network. From mortgage representatives, to attorneys, to designers, to contractors, Avi guides his clients from first contact to closing.
At his former company, he received several platinum awards as a top producer and tough negotiator. His experience at getting a deal done makes him a reliable negotiator on behalf of his clients.
Avi's love affair with New York City began 9 years ago when he arrived here from Israel. He served in the IDF, and played professional soccer for many years.
FWIW, we looked at another Archstone building a month ago and I asked the on-site agent why their prices change so frequently (I had been looking daily on their website for a partucular unit and the price changed all the time for that specific apt. number). She said they have a program that updates prices on a daily basis according to inventory and rental prices in all their buildings in NY (and claimed they monitored other buildings too). So, I don't think the pricing history is this guy's fault, as he has no choice but to put what Archstone lists it for to match their website. He bio is hilarious though for sure.
If those asking prices are the result of plugging numbers into some equation than what does that say about the market? Can't be that simple.
I agree the spread on those is pretty crazy, but Elliman listed the apt we were looking at and had the same long string of prices. Although the price swing were usially no more than $800. I guess my point is that poor Avi is not to blame for the madness, it's Archstone's work.
I didn't mean to just blame poor Avi. Hope he didn't spend that commission in 2006. When I wrote "broker etc" I meant to imply broker, seller, management company, whomever. People get greedy but more importantly people over time internalize and normalize prices that are anything but reasonable or sustainable. Which is pretty clearly
illustrated with this example.
Anyone else think that 1400 sq. foot estimate is a bit off?
Yes, not a chance that apartment is anywhere near 1400SF. I would guess more like 1100SF.
Penthouse apartment with only a 6' x 6' terrace? At best you can describe that as a "top floor" apartment.