recent closings upper west side

Calling West81stStreet.....Calling West81stStreet.....

drdrd you are right I should have addressed this to west 81st. Just to clarify the schwab apt in question is the one asking 1895000.

and the 205 west 89th is the one asking low 3's

277 WEA #12MC: See http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2008090201003001
205 West 89th #5C: No tax filing yet.
11 RSD #13DEW: No tax filing yet.

Bela: If you are a Streeteasy insider, you need to log in to see certain sales. If you aren't an insider, you should be!

The tax filing is in for 11 RSD:
http://www.streeteasy.com/nyc/closing/754765

Just accepted a job in NYC and moving later this year. Looking at UWS co-op studio with wbfp and terrace (W 80s between Columbus and Amsterdam) at around $1000/sf. Unit is in a good walk-up landmark brownstone building and is in need of kitchen and bath renovations. In light of the recent developments on Wall St, and prior to signing the contract, I was wondering if anyone has any words of wisdom as to whether this is a good price for this area. What are your thoughts on where the UWS market is headed? I am moving from the Midwest, so NYC real estate is a bit foreign to me.

Thank you for any information.

Rent.

I used to live in that area (89th and West End) and looked prior to that and after, almost always at studios. Real Estate in that area can be very random. Brownstones are not all alike, coop boards are not all alike. The apartments themselves vary greatly in size, quality, finish, amenities (wbfp, decorative, balcony, alcoves, terraces, etc.). I have seen dozens of apartments so I think I know a little.

What that means is that there is a lot to choose from as there are no cookie cutter apartments but there are also no hard and fast rules. While the pricing might be similar (this I DO NOT know) I know that you will feel differently about each apartment.

Personally I think Studios are getting ready to tank in value. They are common, their tenants the most mobile, and if you ever have to rent it in a down market those renters might soon be able to find 1BR's for the same price. They can be the most volatile in price and were selling for $400-$500/ft only 5-6 years ago and for $120-150 in the early '90s (down from 250-300 in the late 80s). And you can't grow into them.

It is easy to rent in this town and expensive to own. And if you don't know the neighborhoods well you might just want to rent in order to feel your way around before jumping in to buy.

I moved to Brooklyn Heights from Ohio four years ago, I still rent, and I totally agree with kgg and AvUWS. If you're buying a place to live in, try renting for at least a year. Aside from the possibility of making two moves in 12 months, renting in your situation seems to me to be all upside and no down.

If you're not sure you're looking at a good deal, you probably aren't, and it's only sensible to question your ability to judge. The way to build knowledge is to rent, talk to people, do some legwork on the ground, and be more informed in a year about what's important to you in a neighborhood and an apartment. Just my two cents. Whatever you choose to do, though, best of luck!

Thanks for the quick and thoughtful comments.

I am familiar with the area as I have friends who live there. However, I have never looked at it in terms of purchasing. The neighborhood is fantastic, and the building has good financials with no underlying mortgage, thus the maintenance is low. But, I am still not 100% convinced it is a good deal in the market conditions we are seeing and will likely see in the near future. The comment about studios losing value in a weak market makes a lot of sense. It seems that 1br units are moving down to almost the list price of the unit I am considering.

I welcome any more comments.

Your timing is great for renting.

You might not even be able to get a mortgage for a studio at this point -- banks shy away from them in down markets.

Another thing to consider with brownstone coops is that financial risk is not spread out among very many people. I'm assuming you understand the difference between a condo and a coop, but if not, do.

Lastly, brownstones were built as single-family houses, and soundproofed accordingly (not). Very few renovations were done in a manner that fixes that. So not only might that mean hearing others, but also having to tiptoe in your bare feet and asking your guests to do the same.

I don't mean to be a downer, but just to point out a few things.

MovingtoNYC: For all the reasons cited above, and others... RENT!!! It's not even a close call, not at $1000/sq.ft. for a studio with a 1xx West 8xth address.

FYI - during the last big slump, some of those blocks were infested with crack dens. This time, who knows? Meth labs? OK, probably not, but why take the risk?

I don't think there is any reason to rush to buy. Live there and see how you like it. You will be able to save some more money, see which neighborhood you would prefer to live in for the long-term and down the road if the market is better you can buy something. No rush. Come here and enjoy NYC. Good luck with everything!