building at 300 East 93rd Street

It would be hard to sell the apartment with current housing market. Your best bet is to put it up for auction.

I disagree. If you're going to have to sell in the next few years, put it on the market now. Just make sure it's priced with comps or below. The market hasn't tanked, it's down from some very high highs that we're unlikely to get back to. It's not a terrible time to sell. Just don't shoot for the moon, price wise.

I agree with wishhouse, price it slightly below comps (which seems to be less than 1000/sq ft., depending on floor)and show it well. BTW, why are the common charges high in this building?

alfred: I live in the area and am interested to buy a 1 bedroom apartment in the area. Before you give the listing to a broker, we should get in touch to see if there is any common interest between us... I can be reached at: luvin.happiness@gmail.com. Thanks.

I'm not so sure the commons charges are any higher than similar buildings in the area. I bought it for the location and lived there on and off for almost 2 years. I will say that it is a beautiful building, very well maintained, with brand new hall carpeting, balcony resurfacing and outside maintenance. The doormen are some of the most helpful and courteous I have ever met. I couldn't be happier with the services here.

I agree with the general sentiment here. I think even getting 900/foot would be a challenge. There are other condos in the area that are getting less than 900/foot. For example, East Hill condos are brand new, asking 790 for a 913 square feet 1 bedroom. Plus it has been sitting on the market since Feb. I know it's a different building/location, but it is brand new with a tax abatement, W/D, etc.

If you sell, just manage your expectations. My two cents are to stay under 900/foot -- but that's just me.

Interesting discussion. Also, the Mitchel Lama buildings are selling around 700-900/foot and are closer to the subway. The housing projects near 92&1st do not help either (although you are 1 ave away). Plus the contruction for the subway is definately a short term negative...but someone with a long term focus may ignore that. The area probably ranks in the "up & coming" category by most new yorkers. Back in 2002, 2003 (just 5-6 years ago), people could buy a 1 bedroom for 300-400k in a building like yours for ~ 400-500/ft. Sure there was an INSANE run up from 2003-2007, where prices went well above 1000 per foot, but that is changing now (slowly). Just take a look at the historic GSE bailout today by the FED's. For better or worst, the gov won't bailout the countrys banks who desperately need more capital. Point is that times are bad bad bad (high inflation, unemployment, etc.) I think best to stay well under 800/foot for a quick sale unless there is something magical about the apartment. There will be a huge inventory of apartments to hit the market soon. I personally see prices dipping below well below 700/foot before making a recovery north. Even 700/foot seems pricy compared to historical appreciation for real estate. Even a buyer who pays 800/foot stands to lose capital if he needs to sell in the place in the next 5-7 years. Most buyers will factor the loss/gain of resale into the price they pay today.

Thanks so much for the input. Keep it coming if you like. I'm taking it all in while making my decision.

I also think prices will be falling although 700/sq ft seems a bit severe. I would comp the Waterford with other full service buildings such as Astor Terrace, Chartwell House and Leighton House (this may be a little higher end) and of course the prices will depend on the views. I don't know if East Hill is an appropriate comp b/c it is not full service and has no real available views. I don't know where to throw the Omni into this mix but they are most certainly chopping prices aggressively as they try to close out the building (<900/sq ft now). Common charges are a little higher in the Waterford (comp with Astor Terrace), but not as high as something like the Omni.

You are welcome. BTW, have you asked a broker for an opinion? Being that this is not rocket science, they will probably just tell you "we can just put it out there at a price you are comfortable with and see how it goes..." Not sure how long you've had your apartment, but if you're risking a loss, you may want to try and sell it yourself and save yourself the 5-6% commission so that you're more competitive for a quicky. A good chunk of buyers end up using the NY times anyways and skip having a "buyers broker." Good luck!

Alchemy - I agree. East Hill only has a doorman during the day/evening, not 24 hours. Although they say the board could change that. The views aren't bad, but probably not as good as The Waterford. That being said, they have a tax abatment, lower cc, washer/dryer, and aggressive pricing ~ 850/foot. The fact they are sitting like a rock on the beach speaks volumes for the current market. Clearly 850/foot is simply not good enough! The Omni is an awkward comp simply because it still feels like a dormitory! I personally did not like the layouts -- but that's just me. I think we're going to see some bleeding for the next few years. Not sure what the bottom will be, but prices are definately headed south for now! That being said, people who bought before the crazy price appreciation started in 2002 should still be able to sell for a modest gain.

I am in agreement with the king. PPSF's must come way down up here for the short term. For the long term, remember that the projects aren't going anywhere, so unless you can get >5 blocks away this will limit some interest when you go to resell. The things that will make an apartment more resalable in the future (and more enjoyable to live in while one is there) are the views, the space and the level of service of the building. If you believe in the second ave subway, this will be a big boon to properties on 2nd ave and east. Alfred, I don't know what floor your apt. is on, but the Waterford has views and full svc so if you price it well, you may be able to find a buyer looking longer term.

Many thanks again for your inputs. I am calling brokers today and the rest of the week seeking their opinion of a realistic sell price (as opposed to a pie in the sky and price reduce every 90 day approach). When I get some input from them I'll post it and we can see what the "experts" working the area think.

I spoke to 4 brokers and all are coming this weekend for a look-see. Sight unseen, all give a "TRUE SALE" price range of 790K-825K, depending on condition with a 90-120 day probable sale time frame. The exact unit a few floors above me is in contract for 825K after being listed for less than 120 days (told to me by the listing broker) at 875K. He describes it as in excellent condition. I would say mine is in at least "good" condition. Almost all original but very well kept with redone floors and new air conditioning units. If anyone is looking for something in this building, just let me know in a post and I can arrange a look before I sign with anyone (assuming that is the route I go). Besides the Times as suggested above, can anyone recommend a sell it yourself option that really works?
Thanks again for all of the input. I will repost next week letting you know the recommended list price and estimated sale time frame I receive from the brokers.

All four brokers came and looked this past weekend. Apartment is well kept and in nice shape. The consensus appears to be to list it at $799,990.00 with a "real sale" price of $775,000.00 in 90-120 days. All had similar takes on the situation. I'll post when its sold and let you know how it went.

Alfred, I think recent events may force you to reconsider that price. If you can get out now at that price I think that is great for you. However, this area is in a particularly precarious situation and its dependence on more gentrification and the 2nd avenue subway for long term appreciation should make it more susceptible to big time price cuts.

I lived in this building -- don't forget about the ongoing subway construction. Your life will be inconvenienced for a long time. The construction is one reason I moved away from there.