A real change in attitudes?

Maybe, but for every one of these, there's like 10 of these:
http://www.streeteasy.com/nyc/sale/252396-coop-41-west-16th-street-chelsea-new-york

35-45% appreciation in 1 year? You have got to be effing kidding me.

I went to this OH today, and not only was it mobbed, but there was already an offer on the place with a second supposedly forthcoming.

http://www.streeteasy.com/nyc/sale/349592-coop-193-second-avenue-east-village-new-york

So apparently reality has not sunk in everywhere, just yet.

evnyc, that one looks pretty reasonably priced at first glance compared to the asking prices in the rest of the market - $760 a square foot - seems pretty low to me although I am not familiar with the East Village. I think the fact that it was mobbed shows how hungry people are for something within the realm of reasonable in terms of price... like less than a million for a two bedroom...

it's a good price

Yeah, nice price, low maintenance. I'd like to see more like that come on the market.

Saw a bunch of places in Brooklyn. Very quiet at them. A few already had offers, but the offers hadn't met the seller's ask yet, one based on price and one based on a contingency by the buyer. Thought that was all interesting.

It needs a fair amount of work and is quite loud, being over 2nd Ave. While I loved the building I would never pay that much for a 2 (small) br, 1 ba with a huge street noise problem. That perspective, however, is clearly just me.

I had one broker leave me a voicemail letting me know about a price reduction on an apartment, after I had let him know 6 weeks ago that we would consider his client's apartment, but well below the (then) asking price.

Here's a better story, though. We saw an apartment for $2.0MM in May. Broker told us something like "my clients do want to sell, but they feel the apartment is priced fairly. They've had a couple offers below the asking price but are not entertaining them." We politely said thank you and that was that. She emailed today to say "there has been a price reduction of 100K and that the owners are negotiable!!".

Sounds like a change in attitudes to me.

I particularly like the euphemisms that brokers use. I recently had a broker refer to a price reduction as a "price improvement!"

You gotta love 'em.

Topper "price improvement" That's great. HAHA. Instant Classic.

We are not retreating. We are advancing in another direction.

evnyc - I used to live just a few blocks from the EV apartment. It is VERY loud there every night and the layout seems very weird....almost like one apartment swallowed another one.

Good bones, though, as long as you can get it fixed right and you can deal with the noise.

The Chelsea apartment seems like they put some cash into it to sell it. I think it is probably still $65-75k too high. They did do a nice job renovating it and the maintenance is low. The downside is that there is not too much you could do to improve the apartment. That, to me, makes it a riskier investment.

waverly, I live a few blocks from that place, and if my apartment was on the other side of the building I'd have moved out years ago. As I'm sure you know, the Friday and Saturday night revelers are LOUD enough to hear from my street, and I was in this OH on a Sunday afternoon...I can't even imagine what it would be like over the avenue. I imagine soundproof windows would be expensive but absolutely necessary.

Other than that, it's a beautiful apartment, yeah.