chasing the market down: our favorite price choppers

I think the owner (he owns the entire top flr) can take the loss. Not feeling too sorry for him.

hey don't forget the maintainance...around $5,700 I think? give you two shack burgers and a mushroom burger to one shack burger that this goes less than$1.2

http://www.streeteasy.com/nyc/sale/349046-condo-255-west-85th-street-upper-west-side-new-york?email=true

255 West 85th, 9ABCD

09/14/2008 Listed in StreetEasy by Corcoran at $3,795,000
10/02/2008 Price decreased to $3,595,000
10/31/2008 Price decreased to $3,495,000
12/04/2008 Price decreased to $2,995,000
01/21/2009 Price decreased to $2,695,000
03/03/2009 Price decreased to $2,595,000

Apologies if this has been discussed before

Looks pretty nice, I like the layout and the area, but the listed square footage is an outrageous lie (as usual), and I think the CCs are a borderline deal-breaker for most buyers. I certainly would've pay $2.6MM for it, let alone $3.8MM.

Perfect timing listing it, too.

correction: I certainly WOULDN'T pay

340 E. 49th, 10E. From $499K to $299K, straight alcove, decent maintenannce. Almost ready for the $600 psf thread.

aboutready,
do you have that address right? i can't find it.

Sorry, 310 E. 49th. No more wine for me.

problem with 255 w. 85th is that it is a really ugly building. the windows in particular are horrible because the sills are very high.

coulmbiacounty, you said:

hey don't forget the maintainance...around $5,700 I think? give you two shack burgers and a mushroom burger to one shack burger that this goes less than$1.2

I'll have that bet also. So 1.7mn or above I win everything, B/w 1.699 and 1.2mn I lose to west81st but she brings coupons for the shakes AND I win from you @ 2 to 1 and if it sells for below 1.2mn I lose to everyone but west81st still brings coupons.

The best thing about 310 East 49th Street is that it is next door to the uptown Yama.

Like the ball in Times Square on New Years Eve:
http://www.streeteasy.com/nyc/sale/376314-condo-299-west-12th-street-west-village-new-york

only 350k to go on that one, WBFP

I predict a $38,700,000 price cut on this one by tomorrow: http://www.prudentialelliman.com/Listings.aspx?ListingID=1087597

Agreed. Take a look at the Broker. . . like a deer caught in the headlights.

This beauty has now been on the market for 15 months, the owners have paid out over 200k in common charges over that time, and they've now cut it a grand total of 47.5%. But through it all they have stuck with the crack team of Alexa Lambert, Marc Achilles, and Amanda Heyn. Now that's loyalty:

895 Park 161718A

STREETEASY HISTORY
10/08/2007
Listed in StreetEasy by Stribling at $29,500,000
05/28/2008
Price decreased to $25,000,000
10/28/2008
Price decreased to $20,000,000
03/03/2009
Price decreased to $15,500,000

The owners are paying for their -- shall we say "particular" -- taste big-time. I wonder how many millions it'd take to get that back to what it was.

The NYPL has an original brochure with the plans, with the duplexes' upper floors mounted on flaps over the lower floors. It was a truly spectacular apartment....

Hey, I called it! $38,700,000 on the nose: http://www.prudentialelliman.com/Listings.aspx?ListingID=1087597

HR: That apt rocks, if you are into that sort of thing. Out of my price range, but, I keep telling wifey, find what you like and wait! You never know. I am still kinda amazed at that 860 Park #5 trade.
List for 12-13mm, lower to 9.5..close at 7...So how does that work, did a guy walk in a say. And say hey, I'll give you 5mm...and they negotiate. Or did he dsay I'll give you 7mm..take it or leave it. Either way, it opens up the idea that bidding 30-40% below offer is not a lost cause as many have always thought.

patient09, I know for fact that there were multiple parties bidding on the 860 Park listing. FWIW, I think it's interesting that 1) there was more than one buyer who wanted the apt. and b) 2004 pricing was as high as the 'bidding war', if we can call it that, would take the final sale price.

this is an absolutely beautiful townhouse with a wonderful garden, in good shape, nice layout, and only market-rate renters. the location is less than ideal--i just wonder if anyone is even looking at it. it's really getting cheap.

312 East 30th
STREETEASY HISTORY
10/26/2007
Listed in StreetEasy by Sotheby's at $5,500,000
01/28/2008
Price decreased to $4,900,000
04/29/2008
Price decreased to $4,500,000
06/16/2008
Price decreased to $3,995,000
12/09/2008
Price decreased to $3,500,000
12/10/2008
Price decreased to $3,400,000
01/22/2009
Price decreased to $2,950,000
03/05/2009
Price decreased to $2,600,000

sorry, that should read 318 east 30th

Happyrenter: It's not just Kip's Bay and other "yes but" neighborhoods where you see that happening. Dexter Guerrieri has been repricing much of his UWS townhouse inventory. Some of the reductions are striking. http://www.streeteasy.com/nyc/contact/63179-dexter-guerrieri
It's hard to assess value, though, without a lot of information about the individual properties. Maybe the original prices made no sense.

kas 242: thanks, good info. sounds like price discovery is starting to occur and maybe at least some subset of buyers is willing to declare where the bid side of equilibrium will take place.

A return appearance by 789 WEA #1C: BHS continues the work that Elliman began:
StreetEasy History
03/31/2008 Listed in StreetEasy by Elliman at $2,800,000
05/04/2008 Price decreased to $2,600,000
07/23/2008 Price decreased to $2,400,000
08/14/2008 Price decreased to $2,200,000
09/26/2008 Elliman listing no longer available
01/30/2009 Listed by Brown Harris Stevens at $1,785,000
03/06/2009 Price decreased to $1,600,000
http://www.bhsusa.com/detail.aspx?id=984662

Here's the problem, aside from the state of the market: Down the street at 771 or 755, the same classic seven - on a higher floor and nicely redone - is asking low 2s. If they really want to sell this apartment, they are going to have to do something really dramatic, like price it below all the sixes in the neighborhood. Even that might not work, but it's worth a try.

410 CPW 6DE:

01/06/2009 Listed in StreetEasy by Elliman at $1,495,000
01/27/2009 Price decreased to $1,400,000
01/28/2009 Price decreased to $1,395,000
02/02/2009 Price decreased to $1,295,000
02/11/2009 Price decreased to $1,195,000
02/23/2009 Price decreased to $1,150,000
03/04/2009 Price decreased to $1,050,000

For the 410 CPW unit, if you liked the loftier look and could do without the challenged dining area, if you moved the kitchen up and opened up the dining area, you'd have a much better flow. It needs a new kitchen anyway. This is getting close to being a candidate for the $600 psf thread. The maintenance seems quite reasonable.

Hope I'm not too late for this chain saw nightmare. Hair cut goes to crew cut...could we see cue-ball?
http://www.streeteasy.com/nyc/sale/379150-coop-14-east-90th-street-carnegie-hill-new-york
Not a bad place...if you hate hights.

16 Desbrosses Street #PH -- Raw space, but worth a mention.

02/23/2008 Listed in StreetEasy by Halstead at $8,995,000
08/21/2008 Price decreased to $8,575,000
10/24/2008 Price decreased to $4,850,000
02/03/2009 Price decreased to $3,950,000
03/10/2009 price decreased to $2,995,000

http://www.streeteasy.com/nyc/sale/359740-condo-16-desbrosses-street-tribeca-new-york?email=true

has anyone seen 16 desbrosses st. PH?

One Northside Piers Williamsburg

2Br, 2Ba

11/10/2006 Listed in StreetEasy by Halstead Property at $1,860,990
02/06/2009 Price decreased to $1,280,990

>30% chop since the initial listing.

Special award for fastest chopping on a new listing goes to 175 West 93rd #2C:
02/19/2009 Listed in StreetEasy by Margaret Bassett Real Estate at $1,400,000
03/03/2009 Price decreased to $1,325,000
03/04/2009 Price decreased to $1,250,000
03/11/2009 Price decreased to $1,100,000

Renovated sponsor unit. Twenty days on the market. Three cuts already, totalling over 21%. The danger in this strategy is that buyers just figure it'll get cheaper if they wait another week.

i noticed that one two, west81st. there's a lot not to like about the apartment: amsterdam in the 90s is mostly unlovely, and it's on the second floor. but it's a legitimate 1600 square foot classic six with a great layout. the only comps, unfortunately, are much higher floors, but at the peak they were trading for 1.7. i think this one may go for well under $1 million, which is pretty incredible. people (myself included) are just not willing to compromise on location the way they were.

What's wrong with the location? Just unlovely? I really don't know it well.

I can think of at least two strikes against the location - a housing project across the Avenue and a low-performing school mid-block across the Street.

you think 17% reduction makes this one a steal?
http://www.streeteasy.com/nyc/sale/365452-anyhouse-311-west-74th-street-upper-west-side-new-york?email=true

Down 30%...keep chopping!!
http://www.streeteasy.com/nyc/sale/318788-coop-32-west-82nd-street-upper-west-side-new-york

skeptical,

if that apartment is 1100 square feet then i'm 7 feet tall and weigh 250 lbs. square foot inflation is just insane. it's 900 square feet give or take.

HR:
that calculation is so easy to do. Not one foot over 900 is correct. I guess 20%+ sqft inflation is about what we should expect.

I've seen that one. Couldn't take notes for an Open House Report because there wasn't room to raise my clipboard. Ba-dum-bum. But seriously, folks... The photographer deserves an award for that one, especially the picture that makes the kitchen look like, well, a kitchen.

West 81 - It's funny b/c I have gone to open houses and been so upset that the photographs on the broker web sites are so misleading. I think sometimes it actually hurts the property. It is creating a false impression of the apt and then when a buyer goes to see it in person, they are disappointed. Same with the living area on this one:
http://www.streeteasy.com/nyc/sale/377156-condo-340-west-86th-street-upper-west-side-new-york
I am really interested to see where this one finally goes. I am betting under $1M with the wifey...we have our usual amount wagered....$1.

uwsmom: That townhouse on 74th is perfect for Happyrenter. The roofdeck has a spectacular view of Schwab House, HR's favorite architectural masterpiece.

skeptical: Ah, yes - the Spiral Staircase from Hell.

The camera angle from one corner of an undersized room toward the opposite corner is a broker favorite. And you're right - the picture will attract people to an open house, but they are likely to be disappointed when they get there.

I don't follow the UWS much (maybe I should!) but how does the new price here compare to the realtime market?

http://www.streeteasy.com/nyc/sale/380791-coop-127-west-96th-street-upper-west-side-new-york

I'm calculating 1364 real square feet, so psf = $879 at ask

Would hate to be 9C being undercut $200,000 by this one, even after a $100k chop last week.

127 West 96th Street #14CD in Upper West Side

$1,199,000
Co-op
Upper West Side

6 rooms
3 beds, 2.5 baths, 1 half bath

Maintenance: $2,272

StreetEasy History

02/07/2009
Listed in StreetEasy by Bellmarc at $1,379,000.
02/10/2009
Price decreased by 7% to $1,279,000.
03/07/2009
Price decreased by 2% to $1,249,000.
03/10/2009
Price decreased by 4% to $1,199,000.

200 East 89th 43B
If you love views that's one of these apartments

01/26/2008 Previously Listed in StreetEasy by Elliman at $1,625,000.
10/25/2008 Elliman Listing is no longer available. Last priced at $1,495,000.
01/29/2009 Listed in StreetEasy by Corcoran at $1,236,900.
03/12/2009 Listing entered contract.

Don't know yet the final price IF it closes

http://www.streeteasy.com/nyc/sale/378079-condo-200-east-89th-street-yorkville-new-york?email=true

181 East 90th 21 C "Architects own home"

http://www.streeteasy.com/nyc/sale/371015-condo-181-east-90th-street-carnegie-hill-new-york?email=true

12/16/2008 Listed in StreetEasy by Corcoran at $3,780,000.
01/07/2009 Price decreased by 3% to $3,650,000.
01/21/2009 Price decreased by 4% to $3,495,000.
02/12/2009 Price decreased by 2% to $3,425,000.
02/24/2009 Price decreased by 13% to $2,995,000.
03/12/2009 Listing entered contract.

The broker lives in that building - is known to aggressively cut prices like in this case (when seller finally sees the light or what would one call a 430K cut)

West81 - sensing sarcasm...not sure what HR's problem is. According to the google, Schwab House "has an attractive entrance on West End Avenue". Honestly, the before and after is slightly devastating!

uwsmom:
Here's the view from 74th Street. http://www.townhouseexperts.com/photos/237i.jpg
Here's what it could have been: http://www.salwenpr.com/images/uwssschwabb.jpg

789 WEA 1C. $5,000 price reduction to $1,595,000. I'm kind, and won't say anything more.

812 Park Ave 9/10 D, I guess they got religion after watching 5/6 C go into the spiral.

http://www.streeteasy.com/nyc/sale/378841-coop-812-park-ave-upper-east-side-new-york

West81st, great find of the old Schwab-mansion photo. Better than that same old western view from the air.

Speaking of views of Schwab House, 14B at 5 RSD just closed:

06/06/2008 Listed in StreetEasy by Elliman at $925,000.
07/08/2008 Price decreased by 3% to $899,000.
10/03/2008 Price decreased by 6% to $849,000.
10/27/2008 Price decreased by 6% to $795,000.
12/01/2008 Price decreased by 6% to $749,000.
12/23/2008 Listing entered contract.
02/26/2009 Sale recorded for $685,000.

That's the north-facing one with a corner window for slice of the river. Down the hall, 14B (same footprint but west-facing) is still asking $955K. What price full river view?

173 East 80th: Townhouse, four floors, 3,950 sq.ft.
http://www.prudentialelliman.com/Listings.aspx?ListingID=942303

02/04/2008 Listed in StreetEasy by Elliman at $7,200,000.
04/17/2008 Price decreased by 4% to $6,900,000.
06/18/2008 Price decreased by 6% to $6,500,000.
08/12/2008 Delisted temporarily.
09/12/2008 Re-listed by Elliman.
11/20/2008 Price decreased by 12% to $5,750,000.
01/31/2009 Price decreased by 1% to $5,700,000.
03/16/2009 Price decreased by 14% to $4,900,000.

Is the green carpet real, or did Elliman Photoshop it for St. Patrick's Day?

By the way, other than that green stuff, the house looks wonderfully tasteful, and the big oriental carpet is gorgeous.

Oddly, Elliman seems to have bumped 173 East 80th back to $5.7MM. I guess $4.7MM was a limited-time offer.

15 West 81st Street #67C - Duplex
7 rooms - 3 beds, 4.5 baths, 1 half bath

07/16/2008 Listed in StreetEasy by Corcoran at $6,950,000.
09/14/2008 Price decreased by 7% to $6,495,000.
01/30/2009 Price decreased by 11% to $5,750,000.
03/02/2009 Price decreased by 14% to $4,950,000.
03/16/2009 Price decreased by 9% to $4,500,000

How would you comp this? simiar size, similar neighborhood with park views?

uwsmom: The first potential comp that jumps out is #8C, which coincidentally sold for the price #6/7C is now asking. #8C isn't very useful, though; it was an in-building swap with #9A, and there's no listing. The best prior sale and on-market comps might be sevens and eights on the other side of the Museum. There aren't a lot of duplexes to price against. (There was one on the market last year at 6-16 W.77th, but it faced south and was utter crap.) So basically you go by room count, square footage, views, building quality and condition, and ignore the staircase.

15 west 81st 67C:
We went in this apt last fall. It needs major "refreshing". I think the old guy may have passed away that lived there. Know another guy that lives in the building and just loves it there.

I visited an OH at one of the north-facing classic 6es at 15W81 a few years ago and was awed by the original details (estate) - St Charles metal cabs, the original closet shelves, all the original hardware including the door hinges (just beautiful), blabla. I don't see why people rave about the layout though. Rear dining room with maid off the kitchen is not my idea of functional. 6-7C may have been an 8-room originally but functions like a seven with a too-tiny maid's room.

The C duplexes at the Beresford next door might have the same feel as C duplexes at 15W81. Same huge living room and stairs, but at the Beresford you'd get four rooms facing south instead of two. There was one for sale several years ago (by Carole Levy, I think) but none show in the closing list.

As discussed in curbed today, 173 Perry Street, 2N:

StreetEasy History
11/02/2005 Listed in StreetEasy by Corcoran at $3,600,000.
05/07/2006 Price decreased by 3% to $3,495,000.
07/22/2006 Previously Listed in StreetEasy by Citi-Habitats at $3,495,000.
08/01/2006 Listing is no longer available.
08/02/2006 Listing entered contract.
08/04/2006 Re-listed by Corcoran.
09/26/2006 Listing is no longer available.
09/29/2006 Price decreased by 14% to $2,999,999.
10/24/2006 Citi-Habitats Listing is no longer available. Last priced at $2,999,999.
11/06/2006 Previously Listed in StreetEasy by Citi-Habitats at $3,300,000.
11/07/2006 Re-listed by Corcoran.
11/07/2006 Price increased by 10% to $3,300,000.
02/16/2007 Citi-Habitats Listing is no longer available.
02/17/2007 Listing is no longer available.
03/05/2007 Previously Listed in StreetEasy by Citi-Habitats at $3,300,000.
03/06/2007 Re-listed by Corcoran.
04/09/2007 Price decreased by 3% to $3,199,000.
04/21/2007 Citi-Habitats Listing is no longer available. Last priced at $3,199,000.
04/23/2007 Listing is no longer available.
05/02/2007 Re-listed by Corcoran.
05/02/2007 Price decreased by 3% to $3,099,000.
05/03/2007 Previously Listed in StreetEasy by Citi-Habitats at $3,099,000.
07/10/2007 Listing is no longer available.
07/10/2007 Citi-Habitats Listing is no longer available.
08/08/2007 Re-listed by Corcoran.
08/09/2007 Price decreased by 3% to $2,999,999.
10/17/2007 Price increased by 17% to $3,500,000.
11/26/2007 Listing is no longer available.
02/05/2008 Re-listed by Corcoran.
02/05/2008 Price increased by 9% to $3,800,000.
03/10/2008 Listing is no longer available.
04/09/2008 Re-listed by Corcoran.
04/09/2008 Price increased by 4% to $3,950,000.
06/12/2008 Also Listed in StreetEasy by Brown Harris Stevens at $3,850,000.
06/17/2008 Listing is no longer available.
07/31/2008 Re-listed by Corcoran.
07/31/2008 Price decreased by 11% to $3,500,000.
09/14/2008 Delisted temporarily.
10/06/2008 Re-listed by Corcoran.
10/06/2008 Price decreased by 14% to $3,000,000.
02/03/2009 Re-listed by Brown Harris Stevens. Last priced at $2,500,000.
02/04/2009 Price decreased by 7% to $2,795,000.
03/17/2009 Price decreased by 11% to $2,500,000.

and it goes officially under the 2005 sale

144 West 27th Street #4R in Chelsea
10/31/2005 Previous Sale recorded for $2,025,000.
07/22/2008 Listed in StreetEasy by Halstead Property at $2,895,000.
10/15/2008 Price decreased by 7% to $2,700,000.
10/27/2008 Price decreased by 7% to $2,500,000.
01/23/2009 Price decreased by 8% to $2,295,000.
03/19/2009 Price decreased by 6% to $2,150,000.
03/21/2009 Price decreased by 7% to $2,000,000.

I like the aggressive strategy at 1199 Park Avenue #3H:
11/14/2007 Listed in StreetEasy by Brown Harris Stevens at $1,425,000.
12/04/2007 Price increased by 4% to $1,475,000.
03/01/2008 Price decreased by 2% to $1,450,000.
04/11/2008 Price decreased by 4% to $1,385,000.
06/14/2008 Price decreased by 4% to $1,325,000.
07/07/2008 Delisted temporarily.
08/05/2008 Re-listed by Brown Harris Stevens.
08/05/2008 Price decreased by 2% to $1,300,000.
10/02/2008 Price decreased by 8% to $1,200,000.
11/07/2008 Price decreased by 8% to $1,100,000.
03/23/2009 Price decreased by 100% to $4.

"BEST PRICE ON PARK AVENUE" indeed. http://www.bhsusa.com/detail.aspx?id=763438

I'll take it!

this is what a bear market looks like:

1030 5th 3W was just relisted today for $12.5

this unit is actually half of a combination dublex 34w which was listed in June:

06/26/2008
Listed in StreetEasy by Corcoran at $47,500,000.

apparently they can't sell the entire apartment for the oh-so-bargain price of $25 million so they are trying to sell half of it for $12.5. we'll see...

Re: 1199 Park Ave. I guess the days of $1 coops are gone. They are going for $4 these days. Must be price of inflation ;)

huge apartment, central park views, but somehow i think this one is not there yet.
279 Central Park West Penthouse 1920:
STREETEASY HISTORY
04/25/2007
Previously Listed in StreetEasy by Corcoran at $24,500,000.
12/02/2008
Delisted temporarily by Corcoran. Last priced at $19,500,000.
01/23/2009
Listed in StreetEasy by Corcoran at $16,500,000.
03/28/2009
Price decreased by 16% to $13,900,000.

and the maintenance/common charge are only $21,000 per month. it's a bargain!

http://www.streeteasy.com/nyc/sale/379573-coop-114-spring-street-soho-new-york

30% in 6 weeks. New ask 17% below 2006 trade. And they even decided after mistakenly scheduling an open house for today instead of Sunday that the right answer was to cancel today when there is no competition instead of having it. Also wouldn't want to be the comp #6 over 50% higher at $2.35m (AFTER a 9% chop).

Activity for this building
05/15/2006 #2 $1,808,333

StreetEasy History
02/05/2009 Listed in StreetEasy by CBHK at $2,100,000.
02/17/2009 Price decreased by 10% to $1,900,000.
02/27/2009 Price decreased by 4% to $1,825,000.
02/28/2009 Price decreased by 7% to $1,700,000.
03/21/2009 Price decreased by 12% to $1,500,000.

170 E 79th Street

08/29/2008
Later Listed in StreetEasy by Prudential Elliman at $3,295,000.
11/17/2008
Listed in StreetEasy by Sloane Square at $2,750,000.
12/06/2008
Price decreased by 9% to $2,495,000.
02/05/2009
Listing entered contract.
03/23/2009
Listing sold.
03/23/2009
Sale recorded for $2,150,000.

Good job by the seller. Almost $1,200 per f2 east of Lex. Good for them.

Still plenty of downside left...anything more than $750 (on the high side) psf for a 2BR, 2BA on the UES is lost money.

The real facts are black and white: It's macro-economically impossible for asset values to grow at a faster real rate than GDP over the long run, which basically means about 6-7% nominal rate. Based on that unarguable economic reality, and not the "emotional seller" fantasy, prices would have to drop 42% using 2002 as the baseline from the peak to be at normalized levels. That's roughly $700 per sq ft according to Miller Samuels.

In addition to the actual numbers, there are MANY articles that basically all agree that Manhattan is likely to revert to 2000-2002 levels. So, once again, according to Miller Samuels, that equates to about $700 per sq ft on the UES for a 2BD, 2BA.

Upper East Side
Manhattan
Co-ops + Condos
Average Price Per Sq Ft
2000 - 2008
Yr Studio 1-Bedroom 2-Bedroom Yr/Yr Growth % (average = 12%)
2008 941 1,048 1,389 11%
2007 872 946 1,250 7
2006 803 902 1,163 33
2004 577 662 874 17
2003 517 573 744 9
2002 498 513 683 -4
2001 437 497 708 8
2000 385 449 657

The average should be closer to 6%, which means the market should adjust 6% for each year to return to 2002 levels (7 * 6% = 42%).

...and I'm actually being conservative. Most 'experts" predict 50-60% declines.

Numbers aside, I wouldn't pay a penny over $750/ sq ft, but that's just me...I'm probably one of the few individuals who actually understand economic realities.

As an addendum to my previous post...

I was out with a buddy last night who owns a Jr 4 on 74th & 3rd. He just put the place up for sale, and get this...NOT because he needs or wants to move, BUT because he thinks the market will decline another 30% and wants to unload and get a rental before that happens. He might be one of the few realistic sellers with whom I've spoken. Prior to this conversation, I was prepared to at least dip my toe in the water, but I think I'll wait.

I, like most, truly have no idea when the market will stabilize. I intentionally avoid using the word "recover" because even the experts agree that will likely take decades. So, given that "stability" is the goal, and rents decreasing at the same rate as sales (a true anomaly that can only point to serious trouble for the economy as it speaks directly to employment), there's absolutely no rush whatsoever to buy.

Noted on this thread's page two, three months ago, 650 WEA 7C

11/14/2008
Price decreased by 9% to $2,450,000.
03/28/2009
Price decreased by 19% to $1,995,000.

Might be able to examine it on Sunday.

This will end up leaving a mark. 2,400 f2 on the 2nd fl. $1,750 per f2 is not in the cards.

StreetEasy History

09/27/2007
Previously Listed in StreetEasy by Prudential Elliman at $4,395,000.
08/13/2008
Prudential Elliman Listing sold. Last priced at $4,995,000.
08/13/2008
Previous Sale recorded for $4,650,000.
03/13/2009
Listed in StreetEasy by Brown Harris Stevens at $4,950,000.
03/29/2009
Price decreased by 15% to $4,200,000.

patient09: If that's 239 CPW, I agree - they should keep the axe handy.

LookingAround: You might be disappointed. 650 WEA #7C is no longer the most overpriced apartment on West End, but it's still a very weak competitor at $2MM, IMO.

sorry, back from holiday, a little slow.

http://www.streeteasy.com/nyc/sale/391645-coop-239-central-park-west-upper-west-side-new-york

lookingaround,

just because the apartment at 650 has been chopped doesn't mean it's a good deal by any stretch. they layout is ridiculous, the price is still above the 2005 same line comp, and i don't think the apartment compares favorably to a lot of classic sixes asking in the 1.5 range.

W81: Am I reading this right? 239 CPW #2A is on the mkt for a year, sells this past August, and the new buyers are already putting it on the market?
Sounds fishy

bfgross,

why is that fishy? you don't find it plausible that someone would buy an apartment in august, lose half his savings and his job by december, and have to put that apartment on the market? it's happening all over the city and, i would imagine, all over the country.

by the way, a very simple google search of the buyer will show you just how plausible it is--his industry hasn't exactly been thriving.

Also, for that August sale, he may have went to contract in April or so. Much different times

patient09 - agreed, much different times. Even with all the evidence of where we are/are headed (i.e., way down), there are still occasional data points that for me stand out as reminders of just how dramatic the recent months have been. 239 CPW #2A is one of these; it's my wake up call for this morning. This thing was priced UP!? as recently as Nov 07 and sold spring-ish 2008 at above the Sept 07 listing price. And now here we are, maybe nine or ten months later, watching this one gather momentum for a massive destruction of equity value. Maybe it's the large absolute dollars in play that is getting my attention, but something about this one takes my breath away. Leave a mark indeed.

johngalt, out of curiousity, does your seller friend really get it, or does he think his apartment is "special" and will price accordingly? I'm not trying to be nasty (I promise)...but I can't tell you how many white brick, mid-century apts I have looked at that need updating that are still $900+ psf. Oh, and not one of them has sold...

The sale of 12A at 255 W. 84th has just been posted on the New York City website for $2.3mm, way down from the initial ask.

Streeteasy lists the sale of an apartment in the same building for $3.3 million in June, 2005. The New York City property records do not list which apartment that purchaser bought. However, the records do seem to show that the same buyer refinanced 11A later on, leading to the thesis that 11A sold for $3.3 million, or nearly 35% above the 12A price, in mid 2005.

Since mid 2005 was still two years (and perhaps 20 to 30%) below peak, does this affirm the conclusion that (1) current prices should be 30 to 35% below 2005, (2) 2005 was 25% below peak, and therefore (3) current prices are 45 to 50% below peak?

any thoughts, facts, confirmations or refutations please.

EEEE1 (or somebody else) - can you give me that NYC website that provides sale prices? Thanks.

look on the ny city ACRIS property records web site. Seaerch for that address. I believe either the buyer was a Mr. Furman.

I believe this is the link to the sale of 255 W. 84th Street Apt. 12A for $2.3mm. Can anyone check this and confirm?

http://a836-acris.nyc.gov/Scripts/DocSearch.dll/Detail?Doc_ID=2009031001038001

smacstein - My friend has no illusions (I think) about the value of his apartment, and acknowledges that he will have to price it very aggressively to even have a chance of selling it quickly. However, he's so confident/ frightened that prices still have MUCH further to drop, that he'd rather get out while he thinks he still can.

That being said, despite his apparent pragmatism, he's ultimately an owner. And it's not until they actually have their listing on the market for a couple of months does the reality of it truly set in. My guess is that he'll ultimately sit tight, but wanted to at least seem/ feel like he has some control.

This new cut should sell it - depending on the floorplan and monthlies.

http://www.streeteasy.com/nyc/sale/373848-coop-176-broadway-financial-district-new-york

StreetEasy History
01/28/2006 Previously Listed in StreetEasy by Citi-Habitats at $1,600,000.
04/25/2006 Citi-Habitats Listing is no longer available.
02/12/2008 Previously Listed in StreetEasy by Corcoran at $1,475,000.
07/29/2008 Delisted temporarily by Corcoran. Last priced at $1,250,000.
01/11/2009 Listed in StreetEasy by Sotheby's at $995,000.
01/28/2009 Price decreased by 2% to $975,000.
03/31/2009 Price decreased by 28% to $699,000.

Yeah, except it's not a 2-bedroom, it's not a 2-bathroom and it's not 1500 s.f...
But, other than that its great!

176 B'way has high monthlies, I believe. I'm pretty sure this floorplan used to go for VERY little money around 2000. Like $300 psf. Getting older by the minute, and I could be wrong, but that's what I recall.

I rescind my comment about high monthlies. They don't seem to have changed much at all since 2000, which makes them now reasonable, if the charges listed for 10D is correct. polydoa is right about the size, they used to be priced at $300 psf and I recall the size being listed as around 1300.

polydoa - haha - that is funny, but I think it's a pretty reasonable price for the place... Until I looked at a comparable in the building and saw maintenance was $2k per month. That's a little steep...

When you can cut your price 43% and still make 51% on your original investment, maybe the original ask was a bit high.

151 East 58th Street #38B (Beacon Court)
03/14/2005 Previous Sale recorded for $2,925,000.
03/19/2008 Listed in StreetEasy by Corcoran at $7,750,000.
05/14/2008 Price decreased by 3% to $7,500,000.
08/19/2008 Price decreased by 9% to $6,800,000.
09/04/2008 Price increased by 3% to $7,000,000.
10/15/2008 Price decreased by 7% to $6,500,000.
11/07/2008 Price decreased by 9% to $5,900,000.
11/12/2008 Listing is no longer available.
11/20/2008 Re-listed by Corcoran.
02/18/2009 Price decreased by 19% to $4,750,000.
02/27/2009 Listing entered contract.
03/26/2009 Sale recorded for $4,425,000.
03/28/2009 Listing is no longer available.
http://www.streeteasy.com/nyc/sale/194372-condo-151-east-58th-street-midtown-new-york

Beacon Court - maybe I am missing something, but I don't see how that can possibly be worth more than $2MM at the absolute max. It's a large, nice 2-bedroom.

West81st,

I noticed the high Beacon Court sale as well. happyrenter pointed out that the purchaser was "Petroleum Industry Research Associates" so it's unclear if this was an arms-length transaction. Though I honestly have no idea (aren't these kinds of deals usually for below-market prices, not so much above?), I think it's worth pointing out.

Some of the apartments being relisted now are getting pretty enormous cuts. here's some dramatic movement on a perfectly located loft in Nolita.

285 Lafayette 5D
STREETEASY HISTORY
09/30/2008
Listed in StreetEasy by Core Group Marketing at $5,950,000.
11/18/2008
Price decreased by 17% to $4,950,000.
03/23/2009
Listing is no longer available.
STREETEASY HISTORY
04/03/2009
Listed in StreetEasy by Corcoran at $3,500,000.

42% off the original ask, now around $1k psf.

The Beacon Court SELLER is the one to look at, not the Buyer. Sounds like he's being paid for something else by the Petrol people.

"Losing" $2.5M on your jazzy loft - at least - has gotta hurt.

529 E. 87th, 4-5W, is back on the market, they added the hyphen so it doesn't show the previous history. Horrible floor plan, but a lot of space, and I think layout could be improved. Originally started at $2.495m, taken off at around $1.5m, now back on for $995k. Maintenance is close to $3k, but that's not crazy high for the size.

Probably justified, but that's quite a chop.