chasing the market down: our favorite price choppers

aboutready, the tricky thing here is connecting the two floors. The family who lived here for many years used the public hallway to get from 4th to 5th floor. I agree that it's looking like more of a buy now that they chopped off another $500,000.

529 E 87th seems like one of those cases where the whole may be less than the sum of its parts. Why not just sell the whole floor on 4 as one unit and the half floor on 5 as another? This would avoid the need for someone to waste a ton of space adding stairs to an already thin apartment.

This would make a lovely two bedroom, and that seems to be where it is priced now. I hate spiral stairs, but you could probably even do straight, if you put them in the library. Change the master bed to the living room, use the den and the laundry rooms as bedrooms, and have a large lower level den/office to boot. you'd also have some fun nooks and crannies. assuming the kitchen and baths are in ok shape, this doesn't seem like a ton of work to me. JohnDoe, if they had the money and inclination, you're right, but they'd have to add a kitchen to one of the units, and then they'd have a decent sized one bedroom and a studio. I'm not sure they'd do any better, particularly now. Maybe if they'd started that route.

http://www.streeteasy.com/nyc/sale/190204-coop-23-east-10th-street-greenwich-village-new-york

35% down YOY

Great- that is really prime village. I used to live on West 9th. The Albert is a nice building.

That does seem pretty prime village, well almost...and so this seems to be quite a drop. what about all those arguing you won;t see drops like this in the village.

It's a prime example for the "what RE-ad words mean" thread.

E.g., "quaint" and "intimate gatherings" == tiny rooms, none more than 10' wide. It's essentially two stacked 19'-square main rooms, split down the middle, with the spiral staircase smack dab in the center. I guess it'd be an OK one-bedroom.

My favorite: http://www.streeteasy.com/nyc/sale/370577-coop-1165-park-avenue-carnegie-hill-new-york

I realize it's on the first floor, but doesn't 1165 Park seem extremely inexpensive for that much space in that location?

In regard to that apt. in the Village (at The Albert), that chop is not nearly enough. It seems like an oddly shaped basement, almost without windows.

Meanwhile, the huge Maisonette at 1165 Park is a more remarkable chop.

Maisonette - if you like to sleep in the basement?
At least in summer it maybe cooler than above street level.

it says this in the 1165 Park listing though
"NOTE: Only 30% of the purchase price can be financed."
you need 70% of it in cash.

This apt is the leader in clubhouse in new tournament. The tournament for nice buildings with challenged apts, basements, looking at rocks, no light, goofy floorplan, faces the dumpsters, etc..etc..

It is handy for the kids, though. Their friends can tap on the barred windows to summon them outside. If their phones aren't working.

Jokes aside, it is true that "troubled" apartments, in basements and etc., have shown brutal chops lately. There was one that apparently went into contract quite fast after it was dropped 20% to about 600 per sq ft in a really trophy bldg. on Lincoln Center area. The building had a proper name, something french with "artistes" in it, but not of the struggling kind, I guess.

Hotel Des Artistes

Where are the pics of the basement bedrooms, Brown Harris Stevens liars?

http://www.streeteasy.com/nyc/sale/363177-coop-75-east-end-ave-yorkville-new-york?email=true

Got this beauty in my inbox tonight. Not loving the floorplan or location, so not saying it's a great deal. But loving the $500K chop - they're not messing around.

685 West End Avenue #2B was just reduced $210K, to $1.99MM. Not a noteworthy pricechopper yet, but something of a perfect-storm listing: a large classic six in the 90s on WEA, owned by a Madoff-ravaged estate.
http://nymag.com/realestate/vu/2009/04/55859/index2.html

newbuyer, the $4000+ maintenance of 75 EEA is a killer - I'm not hopeful that this latest price cut is going to get the job done. Not to mention that the 'private outdoor space' is good for nothing more than potted plants.

y I just wanted to ask
a) is the f2 correct (most likely not)
b) based on stated f2 are $2 per F2 normal these days in an older co-op?

I agree on the maintenance - it's a big problem, almost a deal-breaker. Disagree on the outdoor space, though, at least based on floorplan.

Does anyone have any thoughts on what a reasonable price per square foot would be for Sutton Place (co-op)? If the place is in mint condition? If it needs work? Thanks.

"Does anyone have any thoughts on what a reasonable price per square foot would be for Sutton Place (co-op)? If the place is in mint condition? If it needs work? Thanks."

I'm very interested because I'm about to put a 2BR Sutton Place South apt. on the market. My feeling is that for post-war buildings on Sutton, the price per sq. ft. is in the $650-$1,000 range, depending on condition, views, etc.

officially down over 50% from the initial asking price:
1030 5th Avenue 3/4W
STREETEASY HISTORY
06/20/2008
Previously Listed in StreetEasy, already in contract, by Brown Harris Stevens at $47,500,000.
06/26/2008
Previously Listed in StreetEasy by Corcoran at $47,500,000.
02/04/2009
Delisted temporarily by Corcoran. Last priced at $34,500,000.
02/09/2009
Listed in StreetEasy by Prudential Elliman at $25,000,000.
02/10/2009
Delisted by Brown Harris Stevens. Last priced at $34,500,000.
04/08/2009
Price decreased by 12% to $22,000,000.

"Price decreased by 12% to $22,000,000"

Only $10,000,000 more to go before it becomes sellable.

685WE, B-line is probably one of the best classic 6 layouts around. Large principal rules, conveniently located and large maid's room which can be used for dining room. Grand foyer. I saw a wreck in this line for 1.6ish at the end of '05 so I'm a little nonplussed by 2-handle asking prices.

wow, a MILLION dollar chop!

http://www.bestofcentralpark.com/308ex/308ex.html

looks like a $200,000 price chop, from 2.59 to 2.39. That original list of 3.49 from almost a year ago is meaningless.

http://www.streeteasy.com/nyc/sale/300728-coop-270-west-end-avenue-upper-west-side-new-york?email=true

270WEA 12C just went into contract. I can't find the thread that specifically discussed it (and had the shack burger bet), but I am shocked. You can rent something almost comparable for the maintenance. Even if you assume a 30% discount to the last ask, someone is paying $1.4MM for a relatively modest upgrade compared to renting something for $5700.

n99. I think you are on the money... probably $1.4MM. Beware of bottom seekers at $1,000psf... lots of people will hold their noses and dive in, only to look back in 6 months to regret their decisions.

Funny, the increase in activity will create much more supply in the next 6-12 months IMHO.

uh oh...i think i'm on the hook for that shackburger.

A bit of encouragement for anyone considering a "lowball" bid:
http://www.streeteasy.com/nyc/sale/346071-coop-320-west-86th-street-upper-west-side-new-york

Listed at $1.2MM. Sold after just three months, and no public price reduction, for $900K.

great big rooms west81st, but almost $1 million for four rooms in solid but unspectacular location? i'm not sure this is a deal.

HR: Agreed. Just saying the asking price didn't dissuade the buyers from offering what they thought the apartment was worth: at least 25% below the ask. WRT to value, it's a hard apartment to comp; I think it was carved from a bigger original layout.

605 Park Avenue #16ADE. Reduced 50% and counting.
01/12/2008 Listed in StreetEasy by Corcoran at $12,500,000.
02/23/2008 Price decreased by 16% to $10,500,000.
05/23/2008 Price decreased by 19% to $8,500,000.
04/10/2009 Price decreased by 26% to $6,250,000.
Based on the comps for the A, D, and E lines, this one could still have a ways to fall - especially with that $8500 maintenance number.

Wow W81, re 605 Par--those are some chops. I wonder what caused the sellers to get religion almost a year after the last chop.
While the apt looks nicely renovated, it is a very awkward, rambling floorplan, and the maintenance is really gonna scare people away.

This one's latest chop may have missed searches:
http://www.streeteasy.com/nyc/sale/394583-coop-1021-park-avenue-upper-east-side-new-york

01/29/2008 Listed in StreetEasy by Brown Harris Stevens at $11,750,000.
03/26/2008 Price decreased by 10% to $10,600,000.
04/16/2008 Price decreased by 6% to $9,950,000.
10/27/2008 Price decreased by 10% to $8,950,000.
01/06/2009 Price decreased by 16% to $7,500,000.
03/24/2009 Also Listed in StreetEasy by Sloane Square at $6,625,000.

Hardly anything wrong with this line.

1021 Park: Huge chop.

29 East 64th Street #5D: Nicely renovated, described as a 7 into 6, though I think it simply competes with big sixes, not sevens. Back on the market after a one-month absence and another big chop.
http://www.stribling.com/propinfo.asp?webid=1047423&type=SALE
10/24/2007 Listed in StreetEasy by Stribling at $3,200,000.
11/28/2007 Listing is no longer available.
01/08/2008 Re-listed by Stribling.
01/08/2008 Price decreased by 6% to $2,995,000.
09/11/2008 Price decreased by 7% to $2,800,000.
10/27/2008 Price decreased by 13% to $2,450,000.
02/24/2009 Price decreased by 18% to $1,999,000.
03/20/2009 Listing is no longer available.
04/15/2009 Re-listed by Stribling.
04/15/2009 Price decreased by 10% to $1,790,000.

Does anyone know anything about the building--29 E 64th? Another price chop I wanted to ask West81st about--15 West 81st apt.9J just dropped. I think it's a very desireable building. Agree? Thanks

A little more info on 29 East 64th: while there is no D-line comp, there is a 2006 comp from the C-line, which is a similar, but slightly smaller (original 6, rather than 7-into-6)

09/08/2006 #6C $2,450,000 -11.7%

this one looks like capitulation to me; if I weren't allergic to the Upper East Side I would be tempted to make an offer because this one might be open to a lowball. so this is more than 25% off a 2006 comp on a similar, slightly smaller apartment...dramatic. and for the right sort of person a real blue-chip location.

15 west 81st is an absolutely killer location, really can't be beat on the UWS. but is that apartment really worth more than a nice classic six on the best stretch of west end? i just don't think so.

Except you can't spit into central park from your window that overlooks the AMNH when you're on the best stretch of WEA....

that's correct. obviously this apartment is worth more than a 4 room apartment on west end. more than a six room? that's the question.

Not all buyers need/want 6 rooms. And as you said, you can't beat the location.

uws mom, what exactly are we arguing about? yes, that's true, some buyers don't need six rooms. do you think this apartment is worth more than a big classic six on the best stretch of west end? ok. time will tell. my sense is that there is a lot of price pressure on 5 and 6 room apartments on the uws: as the sixes come down, the not-quite-sixes have to fall to keep room between them.

but like i said, i think it's an open question.

Are we arguing? Sorry, my hormones are raging these days. Quite simply, I was struck by your comment b/c, to me, it's like comparing apples and organges. It sounds like you're suggesting that the location alone is not enough to make up for a loss of 2 rooms (or x square feet). I'm not sure I agree with that as I think there are buyers who prefer prime location to amount of space.

I certainly do not disagree that 1) time will tell, 2) there is price pressure on all kinds of apartments, and 3) it's an open question.

Anyone have any info on 116 East 66th #2F? It's been on the market a while.

07/29/2008
Listed in StreetEasy by Halstead Property at $995,000.
11/12/2008
Price decreased by 7% to $925,000.
12/17/2008
Price decreased by 3% to $895,000.
03/03/2009
Price decreased by 13% to $775,000.

It says it needs "work," anyone seen it? Know the building? Maintenance is also quite high ... but the size is good.

ANOTHER ONE TO NOTE:
955 Lexington Ave. #1C
02/25/2008
Listed in StreetEasy by Edward Lee Cave at $1,200,000.
04/23/2008
Price decreased by 8% to $1,100,000.
07/10/2008
Delisted temporarily.
09/09/2008
Re-listed by Edward Lee Cave.
09/19/2008
Price decreased by 10% to $995,000.
03/16/2009
Price decreased by 15% to $850,000.

It's on the smaller side, but quite ornately renovated ... thoughts?

I think we may disagree on how to operationalize "worth"...I'm willing to let it go ;). Best!

116 East 6th #2F is a complete gut. The woman who lived there (this is an estate) had been in residence for 40+ years. I saw it when it came on the market last summer and wasn't even tempted because I would have need to put $150,000 minimum into it. Also, the kitchen space was very tight and there really wasn't much space for enlargement unless you want to completely give up the foyer. It did have one delightful feature: the living and bedroom windows look onto the back yards of a townhouse row, so you had charming views, really nice light, and plenty of quiet.

955 Lex, #1C -- I never saw this one, but it's in the back corner of the building and, from what I can tell from the floorplan, must be very dark.

^^ 116 East 66th Street

If this is a duplicate post, my apologies in advance, but it appears that the sale of 4 West 21st, #6B, the price chopper that spawned this thread, has not been noted.

To recall, the listing had chopped its way from $2.2rmm to $1.895mm in five baby steps over six months when mrsbuffet drew it to our attention. Two more price chops, a new broker and a 12% discount to last list later, it closed 4/1 at $1.45mm.

4B, listed at $1.575mm after 7 months on the mkt and four chops of its own, now looks like a candidate for the "my neighbor is undercutting my price" thread.

A chopper at the Dakota: 1 West 72nd #66 http://www.bhsusa.com/detail.aspx?id=917979

06/26/2008 Listed in StreetEasy by Brown Harris Stevens at $24,000,000.
10/29/2008 Price decreased by 19% to $19,500,000.
04/15/2009 Price decreased by 26% to $14,500,000.

Spectacular apartment, but it faces the wrong way for an eight-figure price tag. That $24MM number was lunacy.

Intersting comparison between 29 East 64 and 15 west 81--similar price, similar condition, of course different location and 29 East 64th is quite bigger, but the maintenance differential is dramatic--
$3,365 vs. $1762. What is up with that?

dmf13, et.al.: Yes, 15 West 81st is a classy address. The letdown with #9J is that it faces south onto the courtyard (i.e. from the north side of the building), not the Museum. That's why the peak sale in that line - #6J in 2006 - was just $1.45MM. #9J itself sold for $1.42MM in late 2005. So this listing still seems to have some air in it.

I love the view of AMNH from 77th Street. From mid-block on 81st, I think it's overrated unless you're on a fairly high floor where you can see the San Remo, the skyline, and the old section of the Museum. The Rose Planetarium (currently scaffolded) and the dog run just aren't my idea of a $5MM view.

29 East 64th is so much bigger than 15 west 81st that they really can't be compared. one would expect the maintenance to be significantly higher, say 2700 vs 1762, just given the difference in size. so the additional $600 in maintenance, while certainly not ideal, is nothing crazy: it is well within the normal flux of maintenance from building to building. that said, there's no doubt that the maintenance is on the high side, which i am sure has had some impact on the price (although certainly doesn't account for the cuts to comps that also have high maintenance).

The days of insane flips at 15 CPW seem to be over. #9G was just reduced again. Still ~28% above the original purchase price, but for how long?
06/25/2008 Previous Sale recorded for $6,650,000.
07/08/2008 Listed in StreetEasy by Corcoran at $13,000,000.
09/29/2008 Price decreased by 15% to $10,995,000.
10/24/2008 Price decreased by 9% to $9,995,000.
01/06/2009 Delisted temporarily.
01/30/2009 Re-listed by Corcoran.
04/15/2009 Price decreased by 15% to $8,500,000.

565 Park Avenue #PHA12E: big duplex penthouse with ~300 sq.ft. terrace. Needs total redo, which will fix the goofy layout but not the $6568 maintenance.
11/11/2008 Listed in StreetEasy by Halstead Property at $4,800,000.
11/13/2008 Price decreased by 19% to $3,900,000.
01/11/2009 Price decreased by 17% to $3,250,000.
03/12/2009 Listing entered contract.
03/24/2009 Re-listed by Halstead Property.
03/26/2009 Price decreased by 8% to $3,000,000.
04/15/2009 Price decreased by 18% to $2,450,000.

Tough apartment to compl, but there's no excuse for that original asking price.

In the more moderate price range:

201 East 17th - 24H
02/13/2008 Previously Listed in StreetEasy by Bellmarc at $1,090,000.
03/05/2009 Bellmarc Listing is no longer available. Last priced at $985,000.
03/27/2009 Listed in StreetEasy by Bellmarc at $895,000.

Needs updating, but nice space and fabulous views...getting close to reality???

Can you believe a price increase at 52 East End? Started at 2.9 and dropped to 2.8 but then three days later it went back up to 2.874. The seller doesn't get it. Saw this at an open house. It has a very bizarre layout and at least four different types of wood flooring spread among the rooms. This one will need to drop much more we think or it will be difficult to sell.

236 E. 111th, number 2. Claims to be 3000 sf, very low monthlies. Started out early this year at $2.2m, now $1.1, also seems to be available for rent, formerly $6000 now $3800.

W81: on 15 CPW: not much longer.
By this time next year we will see a number of sales done at prices below the original purchase prices.
Apartments there will trade at no more than 2k psf for all but the biggest and best ones.
Just my 2c

Finally, some real momentum in downtown price movement. 29 E. 22nd, 5N, originally $2.75m, now under $2. Also, the remaining Starck units on 23rd seem to have asking prices now of over 20% off initial asking.

1170 Fifth Avenue #1413D
A classic from page one of this thread is back, a year after its debut at Corcoran.
04/23/2008 Listed by Corcoran at $7,100,000.
05/07/2008 Price decreased by 17% to $5,900,000.
05/15/2008 Price decreased by 16% to $4,950,000.
07/28/2008 Delisted temporarily.
09/02/2008 Re-listed by Corcoran.
09/14/2008 Price decreased by 21% to $3,900,000.
10/19/2008 Listing is no longer available.
10/29/2008 Price increased by 8% to $4,200,000.
04/15/2009 Listed by Brown Harris Stevens at $3,500,000.
http://www.bhsusa.com/detail.aspx?id=1009594

west81st,

for a little added color, the 11th floor D-line unit is asking $2.6 (an absurd price in this market).

236 E. 111th, #2, originally $1.8m, now $900k. awful location, large apartment, huge reduction.

Forgot about this great thread. I saw this apartment. Nice space but layout is a little odd, kitchen is small and no real dining area. Personal view is that a 3br needs to have at least a decent sized dining alcove, not a dining room table in the middle of the living room. Anywhere, here are the details:

http://www.streeteasy.com/nyc/sale/396536-coop-440-east-79th-st-upper-east-side-new-york

04/03/2008 Previously Listed in StreetEasy by Bellmarc at $1,995,000.
08/05/2008 Bellmarc Listing is no longer available. Last priced at $1,795,000.
03/31/2009 Listed in StreetEasy by Prudential Elliman at $1,375,000.

Or this one. Going the "lots of incremental price chops" route for the last year:

http://www.streeteasy.com/nyc/sale/345661-condo-215-east-80th-street-yorkville-new-york

09/03/2008 Listed in StreetEasy by Citi-Habitats at $1,359,000.
11/20/2008 Price decreased by 3% to $1,325,000.
02/13/2009 Price decreased by 2% to $1,295,000.
03/31/2009 Price decreased by 3% to $1,250,000.

215 E 80th St

I'm not sure what the owner is thinking - or not. I guess it's one of those emotional sellers who can't grasp that it's not worth a penny over $840k (1200 sq ft * 700/ sq ft). I know the listing states 1325 sq ft, but the actual interior space is closer to 1200 (typical broker measurement). The $700/ sq ft is based on Miller Samuel 2001 2BR 2BA UES Condo/ Co-op prices, which is what every expert (without exception) says the market is worth.

So...the big question I have for anyone on this board is: When will owners and brokers allow supply and demand to reach an equilibrium so the market can thaw? My guess is not until the 22,000 new condo units (city wide) come on the market, and there's a frenzy to sell. The only problem for owners is that it will be too late to get the $840k mentioned above, and will have to settle for less b/c they refused to open their eyes.

johngalt, it won't take the shadow condo inventory. each distressed seller impacts the market inordinately. as death, divorce and unemployment continue their inexorable toll, the effects become cummulative. the fall has been and will be dramatic, but it doesn't happen overnight (or even in one selling season).

203 West 90th Street Penthouse G.
StreetEasy History
01/14/2008 Listed in StreetEasy by Stribling at $2,500,000.
03/06/2008 Price decreased by 8% to $2,295,000.
09/17/2008 Price decreased by 17% to $1,895,000.
11/12/2008 Price decreased by 13% to $1,649,000.
01/11/2009 Price decreased by 3% to $1,595,000.
03/31/2009 Sale closed for $1,500,000.

215 West 98th #11B
StreetEasy History
05/16/2008 Listed in StreetEasy by TREGNY at $2,395,000.
06/17/2008 Price decreased by 4% to $2,295,000.
10/24/2008 Price decreased by 8% to $2,100,000.
11/06/2008 Price decreased by 10% to $1,900,000.
12/03/2008 Price decreased by 16% to $1,595,000.
04/07/2009 Sale closed for $1,450,000.

Wow, 40% cuts on both of those. Do you think that if 203 W. 90th had started at $1.99, might have gone at close to asking? Impossible to tell, but interesting to think about.

aboutready: Maybe, but FWIW, I didn't like that apartment at all. Much smaller than it looks in the pictures, and the view across Amsterdam is horrible.

Meanwhile on the East Side, interesting 2BR/2BAs are starting to drop under the $1MM mark so far: 17 East 80th Street #9
http://www.prudentialelliman.com/Listings.aspx?ListingID=967559
StreetEasy History
04/11/2008 Listed in StreetEasy by Prudential Elliman at $1,399,000.
07/09/2008 Listing entered contract.
09/23/2008 Re-listed by Prudential Elliman.
10/03/2008 Listing is no longer available.
01/15/2009 Re-listed by Prudential Elliman.
01/15/2009 Price decreased by 7% to $1,295,000.
04/22/2009 Price decreased by 23% to $999,000.
Maintenance is on the high side; not surprising for a boutique coop in that neighborhood.

Sorry, "so far" was a copy/paste error. Please disregard.

I've noticed the east side dropping as well. That's a pretty apartment with a nice split lr/dr layout. Maybe i'll have a look see, just for fun.

For the w90 property, I thought the lr looked smallish, with those built-ins, myself. But it was still early '08.

This one's had a series of chops, the most recent one another $500k. Listed initially in 1/08 at $7,950,000, now $4,995,000.

111 Hudson, PH.

I haven't been able to cut and paste and I just figured out I have to, for some reason, start with my cursor at the end and go backwards.

259 E. 7th, 3W, back to what I presume was initial offering price in 2006. IMO, more to come.

09/12/2006 Previously Listed in StreetEasy by Warburg at $1,695,000.
10/16/2007 Warburg Listing is no longer available.
01/17/2008 Previously Listed in StreetEasy by Warburg at $2,395,000.
03/07/2008 Warburg Listing is no longer available.
10/20/2008 Also Listed in StreetEasy by Warburg at $1,995,000.
02/07/2009 Listed in StreetEasy by Corcoran at $1,895,000.
04/22/2009 Price decreased by 11% to $1,695,000.

The layout is a bit challenged, but still. 345 W.88th, 5B:

04/17/2008 Listed in StreetEasy by CBHK at $1,420,000.
07/04/2008 Price decreased by 9% to $1,299,000.
10/04/2008 Price decreased by 4% to $1,250,000.
10/14/2008 Price decreased by 8% to $1,150,000.
11/27/2008 Listing is no longer available.
12/09/2008 Re-listed by CBHK.
12/26/2008 Listing is no longer available.
01/02/2009 Re-listed by CBHK.
03/10/2009 Price decreased by 14% to $986,250.
04/23/2009 Price decreased by 9% to $899,000.

Aboutready: That's a textbook market-chaser, and the chase might not be over.

Meanwhile, back at the high end, with bold-face finance names on both sides of the transaction:
131 East 66th Street #23D (plus servant's apartment and a few other add-ins)
StreetEasy History
10/15/2008 Listed in StreetEasy by Corcoran at $14,500,000.
11/22/2008 Price decreased by 14% to $12,500,000.
12/25/2008 Listing entered contract.
04/08/2009 Sale closed for $9,000,000.
http://www.streeteasy.com/nyc/sale/357803-coop-131-east-66th-street-lenox-hill-new-york
Calling this one an apartment is a misnomer. It's more of a mansion inside a coop.

They did a beautiful job on that. The duplex to the south, plus the two simplexes to the north. As originally built, the duplex had only one bath for three bedrooms, so they really needed those simplexes for access to plumbing stacks if not for the space itself.

West 81st:
It's funny but I just checked that listing yesterday because I know who bought it and the info I get on Streeteasy about it if different from your. How come???

10/15/2008
Listed in StreetEasy by Corcoran at $14,500,000.
11/22/2008
Price decreased by 14% to $12,500,000.
12/25/2008
Listing entered contract.
04/10/2009
Listing is no longer available.

Why yours says that it closed on 4/8/09 for $9,000,000 and mine says that the listing is no longer available as of 04/10/2009?????

Sanba: I assembled the chronology from two different pages. Here's the closing:
http://www.streeteasy.com/nyc/closing/800550

Another 40% chopper from initial list to close, and another accepted lowball bid (21% below final ask):
310 East 53rd Street #4/5B
StreetEasy History
01/08/2008 Listed in StreetEasy by Corcoran at $2,495,000.
01/23/2008 Price decreased by 12% to $2,195,000.
10/08/2008 Price decreased by 9% to $1,995,000.
01/12/2009 Later Listed in StreetEasy by Corcoran at $1,895,000.
04/08/2009 Sale recorded for $1,500,000.
http://www.streeteasy.com/nyc/building/310-east-53-street-new_york

W81st, I think #4/5B is the same as #45B, which sold on 12/21/2006. I'm not an insider so i don't have the 2006 sale price. Do you have access to that info?

Sledgehammer: Yes, same apartment. It dropped about 27%

Lots of price chopping at the "gansevoort". Here's one unit that's now listed for less than 60% of its original ask. Looks like half of it's a basement so not sure how they ever dreamed of the $2.6mm price.

http://www.streeteasy.com/nyc/sale/356058-condo-325-west-13th-street-west-village-new-york

05/07/2008 Previously Listed in StreetEasy by NY Commercial Realty at $2,595,000.
10/08/2008 Listed in StreetEasy by Luxury Lofts & Homes at $2,150,000.
10/09/2008 Price increased by 2% to $2,195,000.
10/13/2008 Delisted by NY Commercial Realty.
10/17/2008 Price decreased by 2% to $2,150,000.
11/20/2008 Price decreased by 7% to $1,995,000.
12/01/2008 Listing entered contract.
03/06/2009 Re-listed by Luxury Lofts & Homes.
03/06/2009 Price decreased by 22% to $1,550,000.

ooh i saw that 323 west 13th. the memory makes me shudder. horror show.

Am i just imagining it, or has there been less chopping going on? It seems as though the new listings are finally going on at lower prices as well. Are the brokers pricing and then most movement is expected to be from listing to contract price?

That wouldn't apply, btw, necessarily to the high end. I don't follow those properties as much. And I would think there is ample room for chopping there.

"Are the brokers pricing and then most movement is expected to be from listing to contract price?"

most of the movement might happen right after a contract is canceled if the seller really needs to sell.

Alchemy just chopped its prices around 15% at its Hudson Hill condo, but only for "the next 25 buyers." The Chelsea Enclave also lowered prices. Manhattan new development is starting to lower (and not just stealth lowerings).

jk.. is the first unit partly a basement? the photos look like a ski lodge

Aboutready, 240 West End Ave. #2A had a $248,750 price INCREASE today after 67 days on the market. What's up with that?

the broker was moved by printer's analysis on the are things getting better thread? psychotropic drugs? a seller coming after the broker with a stiletto screaming i need more damned money and i need it now you POS? someone took a psychology class that someone really didn't understand? the possibilities are endless.

I just posted this elsewhere. But the Alchemy chops from a few weeks ago where they chopped everything if you signed a contract before 5/31 were all WAY better than these chops they just announced. They chopped and raised prices at the same time. A first.

"the broker was moved by printer's analysis on the are things getting better thread? "
lol
"but only for "the next 25 buyers." it's proven! RE in NYC is as alluring as an infomercial

admin, what do you think they'll give you if you buy by midnight tonight?

but wait, there's more. the development may not go under if you buy by midnight tonight.