What should the correct price be for an apt on the UES?

Where, precisely, in the UES are you discussing? 740 Park? Or 95th between 2nd and 1st Avenues? Your question is WAY too vague.

prices down at normandie court but that's pretty far up at 95th

People who don't buy end up renting. Hence, rents are going to stay the same or potentially increase. And where exactly are you looking at? If it is west of 3rd, it will be expensive. Most bldgs up there are coops and condos so the few that are rentals, especially 2/3 bedrooms, can charge a premium. Good luck on your search.

a 2 bedroom should be $450k...

julia:

A "large two bedroom (convertable to a three bedroom) or three bedroom" precisely WHERE in the UES should be $450K?

The folks on this thread could give a range within $500/mo if u r exact...pick an ave..give a 10 block range....small/lg building?..terrrace?..sq/ft?..updated or worn?..

We're looking for very similar criteria. Our experience is that rental prices have not really fallen, but there's a lot more room for negotiation - buildings paying brokers' fees, one month free, free gym, etc. Prices do vary a ton, though, due to neighborhood, building quality, doorman vs. elevator vs. walk-up, size of apartment, etc. I bet you can find something that technically fits your criteria for $4K or less, or you can find amazing apartments for $10K or more.

okay, okay

**a 2 bedroom should be $450k...**

Are you flippin' smoking crack or just a clueless numb-skull? If you simply have no clue (and clearly you do not), why embarrass yourself by asserting something so unimaginably idiotic??

This is truly one of the dumbest threads I have ever read. We cannot tell you how much a 2 bedroom on the UES should be since the price varies based on the location, amenities, view, sunlight, upgrades, etc. The price can vary by 7 digits based on these factors. Buildings vary too. Are we talking about a brand new doorman condo or a post war co-op? Come on, give me a break!

Gayseous = I saw 2 brs for 550 back in 2005 - so not so off.

Sorry for not being more specific. I don't care about how far east as long as it is not north of 86th Street. I don't buy the argument that people can't buy thus rents won't decrease. People have less money and will be more conservative about spending a lot of money every month. I think the landlords are so wealthy and there is so little inventory that they can afford to artificially inflate a market for a while. This has been done on the commercial side for a year.

warminster:

Have you (or has anyone) seen this place?
http://www.streeteasy.com/nyc/sale/303147-coop-405-east-63rd-street-lenox-hill-new-york
I have not - but it's also listed for rent at 5K.

If you saw it & liked it, you could possibly rent for a year, see how prices adjust, then offer to buy at a later date. Why move twice?

Interesting listing. Debatable whether it's really convertible to a 3-bedroom, given how small the dining room is. But the terrace looks really nice, and the rental price is compelling.

The for sale price is a lot less compelling, largely because of the high maintenance (I am also pretty sure the square footage is overstated, but what else is new). I am coming up with an approximately 50% premium buying over renting, which is a bit ridiculous.

paid $4k per month for a nice (non-doorman, elevator) two bedroom recently at 93rd and park. It was at least a 25% discount to what we were seeing in Union Square/GV area.
PS - all this about landlords being "so wealthy" is silly - they are business people who have mortgages and expenses like any other business. Although I do agree with your other reasoning of little inventory and ability to artificially keep prices higher for a bit. I would say prices seem to be adjusting downward rather quickly.

rent or buy? walkup?

If you want answers, you need to really let us know what you are looking for. btw, LOTS of great buildings between 86-96th, and far less people on the streets.

Generally though, I would not expect prices on 'growing family' apartments on the UES to come down anytime soon. Everyone wants a 2 bedroom they can maybe turn into a 3 one day. It's every young family's plan at some point. There are not to many of them out there though, especially under $2M.

newbuyer99 - I agree about the buy/rent ratio - that's why I recommend rent first, tie up the apartment as the market continues to drop, then buy later at the (new) market price later...

I agree with MAV, those kind of apartments are not coming down and if you see one you like at $2M or under, snap it up now. You will thank MAV later.

I have a similar question - here are the requirements, but for a 2 bed/2 bath - doesn't have to convert to 3 (i.e. don't need a separate DR). West of 3rd, doorman/elevator. Don't need a terrace or playroom or gym, etc., but the apartment has to be in great condition, especially the kitchen and bathrooms - so something renovated w/in the past 2-3 years. And no home depot grade stuff, i mean the quality of finishes and appliances of a place you'd like to own. And I don't need a great view or light - I don't want to look at an airshaft on the ground floor, but I certainly don't need or want to pay for a high floor apartment. And PS 6.

julia's right, a 2br SHOULD be $450k, but unfortunately it's not unless you live waaaaay out in the burbs.

Printer - there are still lots of factors missing to give you an accurate assessment (west of 3rd could be 5th or Lex - apples and oranges), but, as a ballpark, I would say -- generally -- anywhere between $1.3 and $2.0 depending on the exact location, grade of the apartment, and building.

MAV and Waitinvain, you're both on crack, unless you're being sarcastic.

There are tons of 2-bedrooms that can be easily turned into 3-bedrooms on the UES for under $1.5MM, and some around/under $1MM. And yes, I think that they are likely to come down like everything else, because the same laws of supply and demand govern them as govern all real estate.

A couple examples, just for fun:
http://www.streeteasy.com/nyc/sale/196804-coop-200-east-78th-street-upper-east-side-new-york
http://www.streeteasy.com/nyc/sale/266164-coop-300-east-59th-street-sutton-place-new-york

A couple more examples:
http://www.streeteasy.com/nyc/sale/167642-condo-301-east-79th-street-yorkville-new-york
http://www.streeteasy.com/nyc/sale/154364-coop-345-east-73rd-street-upper-east-side-new-york
http://www.streeteasy.com/nyc/sale/346072-coop-320-east-83rd-street-yorkville-new-york

joepa,

thanks, i actually meant rental price. to narrow down location, I really mean 3rd to Park - I would imagine that Park to 5th is way out of my league.

gee, new buyer99, I wonder why all of those apartments are still on the market after well over a hundred days each.

I actually saw 2 of them about 5 months ago, and am not surprised they are still on the market.

(and by "growing family" apartment, I do not mean apartments in walkups. I didnt think I had to specify that)