Calling West 81st: Price predictions

239 CPW #4C closed for $1.7MM. Although the final price was 48% below the original 2007 ask (with a different broker) and 6% below the final ask, I'd say nshipley earned a Shackburger here. To put the price in historic perspective, I think it's still about 30% more than the seller paid in 2002.

Of the three lising in the original post, two have now closed (I guessed too high on both of them). Anyone know what's going on with 222 RSD #5A? The listing just celebrated its two-year anniversary.

"listings", that is, not "lising".

I presume you mean 38% off original ask, at least the $2.75MM ask I see.

Pretty amazing price for a legit 3-bedroom with a dining room, eat-in kitchen, in decent shape, and in a fantastic area.

Newbuyer99: If you go back a few months farther, you'll find the original ask of $3.3MM.
http://www.streeteasy.com/nyc/sale/96005-coop-239-central-park-west-upper-west-side-new-york
At that point, #4C and #5C were available together for $6.6MM.
http://www.streeteasy.com/nyc/sale/95703-coop-239-central-park-west-upper-west-side-new-york

A few other points to consider in judging that final price of $1.7MM:
1) The "C" line is a classic six. A "legit" pre-war 3BR generally implies a seven.
2) The most recent low-floor, same-line sale was #6C, which closed in Jan '05 for $1.625MM. #3C failed to sell this year, asking $1.695. #4C itself sold in May 2002; I don't know the contract price, but the final ask was $1.25MM.
3) Maintenance rose 20% during the two years #4C was on the market, from $2231 to $2679.

With these facts as background, plus the inherent difficulty of selling a dark apartment in a down market, I wouldn't call $1.7MM a particular bargain. The amazing price is the $2.75MM paid for the peak comp, #6E, in 2007. Much brighter apartment, nice renovation, but $2.75MM? The difference in coop shares between #4C and #6E is only 3%.

Michael: I'd gladly take you up on that Shackburger. 239 has extremely difficult financial requirements. Before we found a buyer, there had been a board turn down with another buyer (and broker). I think it's a solid indicator of where the market is..still way up from 2002 and way down from 2007.

Thanks, Nan, and congratulations on a good sale under challenging circumstances.

West81st, thanks for the clarifications. As I showed in other threads, I am neither as good at, nor as focused on, the definitions. To me, a "legit" 3-bedroom just means that there are 3 windowed bedrooms of a decent size, which this has, along with a living room and dining room.

Very good point on the lack of light. I guess I'd still have expected more on CPW, so your other comps surprised me. Thanks again.