Over 50% Drop. Any Others?

it is still too expensive

way too expensive

Soho strikes me as a terrible place to live. Way too dense now and way too many bridge-and-tunnel people underfoot at all hours. One of the least attractive neighborhoods for long-term living, if you ask me.

Actually not all hours.
You have to see Soho in the earlyish mornings. Beautifully quiet.

yes, nice decorating but still overpriced.
By the way, a 50% decline is not measured from the list price. a 50% decile is calculated based on an average, median or average $psf. A list price just means that the owner thinks they can get away with that price. I mean, let's be realistic, that place coundn't have sold for over 12 million even under the best market conditions. If the average price/psf was $2,000 in Soho and it fell to $1,000psf, then that would be a 50% decline...or, if this unit had sold less than 1 year ago for $12 million and then somone bought it today for $6 million, then that would also be a 50% decline.

wow, instead of dumping on angler how about some appreciation for the data point. i agree that it certainly isn't as significant as if the apartment were selling at half its previous sale price. but it is a relevant data point nonetheless.

By the way, that isn't the only apartment showing some movement in that building:
4E
STREETEASY HISTORY
03/05/2008
Previous sale closed for $3,300,000
10/17/2008
Listed in StreetEasy by Corcoran at $3,350,000
11/15/2008
Price decreased to $2,975,000

I agree it is an overpriced property in an over-hyped neighborhood. And, is clearly one of the late attempts at the boom period's aspirational pricing model. The unit struck me as a poster child for excess gone awry, pitched by a celebutante broker to the class hungry nouveau riche. Probably, not a true market comp just a sign of the times.

$12+ million for this place a year ago... wow!

Honestly, I would pay 1200/sq ft now...

and 900 per sq ft in 2 years... after someone else bought it and doesn't like the direction that NYC is going in 2011... that is, a SoHo with half filled retail spaces and less safe after over half of the foot traffic doesn't show up...

Not to mention how crazy the M&T are on this place... nearly 6,000 a year... wow!

Sorry, but SoHo isn't going to be the same in 2-3 years... watch "Ghost" if you need a reference

Nearly 6,000 a year...try a month.

Am I the only one who doesn't know what/who the "M&T" are?

maintenance and tax.

That penthouse is still priced at $800psf more than apt 4E.
I still can't get over the fact that they were going to try and sell that for 12million. 4,700psf!!
That is more than 3 times the $/psf of other units listed in the same building.

I guess that some people just don't watch the news.

Place is overpriced. But SoHo is not going back to the 1980s either - some storefronts may close and retail rents may fall, but I don't think we're going to see the 1980s come back either.

$750 psf.

Soho is going back to the 80's? Come on, let's keep a little perspective about things before we type them, okay?

How about the 1990's. I think there is a great chance we can go there.

How about the 1990's? I think there is a great chance we can go there.

Was Soho a dump in the '90s? Be clear what you are talking about, people: the direction of the market or the direction of the neighborhood? Prices in Soho could go anywhere--no one knows. Is the neighborhood likely to return to its state in the early 1980s? That is impossible. It could become a bad neighborhood (I doubt that) but it would be bad in very different ways.

Major chains will loss lead to be in a prime 'hood like soho, so I don't think the character will change. The value of residential real estate will drop to levels we haven't seen in quite a while. How low? I don't know. Ask me when we bail out another one of the top 5 banks left. What do you think is ging to happen to citi's bonus pool?

Of course their bonuses are going to be cut substantially. It should also be noted that Citi never gave out great bonuses across the board in really good years and has been grossly mismanaged. They could potentially reorganize the firm to be much better than it has been for the past 6-8 years. Apparently the only person who doesn't know any of this is Vikram Pandit.

SoHo is too small to have its own data set, but the SoHo+Tribeca 3Q psf for condos was $1,332, according to Miller Samuel.

www.millersamuel.com/data

ali r.
[downtown broker}

where do you get your info from?
1st - $12,500,000 - was a lead price and not an actual listing price. Street EASY WAS WRONG

the actual listing price was: $7,995,000 10/10/2008
thats is a 26% price drop

Next it is not owned by Raphael and his wife Claudine is a real estate broker

It says PHE sold for 4 million in 2006. 2006 was a hotter market than now. No way it is worth 6 mil or anywhere near 12 mil.

I haven't seen a 15% drop yet in studios or one bedrooms...a 50% drop in a $7m apartment means nothing..it's probably worth $1.5m.

Let's face it $12m or $2m the party is over.

Are_you_Serious - I don't claim any inside knowledge, and may have misread the tea leaves. My information on pricing history comes from StreetEasy. If it is wrong, then my bad for relying on it. Raphael has made clear that he is made a better broker through ownership. I was led to believe that 43 Wooster is one of the properties in which he has an ownership interest. Claudine did not start in real estate, so my mention of her being a model was a daft reference to her prior career. My apologies to the happy couple:

http://ny.therealdeal.com/articles/real-estate-royalty-settles-down

oh my lord, thats what you call a free fall...

Julia, maybe not across the board, but I recently posted on the "comps" thread about a 19% drop on a new-dev studio in the EV and a >23% drop on a co-op 1br on the LES.