Carnegie Hill

I haven't seen too many either and that's where we're looking. I saw a couple of interesting ones but still overpriced...

Where would you bite? We have to sell our 2BR first and it is taking forever.

Well... it's a maisonette, but a 20% cut is a 20% cut, and $950/sf is notable for a seven in excellent condition in prime Carnegie Hill.
http://www.streeteasy.com/nyc/sale/292877-coop-1165-park-avenue-carnegie-hill-new-york

Would $950/sf put us at 2005 price levels?

West81st: This is an interesting listing. Do you think the bedrooms downstairs are on the first floor or in the basement? Have seen another apartment on Park Ave where they sold a bunch of maid rooms in the basement with the apartment on the first floor.

uppereast: Good catch, and I think you're exactly right about the kids' rooms being in the basement. In some ways, it might be better than the ground floor (quieter, more privacy), but it's still a basement.

You never see a lot of 7s and 8s on the market. You really have to be patient and wait for the right one to turn up. I have no idea if those owners can "hold on" better. I think you can argue it both ways: They have more equity, and probably had more in reserve, in order to buy in those buildings. On the other hand, if a family lived beyond its means and didn't save adequately for job lose etc., then it doesn't really matter. Maintenance (and perhaps mortgage) are due every month, plus all the other obvious expenses. It's inevitable that some people will have to downsize or leave town. I do think it will take at least 12 and perhaps 24-36 months for those desperate sellers to all reveal themselves.

http://www.streeteasy.com/nyc/sale/370577-coop-1165-park-avenue-carnegie-hill-new-york?email=true
Now down to $1.4 million ....started at 2.75
Wow

Why haven't you bought, uppereast? You are assuming so much RISK holding onto your CASH. Oh, prices are DOWN? Guess your cash value has appreciated by waiting. Guess, you were wrong.

PMG ???

The just cut it by 400K - that's now 1/2 of the original asking price
that's a nice return for sitting on the sidelines
and more to come :)))

I've been saying it and here it almost is....500 per square foot. Thats the final price assuming it does not get taken off the market. You would have to really incentify a buyer to bite on this one.

The good news is that it's suicide proof! Can't kill yourself jumping out a basement window.

PMG are you braindead? Cash has outstripped everything wildly other than gold. What are all these condo developers going to have to eventually do to sell all their units? This has just begun.

wow -- from 2.75 to $1.4 million in a year. seems to be in decent condition too.

Going to make a great comp. If this doesn't sell, what will - 33 users saved.

995k. Not PS6, ground floor location & basement bedrooms.