Guess how much this sold for?

OMG.... did we just do 50% in 6 months... I'll revise my predictions to a 65% reduction from Market Peak! :)

Not sure if you're serious or sarcastic.

It's just one example, and I don't see how it shows 50% decline. The original ask was just an ask, not a comp. And 45% below that ask is just my guess, I have no idea what it actually went into contract at.

I do think it's a signiicant data point if really under $1.5MM.

Anyway, what's your guess?

$1.3MM... and will it close is another matter... Let me read that guys post.. yep sounds sarcastic to me

If it's anything below their last list, then it is a 50% decline (from their wish # which was usually the market # 6 months ago). I believe when it is said and done, in 2 years we will see at least 50% decline comp over comp... but gotta love people for reaching for the moon.

Has a high carrying cost of 3K per month and a 790 monthly Assessment thru April '09. Add a mortgage on to that, hefty monthly. Let's see where it ends up!

W67, Let me ask you a question.
If I ask $4mil for my 2br in midtown west, 6months later drop it to $1mil (fair price in this market), does it justify 75% drop in price?
Get real, 3br 3bath with whopping >$3000 maintenance is just insane!
Even if this apt was sold at $999,000, the buyer overpaid and proved price incline instead of decline.

Agree with nycer. Very high carrying costs. And it requires 35% down. So, high down payment and almost $10k per month in carrying cost even at 1.5M. And that doesn't include renovations that are needed. Appreciate that its a big discount off the ask, but the ask was too high.

ba294 takes this idea a bit too far.

yes, I went little over board to prove my point :)

He makes a smart point. If bears are so desperate to prove themselves right that they need to use unrealistic asking prices, instead of waiting for real data to prove their point, that's pretty telling by itself.

I spent a fair amount of time in late 2007 and into 2008 looking for a 3-bedroom with a legitimate dining room and outdoor space under $2MM on UES or UWS. There are/were very, very few. So I do think this one at/under $1.5MM would be a pretty significant.

$3000 maintenance is high but not crazy. I think it's close to 2000SF, so a bit over $1.50 psf. Assessment for a few months is rounding error. And 35% down is not unusual for coops, and isn't that much higher than the 25-30% banks require for a jumbo anyway.

I agree that it was overpriced to start with, but then again, I thought the vast majority of apartments on the market were overpriced 6-12 months ago, when this went on the market.

On the other hand, I don't understand this statement: "If it's anything below their last list, then it is a 50% decline (from their wish # which was usually the market # 6 months ago)" W67th - their wish was $2.65, their last ask was $1.695. That's 37% lower. Huge chop, obviously, but not 50%.

So anyone other than W67th care to venture a guess?

"He makes a smart point. If bears are so desperate to prove themselves right that they need to use unrealistic asking prices, instead of waiting for real data to prove their point, that's pretty telling by itself."

I think it tells that bulls are in denial with either set. 11.4% median decline, and its explained as a basket change. Specific examples of 20% losses on apartments, they're "exceptions" that don't count because there isn't enough light in the apartment.

Tons of "real" data is always in, but that doesn't seem to have made the bulls any smarter.

Here is how I look at it... 11.4% manhattan median decline through Q3, THEN the worst market crisis hit, and UD on the front lines is seeing a marketplace with closings 15-18% below comps. All this with a 75% reduction in sales.

Only reason the stupid stuff is being argued is because the actual data is pretty unrefutable.

tech-guy... riddle me this... that was a "REAL" ask price.. some "professional" broker sat down with the grieving family and said this is a "price point." I didn't force them to list at an astronomical price... maybe the heirs from Idaho heard you can ask for the moon in NYC and did, but that just speaks to the complete utter "out of my A-S" prices that people asked for in this market and sometimes got b/c some mortgage broker/I-banker said we'll give a negative amortizing loan for 3 years so that you total monthlies for these 3 years is $2K/month but on year 4 (drum roll please) it jumps to $20K/month and don't forget the $3K maintenance... So the riddle is what don't you get?

ba294... can't tell if friend or foe yet :)
Good math young man, it is indeed a 75% drop from asking.... There were indeed $4MM 2 bdrms in Midtown at the height and yes if it went to $1MM, 75% let me double chk... yep that's a 75% cut :)

Market is pretty efficient, all else equal higher maintenance => lower prices (use cash flow analysis... with my HP 19BII). If the unit sold for $1.00, then the total carrying cost would be $3K plus the mortgage payment on a 30 yr 6.5% on $1.

FYI, in the late 70's there were a ton of 5th ave and Park avenue apartments selling for close to $1 (yes there are no 0 in that ) b/c the owner wanted to get rid of the liability of a high maintenance cost :)

and taxes are now going up.... and if there are financial troubles, fewer owners will have to cover the same costs...

So it looks like the answer here is "it didn't".

http://www.streeteasy.com/nyc/sale/234504-coop-530-east-72nd-street-lenox-hill-new-york?email=true

Don't know what the story is, but the "contract" doesn't even show up in the streeteasy history.

The fall continues, at least for this apartment...

My guess now is that it won't get more than 1.2M, for many of the reasons above.